The document contains information on discounted cash flow valuations using different cash flow scenarios and discount rates. It also includes financial projections for Apple including EBITDA, EBIT, taxes, capital expenditures, and unlevered free cash flows through 2022. Terminal values are calculated using both a perpetual growth approach and an EBITDA multiple approach to determine Apple's enterprise value.
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DCF Guide Example
The document contains information on discounted cash flow valuations using different cash flow scenarios and discount rates. It also includes financial projections for Apple including EBITDA, EBIT, taxes, capital expenditures, and unlevered free cash flows through 2022. Terminal values are calculated using both a perpetual growth approach and an EBITDA multiple approach to determine Apple's enterprise value.
Terminal value - growth in perpetuity approach Terminal value - EBITDA multi
Long term growth rate 4% EBITDA multiple 2022 FCF x (1+g) 62,220 Terminal value in 2022 Terminal value in 2022 1,037,004 Stage 2: PV of TV Stage 2: PV of TV 643,898
Enterprise value (stage 1 + 2) 846,908 Enterprise value (stage 1 + 2)
Net debt Shares outstanding
Data as of: 9/24/2016 Basic shares outstanding
Effect of dilutive securities Commercial paper 8,105 Dilutive shares outstanding Current portion of long term debt 3,500 Long term debt 75,427 Equity value Gross debt 87,032
Cash and equivalents 20,484
Short term marketable securities 46,671 Equity value Long term marketable securities 170,430 Nonoperating assets 237,585