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Ticker [1]

aapl AAPL
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Company info
Name Apple Inc. Tutorials: http://www.valuespreadsheet.com/tutorials
Industry #REF! Support: support@valuespreadsheet.com
Market Cap (mil) $902,293 Claim your discount: http://www.valuespreadsheet.com/premium?coupon=827352
Exchange NYSE

Score [2] Intrinsic value estimates [3]

79 out of 100
$1,364 #REF! $1,204
P/E Valuation DCF Valuation ROE Valuation
Fundamentals Points Weight Price info
Return on Equity Good 10 5 Average estimate #REF! [4]
Debt/Equity Good 10 5 The estimate is Reasonable
Conservative PEG ratio Bad 0 1 Current share price $173.97
P/E ratio Good 4 2 #REF! #REF! [5]
Net margin Bad 0 3 Max purchase price #REF! [6]
Bookvalue per share Good 10 5
Growth rate next 5yr Relatively high 1 1
FCF yield Average 1 1
Asset turnover change Bad 0 4
Current ratio Good 10 5
Altman Z Score Good 6 3
Accrual profit Reasonable 6 3
Defensive profit Inconsistent 3 3
Enterprising profit Good 8 4
Debt Repayment Period Good 10 5
50
Financial statements
Income statement Balance sheet Cash flow statement
In Millions of USD In Millions of USD In Millions of USD
(except for per 52 weeks ending 52 weeks ending 52 weeks ending 52 weeks ending (except for per (except for per 52 weeks ending 52 weeks ending 52 weeks ending 52 weeks ending
share items) 2012-09-29 2011-09-24 2010-09-25 2009-09-26 share items) As of 2012-09-29 As of 2011-09-24 As of 2010-09-25 As of 2009-09-26 share items) 2012-09-29 2011-09-24 2010-09-25 2009-09-26
Net
Income/Starting
Revenue 156508 108249 65225 42905 Cash & Equivalents 10746 9815 11261 5263 Line 41733 25922 14013 8235
Other Revenue, Short Term Depreciation/Deple
Total - - - - Investments 18383 16137 14359 18201 tion 3277 1814 1027 734
Cash and Short
Total Revenue 156508 108249 65225 42905 Term Investments 29129 25952 25620 23464 Amortization - - - -
Accounts
Cost of Revenue, Receivable - Trade,
Total 87846 64431 39541 25683 Net 10930 5369 5510 3361 Deferred Taxes 4405 2868 1440 1040
Receivables -
Gross Profit 68662 43818 25684 17222 Other - - - - Non-Cash Items 1740 1168 903 736
Selling/General/Ad
min. Expenses, Total Receivables, Changes in
Total 10040 7599 5517 4149 Net 18692 11717 9924 5057 Working Capital -299 5757 1212 -586
Research & Cash from
Development 3381 2429 1782 1333 Total Inventory 791 776 1051 455 Operating Activities 50856 37529 18595 10159
Depreciation/Amort Capital
ization - - - - Prepaid Expenses - - - 309 Expenditures -9402 -7452 -2121 -1213
Interest Expense Other Investing
(Income) - Net Other Current Cash Flow Items,
Operating - - - - Assets, Total 9041 6543 5083 2270 Total -38825 -32967 -11733 -16221
Unusual Expense Total Current Cash from
(Income) - - - - Assets 57653 44988 41678 31555 Investing Activities -48227 -40419 -13854 -17434
Property/Plant/Equi
Other Operating pment, Total - Financing Cash
Expenses, Total - - - - Gross 21887 11768 7234 4667 Flow Items 125 613 345 188
Total Operating Accumulated Total Cash
Expense 101267 74459 46840 31165 Depreciation, Total -6435 -3991 -2466 -1713 Dividends Paid -2488 0 - -
Issuance
(Retirement) of
Operating Income 55241 33790 18385 11740 Goodwill, Net 1135 896 741 206 Stock, Net 665 831 912 475
Interest Income Issuance
(Expense), Net (Retirement) of
Non-Operating - - - - Intangibles, Net 4224 3536 342 353 Debt, Net - - - -
Gain (Loss) on Long Term Cash from
Sale of Assets - - - - Investments 92122 55618 25391 10528 Financing Activities -1698 1444 1257 663
Other Long Term Foreign Exchange
Other, Net -566 -104 -156 -81 Assets, Total 5478 3556 2263 1905 Effects - - - -
Net Change in
Income Before Tax 55763 34205 18540 12066 Total Assets 176064 116371 75183 47501 Cash 931 -1446 5998 -6612
Cash Interest Paid,
Income After Tax 41733 25922 14013 8235 Accounts Payable 21175 14632 12015 5601 Supplemental - - - -
Cash Taxes Paid,
Minority Interest - - - - Accrued Expenses 3283 2428 1593 1293 Supplemental 7682 3338 2697 2997
Notes
Payable/Short
Equity In Affiliates - - - - Term Debt 0 0 0 0
Current Port. of LT
Net Income Before Debt/Capital
Extra. Items 41733 25922 14013 8235 Leases - - - -
Other Current
Accounting Change - - - - liabilities, Total 14084 10910 7114 4612
Discontinued Total Current
Operations - - - - Liabilities 38542 27970 20722 11506
Extraordinary Item - - - - Long Term Debt - - - -
Capital Lease
Net Income 41733 25922 14013 8235 Obligations - - - -
Preferred Total Long Term
Dividends - - - - Debt 0 0 0 0
Income Available to
Common Excl.
Extra Items 41733 25922 14013 8235 Total Debt 0 0 0 0
Income Available to
Common Incl. Deferred Income
Extra Items 41733 25922 14013 8235 Tax 13847 8159 4300 2216
Basic Weighted
Average Shares - - - - Minority Interest - - - -
Basic EPS
Excluding Other Liabilities,
Extraordinary Items - - - - Total 5465 3627 2370 2139
Basic EPS
Including
Extraordinary Items - - - - Total Liabilities 57854 39756 27392 15861
Redeemable
Preferred Stock,
Dilution Adjustment - - - - Total - - - -
Preferred Stock -
Diluted Weighted Non Redeemable,
Average Shares 945.36 936.64 924.71 907 Net - - - -
Diluted EPS
Excluding Common Stock,
Extraordinary Items 44.15 27.68 15.15 9.08 Total 16422 13331 10668 8210
Diluted EPS
Including Additional Paid-In
Extraordinary Items - - - - Capital - - - -
Dividends per
Share - Common Retained Earnings
Stock Primary (Accumulated
Issue 2.65 0 0 0 Deficit) 101289 62841 37169 23353
Gross Dividends - Treasury Stock -
Common Stock - - - - Common - - - -
Net Income after
Stock Based
Comp. Expense - - - - Other Equity, Total 8 23 35 77
Basic EPS after
Stock Based
Comp. Expense - - - - Total Equity 118210 76615 47791 31640
Diluted EPS after Total Liabilities &
Stock Based Shareholders'
Comp. Expense - - - - Equity 176064 116371 75183 47501
Shares Outs -
Depreciation, Common Stock
Supplemental - - - - Primary Issue - - - -
Total Common
Shares
Total Special Items - - - - Outstanding 939.21 929.28 915.97 899.81
Normalized Income
Before Taxes - - - -
Effect of Special
Items on Income
Taxes - - - -
Income Taxes Ex.
Impact of Special
Items - - - -
Normalized Income
After Taxes - - - -
Normalized Income
Avail to Common - - - -
Basic Normalized
EPS - - - -
Diluted Normalized
EPS 44.15 27.68 15.15 9.08
Inputs [7]
Conservatism inputs [8]
Desired return on investment 20% annualy
Margin of Safety 25%
Discount rate 9%
Growth decline rate 5%
Year 10 FCF multiplier 12

