365845 288880005 002662607 0005569722 9182018 21572168 290431006 0001652235

365845 288880005 002662607 0005569722 9182018

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215.365845 2888.80005 -0.02662607 -0.005569722 9/18/2018 215.72168 2904.31006 0.001652235 0.00536901472 9/19/2018 215.850189 2907.94995 0.000595717 0.00125327252 9/20/2018 217.491013 2930.75 0.00760168 0.00784059196 9/21/2018 215.148376 2929.66992 -0.01077119 -0.000368533 9/24/2018 218.242233 2919.37012 0.014380109 -0.0035156879 9/25/2018 219.626099 2915.56006 0.006340963 -0.0013050959 9/26/2018 217.876511 2905.96997 -0.00796621 -0.0032892782 9/27/2018 222.354248 2914 0.02055172 0.00276328699 9/28/2018 223.135147 2913.97998 0.003511959 -6.870281E-06 10/1/2018 224.637604 2924.59009 0.006733395 0.00364110532 10/2/2018 226.634293 2923.42993 0.00888849 -0.0003966901 10/3/2018 229.39209 2925.51001 0.012168489 0.0007115197 10/4/2018 225.359177 2901.61011 -0.01758087 -0.0081694826 10/5/2018 221.701859 2885.57007 -0.01622884 -0.0055279787 10/8/2018 221.187866 2884.42993 -0.0023184 -0.0003951164 10/9/2018 224.25209 2880.34009 0.01385349 -0.0014179037 10/10/2018 213.863373 2785.67993 -0.04632607 -0.0328642289 10/11/2018 211.975418 2728.37012 -0.00882786 -0.0205730078 10/12/2018 219.547028 2767.12988 0.035719283 0.01420619796 10/15/2018 214.851822 2750.79004 -0.02138588 -0.0059049791 10/16/2018 219.586548 2809.91992 0.022037169 0.02149560023
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10/17/2018 218.63765 2809.20996 -0.00432129 -0.0002526624 10/18/2018 213.527298 2768.78003 -0.02337361 -0.0143919225 10/19/2018 216.779327 2767.78003 0.015230039 -0.0003611699 10/22/2018 218.103851 2755.87988 0.006110011 -0.0042995274 10/23/2018 220.159851 2740.68994 0.009426702 -0.0055118302 10/24/2018 212.608017 2656.1001 -0.03430159 -0.0308644337 10/25/2018 217.263672 2705.57007 0.021897834 0.01862503979 10/26/2018 213.804077 2658.68994 -0.01592349 -0.0173272641 10/29/2018 209.790924 2641.25 -0.01877024 -0.0065595994 10/30/2018 210.838684 2682.62988 0.004994306 0.01566678012 10/31/2018 216.334518 2711.73999 0.026066535 0.01085133182 11/1/2018 219.655762 2740.37012 0.015352354 0.01055784371 11/2/2018 205.085831 2723.06006 -0.06633075 -0.0063166862 11/5/2018 199.263809 2738.31006 -0.02838822 0.00560031717 11/6/2018 201.418655 2755.44995 0.010814036 0.00625929556 11/7/2018 207.527328 2813.88989 0.030328238 0.02120885628 11/8/2018 206.803253 2806.83008 -0.00348906 -0.0025089166 11/9/2018 202.815765 2781.01001 -0.01928155 -0.0091990136 11/12/2018 192.599106 2726.21997 -0.05037409 -0.0197014893 11/13/2018 190.674789 2722.17993 -0.00999131 -0.0014819197 11/14/2018 185.288742 2701.58008 -0.02824729 -0.0075674109 11/15/2018 189.861435 2730.19995 0.024678742 0.01059375335 11/16/2018 191.964279 2736.27002 0.011075677 0.00222330566 11/19/2018 184.356339 2690.72998 -0.03963206 -0.0166431089 11/20/2018 175.548157 2641.88989 -0.04777803 -0.0181512405 11/21/2018 175.349792 2649.92993 -0.00112997 0.00304329072 11/23/2018 170.896118 2632.56006 -0.0253988 -0.0065548424 11/26/2018 173.20726 2673.44995 0.013523666 0.01553236814 11/27/2018 172.830338 2682.16992 -0.00217613 0.00326169226 11/28/2018 179.476135 2743.79004 0.038452722 0.02297397957 11/29/2018 178.097382 2737.80005 -0.0076821 -0.002183108 11/30/2018 177.135223 2760.16992 -0.00540243 0.00817074753
