In Millions

Data Source Particulars 2017 2018 2019 2020

IS Net sales 77130 $ 92400 $
IS EBIT/operating income 4658 $ 6,539 $
IS Tax expense 921 $ 1178 $
IS EBT - earnings before tax 4190 $ 5546 $
IS Net income 3281 $ 4,368 $
Note Depreciation & amortization 2357 $ 2230 $
OES Dividend
OES Stock repurchase

CF Capital spending
CF Merger & acquisition

BS Total Current asset

BS Total current liabilities
Note Gross PPE - plant, property & equipment
BS Cash & Equivalent
BS Short-term loan
BS Total Equity
 2021
104611 $
8946 $
1961 $
8907 $
6,946 $
2344 $
Valuation parameters SGR, NPM, DPR, ke, g

Particulars 2017 2018 2019 2020 2021 Average

Net sales 229234 265595 260174 274515 365817
SGR - Sales growth rate 0.15862 -0.020411 0.055121 0.332594 13%
Net income 48351 59531 55256 57411 94680
NPM - Net profit margin 0.210924208450753 0.224142 0.212381 0.209136 0.258818 22%
Dividend 12803 13735 14129 14087 14431
Stock repurchase 33001 73056 67101 72516 85502
Total distribution 45804 86791 81230 86603 99933
DPR - Dividend payout ratio 0.947322702736241 1.457913 1.470067 1.508474 1.055482 1.29
ke- cost of equity 0.152
g-Perpetual growth rate 0.04

0 1 2 3 4 5
Particulars 2021 2022 2023 2024 2025 2026
Net sales 365817 413914.9 468336.8 529914.2 599587.7 678422
Net income 92336.24 104476.7 118213.4 133756.2 151342.6
Dividend 46168.12 52238.35 59106.69 66878.09 75671.28
Terminal value 702661.9
PV discount factor 0.868056 0.75352 0.654098 0.567793 0.492876
PV of terminal value 346325.113718846
PV of dividend 40076.5 39362.66 38661.54 37972.91 37296.55
Summation of PVDividend 193370.167777505
Equity value 539695.281496351
Number of shares outstanding 16406.397
Value per share 32.8954176530259
Formula

(Current sales-previous sales)/previous sales

Net income/sales

(Cash dividend+ share repurchase)/Net income

6n
2027

78698.1283128074

1/(1+cost of equity)^n
Valuation parameters SGR, NPM, ke, g
0 1 2 3 4 5
Particulars 2021 2022 2023 2024 2025 2026
Net income 92336.24 104476.7 118213.4 133756.2
151342.6
Dividend 46168.12 52238.35 59106.69 66878.09
75671.28
Transfer to retained earnings 46168.12 52238.35 59106.69 66878.09
75671.28
Total shareholder's equity #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME?
Benchmark income #NAME? #NAME? #NAME? #NAME?
#NAME?
Residual income #NAME? #NAME? #NAME? #NAME?
#NAME?
Terminal value #NAME?
PV discount factor 0.868056 0.75352 0.654098 0.567793 0.492876
PV of terminal value #NAME?
PV of RE #NAME? #NAME? #NAME? #NAME? #NAME?
Summation of PVRE #NAME?
Anchor value #NAME?
Equity value #NAME?
Number of shares outstanding 16406.397
Value per share #NAME?
Terminal Formula

Net income - dividend

Previous equity+ new year's transfer
Previous year's equity * cost of equity
#NAME? Net income - benchmark income

2021-Equity
FCF (approximate method) EBIT(1-tax rate) - capital expenditure - change in Working capital
Valuation parameters SGR, OPM, tax rate, WACC, g

Particulars 2017 2018 2019

Net sales #NAME? #NAME? #NAME?
SGR - Sales growth rate #NAME? #NAME?
Operating income/EBIT #NAME? #NAME? #NAME?
OPM - Operating profit margin #NAME? #NAME? #NAME?
Tax rate #NAME? #NAME? #NAME?
Non-cash current asset #NAME? #NAME? #NAME?
Non-STD current liability #NAME? #NAME? #NAME?
CA/Sales #NAME? #NAME? #NAME?
CL/sales #NAME? #NAME? #NAME?
Capital expenditure #NAME? #NAME? #NAME?
Depreciation rate #NAME? #NAME? #NAME?
WACC- weighted average cost of capital
g-Perpetual growth rate

0 1 2
Particulars 2021 2022 2023
Net sales #NAME? #NAME? #NAME?
EBIT (operating profit) #NAME? #NAME?
NOPAT (Net operating profit after tax)/EBIT(1-Tax rate) #NAME? #NAME?
less: Capital expenditure #NAME? #NAME?
Non-cash current asset #NAME? #NAME? #NAME?
Non-STD current liability #NAME? #NAME? #NAME?
Working capital #NAME? #NAME? #NAME?
Less: Change in working capital #NAME? #NAME?
Fixed asset base #NAME? 108375.28 #NAME?
Plus: Depreciation & amortization #NAME? 12924.52 #NAME?
FCF 66150.31 #NAME?
Terminal value
PV discount factor 0.8658084 0.7496241197
PV of terminal value 647210.698087415
PV of FCF 57273.488 #NAME?
Summation of PV of FCF 353394.806904611
Eenterprise value/firm value 1000605.50499203
Long-term debt 8773
Short-term debt 109106
Less: Interest-bearing debt 117879
Plus: Cash & equivalents #NAME?
Equity value 917666.504992026
Number of shares outstanding 16406.397
Value per share 55.9334572357371
change in Working capital + depreciation & amortization

2020 2021 Average

#NAME? #NAME?
#NAME? #NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME? #NAME?
#NAME? #NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME? #NAME?
#NAME? #NAME? #NAME?
#NAME? #NAME? #NAME?
#NAME? #NAME? #NAME?
0.15499
0.04

3 4 5
2024 2025 2026 2027
#NAME? #NAME? #NAME?
#NAME? #NAME? #NAME?
#NAME? #NAME? #NAME?
#NAME? #NAME? #NAME?
#NAME? #NAME? #NAME?
#NAME? #NAME? #NAME?
#NAME? #NAME? #NAME?
#NAME? #NAME? #NAME?
#NAME? #NAME? #NAME?
#NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? 152966.7
1330261
0.649030831 0.561936321 0.4865292

#NAME? #NAME? #NAME?

Formula

Operating profit/sales
Tax expense/Earnings before tax

Capital spending + merger & acquisition

Depreciation expense/Gross Plant, property & equipment

gross PPE + Capital expenditure - depreciation & amortization

Firm value - long term & short-term debt+ cash

Particulars Industry average Apple data Value
P/E 10.35 #NAME? #NAME?
P/BV 3.17 #NAME? #NAME?
P/Sales 2.23 #NAME? #NAME?