2022-07-13_AAPL-MC-Equity_July-2022-Trials.pdf

Beharry, Lyndon Martin W. 2022‐07‐13_AAPL‐MC‐Equity: Index LMB Enterprises, L.C.
Page Number Link
1 CB_DATA_
2 Index
3 Template
4 IncStmntReview
5 Income‐Expense Worksheet
6 BalShtReview
7 CAPEXCalc
8 CashFlows
9 Complex Debt
10 WACCCalc
11 Variables
12 DCF All Variable_MC
13 Graphics
14 DropDowns
15 FinancialSummary
16 BenfordsDigit
17 Beneish
18 CPI
19 DCF_Tracker
20 CAGR Calculator
21 Tornado Chart
22
Confidential Distribution Printed: 07/14/2022 01:31 1 of 17

Equity Valuation 2022‐07‐13_AAPL‐MC‐Equity Financial Statement Review
AAPL: Apple, Inc. | FEIN: 94‐2404110 1,000,000 $USD
Aggregate Notes: D&A includes Amortization of acquired Intellectual Properties (i.e. Patents etc.) and D&A on PPE.
1,000,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Timet-12 Timet-11 Timet-10 Timet-9 Timet-8 Timet-7 Timet-6 Timet-5 Timet-4 Timet-3 Timet-2 Timet-1 Timet-1 Timet-1 Timet
OPERATING REVENUE
100.000% Revenue From Income‐Expense Worksheet 37,491 42,905 65,225 108,249 156,508 170,910 182,795 233,715 215,639 229,234 265,595 260,174 274,515 365,817 0
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
100.000% TOTAL REVENUE 37,491 42,905 65,225 108,249 156,508 170,910 182,795 233,715 215,639 229,234 265,595 260,174 274,515 365,817 0
Average PerCent Change 20.937% 14.441% 52.022% 65.962% 44.581% 9.202% 6.954% 27.856% ‐7.734% 6.305% 15.862% ‐2.041% 5.512% 33.259% ‐100.000%
Revenue 15‐Yr CAGRBase‐to‐Terminal 16.070% 7.315% 5‐Yr CAGR
PRODUCTION COSTS:
0.000% CoGSIncome Statement
60.613% CoGS from Income‐Expense Worksheet (If Applicable) 24,294 25,683 39,541 64,431 87,846 106,606 112,258 140,089 131,376 141,048 163,756 161,782 169,559 212,981 0
D&A from Income‐Expense Worksheet (If Applicable) 496 734 1,027 1,814 3,277 6,757 7,946 11,257 10,505 10,157 10,903 12,547 11,056 11,284 0
0.000% D&ACashFlows
Yes Deduct D&ACashFlows from CoGSIncome Statement
Amortization Patents Intangibles
3.824% D&A PPE 496 734 1,027 1,814 3,277 6,757 7,946 11,257 10,505 10,157 10,903 12,547 11,056 11,284 0
56.789% CoGS [Adj for D&A, and Depletion] 23,798 24,949 38,514 62,617 84,569 99,849 104,312 128,832 120,871 130,891 152,853 149,235 158,503 201,697 0
60.613% COST OF SALES (Incl D&A) 24,294 25,683 39,541 64,431 87,846 106,606 112,258 140,089 131,376 141,048 163,756 161,782 169,559 212,981 0
CoGs (Adj for D&A) PerCent of Revenue 63.477% 58.149% 59.048% 57.845% 54.035% 58.422% 57.065% 55.124% 56.052% 57.099% 57.551% 57.360% 57.739% 55.136%
39.387% GROSS MARGIN 13,197 17,222 25,684 43,818 68,662 64,304 70,537 93,626 84,263 88,186 101,839 98,392 104,956 152,836 0
39.219% PerCent of Revenue 35.200% 40.140% 39.378% 40.479% 43.871% 37.624% 38.588% 40.060% 39.076% 38.470% 38.344% 37.818% 38.233% 41.779%
See Income Expense Worksheet Row 46
13,197 17,222 25,684 43,818 68,662 64,304 70,537 93,626 84,263 88,186 101,839 98,392 104,956 152,836 0
ADMINISTRATIVE COSTS:
0.000% SGAIncome Statement
SGAWorksheet (If Applicable) 3,761 4,149 5,517 7,599 10,040 10,830 11,993 14,329 14,194 15,261 16,705 18,245 19,916 21,973 0
D&A from Income‐Expense Worksheet (If Applicable) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0.000% D&ACashFlows
No Deduct D&ACashFlows from SGAIncome Statement
6.689% SGA [Adj for D&A] 3,761 4,149 5,517 7,599 10,040 10,830 11,993 14,329 14,194 15,261 16,705 18,245 19,916 21,973 0
4.652% R&D 1,109 1,333 1,782 2,429 3,381 4,475 6,041 8,067 10,045 11,581 14,236 16,217 18,752 21,914
0.000% Amortization Patents Intangibles
0.000% D&A SGA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0.000%
0.000%
0.000% Restructuring / Other
0.000% TOTAL OPERATING / OVERHEAD EXPENSE 4,870 5,482 7,299 10,028 13,421 15,305 18,034 22,396 24,239 26,842 30,941 34,462 38,668 43,887 0
Average PerCent of Revenue 12.990% 12.777% 11.190% 9.264% 8.575% 8.955% 9.866% 9.583% 11.241% 11.709% 11.650% 13.246% 14.086% 11.997%
PerCent Change 19.874% 12.567% 33.145% 37.389% 33.835% 14.038% 17.831% 24.188% 8.229% 10.739% 15.271% 11.380% 12.205% 13.497% ‐100.000%
28.046% EARNINGS BEFORE EXTRAORDINARY ITEMS: 8,327 11,740 18,385 33,790 55,241 48,999 52,503 71,230 60,024 61,344 70,898 63,930 66,288 108,949 0
Other Items from Income-Expense Worksheet ‐620 ‐326 ‐155 ‐522 ‐12,292 ‐1,156 ‐1,364 ‐2,018 ‐2,804 ‐5,068 ‐5,245 ‐5,383 ‐3,676 ‐2,903 0
Agg μ -1.669% Other Expense | (Income) | Royalty or Extraordinary Items
μ -1.640% ‐1.654% ‐0.760% ‐0.238% ‐0.482% ‐7.854% ‐0.676% ‐0.746% ‐0.863% ‐1.300% ‐2.211% ‐1.975% ‐2.069% ‐1.339% ‐0.794%
29.714% EBIT 8,947 12,066 18,540 34,312 67,533 50,155 53,867 73,248 62,828 66,412 76,143 69,313 69,964 111,852 0
Average %Rev 30.451% 28.123% 28.425% 31.697% 43.150% 29.346% 29.469% 31.341% 29.136% 28.971% 28.669% 26.641% 25.486% 30.576%
PerCent Change 17.573% 34.861% 53.655% 85.070% 96.820% ‐25.733% 7.401% 35.979% ‐14.226% 5.704% 14.652% ‐8.970% 0.939% 59.871% ‐100.000%
INTEREST PAYMENTS
Interest Accounting from Income‐Expense Worksheet 0 0 0 0 136 0 384 733 1,456 2,323 3,240 3,576 2,873 2,645 0
Agg μ 0.666% Interest Expense
μ 0 Estimated Cost of Debt 2.477% 0 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL INTEREST 0 0 0 0 136 0 384 733 1,456 2,323 3,240 3,576 2,873 2,645 0
PerCent Change 33.152% ‐100.000% 90.885% 98.636% 59.547% 39.475% 10.370% ‐19.659% ‐7.936% ‐100.000%
757,814 EARNINGS BEFORE TAXES 8,947 12,066 18,540 34,312 67,397 50,155 53,483 72,515 61,372 64,089 72,903 65,737 67,091 109,207 0
PROVISION FOR TAXES
159,194 2,828 3,831 4,527 8,283 14,030 13,118 13,973 19,121 15,685 15,738 13,372 10,481 9,680 14,527
PerCent Change 17.769% 35.467% 18.168% 82.969% 69.383% ‐6.500% 6.518% 36.842% ‐17.970% 0.338% ‐15.034% ‐21.620% ‐7.642% 50.072% ‐100.000%
21.007% PerCent of EBT 31.608% 31.750% 24.417% 24.140% 20.817% 26.155% 26.126% 26.368% 25.557% 24.556% 18.342% 15.944% 14.428% 13.302%
Dividends on Preferred Stock
0 Extraneous Provisions
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
22.946% NET EARNINGS 6,119 8,235 14,013 26,029 53,367 37,037 39,510 53,394 45,687 48,351 59,531 55,256 57,411 94,680 0
PerCent Change 34.581% 70.164% 85.749% 105.029% ‐30.599% 6.677% 35.140% ‐14.434% 5.831% 23.123% ‐7.181% 3.900% 64.916% ‐100.000%
Net Earnings CAGR or IRR 23.45%
Use row 96 and 97 to force adjustments in Worksheet
See Income‐Expense Worksheet Row 86 6,119 8,235 14,013 26,029 53,367 37,037 39,510 53,394 45,687 48,351 59,531 55,256 57,411 94,680 0
3.824% 3.824% D&A Add Back 496 734 1,027 1,814 3,277 6,757 7,946 11,257 10,505 10,157 10,903 12,547 11,056 11,284 0
D&A %Rev 1.323% 1.711% 1.575% 1.676% 2.094% 3.954% 4.347% 4.817% 4.872% 4.431% 4.105% 4.823% 4.027% 3.085%
0.000% 26.770% Net CashFlow to Firm 6,615 8,969 15,040 27,843 56,644 43,794 47,456 64,651 56,192 58,508 70,434 67,803 68,467 105,964 0
Net FCFFirm %Revenue 17.644% 20.904% 23.059% 25.721% 36.192% 25.624% 25.961% 27.662% 26.058% 25.523% 26.519% 26.061% 24.941% 28.966%
Estimated Capital Expenditure 2,130 2,438 3,706 6,151 8,893 9,711 10,386 13,280 12,253 13,025 15,091 14,783 15,598 20,786 0
0.000% 21.088% Estimated Net Earnings | FCFInvestors 4,485 6,531 11,334 21,692 47,751 34,083 37,070 51,371 43,939 45,483 55,343 53,020 52,869 85,178 0
Net FCFInvestors %Revenue 11.962% 15.222% 17.377% 20.039% 30.510% 19.942% 20.279% 21.980% 20.376% 19.841% 20.837% 20.379% 19.259% 23.284%
CAGR or IRR Estimated Net Earnings | FCFInvestors 25.42%
Beharry, Lyndon Martin W. 2022‐07‐13_AAPL‐MC‐Equity|IncStmntReview 07/14/2022 01:31 Page 2 of 17

