APPLE, INC.

Date of Publication: 2/28/2023

Date of Most Recent 10-K: 10-27-2022

Note on Publication: Since 12-3-22, the projection model for Apple has been altered, bearing in mind future expectations and the current stock price as of 2-28-23. Based on the continued production of Apple's main product lines, strong sales, and general market performance, Apple remains "Fairly Valued," taking into account the opportunity cost of capital and revenue projections used in the DCF. Sensitized for Exit Multiples/Perpetuity Growth Rates, Apple's share price is highly dependent on these "market" valuation metrics, meaning in positive market conditions, Apple is a mixed value/growth opportunity.

Final Thoughts: Apple remains an entirely strong and competitive company that will continue to generate strong revenue figures and sales in the years to follow. Cost management and margin will become more difficult with worsening conditions in China and an increase in saturation in the mobile phone market. Nonetheless, in the current economic environment, AAPL is fairly valued. A downloadable PDF of this DCF is available for download on the right.