| Intrinsic Valuation of: APP | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 6 | Market Cap | $114B | |||||
| 2021 | - | - (-) | P/E Ratio | 61 | Total Asset | $6B | |||||
| 2022 | $360M | - (-) | Net Income | $2B | Total Debt | $4B | |||||
| 2023 | $412M | 14.3% (13.4%) | EBITDA | $2B | Total Liab | $5B | |||||
| 2024 | $1B | 156.5% (120.1%) | Opr Margin | 0.40 | Debt/Equity | 3.22 | |||||
| 2025 | $2B | 98.1% (38.1%) | PreTax Margin | 33.02 | BV/Share | -5 | |||||
| 5Y Average FCF | $981M | 89.7% (57.2%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (25.0%) | ||||||||||
| 2026 | $3B | MBG Intrinsic Value | $49 | ||||||||
| 2027 | $3B | ||||||||||
| 2028 | $4B | ||||||||||
| 2029 | $5B | ||||||||||
| 2030 | $6B | ||||||||||
| 2031 | $8B | ||||||||||
| Terminal Value | $166B | Net Worth/Share | $4 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $130B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $741M | $414 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $4B | WACC | 7.3% | 359 | 388 | 423 | 467 | 522 | |||
| Equity Value | $127B | 7.4% | 355 | 384 | 419 | 461 | 515 | ||||
| Shares Outstanding | 307,697,984 | 7.4% | 352 | 380 | 414 | 455 | 508 | ||||
| 7.9% | 321 | 344 | 371 | 405 | 445 | ||||||
| DCF Intrinsic Value | $414 | 8.4% | 294 | 314 | 336 | 363 | 396 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||