APLE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($12.30)
DCF	$15.56	+26.5%
Graham Number	$14.92	+21.3%
Reverse DCF	—	implied g: 2.3%
DDM	$19.78	+60.8%
EV/EBITDA	$12.30	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $302.84M

Near-term growth (yrs 1–5)(%)Rev: -2.0% / EPS: 0.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.63%

Computed WACC: 5.63%

Cost of equity (Re)8.85%(Rf 4.30% + β 0.83 × 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)63.62%

Debt weight (D/V)36.38%

Results

Intrinsic Value / share$40.16

Current Price$12.30

Upside / Downside+226.5%

Net Debt (used)$1.65B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$15.76	$20.36	$25.71	$31.91	$39.04
8.0%	$11.71	$15.41	$19.71	$24.69	$30.41
9.0%	$8.90	$11.99	$15.56	$19.69	$24.44
10.0%	$6.84	$9.47	$12.52	$16.03	$20.06
11.0%	$5.26	$7.55	$10.19	$13.24	$16.73

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.74

Book Value / share($)Yahoo: $13.36

Results

Graham Number$14.92

Current Price$12.30

Margin of Safety+21.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.63%

Terminal growth rate(%)

Computed WACC: 5.63%

Cost of equity (Re)8.85%(Rf 4.30% + β 0.83 × 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)63.62%

Debt weight (D/V)36.38%

Results

Current Price$12.30

Implied Near-term FCF Growth-8.4%

Historical Revenue Growth-2.0%

Historical Earnings Growth0.8%

Base FCF (TTM)$302.84M

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: $0.96

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$19.78

Current Price$12.30

Upside / Downside+60.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $443.45M

Target EV/EBITDA multipleCurrent: 10.3×

Net Debt($B)Default: $1.65B

Results

Implied Equity Value / share$12.30

Current Price$12.30

Upside / Downside+0.0%

Implied EV$4.55B

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

Mult \ Net Debt	$1.65B	$1.65B	$1.65B	$1.65B	$1.65B
6.3x	$4.77	$4.77	$4.77	$4.77	$4.77
8.3x	$8.54	$8.54	$8.54	$8.54	$8.54
10.3x	$12.30	$12.30	$12.30	$12.30	$12.30
12.3x	$16.06	$16.06	$16.06	$16.06	$16.06
14.3x	$19.83	$19.83	$19.83	$19.83	$19.83

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