Definitive Analysis
| Metric | Range | Selected |
|---|---|---|
| WACC | 8.68% - 6.82% | 7.75% |
| Gross Margin | (Actual) | 44.53% |
| Calculated Fair Value | $98.60 - $126.93 | $112.76 |
| Stock Price | $278.78 | |
| Upside / Downside | -59.55% |
| Item | Used for Valuation AAPL Scale |
|---|---|
| Sustainable Revenue | 390,125.20 M |
| x Gross Margin (44.53%) | 173,730.00 M |
| (-) Maint. Capex (2.82%) | 10,982.80 M |
| = Normalized EBIT | 162,747.20 M |
| (-) Tax (16.89%) | 27,485.25 M |
| = Earnings Power | 135,261.95 M |
| Metric | Low | Base | High |
|---|---|---|---|
| Normalized Earnings | 135,261.95 | 135,261.95 | 135,261.95 |
| (/) WACC / Discount Rate | 8.68% | 7.75% | 6.82% |
| Enterprise Value | 1,558,317.39 | 1,745,315.47 | 1,983,313.04 |
| (-) Net Debt | 78,838.00 | 78,838.00 | 78,838.00 |
| Equity Value | 1,479,479.39 | 1,666,477.47 | 1,904,475.04 |
| (/) Outstanding Shares | 15,004.70 | 15,004.70 | 15,004.70 |
| EPV Fair Value | $98.60 | $111.06 | $126.93 |
| Stock Price | $278.78 | $278.78 | $278.78 |
| Upside / Downside | -64.63% | -60.16% | -54.47% |
| Safety Margin | 30.00% | 30.00% | 30.00% |
| Buy Price | $69.02 | $77.74 | $88.85 |
| Buy / Don't Buy | Don't Buy | Don't Buy | Don't Buy |