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General information
Apple Inc. designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. Apple sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers, and resellers.
  • Good financial results growth rate 11.5% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (6.4%)
  • Dividend yield for the last twelve months 2.9%
  • Free cash flow yield 2.8% (LTM)
  • Share price is 4.1% higher than minimum and 78.0% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (23.9x vs 16.2x)
  • Fundamental value created in LTM (estimate) 10.2%
Key Financials
Ticker: AAPL
Share price, USD: 111.2
Common stocks: 17 773 060 000
Dividend Yield:  2.9%
FCF Yield LTM: 2.8%
EV / LTM EBITDA: 23.9x
Last revenue growth (y/y):  10.9%
Last growth of EBITDA (y/y):  12.1%
Historical revenue growth:  7.6%
Historical growth of EBITDA:  5.1%
Target EV / EBITDA (hist 75% percentile): 16.2x
Express share price potential: -28.5%
Fundamental value created in LTM: 10.2%
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 1 976 364
Net Debt ($m): -71 431
EV (Enterprise Value): 1 904 933
EBITDA LTM ($m): 79 784
EV / LTM EBITDA: 23.9x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

Free Cash Flow ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends

Share price

Payment USD per share

Multiple and potential

EV / LTM EBITDA and 75% percentile

Potential dynamics

Value Creation

Fundamental Value Creation is calculated as ratio of value created in the last period to current market cap of the company.

The fundamental value can be created in two ways:
• cash generation in form of dividend payments or debt reduction or share buybacks
• growth of the company enterprise value through improving financial results

The growth of enterprise value in the last period is estimated as product of:
• annualized increase of EBITDA in the last reporting period year over year
• relevant EV/EBITDA multiple (average between actual EV/EBITDA for the company and average general level of 10.0x is applied)

Parameter
#
Formula
Value
    
    
            EBITDA (pre LTM Q)
(1)
14 477
            EBITDA (last Q)
(2)
16 224
            EBITDA LTM
(3)
79 784
    
    
        EBITDA LTM / last Q
(4)
(3) / (2)
4.918
    Gain of EBITDA (mln $)
(5)
( (2)-(1) ) * (4)
8 591
    
    
            EV
(6)
1 919 507
        Mult
(7)
(6) / (3)
24.1x
        Mult common
(8)
const
10.0x
    Mult avg
(9)
avgerage
17.0x
    
    
    Equity+
(10)
(5) * (9)
146 302
    FCF LTM
(11)
55 083
    
    
Value+
(12)
(10) + (11)
201 385
Cap
(13)
1 976 364
    
    
Fundamental value creation
(14)
(12) / (13)
10.2%

Potential

EBITDA LTM       79 784
 
EBITDA E       82 801
Mult aim       16.2x
 
EV E       1 338 954
NetDebt corr       -75 117
 
Cap E       1 414 071
Cap       1 976 364
Growth potential            -28.5%