0149.64/149.650 1788 On 27 May d Vol 90,978,503 0 145.39P H 149.68P L 145.260 Val 13.505B Actions - Export Settings Financial Analysis ASC 842 als Cu FRUCUSIX - Periods 21 DCVE Ratios 3B/S BBG GAAP As Raported #Segments Reconstan IS 2010 Y 2009 Y 8 09/26/2009 09/25/2010 Addl DESC Custom SENATORS GAAP N 2011 Y except Per Share 2012 Y 2013 Y 2014 Y 2015 Y 2016 Y 2017 Y 2018 Y 2019 Y 2020 Y 2021 V4 09/24/2011 09/29/2012 09/28/2013 09/27/2011 09/26/2015 09/24/2016 09/30/2017 09/29/2018 09/28/2015 09/26/2020 09/25/2021 vnd Depreciation Expense D 815.0 1.600.0 9.500.0 Selling General and Administrative... 5,517.0 2.6010.0 10,040.0 3,277.0 7,599.0 1,814.0 21,973.0 5.800.0 9,200.0 8.300.0 3,200.0 10.830.0 11.993.0 14,329.0 14,194.0 15,201.0 6,757.0 7,946.0 11,257.0 10,505.0 10,157.0 136.0 384.0 1.456.0 9.300.0 16,705.0 10,903.0 12,547.0 3,240.0 11.300.0 9.700.0 18.245.0 19,916.0 11,056.0 2,8/3.0 Depreciation and Amortization 1,027.0 11,204.0 Interest Expense 0.0 2,645.0 Foreign Exchange Other One Time Charges Interest Income -311.0 -519.0 -3,763.0 407.0 3,831.0 -2,843.0 548.0 640.0 -3,999.0 5,301.0 -5,686.0 -4,961.0 15,695.0 15,738.0 13,372.0 10,481.0 -1,795.0 -3,971.0 13,973.0 19,121.0 -1,008.0 -1,616.0 14,030,0 13,118.0 112.0 Income Tax Expense (Benefit) 4,577.0 9,680.0 14,577.0 Foreign Currency Translation Adjust -12.0 501.0 967.0 Unrealized Gain (Loss) On Securities 118.0 173.0 41.0 972.0 601.0 -$30,0 411.0 75.0 474.0 1,438.0 -597.0 7.34.0 11,431.0 11,965,0 846.0 167.0 -3,406.0 905.0 1,139.0 -1,185.0 -18.0 -253,0 $47.0 151.0 1,539.0 11.031.0 1.82 Change In Fair Value of Derivatives D Total Cash Common Dividends Dividends Per Share HE sull 1.98 0.75 ***** Basic LPS Before 10 Itens Basic EPS 9.72 15,41 44.64 40.003 8.35 1.31 Weighted Avg. Shares - Bac 173,0 924.3 9718 925.3 5,217.2 18,471.3 16,701.3 Diluted UPS Before 0 Stens Diluted UPS 15.15 27.08 44.15 39.75 11.91 5,000.1 Weighted Avg. Shares - Diluted 907.0 924.7 936.6 931.7 6,122.7 5,793.1 5,500.3 5,317 195.7 16,864.9 Pro Forma Net Income (Stock Comp Pro Forma Diluted EPS (Stock Comp.- Current Rental Expense 231.0 400.0 645.0 1,100.0 14,000.0 271.0 879.0 338.0 1.168.0 1,740.0 710.0 1,300.0 10,800.0 6,068.0 717.0 794.0 2,863.0 3,586.0 41,063.0 51,967.0 939.0 4,210.0 46.666.0 Stock Based Compensation Expense Total Comprehensive Income Litigation Expense 5,340.0 2,253.0 41,789.0 36,067.0 7,906.0 8,321,0 13,890.0 26,411.0 47,567.0 56,505.0 58,037.0 57.453.0 95,249.0 AAPL US $ APL US Equity ADJ Apple Inc 886 Adjusted Millions of USD 2 Months Ending 1 L 6. Estimate the value of the stock using two different models using your calculated estimates (you must provide the models used from text or used in class and show your calculations). 