NASDAQ: AAPL

FINANCIAL
MODELING
REPORT
(A Comprehensive DCF & Comparable Comps Valuation)

Presensted By
Muhammad Umar
https://www.linkedin.com/in/m-omar-finance/
Apple Inc
Pro-Forma Financial Statements
Fiscal Years Sep-2020A Sep-2021A Sep-2022A Sep-2023A Sep-2024F Sep-2025F Sep-2026F Sep-2027F Sep-2028F Sep-2029F

Income Statement

Total Revenues 274,515.0 365,817.0 394,328.0 383,285.0 409,404.4 433,011.2 456,618.4 480,225.6 503,832.8 527,439.9
Sales Growth 5.51% 33.26% 7.79% -2.80% 6.81% 5.77% 5.45% 5.17% 4.92% 4.69%

COGS 169,559.0 212,981.0 223,546.0 214,137.0 218,828.4 228,316.2 237,813.6 247,321.3 256,839.9 266,370.1
COGS % Sales 61.77% 58.22% 56.69% 55.87% 53.45% 52.73% 52.08% 51.50% 50.98% 50.50%

Gross Profit 104,956.0 152,836.0 170,782.0 169,148.0 190,575.9 204,695.0 218,804.8 232,904.3 246,992.9 261,069.9
Gross Margins 38.23% 41.78% 43.31% 44.13% 46.55% 47.27% 47.92% 48.50% 49.02% 49.50%

Operating Expenses 38,755.0 43,827.0 51,573.0 55,229.0 43,130.5 46,179.5 49,228.6 52,277.7 55,326.8 58,375.9
Operating Exp % Sales 14.12% 11.98% 13.08% 14.41% 10.53% 10.66% 10.78% 10.89% 10.98% 11.07%

EBITDA 77,257.0 120,293.0 130,313.0 125,438.0 157,598.1 169,324.2 181,004.9 192,741.9 204,452.1 216,811.9
EBITDA Margins 28.14% 32.88% 33.05% 32.73% 38.49% 39.10% 39.64% 40.14% 40.58% 41.11%

Depreciation & Amortization 11,056.0 11,284.0 11,104.0 11,519.0 10,152.7 10,808.8 11,428.7 12,115.3 12,786.0 14,117.9
Dep&Amo % Sales 4.03% 3.08% 2.82% 3.01% 2.48% 2.50% 2.50% 2.52% 2.54% 2.68%

EBIT 66,201.0 109,009.0 119,209.0 113,919.0 147,445.4 158,515.5 169,576.1 180,626.6 191,666.1 202,694.0
EBIT Margins 24.12% 29.80% 30.23% 29.72% 36.01% 36.61% 37.14% 37.61% 38.04% 38.43%

Interest Exp / (Income) (890.0) (198.0) 106.0 183.0 149.8 367.0 783.1 1,005.8 997.0 537.6
Interest % Sales -0.32% -0.05% 0.03% 0.05% 0.04% 0.08% 0.17% 0.21% 0.20% 0.10%

Earnings before Tax 67,091.0 109,207.0 119,103.0 113,736.0 147,295.6 158,148.5 168,793.0 179,620.7 190,669.1 202,156.4
EBT Margins 24.44% 29.85% 30.20% 29.67% 35.98% 36.52% 36.97% 37.40% 37.84% 38.33%

Tax 9,680.0 14,527.0 19,300.0 16,741.0 23,195.0 26,529.9 30,050.9 33,825.3 37,866.1 42,225.8
Effective Tax Rate 14.43% 13.30% 16.20% 14.72% 15.75% 16.78% 17.80% 18.83% 19.86% 20.89%

Net Profit 57,411.0 94,680.0 99,803.0 96,995.0 124,100.6 131,618.5 138,742.1 145,795.5 152,803.0 159,930.6
Net Margins 20.91% 25.88% 25.31% 25.31% 30.31% 30.40% 30.38% 30.36% 30.33% 30.32%

No. of Shares 17,352.1 16,701.3 16,216.0 15,744.2 15,149.7 14,564.0 13,985.6 13,413.6 12,847.3 12,286.2

Earnings per Share $3.31 $5.67 $6.15 $6.16 $8.19 $9.04 $9.92 $10.87 $11.89 $13.02
EPS Growth 10.60% 71.34% 8.57% 0.10% 32.97% 10.32% 9.77% 9.56% 9.43% 9.44%

Dividend per Share $0.81 $0.87 $0.92 $0.95 $1.08 $1.14 $1.22 $1.30 $1.38 $1.47
Dividend Payout Ratio 24.53% 15.28% 14.87% 15.49% 13.14% 12.67% 12.27% 11.92% 11.60% 11.30%

Retained Earnings per Share $2.50 $4.80 $5.24 $5.21 $7.12 $7.89 $8.70 $9.57 $10.51 $11.55
Apple Inc
Pro-Forma Financial Statements
Fiscal Years Sep-2020A Sep-2021A Sep-2022A Sep-2023A Sep-2024F Sep-2025F Sep-2026F Sep-2027F Sep-2028F Sep-2029F

Balance Sheet

Cash & Equivalents 38,016.0 34,940.0 23,646.0 29,965.0 25,680.1 8,479.5 13,738.9 19,476.3 16,268.8 33,917.5
Short-term Investments 52,927.0 27,699.0 24,658.0 31,590.0 34,295.1 47,620.2 56,810.4 66,754.5 57,045.6 39,807.6
Accounts Receivable, net 16,120.0 26,278.0 28,184.0 29,508.0 24,974.7 25,621.8 26,275.4 26,935.2 27,601.4 28,274.0
Inventory 4,061.0 6,580.0 4,946.0 6,331.0 6,375.3 6,822.7 7,284.9 7,761.8 8,253.5 8,760.2
Prepaid Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Assets 32,589.0 39,339.0 53,971.0 46,172.0 47,311.5 49,545.2 51,781.1 54,019.5 56,260.4 58,504.1
Total Current Assets 143,713.0 134,836.0 135,405.0 143,566.0 138,636.6 138,089.4 155,890.6 174,947.2 165,429.8 169,263.4

Plant, Property, & Equipment, net 45,336.0 49,527.0 52,534.0 54,376.0 55,123.7 57,436.1 58,406.8 60,022.3 60,650.9 62,515.5
Real Estate Investments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Capitalized Software 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Long-term Investments 100,887.0 127,877.0 120,805.0 100,544.0 106,855.9 137,947.8 159,391.6 182,594.5 159,940.4 119,718.4
Goodwill 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Intangible Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Long-term Assets 33,952.0 38,762.0 44,011.0 54,097.0 63,969.0 74,741.0 84,022.0 93,576.0 102,824.0 112,696.0
Total Non-Current Assets 180,175.0 216,166.0 217,350.0 209,017.0 225,948.6 270,124.9 301,820.4 336,192.8 323,415.3 294,929.9

Total Assets 323,888.0 351,002.0 352,755.0 352,583.0 364,585.2 408,214.3 457,711.0 511,140.0 488,845.1 464,193.3

Accounts Payable 42,296.0 54,763.0 64,115.0 62,611.0 64,435.7 67,323.6 70,222.3 73,132.0 76,052.8 78,985.2
Accrued Expenses and Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Short-term Borrowings 4,996.0 6,000.0 9,982.0 5,985.0 6,583.5 7,241.9 7,966.0 8,762.6 9,638.9 10,602.8
Current Portion of LT Debt 8,773.0 9,613.0 11,128.0 9,822.0 9,822.0 9,822.0 9,822.0 9,822.0 9,822.0 9,822.0
Capital Leases, Current 1,460.0 1,528.0 1,663.0 1,575.0 1,575.0 1,575.0 1,575.0 1,575.0 1,575.0 1,575.0
Other Payables 47,867.0 53,577.0 67,094.0 65,315.0 72,557.8 78,845.9 85,134.2 91,422.4 97,710.7 103,998.9
Total Current Liabilities 105,392.0 125,481.0 153,982.0 145,308.0 154,974.0 164,808.4 174,719.5 184,714.0 194,799.4 204,983.9

Long-term Debt 98,667.0 109,106.0 98,959.0 95,281.0 96,077.1 126,667.0 160,315.9 197,329.7 157,336.2 112,780.2
Capital Leases 8,382.0 10,275.0 10,748.0 11,267.0 11,267.0 11,267.0 11,267.0 11,267.0 11,267.0 11,267.0
Other Non-current Liabilities 46,108.0 43,050.0 38,394.0 38,581.0 38,581.0 38,581.0 38,581.0 38,581.0 38,581.0 38,581.0
Total Non-Current Liabilities 153,157.0 162,431.0 148,101.0 145,129.0 145,925.1 176,515.0 210,163.9 247,177.7 207,184.2 162,628.2

Common Stock 50,779.0 57,365.0 64,849.0 73,812.0 80,287.7 87,386.5 95,108.2 103,453.0 112,420.8 122,011.6
Additional Paid-in Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Retained Earnings 14,966.0 5,562.0 (3,068.0) (214.0) (5,044.6) (8,812.6) (11,573.7) (13,337.7) (14,111.3) (13,877.4)
Treasury Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Treasury Stock & Other (406.0) 163.0 (11,109.0) (11,452.0) (11,557.0) (11,683.0) (10,707.0) (10,867.0) (11,448.0) (11,553.0)
Total Preferred Equity 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Minority Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Equity 65,339.0 63,090.0 50,672.0 62,146.0 63,686.1 66,890.9 72,827.6 79,248.3 86,861.5 96,581.2