Income‐Expense Worksheet
AAPL: Apple, Inc. | FEIN: 94‐2404110 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
1,000,000 $USD
Revenue Worksheet
37,491 42,905 65,225 108,249 156,508 170,910 182,795 233,715 215,639 229,234
Products 225,847 213,883 220,747 297,392
Services 39,748 46,291 53,768 68,425
REVENUE CALCULATION 37,491 42,905 65,225 108,249 156,508 170,910 182,795 233,715 215,639 229,234 265,595 260,174 274,515 365,817 0
CoGS Worksheet
Line Worker Wage (If Applicable)
24,294 25,683 39,541 64,431 87,846 106,606 112,258 140,089 131,376 141,048
Products 148,164 144,996 151,286 192,266
Services 15,592 16,786 18,273 20,715
CoGS CALCULATION 24,294 25,683 39,541 64,431 87,846 106,606 112,258 140,089 131,376 141,048 163,756 161,782 169,559 212,981 0
13,197 17,222 25,684 43,818 68,662 64,304 70,537 93,626 84,263 88,186 101,839 98,392 104,956 152,836 0
COMPLEX D&A CoGS (Production Capital)
496 734 1,027 1,814 3,277 6,757 7,946 11,257 10,505 10,157 10,903 12,547 11,056 11,284
TOTAL COMPLEX D&A (Posts to CoGS) 496 734 1,027 1,814 3,277 6,757 7,946 11,257 10,505 10,157 10,903 12,547 11,056 11,284 0
COMPLEX SGA (Administrative Expense)
3,761 4,149 5,517 7,599 10,040 10,830 11,993 14,329 14,194 15,261 16,705 18,245 19,916 21,973
TOTAL COMPLEX SGA (Posts to Administrative Expense) 3,761 4,149 5,517 7,599 10,040 10,830 11,993 14,329 14,194 15,261 16,705 18,245 19,916 21,973 0
6,119 8,235 14,013 26,029 53,367 37,037 39,510 53,394 45,687 48,351 59,531 55,256 57,411 94,680 0
COMPLEX D&A SGA (Administrative Capital)
Goodwill Impairment Charges
TOTAL OTHER COMPLEX D&A SGA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
OTHER INCOME / (LOSS)
Gain / (Loss) on Sale of Property and/or Facility (If Applicable )
Interest Receivable (If Applicable )
Other Income, net 620 326 155 1,088 12,616 1,156 1,795 2,921 3,999 5,201 5,686 4,961 3,763 2,843
‐566 ‐324 ‐431 ‐903 ‐1,195 ‐133 ‐441 422 ‐87 60
TOTAL OTHER INCOME (LOSS) 620 326 155 522 12,292 1,156 1,364 2,018 2,804 5,068 5,245 5,383 3,676 2,903 0
INTEREST EXPENSE
0 0 0 136 384 733 1,456 2,323 3,240 3,576 2,873 2,645
TOTAL INTEREST EXPENSE 0 0 0 0 136 0 384 733 1,456 2,323 3,240 3,576 2,873 2,645 0
Beharry, Lyndon Martin W. 2022‐07‐13_AAPL‐MC‐Equity|Income‐Expense Worksheet 07/14/2022 01:31 Page 3 of 17

AAPL: Apple, Inc. | FEIN: 94‐2404110 BalShtReview
1,000,000 $USD 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
CURRENT ASSETS
Cash 11,875 5,263 11,261 9,815 10,746 14,259 13,844 21,120 20,484 20,289 25,913 48,844 38,016 34,940
Trade Accounts Receivable 2,422 5,057 9,924 11,717 18,692 20,641 27,219 30,343 29,299 35,673 48,995 22,926 16,120 26,278
Short Term Factor Financing Receivable
Accounts Receivable 2,422 5,057 9,924 11,717 18,692 20,641 27,219 30,343 29,299 35,673 48,995 22,926 16,120 26,278 0
Inventories 509 455 1,051 776 791 1,764 2,111 2,349 2,132 4,855 3,956 4,106 4,061 6,580
Investments in Securities / Short‐term Securities 12,615 18,201 14,359 16,137 18,383 26,287 11,233 20,481 46,671 53,892 40,388 51,713 52,927 27,699
Deferred Tax 1,447 1,135 1,636 2,014 2,583 3,453 4,318
Current Assets of Discontinued Operations 1,444 3,447 4,529 6,458 6,882 15,085 8,283 13,936 12,087
Vendor non‐trade receivables 25,809 22,878 21,325 25,228
Other Current Assets 5,822 9,806 12,087 12,352 11,264 14,111
TOTAL CURRENT ASSETS 34,690 31,555 41,678 44,988 57,653 73,286 68,531 89,378 106,869 128,645 169,235 162,819 143,713 134,836 0
NON-CURRENT ASSETS (i.e. LONG-TERM ASSETS)
Property Plant and Equipment (Acquisition Basis) 3,747 7,234 11,768 21,887 28,519 28,519 39,015 49,257 61,245 75,076 90,403 95,957 103,526 109,723
Accumulated Depreciation 1,292 2,466 3,991 6,435 11,922 11,922 18,391 26,786 34,235 41,293 49,099 58,579 66,760 70,283
Property Plant and Equipment (Net of Depreciation)
PPE (Net) 2,455 4,768 7,777 15,452 16,597 16,597 20,624 22,471 27,010 33,783 41,304 37,378 36,766 39,440 0
Goodwill 207 206 741 896 1,135 1,577 4,616 5,116 5,414 5,717
Intangible (Other Intangible) 285 2,258 2,605 7,092 9,702 4,179 4,142 9,315 11,963 2,298
TOTAL GOODWILL AND INTANGIBLE OTHER 492 2,464 3,346 7,988 10,837 5,756 8,758 14,431 17,377 8,015 0 0 0 0 0
Long‐term Marketable Securities 10,528 25,391 55,618 92,122 106,215 130,162 164,065 170,430 194,714 170,799 105,341 100,887 127,877
Other non‐current (non‐specified) 1,935 5,146 3,764 10,162 22,283 32,978 42,522 48,849
TOTAL NON-CURRENT ASSETS 4,882 17,760 36,514 79,058 119,556 133,714 163,308 200,967 214,817 246,674 234,386 175,697 180,175 216,166 0
TOTAL ASSETS 39,572 49,315 78,192 124,046 177,209 207,000 231,839 290,345 321,686 375,319 403,621 338,516 323,888 351,002 0
CURRENT LIABILITIES
Accounts Payable 5,520 5,601 12,015 14,632 21,175 22,367 30,196 35,490 37,294 49,049 55,888 46,236 42,296 54,763
Current Portion of Debt 10,999 11,605 18,473 20,748
Accrued Expenses 3,719 3,376 5,723 9,247 11,414 13,856 18,453 25,181 22,027 25,744 40,230
Accrued Taxes Payable
Other Current 4,853 10,305 2,984 4,091 5,953 7,435 8,940 8,080 7,548 33,327 37,720 42,684 47,493
Deferred Revenue 8,491 5,966 5,522 6,643 7,612
Commercial Paper 6,308 11,964 5,980 4,996 6,000
Term debt 8,784 10,260 8,773 9,613
Dividend Payable
TOTAL CURRENT LIABILITIES 14,092 19,282 20,722 27,970 38,542 43,658 63,448 80,610 79,006 100,814 176,907 105,718 105,392 125,481 0
LONG-TERM LIABILITIES
Notes payable / Long‐term Debt 0 16,960 28,987 53,329 75,427 97,207 93,735 91,807 98,667 109,106
Long‐term Tax Liabilities
Other Long‐term 1,421 2,252 5,531 10,100 16,664 20,208 24,826 33,427 36,074 40,415 45,180 50,503 54,490 53,325
Deferred Income Taxes 3,029 4,485 1,139 1,686 2,648 2,625
Provisions 3,031 3,624 2,930 2,836 2,797
TOTAL LONG-TERM LIABILITIES 4,450 6,737 6,670 11,786 19,312 39,793 56,844 90,380 114,431 140,458 141,712 142,310 153,157 162,431 0
TOTAL LIABILITIES 18,542 26,019 27,392 39,756 57,854 83,451 120,292 170,990 193,437 241,272 318,619 248,028 258,549 287,912 0
SHAREHOLDERS EQUITY Goal‐Seek Adjust Capital Paid‐In and Share count total to Par  $USD 1.00
Preferred Stock:A @ par  $USD 1.00
Preferred Stock:B @ par  $USD 1.00
Preferred Stock:C @ par  $USD 1.00
Preferred Stock:D @ par  $USD 1.00
Common Stock @ par  $USD 1.00 888 900 916 929 939 6,294 5,866 5,579 5,336 5,126 4,755 4,443 16,977 16,427
Treasury Stock @ par  $USD 1.00
Additional Capital Paid‐In 17,447 30,741 35,446 43,601 33,802 40,938
Deferred Compensation
Accumulated Comprehensive Income / (Loss) ‐9 77 ‐46 443 499 ‐471 1,082 ‐634 ‐150 ‐3,454 ‐3,454 ‐406 163
Retained Earnings / Accumulated Other Comprehensive Income 20,151 26,855 46,921 75,243 116,772 117,726 87,152 113,776 123,547 98,330 70,400 45,898 14,966 5,562
Other Equity
NonControlling Interests
TOTAL SHAREHOLDERS EQUITY 21,030 27,832 47,791 76,615 118,210 123,549 111,547 119,355 128,249 134,047 107,147 90,488 65,339 63,090 0
TOTAL LIABILITIES AND SE 39,572 53,851 75,183 116,371 176,064 207,000 231,839 290,345 321,686 375,319 425,766 338,516 323,888 351,002 0
Beharry, Lyndon Martin W.  2022‐07‐13_AAPL‐MC‐Equity|BalShtReview 07/14/2022 01:31 Page 4 of 17