7. Estimate the value of the stock using the models and the Bloomberg estimate of EPS. 8. Given your value (price) estimate (in 6 above) versus the current price explain any spread difference between your estimate of value and the current price. APPLE INC Equity Related Functions Menu 3 On 27 May d Vol 90,978,503 0 145.39D Relative Index SPX Index 4. From & Seine & Gargy V=108T-0002 AAPL US $ APL US Equity ata Last Price NYID IY 2Y SY Max Weekly + Track 1788 0149.64/149.650 H 149.68P Actions L 145.260 Val 13.5058 Edit - Linear Beta / Non-Param Reg On Langent 05/31/2021 lag Winsorize Std Dev G 15 3597 251-4 2015 2814 2014 Y - APPLE INC C=S&P500 INDEX Raw BETA Adjusted BETA ALPHA (Intercept) JA 2 (Correlation 2) JA (Correlation) Sed Error of ALPHA t-Test Avg Slope Converity ALPHA (Intercept) Last Spread Last Ratio Message Historical Beta Transformations Range 1 0.342 0.495 326 0.17 Range 1 1.160 0.501 0.497 260 4008.60 0.036 AAPL US $ APL US Equity ADJ Apple Inc Kry Stats TOONG Mjusted Millions of USD 2 Months Hnding ( 149.64 +5.86 On 27 May d Vol 90,978,503 90 Actions 97) Export ASC 847 Perinds 21 Annuals 1/5 DB/S C/T 9 Ratic. Segments 12 BDG GAAP 11) As Reported 10 Retten iliation except Per Share 2009 Y 019/76/2009 pa 606.0 4,149.0 734.0 -10/.0 3,831.0 -11.0 118.0 -18.0 9.22 893.0 9.08 907.0 231.0 /10.0 8,321.0 Depreciation Expense Selling General and Administrative Depreciation and Amortization al Interest Expense al Foreign Exchange al Other One-Time Charges il Interest Incurric Income Tax Expense (Benefit) Foreign Currency Translation Adjust.. Unrealized Gain (Loss) On Securities Change In fair Value of Derivatives Total Cash Common Dividends Dividends Per Share Date Foc Basic FPS Refore XO Trems Basic FPS Micheed Weighted Avg. Shares Basic Diluted FPS Retore XO Items Diluted FPS 4 Weighted Avg. Shares Diluted Pro Forma Net Income (Stock Comp... Pro Forma Diluted FPS (Stock Comp al Current Rental Expense al Stock Based Compensation Expense il Total Comprehensive Incorre Litigation Lxpense Q149.64/149.650 1x788 0 145.39P H 149.68P L 145.260 Val 13.505B 98 Settings Cur FRC (USD). 7) Aukll DSG 9 Cestn ISRCA Armut 10 Mj 3 17 GMP 2 2010 Y 2011 Y 2017 Y 2013 Y 2014 Y 09/25/2010 09/74/2011 09/29/2017 09/78/2013 09/21/2014 www.www. 1,600.0 7,600.0 5,800.0 6,900.0 7,599.0 10,040.0 10,830.0 11,993.0 1,814.0 6,757.0 7,940.0 0.0 0.0 1.36.0 384.0 ******** ***** www. 81.5.0 5,517.0 1,027.0 3,277.0 -311.0 -519.0 1,52/.0 8,283.0 -1,088.0 11,030.0 -15.0 601.0 -1.616.0 -1./95.0 13,118.0 13,9/3.0 -112.0 -922.0 1.0 -12.0 -13/.0 151.0 123.0 -11.0 -253.0 $12.0 -530.0 61.0 1,539.0 11,031.0 1.82 1.5.41 28.05 