Total Liabilities and Equity 323,888.0 351,002.0 352,755.0 352,583.0 364,585.2 408,214.3 457,711.0 511,140.0 488,845.1 464,193.3
Apple Inc
Pro-Forma Financial Statements
Fiscal Years Sep-2020A Sep-2021A Sep-2022A Sep-2023A Sep-2024F Sep-2025F Sep-2026F Sep-2027F Sep-2028F Sep-2029F

Cash Flow Statement

Operating Activities
Net income 57,411.0 94,680.0 99,803.0 96,995.0 124,100.6 131,618.5 138,742.1 145,795.5 152,803.0 159,930.6
Depreciation and amortization 11,056.0 11,284.0 11,104.0 11,519.0 10,152.7 10,808.8 11,428.7 12,115.3 12,786.0 14,117.9
Share-based compensation expense 6,829.0 7,906.0 9,038.0 10,833.0 7,833.5 8,456.5 9,079.5 9,702.5 10,325.6 10,948.6
Deferred income tax expense/(benefit) (215.0) (4,774.0) 895.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other (97.0) (147.0) 111.0 (2,227.0) (2,227.0) (2,227.0) (2,227.0) (2,227.0) (2,227.0) (2,227.0)
Accounts receivable, net 6,917.0 (10,125.0) (1,823.0) (1,688.0) 4,533.3 (647.2) (653.5) (659.9) (666.2) (672.5)
Inventories (127.0) (2,642.0) 1,484.0 (1,618.0) (44.3) (447.4) (462.1) (476.9) (491.7) (506.7)
Vendor non-trade receivables 1,553.0 (3,903.0) (7,520.0) 1,271.0 (1,139.5) (2,233.7) (2,235.9) (2,238.4) (2,240.9) (2,243.7)
Other current and non-current assets (9,588.0) (8,042.0) (6,499.0) (5,684.0) (5,684.0) (5,684.0) (5,684.0) (5,684.0) (5,684.0) (5,684.0)
Accounts payable (4,062.0) 12,326.0 9,448.0 (1,889.0) 1,824.7 2,887.9 2,898.7 2,909.7 2,920.9 2,932.3
Deferred revenue 2,081.0 1,676.0 478.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other current and non-current liabilities 8,916.0 5,799.0 5,632.0 3,031.0 7,242.8 6,288.2 6,288.2 6,288.2 6,288.2 6,288.2
Total Cash From Operating Activities 80,674.0 104,038.0 122,151.0 110,543.0 146,592.8 148,820.6 157,174.7 165,525.1 173,813.8 182,883.8

Investing Activities
Purchases & sales of marketable securities $5,453.00 -$3,075.00 -$9,560.00 $16,001.00 -$9,017.00 -$44,417.00 -$30,634.00 -$33,147.00 $32,363.00 $57,460.00
CapEX -$7,309.00 -$11,085.00 -$10,708.00 -$10,959.00 -$10,900.45 -$13,121.12 -$12,399.50 -$13,730.75 -$13,414.62 -$15,982.50
Business acquisitions payments, net -$1,524.00 -$33.00 -$306.00 $0.00 -$624.00 -$1,524.00 -$33.00 -$306.00 $0.00 -$624.00
Purchases & sales of non-marketable securities -$118.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Intangible Assets payments $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Other (791.0) -$352.00 -$1,780.00 -$1,337.00 -$1,337.00 -$1,337.00 -$1,337.00 -$1,337.00 -$1,337.00 -$1,337.00
Total Cash From Investing Activities (4,289.0) (14,545.0) (22,354.0) 3,705.0 (21,878.4) (60,399.1) (44,403.5) (48,520.8) 17,611.4 39,516.5

Financing Activities
Issuance / Repayments of term debt, net $3,462.00 $11,643.00 -$4,078.00 -$5,923.00 $796.13 $30,589.91 $33,648.90 $37,013.79 -$39,993.55 -$44,555.99
Change in commercial paper, net -$963.00 $1,022.00 $3,955.00 -$3,978.00 $598.50 $658.35 $724.19 $796.60 $876.26 $963.89
Proceeds from issuance of common stock $880.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Tax Payments for Equity Awards -$3,634.00 -$6,556.00 -$6,223.00 -$5,431.00 -$5,431.00 -$5,431.00 -$5,431.00 -$5,431.00 -$5,431.00 -$5,431.00
Payments for dividends and dividend equivalents -$14,081.00 -$14,467.00 -$14,841.00 -$15,025.00 -$16,302.76 -$16,674.29 -$17,026.33 -$17,374.90 -$17,721.21 -$18,073.45
Repurchases of common stock -$72,358.00 -$85,971.00 -$89,402.00 -$77,550.00 -$108,555.21 -$114,638.96 -$120,403.57 -$126,111.39 -$131,782.09 -$137,550.00
Other (126.0) 976.0 (160.0) (581.0) -$105.00 (126.0) 976.0 (160.0) (581.0) (105.0)
Total Cash From Financing Activities (86,820.0) (93,353.0) (110,749.0) (108,488.0) (128,999.3) (105,622.0) (107,511.8) (111,266.9) (194,632.6) (204,751.6)

Total CashFlow (10,435.0) (3,860.0) (10,952.0) 5,760.0 (4,284.9) (17,200.5) 5,259.4 5,737.4 (3,207.4) 17,648.7
Apple Inc
Revenue Forecasting
Fiscal Years Sep-2023A Sep-2024F Sep-2025F Sep-2026F Sep-2027F Sep-2028F Sep-2029F
Revenue By Business Segments
Bifurcation By Business Segments
600,000

iPhone 200,583.0 202,578.6 210,290.8 218,003.1 225,715.4 233,427.6 241,139.9 500,000

Growth Rate % -2.39% 0.99% 3.81% 3.67% 3.54% 3.42% 3.30%
Conservative Case -1.01% 1.81% 1.67% 1.54% 1.42% 1.30% 400,000
Base Case 0.99% 3.81% 3.67% 3.54% 3.42% 3.30%
Optimistic Case 2.99% 5.81% 5.67% 5.54% 5.42% 5.30% 300,000

Mac 29,357.0 36,188.9 37,683.7 39,178.5 40,673.2 42,168.0 43,662.8 200,000

Growth Rate % -26.93% 23.27% 4.13% 3.97% 3.82% 3.68% 3.54%
100,000
Conservative Case 21.27% 2.13% 1.97% 1.82% 1.68% 1.54%
Base Case 23.27% 4.13% 3.97% 3.82% 3.68% 3.54%
0
Optimistic Case 25.27% 6.13% 5.97% 5.82% 5.68% 5.54% 2023 2024 2025 2026 2027 2028 2029

iPhone Mac iPad Wearables, Home & Accessories Services

iPad 28,300.0 30,399.6 31,681.4 32,963.2 34,245.0 35,526.8 36,808.6
Growth Rate % -3.39% 7.42% 4.22% 4.05% 3.89% 3.74% 3.61%
Conservative Case 5.42% 2.22% 2.05% 1.89% 1.74% 1.61%
2023 Revenue Composition
Base Case 7.42% 4.22% 4.05% 3.89% 3.74% 3.61%
Optimistic Case 9.42% 6.22% 6.05% 5.89% 5.74% 5.61%

22%
Wearables, Home & Accessories 39,845.0 47,918.1 52,479.5 57,040.9 61,602.4 66,163.8 70,725.2
Growth Rate % -3.38% 20.26% 9.52% 8.69% 8.00% 7.40% 6.89%
Conservative Case 18.26% 7.52% 6.69% 6.00% 5.40% 4.89%
Base Case 20.26% 9.52% 8.69% 8.00% 7.40% 6.89%
Optimistic Case 22.26% 11.52% 10.69% 10.00% 9.40% 8.89% 52%
10%

Services 85,200.0 92,317.9 100,874.8 109,431.8 117,988.7 126,545.7 135,102.6

Growth Rate % 9.05% 8.35% 9.27% 8.48% 7.82% 7.25% 6.76% 7%
Conservative Case 6.35% 7.27% 6.48% 5.82% 5.25% 4.76%
Base Case 8.35% 9.27% 8.48% 7.82% 7.25% 6.76% 8%
Optimistic Case 10.35% 11.27% 10.48% 9.82% 9.25% 8.76%
iPhone Mac iPad Wearables, Home & Accessories Services
Total Revenue 383,285.0 409,403.0 433,010.2 456,617.4 480,224.6 503,831.8 527,439.1
Apple Inc
COGS FORECASTS
Fiscal Years Sep-2021A Sep-2022A Sep-2023A Sep-2024F Sep-2025F Sep-2026F Sep-2027F Sep-2028F Sep-2029F

COST OF GOODS SOLD

Products 192,266.0 201,471.0 189,282.0 175,864.9 197,081.4 209,998.8 222,832.4 235,593.8 248,292.9
% Sales 52.56% 51.09% 49.38% 47.21% 46.66% 46.16% 45.72% 45.32% 44.95%
Conservative Case 53.21% 52.66% 52.16% 51.72% 51.32% 50.95%
Base Case 50.21% 49.66% 49.16% 48.72% 48.32% 47.95%
Optimistic Case 47.21% 46.66% 46.16% 45.72% 45.32% 44.95%

Servcies 20,715 22,075 24,855 25,566.9 26,287.4 27,017.4 27,757.6 28,508.8 29,271.6
% Sales 5.66% 5.60% 6.48% 2.86% 2.82% 2.78% 2.74% 2.71% 2.68%
Conservative Case 8.86% 8.82% 8.78% 8.74% 8.71% 8.68%
Base Case 5.86% 5.82% 5.78% 5.74% 5.71% 5.68%
Optimistic Case 2.86% 2.82% 2.78% 2.74% 2.71% 2.68%

Total COGS 212,981.0 223,546.0 214,137.0 201,431.7 223,368.7 237,016.2 250,590.0 264,102.6 277,564.5

Evolving Revenue Structure: Impact on Cost Dynamics:

Cost of Goods Sold
• Both the historical and forecasted COGS figures suggest improved operational efficiency and
300,000
strong growth potential for Apple, making the company an attractive investment option. COGS
(Products) is expected to rise from $175,864.9 in FY2024 to $248,292.9 in FY2029, with the
250,000 percentage of sales declining from 47.21% to 44.95%, indicating continued efficiency gains.
Whereas, the cost of services sold is forecasted to rise from $25,566.9 to $29,271.6 within the
200,000 same period, with the percentage of sales decreasing from 2.86% to 2.68%.

