AAPL — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($263.88)
DCF	$272.89	+3.4%
Graham Number	$32.63	-87.6%
Reverse DCF	—	implied g: 17.7%
DDM	$21.42	-91.9%
EV/EBITDA	$263.88	-0.0%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $106.31B

Near-term growth (yrs 1–5)(%)Rev: 15.7% / EPS: 18.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.15%

Computed WACC: 10.15%

Cost of equity (Re)10.39%(Rf 4.30% + β 1.11 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)97.72%

Debt weight (D/V)2.28%

Results

Intrinsic Value / share$226.65

Current Price$263.88

Upside / Downside-14.1%

Net Debt (used)$23.60B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	10.3%	14.3%	18.3%	22.3%	26.3%
7.0%	$295.47	$350.28	$413.10	$484.78	$566.25
8.0%	$237.04	$280.51	$330.30	$387.07	$451.55
9.0%	$196.83	$232.52	$273.36	$319.89	$372.71
10.0%	$167.54	$197.57	$231.91	$271.01	$315.35
11.0%	$145.29	$171.05	$200.46	$233.93	$271.86

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $7.89

Book Value / share($)Yahoo: $6.00

Results

Graham Number$32.63

Current Price$263.88

Margin of Safety-87.6%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.15%

Terminal growth rate(%)

Computed WACC: 10.15%

Cost of equity (Re)10.39%(Rf 4.30% + β 1.11 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)97.72%

Debt weight (D/V)2.28%

Results

Current Price$263.88

Implied Near-term FCF Growth21.1%

Historical Revenue Growth15.7%

Historical Earnings Growth18.3%

Base FCF (TTM)$106.31B

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $1.04

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$21.42

Current Price$263.88

Upside / Downside-91.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $152.90B

Target EV/EBITDA multipleCurrent: 25.5×

Net Debt($B)Default: $23.60B

Results

Implied Equity Value / share$263.88

Current Price$263.88

Upside / Downside-0.0%

Implied EV$3.90T

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	$11.60B	$17.60B	$23.60B	$29.60B	$35.60B
21.5x	$223.04	$222.63	$222.22	$221.81	$221.40
23.5x	$243.87	$243.46	$243.05	$242.64	$242.23
25.5x	$264.69	$264.29	$263.88	$263.47	$263.06
27.5x	$285.52	$285.12	$284.71	$284.30	$283.89
29.5x	$306.35	$305.95	$305.54	$305.13	$304.72

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