0(0%) Volume: 48,701,006 3:15AM EST| Market Cap : 1.28 T | Enterprise Value : 1.28 T | P/E (TTM) : 23.12 | P/B : 14.33 |
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Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company. The details of how we calculate the intrinsic value of stocks are described in detail here.
As of today (2020-02-27), Apple's projected FCF intrinsic value is $213.90. The stock price of Apple is $292.65. Therefore, Apple's Price to Intrinsic Value: Projected FCF Ratio of today is 1.4.
During the past 13 years, the highest Price to Intrinsic Value: Projected FCF Ratio of Apple was 6.18. The lowest was 0.66. And the median was 1.37.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
| Apple Quarterly Data | ||||||||||||||||||||
| Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | |
| Intrinsic Value: Projected FCF |
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194.14 | 194.35 | 190.43 | 186.89 | 213.90 |
* The bar in red indicates where Apple's Intrinsic Value: Projected FCF falls into.
Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company.
The details of how we calculate the intrinsic value of stocks are described in detail here.
This method smooths out the free cash flow over the past 6-7 years, multiplies the results by a growth multiple, and adds a portion of total equity.
Value = ((Growth Multiple)*Free Cash Flow(6 year avg) + 0.8*Total Stockholders Equity(most recent))/Shares Outstanding (Diluted Average)
In the case of negative total equity, the following formula is used (see the Total Equity section for the reason):
Value = ((Growth Multiple)*Free Cash Flow(6 year avg) + Total Stockholders Equity(most recent)/0.8)/Shares Outstanding (Diluted Average)
Here Apple's FCF(6 year avg) is calculate as
Apple Quarterly Data
| total_freecashflow | |
Add all the Free Cash Flow together and divide 6 will get Apple's FCF(6 year avg) = $59,291.50.
Apple's Intrinsic Value: Projected FCF for today is calculated as
| Intrinsic Value | = | (Growth Multiple | * | Free Cash Flow(6 year avg) | + | Total Stockholders Equity(Dec19) | * | 0.8) | / | Shares Outstanding (Diluted Average) |
| = | (14.8626533105 | * | 59291.5 | + | 89531 | * | 0.8) | / | 4454.604 | |
| = | 213.90 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
The growth multiple is capped between 8.35 and 17.74.
Total equity weighting is more art than science and it should always be revisited in more detail when researching a company. Weightings from 0% to 100% to more than 100% are possible. 80% was chosen as a happy medium after taking the above ideas into consideration. Learn more here.
Apple's Price to Intrinsic Value: Projected FCF Ratio for today is calculated as
| Price to Intrinsic Value: Projected FCF | = | Share Price | / | Intrinsic Value: Projected FCF |
| = | 292.65 | / | 213.90314577 | |
| = | 1.37 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
From GuruFocus
By PRNewswire about AAPL 2020-02-26 11:03:07
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