150,000 • As the revenue from services continues to gain more share of Apple's total revenue, the
impact on overall COGS will also be positive because of falling COGS from services as compared
100,000 to COGS from products. This will enhance the company's gross margins and the bottom line.

50,000 • This shift towards a higher proportion of revenue from services, combined with the
decreasing percentage of sales allocated to service costs, positions Apple for sustainable long-
0
term growth. This strategic focus not only diversifies revenue streams but also leverages higher-
2021 2022 2023 2024 2025 2026 2027 2028 2029 margin services to improve profitability.
Products Servcies
Apple Inc
Operating Expenses
Fiscal Years Sep-2020A Sep-2021A Sep-2022A Sep-2023A Sep-2024F Sep-2025F Sep-2026F Sep-2027F Sep-2028F Sep-2029F

OPERATING EXPENSES

Gen&Adm 19,916.0 21,973.0 25,094.0 24,932.0 19,944.4 22,534.4 24,191.0 25,844.8 27,496.2 29,145.4
% Sales 5.35% 5.20% 5.52% 5.12% 5.35% 5.33% 5.32% 5.30% 5.29% 5.28%
Conservative Case 7.35% 7.33% 7.32% 7.30% 7.29% 7.28%
Base Case 6.35% 6.33% 6.32% 6.30% 6.29% 6.28%
Optimistic Case 5.35% 5.33% 5.32% 5.30% 5.29% 5.28%

Selling & Marketing - - - - - - - - - -

% Sales 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Base Case 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Optimistic Case 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Research & Development 18,752.0 21,914.0 26,251.0 29,915.0 22,978.4 26,733.2 29,445.3 32,182.1 34,940.0 37,716.2
% Sales 6.17% 6.33% 6.47% 6.60% 6.72% 6.83%
Conservative Case 8.17% 8.33% 8.47% 8.60% 8.72% 8.83%
Base Case 7.17% 7.33% 7.47% 7.60% 7.72% 7.83%
Optimistic Case 6.17% 6.33% 6.47% 6.60% 6.72% 6.83%

Other Inc / (Exp) 87.0 (60.0) 228.0 382.0 (3,674.7) (4,218.9) (4,594.0) (4,970.9) (5,349.6) (5,729.6)
% Sales -0.99% -1.00% -1.01% -1.02% -1.03% -1.04%
Conservative Case 1.01% 1.00% 0.99% 0.98% 0.97% 0.96%
Base Case 0.01% 0.00% -0.01% -0.02% -0.03% -0.04%
Optimistic Case -0.99% -1.00% -1.01% -1.02% -1.03% -1.04%

Total Operating Expenses 38,755.0 43,827.0 51,573.0 55,229.0 39,248.0 45,048.7 49,042.4 53,056.0 57,086.6 61,132.0

Operating Expenses
120,000.0

100,000.0

80,000.0

60,000.0

40,000.0

20,000.0

(20,000.0)
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Gen&Adm Selling & Marketing Research & Development Other Inc / (Exp) Fiscal Years
Apple Inc
Debt Schedule
Fiscal Years Sep-2023A Sep-2024F Sep-2025F Sep-2026F Sep-2027F Sep-2028F Sep-2029F

Cash (Opening Balance) 29,965.0 16,942.3 4,257.8 10,960.2 18,717.4 15,334.3

Cash Flow Before Debt Paydown (24,131.5) (44,904.2) (28,739.3) (31,228.6) 37,266.1 63,044.4
Minimum Cash Cushion (20,000.0) (20,000.0) (20,000.0) (20,000.0) (20,000.0) (20,000.0)
Cash Available for Debt Paydown (14,166.5) (47,961.9) (44,481.5) (40,268.5) 35,983.4 58,378.7

Commercial Paper (Beginning of Year) 5,985.0 6,583.5 7,241.9 7,966.0 8,762.6 9,638.9
Mandatory Borrowings / (Repayments) 6,583.5 7,241.9 7,966.0 8,762.6 (8,762.6) (9,638.9)
(5,985.0) (6,583.5) (7,241.9) (7,966.0) 9,638.9 10,602.8
Commercial Paper (End of Year) 5,985.0 6,583.5 7,241.9 7,966.0 8,762.6 9,638.9 10,602.8

Short Term Debt (Beginning of Year) 9,822.0 10,804.2 11,884.6 13,073.1 14,380.4 15,818.4
Mandatory Borrowings / (Repayments) 10,804.2 11,884.6 13,073.1 14,380.4 (14,380.4) (15,818.4)
(9,822.0) (10,804.2) (11,884.6) (13,073.1) 15,818.4 17,400.3
Short Term Debt (End of Year) 9,822.0 10,804.2 11,884.6 13,073.1 14,380.4 15,818.4 17,400.3

Long Term Debt (Beginning of Year) 95,281.0 104,809.1 135,290.0 168,819.0 205,700.9 162,737.4
Mandatory Borrowings / (Repayments) 9,528.1 10,480.9 13,529.0 16,881.9 (20,570.1) (16,273.7)
0.0 20,000.0 20,000.0 20,000.0 (22,393.4) (31,351.5)
Long Term Debt (End of Year) 95,281.0 104,809.1 135,290.0 168,819.0 205,700.9 162,737.4 115,112.2

Net Borrowings / Repayments 11,108.8 32,219.7 35,441.6 38,985.8 (40,649.2) (45,079.5)

Cash (Ending Balance) 29,965.0 16,942.3 4,257.8 10,960.2 18,717.4 15,334.3 33,299.2

Calculation of Interest Expense / Income

Commercial Paper 5,985.0 6,583.5 7,241.9 7,966.0 8,762.6 9,638.9 10,602.8
Interest Expense 86.4 0.0 66.5 135.9 184.0 202.4
Interest Rate % 1.38% 0.00% 0.88% 1.63% 2.00% 2.00%
Short Term Debt 9,822.0 10,804.2 11,884.6 13,073.1 14,380.4 15,818.4 17,400.3
Interest Expense 154.7 170.2 187.2 205.9 226.5 249.1
Interest Rate % 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
Long Term Debt 95,281.0 104,809.1 135,290.0 168,819.0 205,700.9 162,737.4 115,112.2
Interest Expense 1,500.7 1,800.7 2,280.8 2,808.9 2,763.3 2,083.9
Interest Rate % 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
Cash & Marketable Securities 61,555.0 51,237.4 51,878.0 67,770.6 85,471.9 72,379.9 73,106.8
Interest Income (1,409.9) (1,288.9) (1,495.6) (1,915.5) (1,973.1) (1,818.6)
Interest Rate % 2.5% 2.50% 2.50% 2.50% 2.50% 2.50%

Net Interest Expense / (Income) 331.9 682.0 1,038.9 1,235.2 1,200.6 716.8
Apple Inc
Working Capital Schedule
Fiscal Years Sep-2021A Sep-2022A Sep-2023A Sep-2024F Sep-2025F Sep-2026F Sep-2027F Sep-2028F Sep-2029F

Current Assets
Accounts Receivable, net 26,278.0 28,184.0 29,508.0 28,388.4 31,312.5 33,106.5 34,812.9 36,431.6 37,962.6
Receivable Days 30 27 28 28 27 27 26 26 25
Inventory 6,580.0 4,946.0 6,331.0 5,591.8 6,587.6 7,245.5 7,929.0 8,638.3 9,373.7
Inventory Days 13 8 11 10 11 11 12 12 12
Deferred Non Trade Receivables 39,339.0 53,971.0 46,172.0 46,255.1 52,285.5 56,214.5 60,143.6 64,072.7 68,001.8
TOTAL CURRENT ASSETS 72,197.0 87,101.0 82,011.0 80,235.3 90,185.6 96,566.6 102,885.6 109,142.7 115,338.1

Current Liabilities
Accounts Payable 54,763.0 64,115.0 62,611.0 59,160.8 65,816.7 69,978.6 74,134.1 78,286.8 82,439.6
Payable Days 105 107 104 107 108 108 108 108 108
Other Payables 53,577.0 67,094.0 65,315.0 62,741.2 76,021.3 84,674.1 93,326.8 101,979.5 110,632.2
TOTAL CURRENT LIABILITIES 108,340.0 131,209.0 127,926.0 121,902.0 141,838.1 154,652.7 167,460.9 180,266.3 193,071.9

