The company is Apple.

Where are the common shares outstanding of a company listed?

Where can you find diluted shares?

What is the impact of dilution to enterprise value and equity value?

Calculate debt to equity.

Calculate operating income to interest expense.

Calculate working capital for 2015, 2014, 2013.

Calculate change in working capital from 2013 to 2014 and 2014 to 2015.

Which valuation model requires change in working capital?

What is Apple?s P/E?

What is Apple/s Enterprise value (EV) to EBITA. What is EV / Operating Income? What is EV / Sales?

What is the difference between EV and Equity Value?

apple income statement Net sales Cost of sales Gross margin Research and development Selling, general and administrative Operating expenses Operating income Interest and dividend income Interest expense Other expense, net Other income (expense), net Income before provision for income taxes Provision for income taxes Net income 2016 2015 2014 2013 215,639 233,715 182,795 170,910 -131,376 -140,089 -112,258 -106,606 84,263 93,626 70,537 64,304 -10,045 -8,067 -6,041 -4,475 -14,194 -14,329 -11,993 -10,830 -24,239 -22,396 -18,034 -15,305 60,024 71,230 52,503 48,999 3,999 2,921 1,795 1,616 -1,456 -733 -384 -136 -1,195 -903 -431 -324 1,348 1,285 980 1,156 61,372 -15,685 45,687 72,515 -19,121 53,394 53,483 -13,973 39,510 50,155 -13,118 37,037 Cash and cash equivalents 20,484 21,120 13,844 14,259 Short-term marketable securities 46,671 20,481 11,233 26,287 Accounts receivable, less allowances 15,754 16,849 17,460 13,102 2,132 2,349 2,111 1,764 13,545 13,494 9,759 7,539 8,283 15,085 14,124 10,335 balance sheet Inventories Vendor non-trade receivables Other current assets Current assets 106,869 Long-term marketable securities 170,430 164,065 130,162 106,215 Property, plant and equipment, net 89,378 68,531 73,286 27,010 22,471 20,624 16,597 Goodwill 5,414 5,116 4,616 1,577 Acquired intangible assets, net 3,206 3,893 4,142 4,179 Other non-current assets 8,757 5,556 3,764 5,146 Non-current assets 214,817 201,101 163,308 133,714 Total assets 321,686 290,479 231,839 207,000 Cash Flow Statement Net income 45,687 53,394 39,510 37,037 Depreciation and amortization 10,505 11,257 7,946 6,757 Share-based compensation expense 4,210 3,586 2,863 2,253 Deferred income tax expense 4,938 1,382 2,347 1,141 Accounts receivable, net 1,095 611 -4,232 -2,172 Inventories 217 -238 -76 -973 Vendorcurrent non-trade -51 -3,735 -2,220 223 Other and receivables non-current assets 1,090 -179 167 1,080 Accounts payable 1,791 5,400 5,938 2,340 Deferred revenue -1,554 1,042 1,460 1,459 Other current and non-current liabilities -2,104 8,746 6,010 4,521 Changes in operating assets and liabilities 484 11,647 7,047 6,478 Adjustments to reconcile net income to cash generated by operating activities 20,137 27,872 20,203 16,629 CFO 65,824 81,266 59,713 53,666 Purchases of marketable securities -142,428 -166,402 -217,128 -148,489 Proceeds from maturities of marketable securities 21,258 14,538 18,810 20,317 Proceeds from sales of marketable securities 90,536 107,447 189,301 104,130 Payments made in connection with business acquisitions, net -297 -343 -3,765 -496 Payments for acquisition of property, plant and equipment -12,734 -11,247 -9,571 -8,165 Payments for acquisition of intangible assets -814 -241 -242 -911 Payments for strategic investments -1,388 - -10 - Other -110 -26 26 -160 CFI -45,977 -56,274 -22,579 -33,774 Proceeds from issuance of common stock 495 543 730 530 Excess tax benefits from equity awards 407 749 739 701 Payments for taxes related to net share settlement of equity awards -1,570 -1,499 -1,158 -1,082 Payments for dividends and dividend equivalents -12,150 -11,561 -11,126 -10,564 Repurchases of common stock -29,722 -35,253 -45,000 -22,860 Proceeds from issuance of longterm debt, net Repayments of term debt Change in commercial paper, net CFC Increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of the year Cash and cash equivalents, end of the year 24,954 -2,500 -397 -20,483 27,114 - 2,191 -17,716 11,960 - 6,306 -37,549 16,896 - - -16,379 -636 7,276 -415 3,513 21,120 13,844 14,259 10,746 20,484 21,120 13,844 14,259 Assumptions Current Stock Price Basic Shares Outstanding enterprise value calculation enterprise value $ $ - $ - Accounts payable Accrued expenses Deferred revenue Commer cial paper 2016 2015 2014 2013 37,294 35,490 30,196 22,367 22,027 25,181 18,453 13,856 8,080 8,940 8,491 7,435 8,105 8,499 6,308 - Current portion of long-term debt Current liabilitie s 3,500 2,500 - - 79,006 80,610 63,448 43,658 Deferred revenue, noncurrent 2,930 3,624 3,031 2,625 Longterm debt, excluding current portion Deferred tax liabilities 75,427 53,463 28,987 16,960 26,019 24,062 20,259 16,489 Other noncurrent liabilities 10,055 9,365 4,567 3,719 Other noncurrent liabilitie s 36,074 33,427 24,826 20,208 114,431 90,514 56,844 39,793 193,437 171,124 120,292 83,451 Noncurrent liabilitie s Total liabilitie s Common stock and additional paid-in capital, $0.00001 par value Retained earnings 31,251 27,416 23,313 19,764 96,364 92,284 87,152 104,256 Accumul ated other compreh ensive income (loss) 634 -345 1,082 -471 Sharehol ders' equity 128,249 119,355 111,547 123,549 Total liabilitie s and sharehol ders' equity 321,686 290,479 231,839 207,000