AAPL: Apple, Inc. | FEIN: 94‐2404110 CAPEXCalc
IRR; CAGR Aggregated 1,000,000 $USD 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
12.119%
Working Capital [Current
Assets - Current Liabilities]
20,598 12,273 20,956 17,018 19,111 29,628 5,083 8,768 27,863 27,831 ‐7,672 57,101 38,321 9,355 0
PerCent of Revenue 54.941% 28.605% 32.129% 15.721% 12.211% 17.335% 2.781% 3.752% 12.921% 12.141% ‐2.889% 21.947% 13.960% 2.557%
26.882%  Working Capital 8,325 ‐8,683 3,938 ‐2,093 ‐10,517 24,545 ‐3,685 ‐19,095 32 35,503 ‐64,773 18,780 28,966 9,355
-0.571%  Working Capital %Rev 19.403% ‐13.312% 3.638% ‐1.337% ‐6.154% 13.428% ‐1.577% ‐8.855% 0.014% 13.367% ‐24.896% 6.841% 7.918%
-15.427% 3.597%
CAPEX =  Total Assets - 
Total Liabilities
2,266 27,504 33,490 35,065 4,194 ‐12,002 7,808 8,894 5,798 ‐49,045 5,486 ‐25,149 ‐2,249 ‐63,090
8.211% CAPEX %Rev 5.281% 42.168% 30.938% 22.405% 2.454% ‐6.566% 3.341% 4.124% 2.529% ‐18.466% 2.109% ‐9.161% ‐0.615%
5.682%
CAPEX = PPECurrent - PPELast +
Depreciation
3,047 4,036 9,489 4,422 6,757 11,973 13,104 15,044 16,930 18,424 8,621 10,444 13,958 ‐39,440
5.964% CAPEX %Rev 7.102% 6.188% 8.766% 2.825% 3.954% 6.550% 5.607% 6.976% 7.385% 6.937% 3.314% 3.805% 3.816%
21.620% 23.473% CAPEX %FCFFirm 33.973% 26.835% 34.080% 7.807% 15.429% 25.230% 20.269% 26.772% 28.936% 26.158% 12.715% 15.254% 13.172%
[Agg CapEx]/[Agg Rev] 5.792%
Net Operating Working Capital
[Alt Calc]
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
+ Total Current Assets 34,690 31,555 41,678 44,988 57,653 73,286 68,531 89,378 106,869 128,645 169,235 162,819 143,713 134,836
‐ Investments In Securities ‐12,615 ‐18,201 ‐14,359 ‐16,137 ‐18,383 ‐26,287 ‐11,233 ‐20,481 ‐46,671 ‐53,892 ‐40,388 ‐51,713 ‐52,927 ‐27,699
‐ Factor Trade Financing
Receivable
‐ Current Liabilities ‐14,092 ‐19,282 ‐20,722 ‐27,970 ‐38,542 ‐43,658 ‐63,448 ‐80,610 ‐79,006 ‐100,814 ‐176,907 ‐105,718 ‐105,392 ‐125,481
+ Current Portion of Debt 10,999 11,605 18,473 20,748
-1.523% Net Operating Working Capital 7,983 ‐5,928 6,597 881 728 3,341 ‐6,150 ‐714 ‐7,203 ‐7,588 ‐27,312 5,388 ‐14,606 ‐18,344
PerCent of Revenue 21.293% ‐13.817% 10.114% 0.814% 0.465% 1.955% ‐3.364% ‐0.306% ‐3.340% ‐3.310% ‐10.283% 2.071% ‐5.321% ‐5.015%
 Working Capital 13,911 ‐12,525 5,716 153 ‐2,613 9,491 ‐5,436 6,489 385 19,724 ‐32,700 19,994 3,738
0.132% 2.021%  Working Capital %Rev 32.423% ‐19.203% 5.280% 0.098% ‐1.529% 5.192% ‐2.326% 3.009% 0.168% 7.426% ‐12.569% 7.283% 1.022%
Beharry, Lyndon Martin W. 2022‐07‐13_AAPL‐MC‐Equity|CAPEXCalc 07/14/2022 01:31 Page 5 of 17

Statement of Cash Flows
CashFlows
1,000,000 $USD 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
CashFlow from Operating Activities: CFO 17,294 6,357 31,781 54,687 33,277 72,385 61,699 38,553 60,863 109,177 6,606 90,120 137,575 9,355
Indirect Method
Net Income 6,119 8,235 14,013 26,029 53,367 37,037 39,510 53,394 45,687 48,351 59,531 55,256 57,411 94,680 0
Adjustments
D&A 496 734 1,027 1,814 3,277 6,757 7,946 11,257 10,505 10,157 10,903 12,547 11,056 11,284 0
Deferred Taxes 1,447 1,135 1,636 2,014 2,583 3,453 4,318 0 0 0 0 0 0 0 0
Decrease / (Increase) in Accounts Receivables ‐2,635 ‐4,867 ‐1,793 ‐6,975 ‐1,949 ‐6,578 ‐3,124 1,044 ‐6,374 ‐13,322 12,747 19,553 9,395 22,926
Increase / (Decrease) in Inventories 54 ‐596 275 ‐15 ‐973 ‐347 ‐238 217 ‐2,723 899 749 794 ‐1,725 4,106
Increase / (Decrease) in Accounts Payable ‐81 ‐6,414 ‐2,617 ‐6,543 ‐1,192 ‐7,829 ‐5,294 ‐1,804 ‐11,755 ‐6,839 2,813 6,753 ‐5,714 46,236
Increase / (Decrease) in Accrued Interest Receivable
Gain / (Loss) on Sale of Property
CashFlow from Investing Activities: CFI 7,442 4,799 25,722 45,694 43,133 37,020 55,995 55,649 37,656 51,172 84,112 95,567 107,920
Indirect Method
Cash from Sale of Marketable Securities 37,419 54,133 3,240 155,576
Cash from Sale of Land
Cash from Sale of Other Assets 4,342 5,225 5,270
Purchase of Plant & Equipment ‐2,664 ‐3,928 ‐10,718 ‐6,469 ‐5,953 ‐901 ‐4,148 ‐7,521 ‐9,195
CashFlow from Financing Activities: CFF ‐2,664 ‐3,928 ‐10,718 4,342 ‐6,469 ‐5,953 ‐901 ‐4,148 29,898 44,938 8,465 5,270 155,576
Indirect Method
Cash from Sale of Equity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash from Sale of Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Interest Paid for Debt 0 0 0 0 ‐136 0 ‐384 ‐733 ‐1,456 ‐2,323 ‐3,240 ‐3,576 ‐2,873 ‐2,645 0
Cash Paid to Redeem Debt 0 0 0 0 0 0 0 ‐10,999 ‐606 ‐6,868 ‐2,275 18,473 18,473 18,473 0
Cash paid for Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Beharry, Lyndon Martin W. 2022‐07‐13_AAPL‐MC‐Equity|CashFlows 07/14/2022 01:31 Page 6 of 17