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12/3/2018 183.324753 2790.37012 0.034942401 0.01094142602 12/4/2018 175.260513 2700.06006 -0.04398882 -0.0323649029 12/6/2018 173.306473 2695.94995 -0.01114935 -0.0015222284 12/7/2018 167.126862 2633.08008 -0.03565713 -0.0233201187 12/10/2018 168.22789 2637.71997 0.006587977 0.00176215416 12/11/2018 167.265732 2636.78003 -0.00571937 -0.0003563464 12/12/2018 167.731934 2651.07007 0.002787194 0.00541950365 12/13/2018 169.566956 2650.54004 0.010940207 -0.0001999302 12/14/2018 164.14122 2599.94995 -0.0319976 -0.0190867096 12/17/2018 162.613678 2545.93994 -0.00930627 -0.0207734807 12/18/2018 164.72644 2546.15991 0.012992523 8.6400703E-05 12/19/2018 159.588348 2506.95996 -0.03119167 -0.0153957145 12/20/2018 155.561188 2467.41992 -0.02523467 -0.0157721063 12/21/2018 149.510544 2416.62012 -0.03889559 -0.0205882284 12/24/2018 145.64209 2351.1001 -0.02587412 -0.0271122542 12/26/2018 155.898438 2467.69995 0.070421593 0.04959374256 12/27/2018 154.886688 2488.83008 -0.0064898 0.0085626808 12/28/2018 154.966034 2485.73999 0.000512284 -0.0012415826
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MS F Significance F 0.41741332 1794.5232 1.1157E-302 0.0002326 t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% 2.38850778 0.01698363 0.00012401 0.00126109 0.00012401 0.00126109 42.361813 1.1157E-302 0.92351014 1.01315344 0.92351014 1.01315344
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Apple Cash Flow Historical ($m, September) FY2014 FY2015 FY2016 FY2017 Net Income $39,510 $53,394 $45,687 $48,351 Depreciation, Depletion and Amortization $7,946 $11,257 $10,505 $10,157 Deferred Taxes and Investment Tax Credit $2,347 $1,382 $4,938 $5,966 Total Other Cash Flow $2,863 $3,586 $4,210 $4,674 Changes in Working Capital $7,047 $11,647 $484 -$5,550 Decrease Or Increase In Receivables -$6,452 -$3,124 $1,044 -$6,347 Decrease Or Increase In Inventories -$76 -$238 $217 -$2,723 Increase/Decrease In Accounts Payable $5,938 $5,400 $1,791 $9,618 Decrease Or Increase In Other Assets Or Liability $7,637 $9,609 -$2,568 -$6,098 Net Cash from Operating Activities $59,713 $81,266 $65,824 $63,598 Capital Expenditures -$9,813 -$11,488 -$13,548 -$12,795 Other Investing Cash Flow Items, Total -$12,766 -$44,786 -$33,243 -$33,995 Net Cash from Investing Activities -$22,579 -$56,274 -$45,977 -$46,446 Total Cash Dividends Paid -$11,126 -$11,561 -$12,150 -$12,769 Sale/Repurchase of Stock, Net -$44,270 -$34,710 -$29,227 -$32,345 Issuance/Reduction of Debt, Net $18,266 $29,305 $22,057 $29,014 Increase/Decrease in Short-Term