44.64 40.03 6.49 6,085.6 909.5 924.3 934.8 975.3 1.5.1.5 27.68 44.15 39.75 6.45 6,177.7 974.7 936.6 945.4 931.7 2/1.0 338.0 188.0 615.0 /1/.0 1,168.0 1./10.0 2,253.0 8/9.0 13,890.0 2,863.0 36,06/.0 11,063.0 26,111.0 11./89.0 Financial Analysis 2016 Y 2017 Y 2018 Y 2019 Y 2020 Y 2021 Y 2015 Y 09/26/2015 09/74/2016 09/10/2017 09/29/2018 09/28/2019 (19/76/2070) 09/25/2021 **** g www www www wwge 9,700.0 8,300.0 8,700.0 14,379.0 14,194.0 15,761.0 11,757.0 10,505.0 10,157.0 733.0 1,450.0 2,323.0 9,300.0 11,300.0 9,700.0 9,500.0 16,705.0 18,745.0 19,916.0 21,973.0 10,903.0 12,547.0 11,056.0 11,284.0 3,740.0 3,576.0 2,873.0 2,645.0 -18.0 -2.921.0 -3.999.0 19.121.0 15,685.0 -111.0 15.0 -121.0 1.638.0 -592.0 -/31.0 11.131.0 11.965.0 -610.0 -5,201.0 15./38.0 221.0 -816.0 -162.0 -5.686.0 13.3/2.0 -525.0 -3.106.0 905.0 2./2 -1.961.0 10.181.0 -108.0 3.827.0 -638.0 -3./63.0 -2,813.0 9,680.0 11,527.0 88.0 1.139.0 -1.185.0 501.0 -167.0 1,035.0 1.98 2.18 2.10 0./5 0.80 0.8/ 9.78 5,753.4 8.35 5,470.8 9.77 5,717.7 17.01 4,955.4 7.99 3.31 18,471.3 17,352.1 5.07 16,701.3 9.77 5,793.1 8.31 5,500.3 9.71 5,751.7 11.91 5,000.1 7.97 3.78 18,595.7 17,528.7 5.61 16,864.9 /91.0 1,100.0 9:39.0 1.210.0 1.200.0 5.310.0 1,300.0 6.068.0 10,800.0 6.829.0 1,810.0 3.586.0 $1,96/.0 11,600.0 7.906.0 95.249.0 16,666.0 1/.567.0 56.505.0 58.037.0 57,153.0 -236.0 0149.64/149.650 1788 On 27 May d Vol 90,978,503 0 145.39P H 149.68P L 145.260 Val 13.505B Actions - Export Settings Financial Analysis ASC 842 als Cu FRUCUSIX - Periods 21 DCVE Ratios 3B/S BBG GAAP As Raported #Segments Reconstan IS 2010 Y 2009 Y 8 09/26/2009 09/25/2010 Addl DESC Custom SENATORS GAAP N 2011 Y except Per Share 2012 Y 2013 Y 2014 Y 2015 Y 2016 Y 2017 Y 2018 Y 2019 Y 2020 Y 2021 V4 09/24/2011 09/29/2012 09/28/2013 09/27/2011 09/26/2015 09/24/2016 09/30/2017 09/29/2018 09/28/2015 09/26/2020 09/25/2021 vnd Depreciation Expense D 815.0 1.600.0 9.500.0 Selling General and Administrative... 5,517.0 2.6010.0 10,040.0 3,277.0 7,599.0 1,814.0 21,973.0 5.800.0 9,200.0 8.300.0 3,200.0 10.830.0 11.993.0 14,329.0 14,194.0 15,201.0 6,757.0 7,946.0 11,257.0 10,505.0 10,157.0 136.0 384.0 1.456.0 9.300.0 16,705.0 10,903.0 12,547.0 3,240.0 11.300.0 9.700.0 18.245.0 19,916.0 11,056.0 2,8/3.0 Depreciation and Amortization 1,027.0 11,204.0 Interest Expense 0.0 2,645.0 Foreign Exchange Other One Time Charges Interest Income -311.0 -519.0 -3,763.0 407.0 3,831.0 -2,843.0 548.0 640.0 -3,999.0 5,301.0 -5,686.0 -4,961.0 15,695.0 15,738.0 13,372.0 10,481.0 -1,795.0 -3,971.0 13,973.0 19,121.0 -1,008.0 -1,616.0 14,030,0 13,118.0 112.0 Income Tax Expense (Benefit) 4,577.0 9,680.0 14,577.0 Foreign Currency Translation Adjust -12.0 501.0 