Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod. It also provides AppleCare support and cloud services; and operates various platforms, including the App Store that allow customers to discover and download applications and digital content, such as books, music, video, games, and podcasts, as well as advertising services include third-party licensing arrangements and its own advertising platforms. In addition, the company offers various subscription-based services, such as Apple Arcade, a game subscription service; Apple Fitness+, a personalized fitness service; Apple Music, which offers users a curated listening experience with on-demand radio stations; Apple News+, a subscription news and magazine service; Apple TV+, which offers exclusive original content; Apple Card, a co-branded credit card; and Apple Pay, a cashless payment service, as well as licenses its intellectual property. The company serves consumers, and small and mid-sized businesses; and the education, enterprise, and government markets. It distributes third-party applications for its products through the App Store. The company also sells its products through its retail and online stores, and direct sales force; and third-party cellular network carriers, wholesalers, retailers, and resellers. Apple Inc. was founded in 1976 and is headquartered in Cupertino, California.

BUILD UP FREE CASH	2023-09-30 (A)	2024-09-28 (A)	2025-09-27 (A)	2026-09-30 (E)	2027-09-30 (E)	2028-09-30 (E)	2029-09-30 (E)	2030-09-30 (E)
Revenue	383,285	391,035	416,161	452,770.9	482,072.4	513,390.2	513,390.2	513,390.2
Revenue % Chg.	-2.8%	2%	6.4%
EBIT	114,301	123,216	133,050	144,793.6	156,856.5	170,654.9	170,654.9	170,654.9
EBIT Margin	29.8%	31.5%	32%
Tax Rate	14.7%	24.1%	15.6%
NOPAT	97,476.9	93,531.9	112,280.9	120,883.4	131,116.4	143,288.2	143,288.2	143,288.2
NOPAT Margin	25.4%	23.9%	27%	26.7%	27.2%	27.9%	27.9%	27.9%
D&A	11,519	11,445	11,698	12,326.6	13,286.4	14,700.8	14,700.8	14,700.8
D&A / Revenue	3%	2.9%	2.8%
Capex	-10,959	-9,447	-12,715	-13,855	-15,260.9	-15,646.7	-15,646.7	-15,646.7
Capex / Revenue	-2.9%	-2.4%	-3.1%
Chg. NWC	-6,577	3,651	-25,000	-10,247.1	-10,910.2	-11,619	-11,619	-11,619
Chg. NWC / Revenue	-1.7%	0.9%	-6%
Unlevered FCF (UFCF)	91,459.9	99,180.9	86,263.9	109,108	118,231.6	130,723.3	130,723.3	130,723.3
UFCF % Chg.	-10.1%	8.4%	-13%	26.5%	8.4%	10.6%	—	—
PV of UFCF	—	—	—	100,571.4	100,454.6	102,378.2	94,368.2	86,984.9
Sum of PV of UFCF	—	—	—	100,571.4	201,026.1	303,404.3	397,772.5	484,757.5

Cost of Debt
Tax Rate
After Tax Cost of Debt	—
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	112,377
Market Cap	4,111,963.5
Total Capital	4,224,340.5
Debt Weighting	2.7%
Equity Weighting	97.3%
WACC	8.5%

Exit Multiple EV/FCF
Terminal Value	4,091,920.5
PV of Terminal Value	2,509,783.7
Cumulative PV of UFCF	484,757.5
Net Debt	-20,043
Equity Value	3,014,584.2
Shares Outstanding	14,776.4
Implied Share Price	204
Current Share Price	278.3
Implied Upside / (Downside)	-26.7%