Debt $6,306 $2,191 -$397 $3,852 Long Term Debt, Net $11,960 $27,114 $22,454 $25,162 Other Sources or Uses- Financing -$419 -$750 -$1,163 -$1,247 Net Cash from Financing Activities -$37,549 -$17,716 -$20,483 -$17,347 Assumptions WACC 10.10% Terminal growth rate 1.90% Tax rate 25% Free Cash Flows EBIT(1- Tax rate) $39,493 $66,630 $58,481 $60,028 Depreciation & Amortisation $8,000 $10,500 $9,800 $9,400 Change in Net Working Capital $7,047 $11,647 $484 -$5,550 Capex -$9,813 -$11,488 -$13,548 -$12,795 FCFF $44,727 $77,289 $55,217 $51,083 FCFF Growth (%) 72.80% -28.56% -7.49% Discounted of FCFF Terminal Value PV of FCFF
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PV of Terminal Value Enterprise value Net Debt Equity value Current shares outstanding Value of per share
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Forecast FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 $59,531 $54,676 $57,481 $60,134 $62,637 $64,847 $66,581 $67,597 $10,903 $10,889 $12,812 $14,735 $16,658 $18,581 $20,503 $22,426 -$32,590 $5,004 $5,261 $5,504 $5,733 $5,935 $6,094 $6,187 $4,896 $4,046 $4,046 $4,046 $4,046 $4,046 $4,046 $4,046 $34,694 -$2,649 $1,282 $264 -$517 $1,806 $888 $710 -$13,332 $4,704 -$5,901 -$6,594 -$6,040 -$3,879 -$7,168 -$7,488 $828 -$128 -$692 -$885 -$73 -$576 -$720 -$713 $9,175 -$1,172 $7,874 $7,743 $5,596 $6,261 $8,776 $8,911 $38,023 -$6,053 $0 $0 $0 $0 $0 $0 $77,434 $71,966 $80,881 $84,682 $88,556 $95,214 $98,112 $100,966 -$13,313 -$18,889 -$20,812 -$22,735 -$24,658 -$26,581 -$28,503 -$30,426 $29,379 $6,421 -$20,899 -$35,141 -$35,991 -$39,696 -$39,770 -$40,007 $16,066 -$12,469 -$41,711 -$57,876 -$60,649 -$66,277 -$68,273 -$70,434 -$13,712 -$13,103 -$13,776 -$14,411 -$15,011 -$15,541 -$15,956 -$16,200 -$72,069 -$42,524 -$42,524 -$42,524 -$42,524 -$42,524 -$42,524 -$42,524 $432 -$19,834 $0 $0 $0 $0 $0 $0 -$37 -$2,593 $0 $0 $0 $0 $0 $0 $469 -$17,241 $0 $0 $0 $0 $0 $0 -$2,527 -$1,221 -$1,221 -$1,221 -$1,221 -$1,221 -$1,221 -$1,221 -$87,876 -$76,683 -$57,521 -$58,157 -$58,757 -$59,286 -$59,702 -$59,945 0 1 2 3 4 5 6 7 $71,042 $76,595 $80,473 $84,289 $87,888 $91,066 $93,553 $95,001 $9,300 $10,889 $12,812 $14,735 $16,658 $18,581 $20,503 $22,426 $34,694 -$2,649 $1,282 $264 -$517 $1,806 $888 $710 -$13,313 -$18,889 -$20,812 -$22,735 -$24,658 -$26,581 -$28,503 -$30,426 $101,723 $65,946 $73,754 $76,553 $79,371 $84,871 $86,441 $87,711 99.13% -35.17% 11.84% 3.79% 3.68% 6.93% 1.85% 1.47% $59,894 $60,839 $57,352 $54,006 $52,449 $48,517 $44,712 $1,089,402 $377,769
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$555,339 $933,108 $88,570 $844,538 4,601 $183.55
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Apple Cash Flow Historical ($m, September) FY2014 FY2015 FY2016 FY2017 Net Income $39,510 $53,394 $45,687 $48,351 Depreciation, Depletion and Amortization $7,946 $11,257 $10,505 $10,157 Deferred Taxes and Investment Tax Credit $2,347 $1,382 $4,938 $5,966
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