Valuation inputs [9]

Price $173.97
EPS $ 44.16
Dividend Yield 2.00%
Current ratio 1.5
Past 5 years EPS growth per year 70.83%
Next 5 years EPS growth per year N/A
Sustainable Growth Rate 34.59%
Shares outstanding (mil) 5,186.48
#REF! #REF!
#REF! #REF!
Capital Expenditures #REF!

NET PROFIT
AVG P/E PRICE/ SALES PRICE/ BOOK MARGIN (%)
2012 11.9 4.0 5.3 26.7
2011 12.4 3.5 4.9 23.9
2010 15.1 4.1 5.6 21.5
2009 13.3 3.9 5.2 19.2
2008 24.0 3.1 5.1 16.3
2007 26.5 5.6 9.2 14.2
2006 29.2 3.5 6.6 10.3
2005 24.1 3.3 6.0 9.5
2004 38.8 1.7 2.9 3.2
2003 89.8 1.2 1.8 1.1

BOOK RETURN ON RETURN ON

VALUE/ DEBT/ EQUITY ASSETS INTEREST
SHARE EQUITY (%) (%) COVERAGE
2012 125.9 0.0 35.3 23.7 0.0
2011 82.5 0.0 33.8 22.3 0.0
2010 52.2 0.0 29.3 18.6 0.0
2009 35.2 0.0 26.0 17.3 0.0
2008 25.1 0.0 27.4 16.9 0.0
2007 16.7 0.0 24.1 13.8 0.0
2006 11.7 0.0 19.9 11.6 0.0
2005 8.9 0.0 17.9 11.5 0.0
2004 6.5 0.0 5.2 3.3 104.3
2003 5.8 0.1 1.6 1.0 -0.1
Fundamental Analysis [10]
Variable Value Judgement Comments
Return on Equity 35.3 Good Return on Equity is consistently high, firm capital invested profitably
Debt/Equity 0.00 Good Firm not dependent on loans, low interest rate risk
Conservative PEG ratio 1.02 Average Could be some potential
P/E ratio 11.85 Good Currently trading at a multiple below the historic median
Net margin Stable/Increasing Good Firm is becoming more efficient and/or is able to increase its prices
Bookvalue per share Stable/Increasing Good Firm is creating value
Next 5yr EPS growth rate 20.67% Relatively low Growth rate significantly below historic rate, is there something slowing this firm down?
Current ratio 1.5 Average Firm is able to pay its obligations
Fundamentals OK? Yes