Net Operating Working Capital

Current Assets 72,197.0 87,101.0 82,011.0 80,235.3 90,185.6 96,566.6 102,885.6 109,142.7 115,338.1
Current Liabilities 108,340.0 131,209.0 127,926.0 121,902.0 141,838.1 154,652.7 167,460.9 180,266.3 193,071.9
Net Operating Working Capital (36,143.0) (44,108.0) (45,915.0) (41,666.7) (51,652.5) (58,086.1) (64,575.3) (71,123.6) (77,733.8)
Change in NOWC 1,250.0 (7,965.0) (1,807.0) 4,248.3 (9,985.8) (6,433.6) (6,489.2) (6,548.3) (6,610.1)

Forecasted Current Assets Forecasted Current Liabilities

120,000.0 200,000.0

110,000.0 180,000.0

100,000.0 160,000.0

90,000.0 140,000.0

80,000.0 120,000.0

70,000.0 100,000.0
2024 2025 2026 2027 2028 2029 2024 2025 2026 2027 2028 2029
Apple Inc
Depreciation Schedule
Fiscal Years Sep-2023A Sep-2024F Sep-2025F Sep-2026F Sep-2027F Sep-2028F Sep-2029F

Property, Plant & Equipment (Beginning of Year) 52,534.0 54,376.0 54,240.6 56,345.9 57,386.2 59,312.4 60,452.7
CapEX 10,959.0 9,919.2 12,799.8 12,352.6 13,935.2 13,841.3 16,737.1
%Sales 2.66% 3.03% 2.72% 2.86% 2.66% 3.03%
Conservative Case 0.25% 2.41% 2.78% 2.47% 2.61% 2.41% 2.78%
Base Case 2.66% 3.03% 2.72% 2.86% 2.66% 3.03%
Optimistic Case 0.25% 2.91% 3.28% 2.97% 3.11% 2.91% 3.28%

Useful Life of Property, Plant & Equipment 6

Useful Life of CapEX 10 20 20 20 20 12
1 2 3 4 5 6
STRAIGHT-LINE DEPRECIATION
Existing PP&E 11,519.0 9,062.7 9,062.7 9,062.7 9,062.7 9,062.7 9,062.7
CapEX 2024 991.9 991.9 991.9 991.9 991.9 991.9
CapEX 2025 640.0 640.0 640.0 640.0 640.0
CapEX 2026 617.6 617.6 617.6 617.6
CapEX 2027 696.8 696.8 696.8
CapEX 2028 692.1 692.1
CapEX 2029 1,394.8

TOTAL Depreciation Expense 11,519.0 10,054.6 10,694.6 11,312.2 12,009.0 12,701.0 14,095.8

Property, Plant & Equipment (End of Year) 54,376.0 54,240.6 56,345.9 57,386.2 59,312.4 60,452.7 63,094.0
Apple Inc
Equity & Share Schedule
Fiscal Years Sep-2021A Sep-2022A Sep-2023A Sep-2024F Sep-2025F Sep-2026F Sep-2027F Sep-2028F Sep-2029F

Retained Earnings Schedule

Beginning of Year Balance 14,966.0 5,562.0 (3,068.0) (214.0) (6,921.0) (11,258.4) (14,135.6) (15,570.1) (15,573.4)
Net Income 94,680.0 99,803.0 96,995.0 110,825.7 127,589.9 137,920.5 148,127.4 158,252.3 168,453.2
Dividends (14,467.0) (14,841.0) (15,025.0) (15,646.7) (16,475.2) (16,985.7) (17,490.1) (17,990.5) (18,494.6)
Share Buybacks (85,971.0) (89,402.0) (77,550.0) (97,812.8) (111,378.9) (119,738.7) (127,998.4) (136,191.8) (144,446.8)
Tax Payments for Equity Awards (3,646.0) (4,190.0) (1,566.0) (4,073.3) (4,073.3) (4,073.3) (4,073.3) (4,073.3) (4,073.3)
End of Year Balance 5,562.0 (3,068.0) (214.0) (6,921.0) (11,258.4) (14,135.6) (15,570.1) (15,573.4) (14,134.8)

Common Stock Issuance Schedule

Beginning of Year Balance 50,779.0 57,365.0 64,849.0 73,812.0 79,494.4 86,362.1 94,045.8 102,549.6 111,877.0
Common Stock Issued 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Share-Based Compensation 7,906.0 9,038.0 10,833.0 7,040.2 8,225.4 9,041.5 9,861.6 10,685.1 11,511.7
Tax Payments for Equity Awards (1,320.0) (1,554.0) (1,870.0) (1,357.8) (1,357.8) (1,357.8) (1,357.8) (1,357.8) (1,357.8)
End of Year Balance 57,365.0 64,849.0 73,812.0 79,494.4 86,362.1 94,045.8 102,549.6 111,877.0 122,031.0

Common Stock Outstanding Schedule

Beginning of Year Balance 17,352.1 16,701.3 16,216.0 15,744.2 15,130.7 14,540.4 13,961.2 13,391.1 12,828.9
Common Stock Repurchased / Issued (650.8) (485.3) (471.7) (613.6) (590.3) (579.2) (570.0) (562.2) (555.5)
Average Repurchase Price / Share $132.09 $184.22 $164.39 $159.41 $188.69 $206.73 $224.55 $242.23 $260.04
End of Year Balance 16,701.3 16,216.0 15,744.2 15,130.7 14,540.4 13,961.2 13,391.1 12,828.9 12,273.4
S 2 11 12 13 14 15 16 17 19 0 0 0 0 0 0 0 0 0 0 0 0 0

($, Mn, unless specified)

DISCOUNTED CASH FLOW (DCF) VALUATION - APPLE INC
FY2022A FY2023A FY2024F FY2025F FY2026F FY2027F FY2028F Implied Enterprise / Equity Valuation ($. Mn) Book Value from Balance Sheet
Total Revenues 394,328 383,285 370,829 420,454 452,788 485,121 517,455
% Growth 7.8% -2.8% -3.2% 13.4% 7.7% 7.1% 6.7% PV of Unlevered FCF 534,432 Total Equity Value ($. Mn) 62,146
Plus: PV of Terminal Value 2,468,552 Shares Outstanding (Mn) 15,744
EBITDA 130,313 125,438 141,194 163,843 179,229 194,746 210,303 Implied EV / Present Value 3,002,984 Book Value Per Share Valuation 3.9
% Margin 33.0% 32.7% 38.1% 39.0% 39.6% 40.1% 40.6% Plus: Cash 162,099
Less: Debt (111,088) Implied Price / Book Value 49.1
EBITDA 130,313 125,438 141,194 163,843 179,229 194,746 210,303 Implied Equity Valuation 3,053,995 Market Price / Book Value 54.2
Less: Depreciation & Amortization (11,104) (11,519) (10,050) (10,687) (11,302) (11,995) (12,684) Shares Outstanding (Mn) 15,744
Operating Income 119,209 113,919 131,144 153,156 167,927 182,751 197,619 Implied Share Price Valuation ($) 194.0 Market Price Per Share ($) - 06/18/2024 213.9

Taxes 19,300 16,741 20,598 25,576 29,709 34,178 39,004

Implied Price Sensitivity Analysis
Capital Expenditures 10,708 10,959 9,873 12,741 12,295 13,871 13,777
$193.98 Implied Share Price Valuation ($)
Net Working Capital (44,108) (45,915) (41,310) (51,245) (57,645) (64,100) (70,614) 0.25% 194.0 3.5% 3.8% 4.0% 4.3% 4.5%
Change in Net Working Capital (7,965) (1,807) 4,605 (9,934) (6,400) (6,455) (6,514) 0.10% 8.5% 185.3 193.4 202.4 212.4 223.7
Market Price 8.6% 181.7 189.5 198.1 207.7 218.4
EBITDA 130,313 125,438 141,194 163,843 179,229 194,746 210,303 8.7% 178.3 185.8 194.0 203.1 213.3
Less: Cash Taxes (19,300) (16,741) (20,598) (25,576) (29,709) (34,178) (39,004)
$213.92 8.8% 175.0 182.2 190.0 198.7 208.5
Less: Changes in WC 7,965 1,807 (4,605) 9,934 6,400 6,455 6,514 8.9% 171.9 178.7 186.2 194.6 203.8
Less: Capital Expenditure (10,708) (10,959) (9,873) (12,741) (12,295) (13,871) (13,777)
Total Unlevered FCF 108,270 99,545 106,117 135,461 143,625 153,152 164,036 WACC
Implied Equity Valuation ($. Mn)
Total Discounted Unlevered FCF 51,959 124,573 121,465 119,112 117,323
8.74% ###### 3.5% 3.8% 4.0% 4.3% 4.5%
PV of Unlevered FCF 534,432 8.5% 2,917,344 3,044,855 3,186,409 3,344,462 3,522,076
8.6% 2,861,456 2,983,536 3,118,771 3,269,408 3,438,238
Forward (2026E) FCFF 164,036 Terminal Growth Rate 8.7% 2,807,710 2,924,683 3,053,995 3,197,706 3,358,365
Terminal Value 3,599,103 8.8% 2,755,985 2,868,151 2,991,904 3,129,138 3,282,182
PV of Terminal Value 2,468,552
4.00% 8.9% 2,706,170 2,813,806 2,932,336 3,063,503 3,209,440

($, Mn, unless specified)