Complex Debt
ForEx Carrying Conversion 1,000,000 $USD
Currency Value Rate Long-Term Debt Australian Dollar AUD NA
MatDate Coupon Value Annual Canadian Dollar CND NA
USD NA 0.555% 1,750.000 10 Chinese Yuan CNY NA
USD NA 2.405% 95,813.000 2,304 European Union EUR NA
USD NA 1.780% 14,000.000 249 Korean Won KRW NA
USD NA 2.145% 6,500.000 139 South Africa Rand ZAR NA
USD NA 0.000% ‐380.000 0 Swiss CHF NA
USD NA 0.000% 1,036.000 0 US Dollar USD NA
USD NA 0.000% ‐9,613.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
EUR NA 0.000% 0.000 0
EUR NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
CND NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000% 0.000 0
USD NA 0.000 0
USD NA 0.000 0
USD NA 0.000 0
USD NA 0.000 0
USD NA 0.000 0
USD NA 0.000 0
USD NA 0.000 0
USD NA 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
0.00000 0.000 0
…
109,106 2,703
2.477%
Beharry, Lyndon Martin W. 2022‐07‐13_AAPL‐MC‐Equity|Complex Debt 07/14/2022 01:31 Page 7 of 17

AAPL: Apple, Inc. | FEIN: 94‐2404110 WACCCalc ACCOUNT FOR CURRENT AND LONG‐TERM LIABILITIES Yes
DCF analysis will deduct the total value of
liabilities from the firm's cash position.
Functional Currency: 1,000,000 $USD DCF ACCOUNTS FOR CASH AND ALL OTHER ASSETS (YES); ONLY CASH AND SHORT‐TERM (NO) No
To assess liquidity at T₀, DCF analysis will
deduct Balance Sheet Liabilities from Cash +
Short‐term securities.
Debt B Calculations [for Weighted Average Cost of Debt]: FIRE SALE VALUE FOR ASSETS OTHER THAN CASH: 85.000%
1,000,000
Long-Term Debt COST OF DEBT 2.477%
MatDate Coupon Value Annual TAX ADJUSTED 1.982%
2018‐09‐01 8.000% 0 OUTSTANDING DEBT OBLIGATIONS 248,028
2.700% 0 0 $USD CURRENCY COST OF DEBT ISSUE. 252,943
1.550% 0 0
6.800% 0 0
2.250% 0 0 COST OF PREFERRED STOCK 0.000%
2.960% 0 0 WEIGHTED MARKET PRICE OF PREFERRED STOCK 0.000
2.400% 0 0 WEIGHTED AVERAGE OF OUTSTANDING PREFERRED STOCK 0
2.150% 0 0 $USD CURRENCY COST OF PREFERRED CAPITAL. 0
2.400% 0 0
2.850% 0 0
2.550% 0 0 MARKET PRICE OF COMMON STOCK 145.860
3.500% 0 0 RECENT SHARES OUT 16,190
4.625% 0 0 OUTSTANDING COMMON STOCK: ESTIMATETTM = AVG(RECENT,10K FIGURE) 10,317 Adjusted for Treasury Stock
4.540% 0 RETAINED EARNINGS 45,898
4.580% 0 $USD CURRENCY COST OF COMMON CAPITAL: CAPITALIZATION. 1,933,128 90,488 BALANCE SHEET SE
1.920% 0
2.610% 0 DIVIDEND IN $USD 0.920
2.840% 0 DIVIDEND YIELD RATE 0.631%
4.150% 0 ONE YR EXPECTED $USD RETURN PER SHARE = [MARKET PRICE X (1+ER)] + DIVIDEND 165.083
1.890% 0 ACTUAL RETURN ON EQUITY: ER for TTM 150.071% 145.000% TTM VALUE
EXPECTED RETURN ON EQUITYUPPER: Including Risk Premium 35.000% MEAN OF FINANCIALS AND TTM
0 0 GORDON DIVIDEND RoE IMPUTED ke 7.748%
Cost of Long Term Debt 0.000% HISTORICAL 1.190
CAPM FOR COMMON STOCK E(ri) = rf + [E(rm)-rf] LOWER 12.549%
Long Term Debt 109,106 ESTIMATE THE COST OF EQUITY ON EXPECTED RoE OR CAPM?
WAAC
CAPMKe
Cost 2.48% WACC MEAN 11.326%
Short Term Debt 0
Cost 0.00% ESTIMATED SHORT-TERM RISK FREE RATE: T-BILL OR OTHER 2.850%
Revolving Debt 0 OVERALL HISTORIC MARKET RETURN 11.000%
Cost 0.00%
PERPETUITY GROWTH RATE = INFLATION 2.500%
Average Debt Cost 2.477%
PERPETUITY DISCOUNT FACTORWACC-PERPETUITY GROWTH RATE 4.581%
WACC Monte 7.081%
TIME HORIZON (YEARS) FOR SCENARIO 10
CAPM Target Price in 1 Years: 164.163
DCF PROJECTED PRICE PER SHARE AT THESE VARIABLES: 160.569
AVERAGE INTERNAL REVENUE GROWTH RATE TIMET-10,T 16.070%
Beharry, Lyndon Martin W. 2022‐07‐13_AAPL‐MC‐Equity|WACCCalc 07/14/2022 01:31 Page 8 of 17