967.0 Unrealized Gain (Loss) On Securities 118.0 173.0 41.0 972.0 601.0 -$30,0 411.0 75.0 474.0 1,438.0 -597.0 7.34.0 11,431.0 11,965,0 846.0 167.0 -3,406.0 905.0 1,139.0 -1,185.0 -18.0 -253,0 $47.0 151.0 1,539.0 11.031.0 1.82 Change In Fair Value of Derivatives D Total Cash Common Dividends Dividends Per Share HE sull 1.98 0.75 ***** Basic LPS Before 10 Itens Basic EPS 9.72 15,41 44.64 40.003 8.35 1.31 Weighted Avg. Shares - Bac 173,0 924.3 9718 925.3 5,217.2 18,471.3 16,701.3 Diluted UPS Before 0 Stens Diluted UPS 15.15 27.08 44.15 39.75 11.91 5,000.1 Weighted Avg. Shares - Diluted 907.0 924.7 936.6 931.7 6,122.7 5,793.1 5,500.3 5,317 195.7 16,864.9 Pro Forma Net Income (Stock Comp Pro Forma Diluted EPS (Stock Comp.- Current Rental Expense 231.0 400.0 645.0 1,100.0 14,000.0 271.0 879.0 338.0 1.168.0 1,740.0 710.0 1,300.0 10,800.0 6,068.0 717.0 794.0 2,863.0 3,586.0 41,063.0 51,967.0 939.0 4,210.0 46.666.0 Stock Based Compensation Expense Total Comprehensive Income Litigation Expense 5,340.0 2,253.0 41,789.0 36,067.0 7,906.0 8,321,0 13,890.0 26,411.0 47,567.0 56,505.0 58,037.0 57.453.0 95,249.0 AAPL US $ APL US Equity ADJ Apple Inc 886 Adjusted Millions of USD 2 Months Ending 1 L 6. Estimate the value of the stock using two different models using your calculated estimates (you must provide the models used from text or used in class and show your calculations). 7. Estimate the value of the stock using the models and the Bloomberg estimate of EPS. 8. Given your value (price) estimate (in 6 above) versus the current price explain any spread difference between your estimate of value and the current price. APPLE INC Equity Related Functions Menu 3 On 27 May d Vol 90,978,503 0 145.39D Relative Index SPX Index 4. From & Seine & Gargy V=108T-0002 AAPL US $ APL US Equity ata Last Price NYID IY 2Y SY Max Weekly + Track 1788 0149.64/149.650 H 149.68P Actions L 145.260 Val 13.5058 Edit - Linear Beta / Non-Param Reg On Langent 05/31/2021 lag Winsorize Std Dev G 15 3597 251-4 2015 2814 2014 Y - APPLE INC C=S&P500 INDEX Raw BETA Adjusted BETA ALPHA (Intercept) JA 2 (Correlation 2) JA (Correlation) Sed Error of ALPHA t-Test Avg Slope Converity ALPHA (Intercept) Last Spread Last Ratio Message Historical Beta Transformations Range 1 0.342 0.495 326 0.17 Range 1 1.160 0.501 0.497 260 4008.60 0.036 AAPL US $ APL US Equity ADJ Apple Inc Kry Stats TOONG Mjusted Millions of USD 2 Months Hnding ( 149.64 +5.86 On 27 May d Vol 90,978,503 90 Actions 97) Export ASC 847 Perinds 21 Annuals 1/5 DB/S C/T 9 Ratic. Segments 12 BDG GAAP 11) As Reported 10 Retten iliation except Per Share 2009 Y 019/76/2009 pa 606.0 4,149.0 734.0 -10/.0 3,831.0 -11.0 118.0 -18.0 9.22 