CALENDARIZED DCF VALUATION - APPLE INC
1 2 3 4 5
CY2022A CY2023F CY2024F CY2025F CY2026F CY2027F CY2028F Implied Enterprise / Equity Valuation ($. Mn) Book Value from Balance Sheet
Total Revenues 391,567 380,171 383,235 428,538 460,871 493,205 525,539
% Growth 5.0% -2.9% 0.8% 11.8% 7.5% 7.0% 6.6% PV of Unlevered FCF 562,255 Total Equity Value ($. Mn) 62,146
Plus: PV of Terminal Value 2,447,730 Shares Outstanding (Mn) 15,744
EBITDA 129,094 129,377 146,856 167,690 183,108 198,636 214,376 Implied EV / Present Value 3,009,985 Book Value Per Share Valuation 3.9
% Margin 33.0% 34.0% 38.3% 39.1% 39.7% 40.3% 40.8% Plus: Cash 162,099
Less: Debt (111,088) Implied Price / Book Value 49.3
EBITDA 129,094 129,377 146,856 167,690 183,108 198,636 214,376 Implied Equity Valuation 3,060,996 Market Price / Book Value 54.2
Less: Depreciation & Amortization (11,208) (11,152) (10,209) (10,841) (11,475) (12,168) (13,031) Shares Outstanding (Mn) 15,744
Operating Income 117,887 118,225 136,647 156,849 171,633 186,468 201,345 Implied Share Price Valuation ($) 194.4 Market Price Per Share ($) - 06/18/2024 213.9

Taxes 18,660 17,705 21,843 26,609 30,826 35,385 40,312

Implied Price Sensitivity Analysis
Capital Expenditures 10,771 10,688 10,590 12,629 12,689 13,847 14,498
$194.42 Implied Share Price Valuation ($)
Net Working Capital (44,560) (44,764) (43,794) (52,845) (59,259) (65,729) (72,258) 0.25% 194.4 3.5% 3.8% 4.0% 4.3% 4.5%
Change in Net Working Capital (6,426) (204) 970 (9,051) (6,414) (6,470) (6,529) 0.10% 8.5% 185.9 193.9 202.9 212.8 224.0
Market Price 8.6% 182.3 190.0 198.5 208.0 218.7
EBITDA 129,094 129,377 146,856 167,690 183,108 198,636 214,376 8.7% 178.9 186.3 194.4 203.5 213.6
Less: Cash Taxes (18,660) (17,705) (21,843) (26,609) (30,826) (35,385) (40,312)
$213.92 8.8% 175.6 182.7 190.5 199.1 208.7
Less: Changes in WC 6,426 204 (970) 9,051 6,414 6,470 6,529 8.9% 172.4 179.2 186.7 194.9 204.1
Less: Capital Expenditure (10,771) (10,688) (10,590) (12,629) (12,689) (13,847) (14,498)
Total Unlevered FCF 106,089 101,188 113,453 137,502 146,007 155,873 166,096 WACC
Implied Equity Valuation ($. Mn)
Total Discounted Unlevered FCF 82,458 123,829 120,919 118,715 116,333
8.74% ###### 3.5% 3.8% 4.0% 4.3% 4.5%
PV of Unlevered FCF 562,255 8.5% 2,926,822 3,053,316 3,193,741 3,350,532 3,526,729
8.6% 2,870,730 2,991,808 3,125,933 3,275,334 3,442,779
Forward (2026E) FCFF 166,096 Terminal Growth Rate 8.7% 2,816,789 2,932,775 3,060,996 3,203,495 3,362,799
Terminal Value 3,644,290 8.8% 2,764,876 2,876,070 2,998,751 3,134,796 3,286,515
PV of Terminal Value 2,447,730
4.00% 8.9% 2,714,880 2,821,559 2,939,035 3,069,036 3,213,676
 Weighted Average Cost of Capital
All figures are in USD (millions) unless stated otherwise
Peer Comps
Market Value of Market Value of Debt / Debt / Levered UnLevered
1
Name of Company Name of Country Total Debt Total Equity Tax Rate Equity Capital Beta 2 Beta 3

Apple United States 111,088.00 3,295,651.52 25.00% 3.37% 3.26% 1.15 1.12
Amazon United States 134,680.00 3,295,651.52 25.00% 4.09% 3.93% 1.08 1.05
Netflix United States 14,000.00 293,652.68 25.00% 4.77% 4.55% 1.02 0.98
Meta Platforms United States 37,630.00 1,284,232.45 25.00% 2.93% 2.85% 1.09 1.07
Alphabet United States 28,050.00 2,207,262.85 25.00% 1.27% 1.25% 1.03 1.02

Mean 25.00% 3.29% 3.17% 1.07 1.05

Median 25.00% 3.37% 3.26% 1.08 1.05

Cost of Debt Cost of Equity

Risk-Free Rate 4.28% Risk-Free Rate 4 4.28%

Country Risk Premium 0.00% Default Spread 0.00%
Company Risk Premium 0.00% Equity Risk Premium 5 4.33%
Pre-Tax Cost of Debt 4.28% Country Risk Premium 0.00%
Tax Rate 25.00% Levered Beta 6 1.07
Cost of Debt 3.21% Cost of Equity 8.92%

Capital Structure Levered Beta

Current Target Comps Median Unlevered Beta 1.05

Total Debt 111,088.00 3.26% 3.17% Target Debt / Equity 3.271%
Market Capitalization 3,295,651.52 96.74% 96.83% Tax Rate 25.00%
Total Capital 3,406,739.52 100.00% 100.00% Levered Beta 1.07

Debt / Equity 3.371% 3.271% Weighted Average Cost of Capital

Notes: Weight Cost

1. Tax Rate considered as Marginal Tax Rate for the country Debt 3.17% 3.21%
2. Levered Beta is based on 5 year monthly data Equity 96.83% 8.92%
3. Unlevered Beta = Levered Beta/(1+(1-Tax Rate)* Debt / Equity) Weighted Average Cost of Capital 8.74%
4. Risk-free Rate = 10 Year US Treasury Rate
5. Equity Risk Premium as calculated by Professor Ashwath Damodaran
6. Levered Beta = UnLevered Beta*(1+(1-Tax Rate)* Debt / Equity)
 Regression Beta - 5 Years Monthly Returns Beta Drifitng
S&P500 - Monthly Returns Apple Amazon Netflix Meta Google Apple Amazon Netflix Meta Alphabet