Variables Monetary Values In 1,000,000 $USD (Except Per Share Values).
AAPL: Apple, Inc. | FEIN: 94‐2404110 Currency $USD Note: This sheet carries decimals to 3 places: 0.000 .
Apple Inc. designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid‐sized businesses; and education, enterprise, and government customers worldwide. The
company also sells related software, services, accessories, networking solutions, and third‐party digital content and applications. It offers iPhone, a line of smartphones; iPad, a line of multi‐purpose tablets; and Mac, a line of desktop and
portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems. The company also provides iWork, a productivity suite that helps users create, present, and publish documents, presentations, and spreadsheets;
and other application software...   (FY: 2018‐09‐30)
User may vary input into shaded cells. Complete the IncStmntReview and BalShtReview worksheets. Complete this page; then run your simulation here.
The most recent FY end (type year): 2022 Adjust Base Year for TTM Estimate Yes
Calculate Statistics through FY: 2021
Mean Historical Alternate 10.000% Coefficient of Variation Target Cut-off
Variables Estimate STDEV Rate
Revenue Growth Rate 20.937% 22.278% 16.070% High deviation. Coefficient of Variation=106.40% Use an alternate rate.
Alternative Revenue Growth RateDCF 8.00000% 0.800% 0.00% + / -  Growth Per Annum Monte Carlo DCF:  $USD AAPL: Apple, Inc. | FEIN: 94-2404110
Projected Growth Rate Y1     8.000% 0.800% Use Alternate Rates: Yes 8.000% 0.800%
AGGR
CoGS : f(Revenue) 57.436% 2.240% 56.789% 56.789%
Depreciation/Amortization [COGs] : f(Revenue) 3.346% 1.375% 3.824% 3.824% High deviation. Coefficient of Variation=41.11% Use an alternate rate.
SGA (Only) : f(Revenue) 7.173% 1.289% 6.689% 6.689% High deviation. Coefficient of Variation=17.97% Use an alternate rate.
R&D : f(Revenue) 1.131% 1.593% 4.652% 4.652% 4.652% High deviation. Coefficient of Variation=140.75% Use an alternate rate.
Depreciation/Amortization [SGA] : f(Revenue) 0.000% 0.000% 0.000% 0.000%
Total Other Overhead : f(Revenue) 0.000% 0.000% 0.000% 0.000%
Other Expense (Income) : f(Revenue) -1.640% 1.893% ‐1.669% ‐1.669% High deviation. Coefficient of Variation=115.40% Use an alternate rate.
Interest Expense (Income) : f(Revenue) 0.476% 0.516% 1.250% 0.666% 1.250% High deviation. Coefficient of Variation=108.35% Use an alternate rate.
Tax Rate : f(EBT) 23.108% 5.802% 20.000% 21.007% High deviation. Coefficient of Variation=25.11% Use an alternate rate.
Capital Expenditures : f(Revenue) 5.633% 1.880% 5.682% 5.682% High deviation. Coefficient of Variation=33.38% Use an alternate rate.
Δ Working Capital : f(Revenue) 0.132% 11.923% 0.000% 2.021% High deviation. Coefficient of Variation=9043.86% Use an alternate rate.
Working Capital : f(Revenue) 17.633% 14.875% 12.119% 12.119% High deviation. Coefficient of Variation=84.36% Use an alternate rate.
Equity Minority Interest : f(Revenue) 0.000% 0.000% 0.000% 0.000%
Financial Ratios | FY 2021
Current 1.07455312
Acid Test 0.49919111 No Include Accounts Receivable?
Debt:Equity 4.56351244
Debt:Debt+Equity 0.82025743
RoA (Adjusted for D&A) 0.26974205
RoE 1.50071327
Gordon Dividend Payout Model:
Book Value of the Firm $USD1,000,000 63,090
Book Value Per Share BV0 3.897
Dividend Growth Rate (Gordon Model) gn 7.000% 4.800% Δ KE : [CAPM - Gordon]
ke = [(RoE - gn ) X (BV0 / P0)] + gn 7.748% No Actual RoE (Yes); Expected RoE (No)
P0/BV0 = PBV = [(RoE-gn)/(ke-gn) 37.430233
Price Multiple : BV0 37.430
Forecast Share Price From Multiple X BV0 145.860
Static Model: DCF Valuation Per Share 160.569 Growth Rate: 8.00% less 0.00% each subsequent year after T₁.
$USD 160.569
VARIABLES FOR WACC CALCULATIONS
Market and CAPM Modelling 2.850% Risk‐Free Rate (T‐Bill/Bond/Note, LIBOR or other imputed rate)
11.000% Overall historic Market Return
Equity Share Variables 145.860 Current Market Price of Common Stock
0.920 Dividend, if applicable
1.190  eta
145.000% Return on Equity TTM
35.000% Expected Return on Equity
16,190 Current Shares Outstanding (diluted) Including Treasury Holdings in 1,000,000's
Preferred Share Variables Current Market Price of Preferred Stock: A, if applicable
0 Current shares outstanding 1,000,000
Preferred: A stock coupon
Current Market Price of Preferred Stock: B, if applicable
Preferred: B stock coupon
Current Market Price of Preferred Stock: C, if applicable
Preferred: C stock coupon
Current Market Price of Preferred Stock: D, if applicable
Preferred: D stock coupon
0 Weighted Number of Preferred Shares Outstanding
0.000% Weighted Cost (Coupon) of Preferred Shares Outstanding
0.000 Weighted Market Price of Preferred
Perpetuity Growth Rate Inflation Long‐term Growth Rate (for perpetuity model)
2.500% Long‐Term Inflation Rate
3.580% Average Long‐Term Inflation Rate: U.S.A.
12.549% CAPM KE
Basis of WACC Calculation
WACC
Gordon RoE
CALCULATE DISCOUNT RATE VARYING EQUITY WEIGHTING:
WACC, CAPM, GORDON RoE, AVERAGE OF CAPM AND GORDON RoE?
Yes VARY WACC AROUND ITS MEAN?
2.000% AT THIS COEFFICIENT OF VARIATION (  PERCENT OF THE MEAN).
7.081% WACC FOR SIMULATION
ALTERNATE PLUG FOR WACC DISCOUNT FACTOR
Forecast Results Summary Per Share 146.201 P/E Valuation 25.000 PE Forward
165.083 CAPM Valuation 3.1250 Imputed or Projected PEG
145.860 BV0 Multiple Valuation
160.569 Static DCF Valuation
167.160 Monte Carlo DCF  Valuation
156.975   of All Models Valuation
Monte Carlo Analysis: 167.160 Monte Carlo DCF  2.500 
311.428 Monte Carlo Upper 311.428
32.650 Monte Carlo Lower 32.650
278.778 Monte Carlo Range
166.773% Range:Mean
Lognormal Distribution
The header (top) is higher | lower than the complement (left).
Ratio Comparison of the Models P/E CAPM Gordon BV0 Static DCF MC DCF  Models
P/E 0.000% 12.915% ‐0.233% 9.828% 14.335% 7.369%
CAPM ‐11.438% 0.000% ‐11.645% ‐2.734% 1.258% ‐4.912%
Gordon BV0 0.234% 13.179% 0.000% 10.085% 14.603% 7.620%
Static DCF ‐8.948% 2.811% ‐9.161% 0.000% 4.104% ‐2.239%
MC DCF ‐12.538% ‐1.242% ‐12.742% ‐3.942% 0.000% ‐6.093%
 Models ‐6.863% 5.165% ‐7.081% 2.290% 6.488% 0.000%
Beharry, Lyndon Martin W.  2022‐07‐13_AAPL‐MC‐Equity|Variables 07/14/2022 01:31 Page 9 of 17

Type alternative annual growth rates here:
AAPL: Apple, Inc. | FEIN: 94‐2404110: Monte Carlo: Valuation Per Share |  $USD Mask Monetary Values In 1,000,000 $USD (Except Per Share Values).
1,000,000 $USD Revenue Growth Rate2022 Revenue Growth Rate2023 Revenue Growth Rate2024 Revenue Growth Rate2025 Revenue Growth Rate2026 Revenue Growth Rate2027 Revenue Growth Rate2028 Revenue Growth Rate2029 Revenue Growth Rate2030 Revenue Growth Rate2031 Revenue Growth Rate2032
Projection Base [FY] Year T0 2022 2022 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Revenue Growth Rate 2022 00.0% Revenue Growth Rate 2023 00.0% Revenue Growth Rate 2024 00.0% Revenue Growth Rate 2025 00.0% Revenue Growth Rate 2026 00.0% Revenue Growth Rate 2027 00.0% Revenue Growth Rate 2028 00.0% Revenue Growth Rate 2029 00.0% Revenue Growth Rate 2030 00.0% Revenue Growth Rate 2031 00.0% Revenue Growth Rate 2032 00.0%
8.000% 0.800% Random Growth Rate
Sequential Reduction 0.000% Alternate Coefficient of Variability 10.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00%
Timet0 Timet+1 Timet+2 Timet+3 Timet+4 Timet+5 Timet+6 Timet+7 Timet+8 Timet+9 Timet+10 Timet+11
Projection TimeT1
280,988 MONTE CARLO REVENUE 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174
CoGS : f(Revenue)2022 CoGS : f(Revenue)2023 CoGS : f(Revenue)2024 CoGS : f(Revenue)2025 CoGS : f(Revenue)2026 CoGS : f(Revenue)2027 CoGS : f(Revenue)2028 CoGS : f(Revenue)2029 CoGS : f(Revenue)2030 CoGS : f(Revenue)2031 CoGS : f(Revenue)2032
56.789% 5.679%
CoGS: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Depreciation/Amortization [COGs] : f(Revenue)2022 Depreciation/Amortization [COGs] : f(Revenue)2023 Depreciation/Amortization [COGs] : f(Revenue)2024 Depreciation/Amortization [COGs] : f(Revenue)2025 Depreciation/Amortization [COGs] : f(Revenue)2026 Depreciation/Amortization [COGs] : f(Revenue)2027 Depreciation/Amortization [COGs] : f(Revenue)2028 Depreciation/Amortization [COGs] : f(Revenue)2029 Depreciation/Amortization [COGs] : f(Revenue)2030 Depreciation/Amortization [COGs] : f(Revenue)2031 Depreciation/Amortization [COGs] : f(Revenue)2032
3.824% 0.382%
D&A (Production): 0.00% 0 0 0 0 0 0 0 0 0 0 0
GROSS MARGIN: 100.00% 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174
SGA (Only) : f(Revenue)2022 SGA (Only) : f(Revenue)2023 SGA (Only) : f(Revenue)2024 SGA (Only) : f(Revenue)2025 SGA (Only) : f(Revenue)2026 SGA (Only) : f(Revenue)2027 SGA (Only) : f(Revenue)2028 SGA (Only) : f(Revenue)2029 SGA (Only) : f(Revenue)2030 SGA (Only) : f(Revenue)2031 SGA (Only) : f(Revenue)2032
6.689% 0.669% Administrative Costs:
SGA: 0.00% 0 0 0 0 0 0 0 0 0 0 0
R&D : f(Revenue)2022 R&D : f(Revenue)2023 R&D : f(Revenue)2024 R&D : f(Revenue)2025 R&D : f(Revenue)2026 R&D : f(Revenue)2027 R&D : f(Revenue)2028 R&D : f(Revenue)2029 R&D : f(Revenue)2030 R&D : f(Revenue)2031 R&D : f(Revenue)2032
4.652% 0.465%
R & D: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Depreciation/Amortization [SGA] : f(Revenue)2022 Depreciation/Amortization [SGA] : f(Revenue)2023 Depreciation/Amortization [SGA] : f(Revenue)2024 Depreciation/Amortization [SGA] : f(Revenue)2025 Depreciation/Amortization [SGA] : f(Revenue)2026 Depreciation/Amortization [SGA] : f(Revenue)2027 Depreciation/Amortization [SGA] : f(Revenue)2028 Depreciation/Amortization [SGA] : f(Revenue)2029 Depreciation/Amortization [SGA] : f(Revenue)2030 Depreciation/Amortization [SGA] : f(Revenue)2031 Depreciation/Amortization [SGA] : f(Revenue)2032
0.000% 0.000%
D & A [SGA]: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Admin Expenses: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Other Expense (Income) : f(Revenue)2022 Other Expense (Income) : f(Revenue)2023 Other Expense (Income) : f(Revenue)2024 Other Expense (Income) : f(Revenue)2025 Other Expense (Income) : f(Revenue)2026 Other Expense (Income) : f(Revenue)2027 Other Expense (Income) : f(Revenue)2028 Other Expense (Income) : f(Revenue)2029 Other Expense (Income) : f(Revenue)2030 Other Expense (Income) : f(Revenue)2031 Other Expense (Income) : f(Revenue)2032
-1.669% 0.167%
Other: 0.00% 0 0 0 0 0 0 0 0 0 0 0
EBIT: 100.00% 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174
Interest Expense (Income) : f(Revenue)2022 Interest Expense (Income) : f(Revenue)2023 Interest Expense (Income) : f(Revenue)2024 Interest Expense (Income) : f(Revenue)2025 Interest Expense (Income) : f(Revenue)2026 Interest Expense (Income) : f(Revenue)2027 Interest Expense (Income) : f(Revenue)2028 Interest Expense (Income) : f(Revenue)2029 Interest Expense (Income) : f(Revenue)2030 Interest Expense (Income) : f(Revenue)2031 Interest Expense (Income) : f(Revenue)2032
1.250% 0.125%
Interest Expense: 0.00% 0 0 0 0 0 0 0 0 0 0 0
EBT: 100.00% 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174
Tax Rate : f(EBT)2022 Tax Rate : f(EBT)2023 Tax Rate : f(EBT)2024 Tax Rate : f(EBT)2025 Tax Rate : f(EBT)2026 Tax Rate : f(EBT)2027 Tax Rate : f(EBT)2028 Tax Rate : f(EBT)2029 Tax Rate : f(EBT)2030 Tax Rate : f(EBT)2031 Tax Rate : f(EBT)2032
20.000% 2.000%
Taxes: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable Tax Payable
NET EARNINGS: 100.00% 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174
D&A Add‐Back: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Capital Expenditures : f(Revenue)2022 Capital Expenditures : f(Revenue)2023 Capital Expenditures : f(Revenue)2024 Capital Expenditures : f(Revenue)2025 Capital Expenditures : f(Revenue)2026 Capital Expenditures : f(Revenue)2027 Capital Expenditures : f(Revenue)2028 Capital Expenditures : f(Revenue)2029 Capital Expenditures : f(Revenue)2030 Capital Expenditures : f(Revenue)2031 Capital Expenditures : f(Revenue)2032
5.682% 0.568%
CAP EX: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Δ  Working Capital : f(Revenue)2022 Δ  Working Capital : f(Revenue)2023 Δ  Working Capital : f(Revenue)2024 Δ  Working Capital : f(Revenue)2025 Δ  Working Capital : f(Revenue)2026 Δ  Working Capital : f(Revenue)2027 Δ  Working Capital : f(Revenue)2028 Δ  Working Capital : f(Revenue)2029 Δ  Working Capital : f(Revenue)2030 Δ  Working Capital : f(Revenue)2031 Δ  Working Capital : f(Revenue)2032
0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Equity Minority Interest : f(Revenue)2022 Equity Minority Interest : f(Revenue)2023 Equity Minority Interest : f(Revenue)2024 Equity Minority Interest : f(Revenue)2025 Equity Minority Interest : f(Revenue)2026 Equity Minority Interest : f(Revenue)2027 Equity Minority Interest : f(Revenue)2028 Equity Minority Interest : f(Revenue)2029 Equity Minority Interest : f(Revenue)2030 Equity Minority Interest : f(Revenue)2031 Equity Minority Interest : f(Revenue)2032
0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
‐252,943 LESS CURRENT DEBT AND OTHER LONG-TERM LIABILITIES T₀ (Adjusted for Carrying Costs )
0 LESS PREFERRED AT PAR T₀
100,557 EXCESS CASH & SHORT-TERM SECURITIES T₀ GROWTH 2.500%
DCF analysis will deduct the total value of liabilities from the firm's cash position. PERPETUITY VALUE
FCF to Equity 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 5,821,594
WACC FOR SIMULATION
7.081% 0.142% To assess liquidity at T₀, DCF analysis will deduct Balance Sheet Liabilities from Cash + Short‐term securities.
DCF to the Investors 8,531,122 DCF analysis will deduct the total value of liabilities from the firm's cash position.
AAPL: Apple, Inc. | FEIN: 94-2404110: Monte Carlo: Valuation Per Share | $USD PER SHARE
Beharry, Lyndon Martin W.  2022‐07‐13_AAPL‐MC‐Equity|DCF All Variable_MC 07/14/2022 01:31 Page 10 of 17

