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Microsoft Excel LibreOffice Calc


Enterprise Value to FCFF (EV/FCFF)

Difficulty: Intermediate


Free Cash Flow to The Firm (FCFF)

Apple Inc., FCFF calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014 Sep 28, 2013
Net income hidden hidden hidden hidden hidden hidden
Net noncash charges hidden hidden hidden hidden hidden hidden
Changes in operating assets and liabilities hidden hidden hidden hidden hidden hidden
Cash generated by operating activities hidden hidden hidden hidden hidden hidden
Cash paid for interest, net of tax1 hidden hidden hidden hidden hidden hidden
Payments for acquisition of property, plant and equipment hidden hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF) hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Apple Inc.'s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Apple Inc.'s FCFF declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

Interest Paid, Net of Tax

Apple Inc., interest paid, net of tax calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014 Sep 28, 2013
Effective Income Tax Rate (EITR)
EITR1 hidden hidden hidden hidden hidden hidden
Interest Paid, Net of Tax
Cash paid for interest, before tax hidden hidden hidden hidden hidden hidden
Less: Cash paid for interest, tax2 hidden hidden hidden hidden hidden hidden
Cash paid for interest, net of tax hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).

2018 Calculations

2 Cash paid for interest, tax = Cash paid for interest × EITR
= hidden × hidden = hidden


Enterprise Value to FCFF Ratio, Current

Apple Inc., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Selected Financial Data (USD $ in millions)
Enterprise value (EV) hidden
Free cash flow to the firm (FCFF) hidden
Ratio
EV/FCFF hidden
Benchmarks
EV/FCFF, Competitors
Applied Materials Inc. hidden
Broadcom Inc. hidden
Cisco Systems Inc. hidden
HP Inc. hidden
Intel Corp. hidden
NVIDIA Corp. hidden
Qualcomm Inc. hidden
Texas Instruments Inc. hidden
EV/FCFF, Sector
Technology Hardware & Equipment hidden
EV/FCFF, Industry
Technology hidden

Based on: 10-K (filing date: 2018-11-05).

If company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.

Otherwise, if company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

Apple Inc., historical EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014 Sep 28, 2013
Selected Financial Data (USD $ in millions)
Enterprise value (EV)1 hidden hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF)2 hidden hidden hidden hidden hidden hidden
Ratio
EV/FCFF3 hidden hidden hidden hidden hidden hidden
Benchmarks
EV/FCFF, Competitors
Applied Materials Inc. hidden hidden hidden hidden hidden hidden
Broadcom Inc. hidden hidden hidden hidden hidden hidden
Cisco Systems Inc. hidden hidden hidden hidden hidden hidden
HP Inc. hidden hidden hidden hidden hidden hidden
Intel Corp. hidden hidden hidden hidden hidden hidden
NVIDIA Corp. hidden hidden hidden hidden hidden hidden
Qualcomm Inc. hidden hidden hidden hidden hidden hidden
Texas Instruments Inc. hidden hidden hidden hidden hidden hidden
EV/FCFF, Sector
Technology Hardware & Equipment hidden hidden hidden hidden hidden hidden
EV/FCFF, Industry
Technology hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).

2018 Calculations

3 EV/FCFF = EV ÷ FCFF
= hidden ÷ hidden = hidden

Ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Apple Inc.'s EV/FCFF ratio increased from 2016 to 2017 but then slightly declined from 2017 to 2018.