Value versus Price

Avg intrinsic value estimate $1,342.98 Reasonable The three valuation methods yield approximately the same result
Current price $1,114.51
Undervalued 20.50%
Max purchase price $830.42
YES

Disclaimer: the information in this entire workbook is for information purposes only and is not a
professional investment advice. You are responsible for your own investment decisions, even if
they are based on information gained from this workbook. The information in this workbook does
not constitute advice, merely a source of information which may be used to aid in your decision
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Graphs
[11]

The above charts contain DEMO data

P/E valuation $1,364 [12]
Inputs
Price $523.51
EPS $44.16
Median historical P/E 24.05
Expected growth rate 20.67%
Margin of Safety 25%
Conservative growth rate 15.50%
Growth decline rate 5%
Discount rate 9%

Calculations
Year EPS*Growth rate
1 $51.01
2 $58.91
3 $67.59
4 $77.05
5 $87.29
Value in 5 years $2,099.24
Present value $1,364.36
 #REF!
DCF valuation [13]
Inputs
Total cash (mil $) #REF!
Free cash flow (mil $) #REF!
Shares outstanding (mil) 5,186.48
Expected growth rate 34.59%
Margin of Safety 25.00%
Conservative growth rate 25.95%
Growth decline rate 5.00%
Discount rate 9.00%
Valuation last FCF 12

Calculations
Year FCF * Growth rate NPV FCF
1 #REF! #REF!
2 #REF! #REF!
3 #REF! #REF!
4 #REF! #REF!
5 #REF! #REF!
6 #REF! #REF!
7 #REF! #REF!
8 #REF! #REF!
9 #REF! #REF!
10 #REF! #REF!

Total NPV FCF #REF!

Year 10 FCF value #REF!
Cash on Hand #REF!
Total Debt #REF!
Company value: #REF!
ROE valuation $1,204 [14]
Inputs
Shareholders equity $136,827.93
Return on Equity (avg) 30.36%
Shares outstanding 940.69
Dividend Yield 2.00%
Dividend payout ratio 23.71%
Margin of Safety 25.00%
Conservative growth rate 17.37%
Discount rate 9.00%

Calculations (per share)

Year Shareholders equity Dividend NPV dividends
1 $ 170.72 $ 12.29 $ 12.29
2 $ 200.38 $ 14.42 $ 13.23
3 $ 235.19 $ 16.93 $ 14.25
4 $ 276.04 $ 19.87 $ 15.34
5 $ 323.99 $ 23.32 $ 16.52
6 $ 380.28 $ 27.37 $ 17.79
7 $ 446.33 $ 32.13 $ 19.16
8 $ 523.87 $ 37.71 $ 20.63
9 $ 614.87 $ 44.26 $ 22.21
10 $ 721.68 $ 51.95 $ 23.92

Year 10 net income $ 219.10

Required value $ 2,434.48

NPV required value $ 1,028.35

NPV dividends $ 175.34 +
Intrinsic value: $ 1,203.69
Financial health [15]
Earnings Altman Z
Power Score 6.19
Year 2012 2011 2010 2009 Inputs
Accrual profit [16] $44.15 $27.68 $15.15 $9.08 Working capital $19,111.00
Defensive profit [17] $44.14 $32.37 $17.99 $9.94 Total assets $176,064.00
Enterprising profit [18] 47.17% 44.65% 38.79% 38.14% Retained earnings $34,019.25
EBIT $55,241.00
Debt Repayment Period
[19] 0.00 0.00 0.00 0.00 Sales $156,508.00
Market value of equity $372,477.35
Total liabilities $57,854.00

Learn more about the Altman-Z score here:

http://www.investopedia.com/terms/a/altman.asp

Learn more about Earnings Power here: *Slightly different from the original Earnings Power Chart
http://www.valuespreadsheet.com/value-investing-blog/earnings-manipulation-detect-value-traps-hewitt-heiserman
[1] Here you can fill in the ticker you want to analyze

[2] A sum of the scores for the company's fundamentals (max score is 100)

[3] The intrinsic value estimates as calculated by the three valuation methods

[4] The average of the three intrinsic value estimates

In demo simply DCF value

[5] The potential upside or downside; the difference between the current share price and the average
estimate

[6] The maximum price you should pay to earn your desired return on investment as specified on the Inputs
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[7] This page shows all the company data which is automatically gathered from online sources

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[9] DO NOT CHANGE! The most recent data is automatically imported from Google Finance and Yahoo
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[10] An analysis of the company's fundamentals, with comments

[11] Here you can view financial graphs of several key statistics

[12] The intrinsic value estimate based on the P/E valuation model

[13] The intrinsic value estimate based on the DCF valuation model

[14] The intrinsic value estimate based on the ROE valuation model

[15] Two methods to gauge the financial health of a company: Earnings Power, and Altman-Z score.

[16] Different word for earnings per share

[17] If positive, the company is able to self-fund its growth, in this form equal to FCF

[18] If above 18%, the company is most likely creating value

[19] How many years it will take to pay off all debt with defensive profits. 5 years or less is good.