893.0 9.08 907.0 231.0 /10.0 8,321.0 Depreciation Expense Selling General and Administrative Depreciation and Amortization al Interest Expense al Foreign Exchange al Other One-Time Charges il Interest Incurric Income Tax Expense (Benefit) Foreign Currency Translation Adjust.. Unrealized Gain (Loss) On Securities Change In fair Value of Derivatives Total Cash Common Dividends Dividends Per Share Date Foc Basic FPS Refore XO Trems Basic FPS Micheed Weighted Avg. Shares Basic Diluted FPS Retore XO Items Diluted FPS 4 Weighted Avg. Shares Diluted Pro Forma Net Income (Stock Comp... Pro Forma Diluted FPS (Stock Comp al Current Rental Expense al Stock Based Compensation Expense il Total Comprehensive Incorre Litigation Lxpense Q149.64/149.650 1x788 0 145.39P H 149.68P L 145.260 Val 13.505B 98 Settings Cur FRC (USD). 7) Aukll DSG 9 Cestn ISRCA Armut 10 Mj 3 17 GMP 2 2010 Y 2011 Y 2017 Y 2013 Y 2014 Y 09/25/2010 09/74/2011 09/29/2017 09/78/2013 09/21/2014 www.www. 1,600.0 7,600.0 5,800.0 6,900.0 7,599.0 10,040.0 10,830.0 11,993.0 1,814.0 6,757.0 7,940.0 0.0 0.0 1.36.0 384.0 ******** ***** www. 81.5.0 5,517.0 1,027.0 3,277.0 -311.0 -519.0 1,52/.0 8,283.0 -1,088.0 11,030.0 -15.0 601.0 -1.616.0 -1./95.0 13,118.0 13,9/3.0 -112.0 -922.0 1.0 -12.0 -13/.0 151.0 123.0 -11.0 -253.0 $12.0 -530.0 61.0 1,539.0 11,031.0 1.82 1.5.41 28.05 44.64 40.03 6.49 6,085.6 909.5 924.3 934.8 975.3 1.5.1.5 27.68 44.15 39.75 6.45 6,177.7 974.7 936.6 945.4 931.7 2/1.0 338.0 188.0 615.0 /1/.0 1,168.0 1./10.0 2,253.0 8/9.0 13,890.0 2,863.0 36,06/.0 11,063.0 26,111.0 11./89.0 Financial Analysis 2016 Y 2017 Y 2018 Y 2019 Y 2020 Y 2021 Y 2015 Y 09/26/2015 09/74/2016 09/10/2017 09/29/2018 09/28/2019 (19/76/2070) 09/25/2021 **** g www www www wwge 9,700.0 8,300.0 8,700.0 14,379.0 14,194.0 15,761.0 11,757.0 10,505.0 10,157.0 733.0 1,450.0 2,323.0 9,300.0 11,300.0 9,700.0 9,500.0 16,705.0 18,745.0 19,916.0 21,973.0 10,903.0 12,547.0 11,056.0 11,284.0 3,740.0 3,576.0 2,873.0 2,645.0 -18.0 -2.921.0 -3.999.0 19.121.0 15,685.0 -111.0 15.0 -121.0 1.638.0 -592.0 -/31.0 11.131.0 11.965.0 -610.0 -5,201.0 15./38.0 221.0 -816.0 -162.0 -5.686.0 13.3/2.0 -525.0 -3.106.0 905.0 2./2 -1.961.0 10.181.0 -108.0 3.827.0 -638.0 -3./63.0 -2,813.0 9,680.0 11,527.0 88.0 1.139.0 -1.185.0 501.0 -167.0 1,035.0 1.98 2.18 2.10 0./5 0.80 0.8/ 9.78 5,753.4 8.35 5,470.8 9.77 5,717.7 17.01 4,955.4 7.99 3.31 18,471.3 17,352.1 5.07 16,701.3 9.77 5,793.1 8.31 5,500.3 9.71 5,751.7 11.91 5,000.1 7.97 3.78 18,595.7 17,528.7 5.61 16,864.9 /91.0 1,100.0 9:39.0 1.210.0 1.200.0 5.310.0 1,300.0 6.068.0 10,800.0 6.829.0 1,810.0 3.586.0 $1,96/.0 11,600.0 7.906.0 95.249.0 16,666.0 1/.567.0 56.505.0 58.037.0 57,153.0 -236.0