Date of analysis Company name Date of latest statements Country of domicile Web-site Ticker
01 November 2012 Apple Inc 09/12 US www.apple.com AAPL US Equity
WACC D/E Beta levered adjusted Currency Shares outstanding, mln
10.1% 1.0 USD mln 939.2
GICS sector name GICS industry name GICS Industry group name GICS subindustry name
Information Technology Computers & Peripherals Technology Hardware & Equipment Computer Hardware
Historical and future forecasts of financials Sales EBITDA CAPEX FCFF
2009 42,905 12,474 (1,144) 9,015
2010 65,225 19,412 (2,005) 16,590
2011 108,249 35,604 (4,260) 33,269
2012 164,529 59,292 (7,341) 43,608
2013 198,832 71,896 (8,116) 55,675
2014 2015 2016 226,234 311,665 288,132 82,218 93,265 98,733 (11,132) (8,871) No forecast 60,080 No forecast No forecast
2017 No forecast No forecast No forecast No forecast
2009
2010 52.0% 55.6% 75.3% 84.0%
2011 66.0% 83.4% 112.5% 100.5%
2012 52.0% 66.5% 72.3% 31.1%
2013 20.8% 21.3% 10.6% 27.7%
2014 2015 2016 13.8% 37.8% -7.6% 14.4% 13.4% 5.9% 37.2% -20.3% No forecast 7.9% No forecast No forecast
2017 No forecast No forecast No forecast No forecast
2009
2010
2011
2012 0.98 7,153
2013 0.89 49,773
Historical and future forecasts of growth rates Sales growth EBITDA growth CAPEX growth FCF growth Discounted cash flow analysis Discount factor Discounted FCFF Terminal growth rate TP DCF EV
1% 542,661 648,379
Market EV breakdown as at 01 November 2012 Market cap Cash Prefered shares Minority interest Total debt EV
542,591 121,251 421,340
2014 2015 2016 2017 0.81 0.74 0.67 0.61 48,792 No forecast No forecast No forecast
Market share price Fundomental share price Gain (Loss) potential
576.8 819.4 42.1%
Sensitivity of share price to WACC and terminal growth rate
WACC
819.45 7% 8% 9% 10% 12% 14% 16%
0% 1036.0 921.9 833.1 762.1 655.7 579.7 522.7
1% 1176.8 1026.3 913.5 825.7 698.1 609.9 545.2
2% 1373.8 1165.5 1016.8 905.2 749.1 645.1 570.8
Growth rate 3% 1669.4 1360.4 1154.5 1007.4 811.4 686.6 600.3
4% 2162.0 1652.8 1347.3 1143.7 889.2 736.6 634.8
5% 3147.2 2140.1 1636.6 1334.5 989.3 797.6 675.6
6% 6102.9 3114.7 2118.7 1620.7 1122.7 873.8 724.5
Terminal growth rate 2% 3% 4% 138.2% 189.4% 274.8% 102.1% 135.9% 186.5% 76.3% 100.2% 133.6% 56.9% 74.7% 98.3% 29.9% 40.7% 54.2% 11.8% 19.0% 27.7% -1.0% 4.1% 10.1%
5% 445.6% 271.0% 183.7% 131.4% 71.5% 38.3% 17.1%
6% 958.1% 440.0% 267.3% 181.0% 94.6% 51.5% 25.6%
Sensitivity of potential gain (loss) to WACC and terminal growth rate
WACC
42.07% 7% 8% 9% 10% 12% 14% 16%
0% 79.6% 59.8% 44.4% 32.1% 13.7% 0.5% -9.4%
1% 104.0% 77.9% 58.4% 43.2% 21.0% 5.7% -5.5%
Sales
EBITDA
350,000 300,000 250,000 200,000 150,000 100,000 50,000 0
80% 60% 40% 20% 0% ‐20% 2009
2010
2011
2012
2013
Sales
2014
2015
120,000 100,000 80,000 60,000 40,000 20,000 0 2009
2016
Sales growth
2011
2012
2013
2014
2015
2016
EBITDA growth
FCFF
0 (2,000)
2010
EBITDA
CAPEX 2009
90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
2010
2011
2012
2013
2014
(4,000) (6,000) (8 000) (8,000) (10,000) (12,000) CAPEX
CAPEX growth
2015
120% 100% 80% 60% 40% 20% 0% ‐20% ‐40%
70,000 60,000 50,000 40,000 30,000 20,000 10,000 10 000 0
120% 100% 80% 60% 40% 20% 0% 2009
2010 FCFF
2011
2012
2013 FCF growth
2014
