Calculate the intrinsic value of Apple on a free cash flow basis assuming the following - FCF for the next year will be $100 billion - the company has $110 billion in long-term debt - the company has $210 billion in marketable securities and cash - the company has 17.0 billion shares outstanding - the WACC is 8% -Free cash flow is expected to grow at 2.5% forever NOTE EV if growth is constant EV (n) = FCF (n+1) / (WACC g) Value of equity = EV + Cash Debt Value of Shares = Value of equity / Shares outstanding To simplify your work just express everything in billions so FCF expected is $100 etc.

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