Date Closing Price Returns Closing Price Returns Closing Price Returns Closing Price Returns Closing Price Returns Closing Price Returns Levered Raw Beta 1.30 1.15 1.03 1.18 1.06
1-Mar-19 2,834.40 45.72 89.04 356.56 166.51 58.67
1-Apr-19 2,945.83 3.93% 48.30 5.64% 96.33 8.19% 370.54 3.92% 193.20 16.02% 59.42 1.29% Raw Beta Weight 50% 50% 50% 50% 50%
1-May-19 2,752.06 -6.58% 42.13 -12.76% 88.75 -7.86% 343.28 -7.36% 177.28 -8.24% 55.18 -7.14%
1-Jun-19 2,941.76 6.89% 47.82 13.49% 94.68 6.68% 367.32 7.00% 192.80 8.75% 54.05 -2.06% Market Beta 1.00 1.00 1.00 1.00 1.00
1-Jul-19 2,980.38 1.31% 51.47 7.64% 93.34 -1.42% 322.99 -12.07% 194.02 0.64% 60.83 12.56% Market Beta Weight 50% 50% 50% 50% 50%
1-Aug-19 2,926.46 -1.81% 50.43 -2.02% 88.81 -4.85% 293.75 -9.05% 185.47 -4.41% 59.40 -2.35%
1-Sep-19 2,976.74 1.72% 54.32 7.70% 86.80 -2.27% 267.62 -8.90% 177.89 -4.09% 60.95 2.60% Adjusted Beta 1.15 1.08 1.02 1.09 1.03
1-Oct-19 3,037.56 2.04% 60.33 11.07% 88.83 2.35% 287.41 7.39% 191.45 7.62% 63.01 3.37%
1-Nov-19 3,140.98 3.40% 64.81 7.43% 90.04 1.36% 314.66 9.48% 201.43 5.21% 65.25 3.56%
1-Dec-19 3,230.78 2.86% 71.43 10.21% 92.39 2.61% 323.57 2.83% 205.03 1.79% 66.85 2.46%
1-Jan-20 3,225.52 -0.16% 75.29 5.40% 100.44 8.71% 345.09 6.65% 201.70 -1.63% 71.71 7.27%
1-Feb-20 2,954.22 -8.41% 66.49 -11.68% 94.19 -6.22% 369.03 6.94% 192.27 -4.68% 66.97 -6.62%
1-Mar-20 2,584.59 -12.51% 62.00 -6.76% 97.49 3.50% 419.85 13.77% 166.62 -13.34% 58.14 -13.18%
1-Apr-20 2,912.43 12.68% 71.64 15.54% 123.70 26.89% 419.85 0.00% 204.49 22.73% 67.43 15.98%
1-May-20 3,044.31 4.53% 77.52 8.22% 122.12 -1.28% 419.73 -0.03% 224.85 9.96% 71.45 5.95%
1-Jun-20 3,100.29 1.84% 89.19 15.05% 137.94 12.96% 455.04 8.41% 226.83 0.88% 70.68 -1.07%
1-Jul-20 3,271.12 5.51% 103.92 16.51% 158.23 14.71% 488.88 7.44% 253.40 11.71% 74.15 4.91%
1-Aug-20 3,500.31 7.01% 126.19 21.44% 172.55 9.05% 529.56 8.32% 292.89 15.58% 81.71 10.20%
1-Sep-20 3,363.00 -3.92% 113.46 -10.09% 157.44 -8.76% 500.03 -5.58% 261.62 -10.68% 73.48 -10.07%
1-Oct-20 3,269.96 -2.77% 106.65 -6.00% 151.81 -3.58% 475.74 -4.86% 262.83 0.46% 81.05 10.30%
1-Nov-20 3,621.63 10.75% 116.63 9.36% 158.40 4.34% 490.70 3.14% 276.68 5.27% 88.04 8.62%
1-Dec-20 3,756.07 3.71% 130.22 11.65% 162.85 2.81% 540.73 10.20% 272.87 -1.38% 87.59 -0.50%
1-Jan-21 3,714.24 -1.11% 129.50 -0.55% 160.31 -1.56% 532.39 -1.54% 258.06 -5.43% 91.79 4.79%
1-Feb-21 3,811.15 2.61% 119.00 -8.11% 154.65 -3.53% 538.85 1.21% 257.35 -0.27% 101.84 10.96%
1-Mar-21 3,972.89 4.24% 120.06 0.88% 154.70 0.04% 521.66 -3.19% 294.22 14.33% 103.43 1.56%
1-Apr-21 4,181.17 5.24% 129.21 7.62% 173.37 12.07% 513.47 -1.57% 324.74 10.37% 120.51 16.51%
1-May-21 4,204.11 0.55% 122.47 -5.21% 161.15 -7.05% 502.81 -2.08% 328.38 1.12% 120.58 0.06%
1-Jun-21 4,297.50 2.22% 134.84 10.10% 172.01 6.74% 528.21 5.05% 347.34 5.77% 125.32 3.93%
1-Jul-21 4,395.26 2.27% 143.60 6.50% 166.38 -3.27% 517.57 -2.01% 355.92 2.47% 135.22 7.90%
1-Aug-21 4,522.68 2.90% 149.48 4.09% 173.54 4.30% 569.19 9.97% 378.98 6.48% 145.46 7.57%
1-Sep-21 4,307.54 -4.76% 139.52 -6.66% 164.25 -5.35% 610.34 7.23% 339.03 -10.54% 133.27 -8.38%
1-Oct-21 4,605.38 6.91% 147.70 5.87% 168.62 2.66% 690.31 13.10% 323.23 -4.66% 148.27 11.26%
1-Nov-21 4,567.00 -0.83% 162.99 10.35% 175.35 3.99% 641.90 -7.01% 324.12 0.28% 142.45 -3.92%
1-Dec-21 4,766.18 4.36% 175.34 7.58% 166.72 -4.93% 602.44 -6.15% 335.99 3.66% 144.68 1.56%
1-Jan-22 4,515.55 -5.26% 172.59 -1.57% 149.57 -10.28% 427.14 -29.10% 312.93 -6.86% 135.70 -6.21%
1-Feb-22 4,373.94 -3.14% 163.05 -5.53% 153.56 2.67% 394.52 -7.64% 210.81 -32.63% 134.89 -0.60%
1-Mar-22 4,530.41 3.58% 172.64 5.88% 163.00 6.14% 374.59 -5.05% 222.12 5.37% 139.65 3.53%
1-Apr-22 4,131.93 -8.80% 155.87 -9.71% 124.28 -23.75% 190.36 -49.18% 200.26 -9.84% 114.97 -17.67%
1-May-22 4,132.15 0.01% 147.16 -5.59% 120.21 -3.28% 197.44 3.72% 193.43 -3.41% 114.04 -0.81%
1-Jun-22 3,785.38 -8.39% 135.37 -8.01% 106.21 -11.65% 174.87 -11.43% 161.08 -16.73% 109.37 -4.09%
1-Jul-22 4,130.29 9.11% 160.91 18.86% 134.95 27.06% 224.90 28.61% 158.93 -1.33% 116.64 6.64%
1-Aug-22 3,955.00 -4.24% 155.67 -3.26% 126.77 -6.06% 223.56 -0.60% 162.76 2.41% 109.15 -6.42%
1-Sep-22 3,585.62 -9.34% 137.03 -11.98% 113.00 -10.86% 235.44 5.31% 135.54 -16.72% 96.15 -11.91%
1-Oct-22 3,871.98 7.99% 152.04 10.96% 102.44 -9.35% 291.88 23.97% 93.06 -31.34% 94.66 -1.55%
1-Nov-22 4,080.11 5.38% 146.78 -3.46% 96.54 -5.76% 305.53 4.68% 117.97 26.77% 101.45 7.17%
1-Dec-22 3,839.50 -5.90% 129.04 -12.08% 84.00 -12.99% 294.88 -3.49% 120.21 1.90% 88.73 -12.54%
1-Jan-23 4,076.60 6.18% 143.31 11.05% 103.13 22.77% 353.86 20.00% 148.81 23.79% 99.87 12.55%
1-Feb-23 3,970.15 -2.61% 146.40 2.16% 94.23 -8.63% 322.13 -8.97% 174.75 17.43% 90.30 -9.58%
1-Mar-23 4,109.31 3.51% 164.02 12.04% 103.29 9.61% 345.48 7.25% 211.72 21.15% 104.00 15.17%
1-Apr-23 4,169.48 1.46% 168.78 2.90% 105.45 2.09% 329.93 -4.50% 240.07 13.39% 108.22 4.06%
1-May-23 4,179.83 0.25% 176.31 4.46% 120.58 14.35% 395.23 19.79% 264.44 10.15% 123.37 14.00%
1-Jun-23 4,450.38 6.47% 193.21 9.58% 130.36 8.11% 440.49 11.45% 286.68 8.41% 120.97 -1.95%
1-Jul-23 4,588.96 3.11% 195.68 1.28% 133.68 2.55% 438.97 -0.35% 318.26 11.02% 133.11 10.04%
1-Aug-23 4,507.66 -1.77% 187.13 -4.37% 138.01 3.24% 433.68 -1.21% 295.58 -7.13% 137.35 3.19%
1-Sep-23 4,288.05 -4.87% 170.77 -8.74% 127.12 -7.89% 377.60 -12.93% 299.89 1.46% 131.85 -4.00%
1-Oct-23 4,193.80 -2.20% 170.33 -0.26% 133.09 4.70% 411.69 9.03% 300.95 0.35% 125.30 -4.97%
1-Nov-23 4,567.80 8.92% 189.46 11.23% 146.09 9.77% 473.97 15.13% 326.80 8.59% 133.92 6.88%
1-Dec-23 4,769.83 4.42% 192.28 1.49% 151.94 4.00% 486.88 2.72% 353.58 8.20% 140.93 5.23%
1-Jan-24 4,845.65 1.59% 184.16 -4.22% 155.20 2.15% 564.11 15.86% 389.73 10.22% 141.80 0.62%
1-Feb-24 4,981.80 2.81% 182.09 -1.13% 168.59 8.63% 573.35 1.64% 467.53 19.96% 143.84 1.44%
 COMPARABLE COMPANY VALUATION - APPLE INC
Market Data Financials Trading Multiples
Current Share Enterprise Market Revenue EBITDA Net Income EV/Revenue EV/EBITDA P/E
Ticker Company Name Market Price Count (mm) Value Cap '23 '23 '23 '23 '23 '23

AAPL Apple 213.92 15,406 3,367,547 3,295,652 383,285 125,438 96,995 9x 27x 34x
AMZN Amazon 182.96 10,393 1,911,516 1,901,503 574,785 85,515 30,425 3x 22x 62x
NFLX Netflix 679.61 432 300,644 293,653 33,723 7,311 5,408 9x 41x 54x
META Meta Platforms 504.61 2,545 1,270,312 1,284,232 134,902 57,929 39,098 9x 22x 33x
GOOGL Alphabet 177.79 12,415 2,196,315 2,207,263 307,394 100,172 73,795 7x 22x 30x
NVDA NVIDIA 133.22 24,620 3,281,999 3,279,876 26,974 7,121 4,368 122x 461x 751x
MSFT Microsoft 447.99 7,431 3,397,727 3,329,014 211,915 102,975 72,361 16x 33x 46x
ADBE Adobe 529.03 453 237,032 239,651 19,409 6,378 5,428 12x 37x 44x

High 122x 461x 751x

75th Percentile 13x 38x 56x
Mean 23x 83x 132x
Median 9x 30x 45x
25th Percentile 8x 22x 34x
Low 3x 22x 30x

Apple Comparable Valuation

Implied Enterprise Value $3,513,108.32 $3,753,227.21 $4,372,362.09
Net Debt $71,895.00 $71,895.00 $71,895.00
Implied Market Value $3,441,213.32 $3,681,332.21 $4,300,467.09
Shares Outstanding 15,406 15,406 15,406
Implied Value Per Share $223.37 $238.95 $279.14

Football Field Analysis - Valuation Summary ($)