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
8.000% 0.800% Random Growth Rate
Projection TimeT1
56.789% 5.679%
CoGS: 0.00% 0 0 0 0 0 0 0 0 0 0 0
3.824% 0.382%
D&A (Production): 0.00% 0 0 0 0 0 0 0 0 0 0 0
GROSS MARGIN: 100.00% 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174
6.689% 0.669% Administrative Costs:
SGA: 0.00% 0 0 0 0 0 0 0 0 0 0 0
4.652% 0.465%
R & D: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000%
D & A [SGA]: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Admin Expenses: 0.00% 0 0 0 0 0 0 0 0 0 0 0
-1.669% 0.167%
Other: 0.00% 0 0 0 0 0 0 0 0 0 0 0
EBIT: 100.00% 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174
1.250% 0.125%
Interest Expense: 0.00% 0 0 0 0 0 0 0 0 0 0 0
EBT: 100.00% 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174
20.000% 2.000%
Taxes: 0.00% 0 0 0 0 0 0 0 0 0 0 0
NET EARNINGS: 100.00% 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174
D&A Add‐Back: 0.00% 0 0 0 0 0 0 0 0 0 0 0
5.682% 0.568%
CAP EX: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
FCF to Equity 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 260,174 5,821,594
WACC FOR SIMULATION
DCF to the Investors 8,531,122 DCF analysis will deduct the total value of liabilities from the firm's cash position.
AAPL: Apple, Inc. | FEIN: 94-2404110: Monte Carlo: Valuation Per Share | $USD PER SHARE
Beharry, Lyndon Martin W.  2022‐07‐13_AAPL‐MC‐Equity|DCF All Variable_MC 07/13/2022 16:47 Page 10A

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
8.000% 0.800% Random Growth Rate 9.01% 9.23% 8.59% 7.91% 8.97% 7.74% 8.56% 8.74% 8.20% 8.76% 9.07%
Projection TimeT1
56.789% 5.679% 57.112% 52.624% 60.125% 55.591% 60.492% 64.239% 61.669% 52.951% 59.243% 51.178% 53.331%
CoGS: 56.84% ‐161,984 ‐163,025 ‐202,272 ‐201,815 ‐239,302 ‐273,809 ‐285,363 ‐266,445 ‐322,566 ‐303,069 ‐344,464
3.824% 0.382% 3.891% 4.117% 4.047% 4.463% 3.898% 3.642% 4.230% 2.933% 3.106% 3.640% 3.309%
D&A (Production): 3.67% ‐11,037 ‐12,754 ‐13,615 ‐16,202 ‐15,420 ‐15,523 ‐19,574 ‐14,759 ‐16,911 ‐21,556 ‐21,370
GROSS MARGIN: 39.49% 110,602 134,014 120,532 145,015 140,874 136,902 157,800 221,988 205,000 267,556 280,066
6.689% 0.669% Administrative Costs: 7.172% 6.017% 6.323% 6.155% 7.988% 6.500% 5.963% 6.238% 7.042% 7.023% 7.535%
SGA: 7.17% ‐20,343 ‐22,220 ‐24,130 ‐26,038 ‐28,374 ‐30,572 ‐33,190 ‐36,091 ‐39,053 ‐42,474 ‐46,327
4.652% 0.465% 4.715% 4.090% 5.121% 4.831% 5.298% 4.856% 4.865% 4.669% 4.861% 5.031% 5.056%
R & D: 4.88% ‐13,373 ‐12,670 ‐17,229 ‐17,539 ‐20,960 ‐20,699 ‐22,510 ‐23,496 ‐26,469 ‐29,792 ‐32,657
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
D & A [SGA]: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Admin Expenses: 12.05% ‐33,715 ‐34,890 ‐41,358 ‐43,577 ‐49,334 ‐51,270 ‐55,700 ‐59,587 ‐65,521 ‐72,267 ‐78,984
-1.669% 0.167% ‐1.947% ‐1.793% ‐1.930% ‐1.615% ‐1.457% ‐1.728% ‐1.773% ‐1.786% ‐1.507% ‐1.582% ‐1.456%
Other: ‐1.66% 5,523 5,554 6,493 5,864 5,765 7,367 8,205 8,987 8,207 9,370 9,402
EBIT: 29.09% 82,410 104,678 85,667 107,301 97,305 92,999 110,305 171,388 147,686 204,660 210,484
1.250% 0.125% 1.449% 1.156% 1.338% 1.229% 1.260% 1.336% 1.486% 1.332% 1.305% 1.270% 1.258%
Interest Expense: 1.31% ‐4,111 ‐3,582 ‐4,502 ‐4,461 ‐4,983 ‐5,693 ‐6,877 ‐6,701 ‐7,105 ‐7,519 ‐8,125
EBT: 27.78% 78,299 101,097 81,165 102,840 92,322 87,306 103,428 164,686 140,581 197,141 202,359
20.000% 2.000% 19.619% 20.424% 17.551% 20.724% 18.821% 23.160% 19.951% 20.504% 22.733% 15.623% 24.062%
Taxes: 20.35% ‐15,361 ‐20,648 ‐14,245 ‐21,313 ‐17,376 ‐20,221 ‐20,634 ‐33,767 ‐31,959 ‐30,800 ‐48,692
NET EARNINGS: 22.13% 62,938 80,449 66,920 81,527 74,946 67,086 82,793 130,919 108,622 166,341 153,667
D&A Add‐Back: 3.67% 11,037 12,754 13,615 16,202 15,420 15,523 19,574 14,759 16,911 21,556 21,370
5.682% 0.568% 6.209% 5.145% 5.350% 5.451% 5.496% 5.919% 6.394% 4.562% 5.414% 6.323% 5.229%
CAP EX: 5.58% ‐17,611 ‐15,937 ‐17,997 ‐19,789 ‐21,741 ‐25,230 ‐29,587 ‐22,955 ‐29,480 ‐37,445 ‐33,773
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
FCF to Equity 56,363 77,265 62,538 77,941 68,626 57,378 72,781 122,723 96,052 150,451 141,264 3,160,901
WACC FOR SIMULATION
6.927% DCF to the Investors 1,895,718 DCF analysis will deduct the total value of liabilities from the firm's cash position.
AAPL: Apple, Inc. | FEIN: 94-2404110: Monte Carlo: Valuation Per Share | $USD 183.754 PER SHARE
Beharry, Lyndon Martin W.  2022‐07‐13_AAPL‐MC‐Equity|DCF All Variable_MC 07/13/2022 16:41 Page 10B

