Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Consumer Electronics (AAPL)

Industry Dividend Discount ModelIndustry: Consumer ElectronicsSector: Technology

Valuation Snapshot

Stable Growth$2.59 - $13.75$4.68
Multi-Stage$2.21 - $2.43$2.32
Blended Fair Value$3.50
Current Price$4.50
Upside-22.21%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.82%11.15%0.030.030.030.030.020.020.020.020.010.01
YoY Growth--4.12%-18.50%17.96%54.62%-14.27%17.38%0.56%21.47%22.83%23.21%
Dividend Yield--0.68%0.70%0.90%0.57%0.42%0.52%0.58%0.38%0.37%0.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)31.11
(-) Cash Dividends Paid (M)5.08
(=) Cash Retained (M)26.03
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.223.892.33
Cash Retained (M)26.0326.0326.03
(-) Cash Required (M)-6.22-3.89-2.33
(=) Excess Retained (M)19.8122.1423.70
(/) Shares Outstanding (M)388.42388.42388.42
(=) Excess Retained per Share0.050.060.06
LTM Dividend per Share0.010.010.01
(+) Excess Retained per Share0.050.060.06
(=) Adjusted Dividend0.060.070.07
WACC / Discount Rate6.39%6.39%6.39%
Growth Rate3.82%4.82%5.82%
Fair Value$2.59$4.68$13.75
Upside / Downside-42.46%4.00%205.63%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)31.1132.6034.1835.8237.5539.3640.54
Payout Ratio16.32%31.06%45.79%60.53%75.26%90.00%92.50%
Projected Dividends (M)5.0810.1315.6521.6828.2635.4237.50

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.39%6.39%6.39%
Growth Rate3.82%4.82%5.82%
Year 1 PV (M)9.439.529.61
Year 2 PV (M)13.5613.8314.09
Year 3 PV (M)17.5018.0118.53
Year 4 PV (M)21.2322.0622.91
Year 5 PV (M)24.7725.9927.25
PV of Terminal Value (M)773.77811.76851.23
Equity Value (M)860.26901.16943.62
Shares Outstanding (M)388.42388.42388.42
Fair Value$2.21$2.32$2.43
Upside / Downside-50.76%-48.41%-45.98%

High-Yield Dividend Screener

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