350.00

300.00

250.00

200.00

150.00

100.00
Comps DCF Bear DCF Base DCF Bull 52W H/L
 Apple Inc Value at Risk - (Historical Approach)
Date (Daily) Share Price Returns Sorted Returns Replication Simulated Returns
6-Aug-97 0.198894 61.92% 33.23% 1 -0.92% Historical Approach
2-Jan-98 0.122832 -22.16% 23.81% 2 1.93% Mean 0.11%
18-Jul-96 0.157793 10.23% 23.70% 3 -4.90% Standard Deviation 2.79%
6-Jan-98 0.143147 -31.00% 19.29% 4 7.01% Min -51.87%
15-Oct-93 0.207451 -24.10% 18.95% 5 -0.69% Max 33.23%
29-Oct-87 0.273331 -2.47% 17.91% 6 -1.29% Small 1 -51.87%
21-Oct-87 0.280251 144.12% 17.39% 7 0.69% Large 1 33.23%
11-Jul-97 0.114801 -79.25% 14.62% 8 0.90% Current Market Price $213.92
14-Oct-99 0.553219 108.36% 14.30% 9 3.88%
9-Oct-98 0.265507 -92.04% 14.00% 10 -4.68% Percentile Confidence VAR (%) Stock Price VAR ($)
13-Oct-08 3.333787 238.45% 13.90% 11 -0.57% 5.00% 95.00% -4.08% $205.19 -$8.73
1-Mar-00 0.985022 942.93% 13.69% 12 3.25% 1.00% 99.00% -7.03% $198.88 -$15.04
3-Aug-84 0.094448 -26.51% 13.47% 13 -1.27% 0.50% 99.50% -8.20% $196.37 -$17.55
31-Aug-83 0.128519 -81.10% 13.31% 14 3.30%
14-Oct-04 0.680001 74.88% 13.16% 15 1.00%
19-Apr-01 0.388831 -86.16% 12.86% 16 -4.18% Value at Risk - (Monte Carlo Simulation)
24-Nov-08 2.810408 895.84% 12.56% 17 5.01%
5-Oct-94 0.282214 -99.58% 12.22% 18 0.59%
13-Mar-20 67.776009 3605.11% 11.98% 19 -5.11% Monte Carlo Simulation
20-Jul-06 1.829259 428.96% 11.83% 20 -1.84% Mean 0.07%
27-Apr-99 0.345821 40.60% 11.76% 21 -1.73% Standard Deviation 2.79%
21-Jan-94 0.245967 -28.61% 11.72% 22 -5.31% Min -11.70%
18-Apr-01 0.344535 41.64% 11.72% 23 -0.34% Max 12.66%
5-May-03 0.243246 -51.14% 11.35% 24 -0.74% Small 1 -11.70%
15-Jul-04 0.497831 -46.32% 11.33% 25 0.41% Large 1 12.66%
22-Nov-04 0.92748 558.79% 11.20% 26 1.48% Current Market Price $213.92
27-Mar-97 0.140785 9.18% 11.19% 27 -5.34%
20-Jan-83 0.12895 -54.36% 11.15% 28 -1.06% Percentile Confidence VAR (%) Stock Price VAR ($)
18-Jan-01 0.282514 51.78% 11.15% 29 0.03% 5.00% 95.00% -4.50% $204.29 -$9.63
1-Oct-96 0.186138 -74.55% 10.99% 30 -2.93% 1.00% 99.00% -6.40% $200.22 -$13.70
13-Jan-00 0.731326 885.91% 10.97% 31 2.08% 0.50% 99.50% -6.98% $198.98 -$14.94
19-Oct-83 0.074178 -66.38% 10.97% 32 -4.29%
7-Aug-97 0.220626 -32.71% 10.93% 33 0.58%
29-Jan-01 0.327869 41.44% 10.86% 34 -4.07%
28-Oct-87 0.231812 -75.24% 10.74% 35 -0.05%
17-Apr-00 0.936362 306.78% 10.73% 36 1.50%
22-Jul-94 0.23019 -95.52% 10.71% 37 1.91%
13-Nov-07 5.138858 -95.05% 10.54% 38 -0.33%
31-Jul-20 103.915878 94391.31% 10.47% 39 1.95%
30-Nov-82 0.109974 -67.03% 10.39% 40 -0.99%
13-Oct-00 0.333537 49.17% 10.31% 41 -1.00%
19-Oct-90 0.22359 -9.68% 10.09% 42 1.21%
3-Jan-01 0.247555 -99.59% 10.08% 43 -1.29%
24-Mar-20 60.195499 13489.59% 10.03% 44 3.79%
15-Apr-04 0.442953 -47.33% 9.99% 45 0.71%
21-Jun-00 0.840931 -58.62% 9.88% 46 -0.61%
5-Apr-06 2.032141 121.61% 9.87% 47 -2.41%
18-Sep-00 0.916992 -10.10% 9.82% 48 -0.10% 250 Apple Stock Price
21-Mar-00 1.019982 79.62% 9.71% 49 1.34%
200
20-Oct-99 0.567864 291.53% 9.67% 50 1.22%
1-Aug-97 0.145037 7.34% 9.64% 51 2.67% 150
18-Feb-97 0.135116 -47.69% 9.58% 52 -0.64%
100
14-Dec-87 0.258323 -9.42% 9.56% 53 -3.22%
16-Mar-90 0.285181 10.56% 9.52% 54 1.18% 50
1-Sep-98 0.257949 -4.45% 9.42% 55 -1.84%
7-Feb-94 0.269964 -66.62% 9.35% 56 -2.49% 0
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28-Sep-00 0.808805 -98.89% 9.32% 57 1.04%
2-Mar-20 72.857323 17585.49% 9.31% 58 3.82%
8-Jul-99 0.411961 236.35% 9.27% 59 -0.01%
Apple Inc
Ratio Analysis
Fiscal Years Sep-2020A Sep-2021A Sep-2022A Sep-2023A Sep-2024F Sep-2025F Sep-2026F Sep-2027F Sep-2028F Trend Mean Median

Sales Growth 5.51% 33.26% 7.79% -2.80% -2.80% 13.38% 7.69% 7.14% 6.67% 8.29% 6.90%
Gross Profit Growth 6.67% 45.62% 11.74% -0.96% 1.17% 16.32% 9.46% 8.68% 8.01% 10.44% 8.35%
EBITDA Growth -4.08% 16.67% 0.61% -0.91% -100.00% 0.00% -100.00% 0.00% 0.00% -14.20% -1.09%
EBIT Growth 2.87% 64.66% 9.36% -4.44% 15.76% 16.77% 9.64% 8.82% 8.13% 11.48% 9.09%
EBT Growth 2.06% 62.77% 9.06% -4.51% 15.65% 16.55% 9.45% 8.76% 8.21% 11.18% 8.91%
Net Profit Growth 3.90% 64.92% 5.41% -2.81% 14.26% 15.13% 8.10% 7.40% 6.84% 11.83% 7.12%
Dividend Growth 6.16% 6.75% 5.66% 4.27% 8.36% 9.57% 7.38% 7.35% 7.37% 8.36% 7.87%

Gross Margin 38.23% 41.78% 43.31% 44.13% 45.93% 47.12% 47.90% 48.58% 49.20% 42.85% 42.54%
EBITDA Margin 28.14% 32.88% 33.05% 32.73% 38.10% 38.99% 39.60% 40.16% 40.66% 34.48% 32.97%
EBIT (or Operating) Margin 24.12% 29.80% 30.23% 29.72% 35.40% 36.46% 37.11% 37.70% 38.22% 31.01% 29.94%
EBT Margin 24.44% 29.85% 30.20% 29.67% 35.31% 36.29% 36.89% 37.44% 37.99% 31.30% 30.03%
Net Profit Margin 20.91% 25.88% 25.31% 25.31% 29.75% 30.21% 30.32% 30.39% 30.44% 25.52% 25.31%

SalesExp%Sales 14.12% 11.98% 13.08% 14.41% 10.53% 10.66% 10.78% 10.89% 10.98% 11.85% 11.78%
Dep&Amo%Sales 4.03% 3.08% 2.82% 3.01% 2.70% 2.53% 2.49% 2.46% 2.44% 3.47% 3.04%
Operating Income%Sales 24.12% 29.80% 30.23% 29.72% 35.40% 36.46% 37.11% 37.70% 38.22% 31.01% 29.94%

Return on Assets 17.33% 28.06% 28.36% 27.50% 31.26% 33.24% 31.48% 29.96% 30.77% 24.21% 27.78%
Return on Equity 73.69% 147.44% 175.46% 171.95% 179.97% 205.07% 207.99% 203.87% 196.63% 127.67% 159.70%
Retained Earnings% 75.47% 84.72% 85.13% 84.51% 85.88% 87.09% 87.68% 88.19% 88.63% 81.72% 84.61%
Self-Sustained Growth Rate 55.61% 124.91% 149.37% 145.31% 154.56% 178.59% 182.37% 179.80% 174.27% 108.21% 135.11%
Interest Coverage Ratio -74.38x -550.55x 1124.61x 622.51x 397.35x 225.80x 162.51x 148.75x 165.47x 147.87x 63.74x
Dividend Coverage Ratio -4.08x -6.54x -6.72x -6.46x -7.08x -7.74x -8.12x -8.47x -8.80x -6.03x -6.50x

Current Ratio 1.36x 1.07x 0.88x 0.99x 0.94x 0.89x 0.94x 1.00x 0.90x 1.10x 1.04x
Quick Ratio 1.33x 1.02x 0.85x 0.94x 0.90x 0.84x 0.90x 0.96x 0.86x 1.06x 0.99x
Long-Term Debt/Capital 60.16% 63.36% 66.14% 60.52% 63.42% 68.41% 71.32% 73.42% 66.54% 0.57x 0.62x
Debt/Equity Ratio 172.08% 197.68% 236.95% 178.75% 200.27% 243.48% 274.35% 300.67% 221.78% 1.76x 1.88x

Debtors Turnover Ratio 17.03x 13.92x 13.99x 12.99x 13.12x 13.49x 13.74x 14.00x 14.27x 13.55x 13.71x
Creditors Turnover Ratio 4.01x 3.89x 3.49x 3.42x 3.40x 3.39x 3.39x 3.38x 3.37x 3.49x 3.41x
Inventory Turnover Ratio 41.75x 32.37x 45.20x 33.82x 36.02x 33.91x 32.71x 31.60x 30.57x 39.22x 34.96x