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Projection TimeT1
56.789% 5.679% 64.395% 61.027% 54.447% 46.020% 54.797% 47.515% 58.553% 58.117% 56.948% 48.510% 49.625%
CoGS: 53.98% ‐180,721 ‐184,499 ‐176,400 ‐160,961 ‐207,043 ‐193,713 ‐258,237 ‐276,670 ‐290,537 ‐267,052 ‐296,677
3.824% 0.382% 4.233% 3.720% 3.793% 3.587% 3.414% 3.448% 3.896% 3.622% 3.744% 3.941% 4.133%
D&A (Production): 3.79% ‐11,879 ‐11,245 ‐12,288 ‐12,544 ‐12,899 ‐14,059 ‐17,184 ‐17,245 ‐19,100 ‐21,693 ‐24,707
GROSS MARGIN: 42.24% 88,045 106,578 135,294 176,256 157,897 199,913 165,607 182,144 200,545 261,759 276,458
SGA: 6.76% ‐18,974 ‐20,439 ‐21,904 ‐23,647 ‐25,545 ‐27,563 ‐29,817 ‐32,185 ‐34,493 ‐37,219 ‐40,419
4.652% 0.465% 4.654% 3.378% 4.247% 4.378% 5.057% 4.797% 4.054% 4.833% 4.575% 3.612% 4.376%
R & D: 4.36% ‐13,060 ‐10,211 ‐13,759 ‐15,314 ‐19,106 ‐19,555 ‐17,880 ‐23,006 ‐23,340 ‐19,883 ‐26,159
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
D & A [SGA]: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Admin Expenses: 11.12% ‐32,034 ‐30,651 ‐35,662 ‐38,960 ‐44,651 ‐47,118 ‐47,698 ‐55,192 ‐57,832 ‐57,102 ‐66,578
-1.669% 0.167% ‐1.669% ‐1.872% ‐2.069% ‐1.687% ‐1.628% ‐1.609% ‐1.731% ‐1.723% ‐1.830% ‐2.100% ‐1.458%
Other: ‐1.76% 4,684 5,659 6,705 5,902 6,150 6,559 7,635 8,201 9,335 11,561 8,716
EBIT: 32.88% 60,696 81,586 106,336 143,197 119,396 159,354 125,544 135,154 152,048 216,218 218,595
1.250% 0.125% 1.103% 1.279% 1.235% 1.049% 1.438% 1.338% 1.246% 1.124% 1.418% 1.245% 1.235%
EBT: 31.62% 57,599 77,720 102,335 139,529 113,964 153,901 120,047 129,804 144,814 209,366 211,215
20.000% 2.000% 21.796% 16.710% 23.508% 19.856% 20.824% 17.358% 23.511% 18.032% 21.157% 17.685% 20.755%
Taxes: 19.92% ‐12,554 ‐12,987 ‐24,057 ‐27,705 ‐23,732 ‐26,713 ‐28,224 ‐23,406 ‐30,639 ‐37,027 ‐43,837
NET EARNINGS: 25.32% 45,045 64,734 78,278 111,824 90,232 127,187 91,823 106,397 114,175 172,338 167,377
D&A Add‐Back: 3.79% 11,879 11,245 12,288 12,544 12,899 14,059 17,184 17,245 19,100 21,693 24,707
5.682% 0.568% 5.543% 5.393% 6.054% 5.302% 5.178% 5.842% 5.714% 6.310% 4.824% 5.293% 4.999%
CAP EX: 5.46% ‐15,556 ‐16,304 ‐19,615 ‐18,545 ‐19,564 ‐23,817 ‐25,202 ‐30,038 ‐24,612 ‐29,136 ‐29,888
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
FCF to Equity 41,367 59,675 70,951 105,824 83,567 117,430 83,805 93,605 108,664 164,896 162,196 3,629,263
WACC FOR SIMULATION
Beharry, Lyndon Martin W.  2022‐07‐13_AAPL‐MC‐Equity|DCF All Variable_MC 07/13/2022 16:42 Page 10C

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Projection TimeT1
56.789% 5.679% 55.339% 48.096% 57.182% 57.459% 51.805% 57.916% 55.879% 65.933% 50.467% 61.519% 62.633%
CoGS: 57.36% ‐154,681 ‐144,592 ‐185,021 ‐199,868 ‐195,574 ‐234,408 ‐246,350 ‐313,305 ‐259,019 ‐335,311 ‐367,802
3.824% 0.382% 3.463% 4.080% 3.226% 4.554% 3.420% 3.813% 4.263% 4.149% 3.030% 4.087% 3.161%
D&A (Production): 3.73% ‐9,680 ‐12,266 ‐10,438 ‐15,840 ‐12,911 ‐15,432 ‐18,796 ‐19,714 ‐15,552 ‐22,277 ‐18,561
GROSS MARGIN: 38.91% 115,153 143,773 128,104 132,138 169,038 154,899 175,720 142,167 238,669 187,465 200,871
SGA: 5.65% ‐15,802 ‐16,996 ‐18,293 ‐19,665 ‐21,343 ‐22,882 ‐24,924 ‐26,864 ‐29,016 ‐30,814 ‐33,199
4.652% 0.465% 4.251% 4.591% 4.642% 5.667% 3.798% 4.286% 3.953% 3.969% 4.645% 4.261% 3.979%
R & D: 4.33% ‐11,883 ‐13,801 ‐15,019 ‐19,712 ‐14,337 ‐17,347 ‐17,426 ‐18,859 ‐23,839 ‐23,227 ‐23,367
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
D & A [SGA]: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Admin Expenses: 9.98% ‐27,685 ‐30,797 ‐33,312 ‐39,378 ‐35,680 ‐40,229 ‐42,350 ‐45,723 ‐52,855 ‐54,042 ‐56,566
-1.669% 0.167% ‐1.563% ‐1.748% ‐1.603% ‐1.814% ‐1.558% ‐1.527% ‐1.227% ‐1.661% ‐1.814% ‐1.784% ‐1.700%
Other: ‐1.64% 4,369 5,254 5,187 6,310 5,881 6,182 5,408 7,894 9,310 9,726 9,983
EBIT: 30.57% 91,837 118,230 99,979 99,070 139,239 120,853 138,779 104,337 195,124 143,149 154,288
1.250% 0.125% 1.371% 1.347% 1.211% 1.367% 1.156% 1.216% 1.253% 1.062% 1.184% 1.273% 1.227%
EBT: 29.34% 88,006 114,182 96,060 94,317 134,873 115,929 133,253 99,291 189,048 136,211 147,080
20.000% 2.000% 19.724% 17.975% 22.324% 19.912% 18.062% 22.205% 21.474% 23.216% 16.714% 20.537% 21.461%
Taxes: 20.10% ‐17,359 ‐20,524 ‐21,444 ‐18,781 ‐24,361 ‐25,742 ‐28,615 ‐23,051 ‐31,597 ‐27,974 ‐31,565
NET EARNINGS: 23.44% 70,648 93,658 74,615 75,536 110,513 90,187 104,638 76,240 157,451 108,237 115,515
D&A Add‐Back: 3.73% 9,680 12,266 10,438 15,840 12,911 15,432 18,796 19,714 15,552 22,277 18,561
5.682% 0.568% 5.530% 5.272% 6.243% 5.974% 5.554% 4.920% 5.746% 5.415% 6.012% 5.392% 5.547%
CAP EX: 5.59% ‐15,456 ‐15,849 ‐20,199 ‐20,780 ‐20,967 ‐19,915 ‐25,334 ‐25,729 ‐30,855 ‐29,388 ‐32,575
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
FCF to Equity 64,871 90,075 64,854 70,596 102,457 85,704 98,100 70,224 142,148 101,126 101,502 2,271,177
WACC FOR SIMULATION
Beharry, Lyndon Martin W.  2022‐07‐13_AAPL‐MC‐Equity|DCF All Variable_MC 07/13/2022 16:43 Page 10D

