Inputs

Growth Rate (yrs 1 -5) 12% Year FCF

Growth rate (yrs 6 - 10) 7% 1 59
Discount Rate 10% 2 66
Terminal Value (multiple of FCF) 15 3 74
Year 1 Free Cash Flow 58.896 4 83
Excess Capital (Cash) 107.16 5 93
Stock Ticker AAPL 6 99
7 106
8 114
9 121
10 130
10 1950
Present Value of Future Cash Flows
Intrinsic Value (Market Cap)
PV
54
55
56
57
58
56
54
53
52
50
752
$ 1,294
$ 1,401
Inputs
Growth Rate (yrs 1 -5) 12% Year FCF
Growth rate (yrs 6 - 10) 7% 1 59
Discount Rate 10% 2 66
Terminal Value (multiple of FCF) 15 3 74
Year 1 Free Cash Flow (billions) 58.896 4 83
Stock Ticker AAPL 5 93
6 99
7 106
8 114
9 121
10 130
10 1950
Intrinsic Value (Enterprise Value)
PV
$ 54
$ 55
$ 56
$ 57
$ 58
$ 56
$ 54
$ 53
$ 52
$ 50
$ 752
$ 1,294