FIN $345$ Investments

Project # $5$

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Complete a DCF Model for APPLE $($AAPL$)$ and determine the current fair market value of the company$$s stock price.$$ The DCF model template has been provided to you.$$ Therefore, your work effort is to input actual historical data and build assumptions on the future growth of the business.$$

FIRST STEP: Download APPLES$$s $202310$K from their website.$$ READ THE BUSINESS AND RISK SECTIONS IN ITS ENTIRETY.$$ These sections will provide you a thorough understanding of APPLE$$s business and provide insight into their future risks and opportunities.

Part $1$:$$ WACC Tab $$ WACC Calculation

You must provide inputs for the yellow highlighted boxes in the $$WACC$$ tab.$$ Instructions for finding data is provided within the $$WACC$$ tab.$$

All formulas are included in the template.$$ Make sure you do not move cells as this may impact formulas.$$ Your WACC calculation is also automatically linked to the DCF tab.

Part $2$:$$ DCF Model $$ Historical Data

You must provide inputs in the yellow highlighted boxes in the $$DCF$$ tab.$$ Historical data can be found on Yahoo Finance.$$ Data for $2021$ is provided.$$ Use as a guide to collect data for $2022,2023$ and $2024$ TTM$.$

A few comments:$$

Operating Expense is without Depreciation & Amortization