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Projection TimeT1
56.789% 5.679% 52.614% 55.212% 43.527% 65.205% 65.150% 54.263% 54.347% 52.933% 56.192% 52.429% 54.464%
CoGS: 55.09% ‐146,521 ‐166,599 ‐140,171 ‐229,292 ‐250,960 ‐226,132 ‐241,768 ‐256,271 ‐296,924 ‐301,086 ‐335,481
3.824% 0.382% 4.179% 3.958% 3.214% 3.960% 3.795% 3.315% 4.188% 3.625% 3.557% 3.802% 4.428%
D&A (Production): 3.83% ‐11,639 ‐11,943 ‐10,350 ‐13,927 ‐14,617 ‐13,815 ‐18,632 ‐17,548 ‐18,795 ‐21,836 ‐27,275
GROSS MARGIN: 41.07% 120,324 123,202 171,513 108,428 119,628 176,787 184,463 210,322 212,694 251,356 253,215
SGA: 6.95% ‐19,344 ‐20,959 ‐22,369 ‐24,425 ‐26,756 ‐28,946 ‐30,900 ‐33,629 ‐36,704 ‐39,889 ‐42,785
4.652% 0.465% 4.514% 5.269% 5.069% 4.823% 4.145% 4.365% 4.896% 4.818% 4.081% 4.163% 4.114%
R & D: 4.50% ‐12,571 ‐15,900 ‐16,324 ‐16,960 ‐15,965 ‐18,190 ‐21,779 ‐23,325 ‐21,564 ‐23,905 ‐25,342
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
D & A [SGA]: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Admin Expenses: 11.45% ‐31,914 ‐36,859 ‐38,693 ‐41,385 ‐42,721 ‐47,137 ‐52,679 ‐56,954 ‐58,267 ‐63,795 ‐68,127
-1.669% 0.167% ‐1.793% ‐1.769% ‐1.378% ‐1.629% ‐1.569% ‐1.626% ‐1.577% ‐1.634% ‐1.808% ‐1.733% ‐1.725%
Other: ‐1.67% 4,993 5,336 4,439 5,727 6,043 6,776 7,016 7,911 9,554 9,955 10,623
EBIT: 31.29% 93,403 91,680 137,259 72,770 82,951 136,427 138,800 161,280 163,981 197,517 195,711
1.250% 0.125% 1.189% 1.289% 0.988% 1.197% 1.350% 1.260% 1.154% 1.075% 1.040% 1.374% 1.102%
EBT: 30.11% 90,092 87,790 134,076 68,560 77,751 131,178 133,666 156,077 158,487 189,627 188,924
20.000% 2.000% 19.347% 20.212% 20.515% 21.788% 17.843% 19.827% 21.004% 18.875% 20.952% 18.515% 19.608%
Taxes: 19.80% ‐17,430 ‐17,744 ‐27,506 ‐14,938 ‐13,873 ‐26,009 ‐28,075 ‐29,460 ‐33,206 ‐35,109 ‐37,044
NET EARNINGS: 24.15% 72,661 70,045 106,570 53,622 63,878 105,169 105,592 126,618 125,281 154,518 151,880
D&A Add‐Back: 3.83% 11,639 11,943 10,350 13,927 14,617 13,815 18,632 17,548 18,795 21,836 27,275
5.682% 0.568% 4.890% 4.985% 5.856% 6.720% 6.283% 5.276% 5.656% 6.344% 5.787% 4.770% 6.624%
CAP EX: 5.78% ‐13,619 ‐15,041 ‐18,858 ‐23,629 ‐24,204 ‐21,987 ‐25,161 ‐30,714 ‐30,582 ‐27,394 ‐40,804
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
FCF to Equity 70,681 66,947 98,062 43,919 54,291 96,996 99,062 113,453 113,494 148,960 138,351 3,095,711
WACC FOR SIMULATION
Beharry, Lyndon Martin W.  2022‐07‐13_AAPL‐MC‐Equity|DCF All Variable_MC 07/13/2022 16:43 Page 10E

Mean STDEV 0 1 2 3 4 5 6 7 8 9 10
Projection TimeT1
56.789% 5.679% 60.385% 64.265% 58.986% 56.990% 59.392% 60.510% 61.510% 63.426% 53.292% 64.648% 64.710%
CoGS: 60.91% ‐168,411 ‐194,886 ‐195,276 ‐202,131 ‐226,346 ‐251,385 ‐276,474 ‐307,115 ‐276,577 ‐360,275 ‐389,740
3.824% 0.382% 3.377% 3.489% 4.874% 4.550% 3.960% 3.569% 3.767% 3.872% 3.355% 4.000% 3.354%
D&A (Production): 3.80% ‐9,417 ‐10,581 ‐16,135 ‐16,137 ‐15,092 ‐14,826 ‐16,932 ‐18,749 ‐17,411 ‐22,294 ‐20,200
GROSS MARGIN: 35.29% 101,065 97,786 119,643 136,413 139,666 149,233 156,073 158,348 224,995 174,716 192,345
SGA: 6.50% ‐18,130 ‐19,714 ‐21,521 ‐23,057 ‐24,774 ‐27,007 ‐29,219 ‐31,477 ‐33,737 ‐36,227 ‐39,153
4.652% 0.465% 4.137% 3.923% 4.192% 4.676% 3.968% 4.597% 4.076% 4.181% 4.485% 3.920% 4.680%
R & D: 4.28% ‐11,539 ‐11,896 ‐13,878 ‐16,584 ‐15,122 ‐19,097 ‐18,320 ‐20,245 ‐23,277 ‐21,847 ‐28,190
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
D & A [SGA]: 0.00% 0 0 0 0 0 0 0 0 0 0 0
Admin Expenses: 10.78% ‐29,669 ‐31,610 ‐35,399 ‐39,640 ‐39,896 ‐46,104 ‐47,540 ‐51,722 ‐57,014 ‐58,074 ‐67,343
-1.669% 0.167% ‐1.481% ‐1.627% ‐1.685% ‐1.688% ‐1.538% ‐1.710% ‐1.686% ‐1.734% ‐1.960% ‐1.751% ‐1.671%
Other: ‐1.70% 4,130 4,934 5,577 5,988 5,863 7,102 7,580 8,398 10,171 9,758 10,065
EBIT: 26.21% 75,527 71,111 89,821 102,761 105,633 110,232 116,113 115,024 178,152 126,400 135,067
1.250% 0.125% 1.138% 0.977% 0.924% 1.237% 1.106% 1.291% 1.265% 1.080% 1.299% 1.079% 1.333%
EBT: 25.04% 72,351 68,149 86,761 98,375 101,416 104,868 110,428 109,796 171,409 120,388 127,041
20.000% 2.000% 22.778% 16.786% 22.258% 18.538% 17.415% 20.752% 20.667% 19.551% 19.035% 18.854% 20.042%
Taxes: 19.64% ‐16,480 ‐11,440 ‐19,311 ‐18,236 ‐17,662 ‐21,762 ‐22,822 ‐21,466 ‐32,628 ‐22,698 ‐25,461
NET EARNINGS: 20.12% 55,871 56,709 67,450 80,138 83,754 83,106 87,605 88,330 138,780 97,690 101,580
D&A Add‐Back: 3.80% 9,417 10,581 16,135 16,137 15,092 14,826 16,932 18,749 17,411 22,294 20,200
5.682% 0.568% 5.808% 5.490% 5.728% 6.572% 6.058% 4.909% 5.802% 5.799% 6.043% 5.721% 6.089%
CAP EX: 5.83% ‐16,199 ‐16,649 ‐18,964 ‐23,308 ‐23,087 ‐20,393 ‐26,080 ‐28,079 ‐31,365 ‐31,882 ‐36,673
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Δ WRK CAP: 0.00% 0 0 0 0 0 0 0 0 0 0 0
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
EARN AFFL: 0.00% 0 0 0 0 0 0 0 0 0 0 0
FCF to Equity 49,090 50,641 64,621 72,967 75,759 77,538 78,457 79,000 124,826 88,102 85,106 1,904,310
WACC FOR SIMULATION
Beharry, Lyndon Martin W.  2022‐07‐13_AAPL‐MC‐Equity|DCF All Variable_MC 07/13/2022 16:44 Page 10F

2022-07-13_AAPL-MC-Equity_July-2022-Trials.pdf

2022-07-13_AAPL-MC-Equity_July-2022-Trials.pdf

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2022-07-13_AAPL-MC-Equity_July-2022-Trials.pdf