Debtor Days 21 26 26 28 28 27 27 26 26 27 27
Creditor Days 91 94 105 107 107 108 108 108 108 105 107
Inventory Days 9 11 8 11 10 11 11 12 12 10 10
Cash Conversion Cycle (in days) -61 -56 -71 -68 -69 -70 -70 -70 -71 -68 -70

CFO/Sales 1.41x 1.10x 1.22x 1.14x 1.04x 1.16x 1.14x 1.14x 1.14x 1.24x 1.19x
CFO/Total Assets 0.25x 0.30x 0.35x 0.31x 0.32x 0.36x 0.34x 0.32x 0.36x 0.28x 0.30x
CFO/Total Debt 0.78x 0.90x 1.12x 1.09x 1.03x 1.03x 0.87x 0.77x 1.01x 0.91x 0.89x
 Common Size Income Statement - Apple Inc.
Particulars (mm) Sep-14A Sep-15A Sep-16A Sep-17A Sep-18A Sep-19A Sep-20A Sep-21A Sep-22A Sep-23A Sep-24F Sep-25F Sep-26F Sep-27F Sep-28F Sep-29F

Total Revenues 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
COGS 61.41% 59.94% 60.92% 61.53% 61.66% 62.18% 61.77% 58.22% 56.69% 55.87% 54.07% 52.88% 52.10% 51.42% 50.80% 50.25%
Gross Profit 38.59% 40.06% 39.08% 38.47% 38.34% 37.82% 38.23% 41.78% 43.31% 44.13% 45.93% 47.12% 47.90% 48.58% 49.20% 49.75%
Operating Expenses 10.10% 9.97% 11.79% 11.77% 11.82% 13.08% 14.12% 11.98% 13.08% 14.41% 10.53% 10.66% 10.78% 10.89% 10.98% 11.07%
EBITDA 32.83% 34.91% 32.15% 31.13% 30.63% 29.56% 28.14% 32.88% 33.05% 32.73% 38.10% 38.99% 39.60% 40.16% 40.66% 41.23%
Depreciation & Amortization 4.35% 4.82% 4.87% 4.43% 4.11% 4.82% 4.03% 3.08% 2.82% 3.01% 2.70% 2.53% 2.49% 2.46% 2.44% 2.55%
EBIT 28.49% 30.09% 27.28% 26.70% 26.53% 24.73% 24.12% 29.80% 30.23% 29.72% 35.40% 36.46% 37.11% 37.70% 38.22% 38.68%
Interest Exp / (Income) -0.77% -0.94% -1.18% -1.26% -0.92% -0.53% -0.32% -0.05% 0.03% 0.05% 0.09% 0.16% 0.23% 0.25% 0.23% 0.13%
Earnings before Tax 29.26% 31.03% 28.46% 27.96% 27.45% 25.27% 24.44% 29.85% 30.20% 29.67% 35.31% 36.29% 36.89% 37.44% 37.99% 38.55%
Tax 7.64% 8.18% 7.27% 6.87% 5.03% 4.03% 3.53% 3.97% 4.89% 4.37% 5.56% 6.09% 6.57% 7.05% 7.54% 8.05%
Net Profit 21.61% 22.85% 21.19% 21.09% 22.41% 21.24% 20.91% 25.88% 25.31% 25.31% 29.75% 30.21% 30.32% 30.39% 30.44% 30.50%
Dividends 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Retained Earnings 15.53% 17.90% 15.55% 15.52% 17.25% 15.81% 15.78% 21.93% 21.55% 21.39% 25.55% 26.31% 26.59% 26.80% 26.98% 27.15%

Common Size Balance Sheet - Apple Inc.

Particulars (mm) Sep-14A Sep-15A Sep-16A Sep-17A Sep-18A Sep-19A Sep-20A Sep-21A Sep-22A Sep-23A Sep-24F Sep-25F Sep-26F Sep-27F Sep-28F Sep-29F

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Cash & Equivalents 5.97% 7.27% 6.37% 5.41% 7.09% 14.43% 11.74% 9.95% 6.70% 8.50% 4.75% 1.04% 2.36% 3.57% 3.04% 6.88%
Short-term Investments 4.85% 7.05% 14.51% 14.36% 11.04% 15.28% 16.34% 7.89% 6.99% 8.96% 9.62% 11.58% 12.21% 12.74% 11.30% 8.23%
Accounts Receivable, net 7.53% 5.80% 4.90% 4.76% 6.34% 6.77% 4.98% 7.49% 7.99% 8.37% 7.96% 7.62% 7.12% 6.65% 7.22% 7.84%
Inventory 0.91% 0.81% 0.66% 1.29% 1.08% 1.21% 1.25% 1.87% 1.40% 1.80% 1.57% 1.60% 1.56% 1.51% 1.71% 1.94%
Prepaid Expenses 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Other Current Assets 10.30% 9.84% 6.79% 8.46% 10.36% 10.41% 10.06% 11.21% 15.30% 13.10% 12.97% 12.72% 12.09% 11.48% 12.69% 14.05%
Total Current Assets 29.56% 30.78% 33.22% 34.28% 35.91% 48.10% 44.37% 38.41% 38.38% 40.72% 36.87% 34.56% 35.33% 35.96% 35.96% 38.94%
Plant, Property, & Equipment, net 8.90% 7.74% 8.40% 9.00% 11.29% 11.04% 14.00% 14.11% 14.89% 15.42% 15.21% 13.71% 12.34% 11.32% 11.98% 13.04%
Real Estate Investments 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Capitalized Software 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-term Investments 56.14% 56.51% 52.98% 51.88% 46.70% 31.12% 31.15% 36.43% 34.25% 28.52% 29.97% 33.56% 34.27% 34.86% 31.69% 24.74%
Goodwill 1.99% 1.76% 1.68% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Other Intangible Assets 1.79% 1.34% 1.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Other Long-term Assets 1.62% 1.87% 2.72% 4.84% 6.09% 9.74% 10.48% 11.04% 12.48% 15.34% 17.94% 18.18% 18.06% 17.86% 20.37% 23.29%
Total Non-Current Assets 70.44% 69.22% 66.78% 65.72% 64.09% 51.90% 55.63% 61.59% 61.62% 59.28% 63.13% 65.44% 64.67% 64.04% 64.04% 61.06%

Total Liabilities and Equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Accounts Payable 13.02% 12.22% 11.59% 11.79% 15.28% 13.66% 13.06% 15.60% 18.18% 17.76% 16.59% 16.01% 15.04% 14.15% 15.51% 17.03%
Accrued Expenses and Other 7.92% 7.98% 6.80% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-term Borrowings 2.72% 2.93% 2.52% 3.19% 3.27% 1.77% 1.54% 1.71% 2.83% 1.70% 1.85% 1.76% 1.71% 1.67% 1.91% 2.19%
Current Portion of LT Debt 0.00% 0.87% 1.09% 1.73% 2.40% 3.03% 2.71% 2.74% 3.15% 2.79% 2.75% 2.39% 2.11% 1.87% 1.95% 2.03%
Capital Leases, Current 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.45% 0.44% 0.47% 0.45% 0.44% 0.38% 0.34% 0.30% 0.31% 0.33%
Other Payables 3.70% 3.77% 2.56% 10.15% 10.74% 12.77% 14.78% 15.26% 19.02% 18.52% 17.60% 18.49% 18.20% 17.82% 20.20% 22.86%
Total Current Liabilities 27.37% 27.76% 24.56% 26.86% 31.70% 31.23% 32.54% 35.75% 43.65% 41.21% 39.23% 39.04% 37.41% 35.82% 39.88% 44.44%
Long-term Debt 12.50% 18.37% 23.45% 25.90% 25.63% 27.12% 30.46% 31.08% 28.05% 27.02% 29.67% 33.41% 36.99% 40.14% 33.43% 25.35%
Capital Leases 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.59% 2.93% 3.05% 3.20% 3.16% 2.74% 2.42% 2.15% 2.23% 2.33%
Other Non-current Liabilities 12.02% 12.76% 12.12% 11.52% 13.37% 14.92% 14.24% 12.26% 10.88% 10.94% 10.82% 9.38% 8.29% 7.37% 7.64% 7.97%
Total Non-Current Liabilities 24.52% 31.13% 35.57% 37.42% 39.00% 42.04% 47.29% 46.28% 41.98% 41.16% 43.65% 45.54% 47.71% 49.65% 43.31% 35.65%
Common Stock 10.06% 9.44% 9.71% 9.56% 10.99% 13.34% 15.68% 16.34% 18.38% 20.93% 22.30% 21.01% 20.22% 19.58% 22.17% 25.22%
Additional Paid-in Capital 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Retained Earnings 37.59% 31.78% 29.96% 26.20% 19.25% 13.56% 4.62% 1.58% -0.87% -0.06% -1.94% -2.74% -3.04% -2.97% -3.09% -2.92%
Treasury Stock 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Treasury Stock & Other 0.47% -0.12% 0.20% -0.04% -0.94% -0.17% -0.13% 0.05% -3.15% -3.25% -3.24% -2.84% -2.30% -2.07% -2.27% -2.39%
Total Preferred Equity 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Minority Interest 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Other 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total Equity 48.11% 41.11% 39.87% 35.72% 29.30% 26.73% 20.17% 17.97% 14.36% 17.63% 17.11% 15.43% 14.88% 14.53% 16.81% 19.91%