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Apple Inc. (AAPL)

Company Dividend Discount ModelIndustry: Consumer ElectronicsSector: Technology

Valuation Snapshot

Stable Growth$119.84 - $230.40$164.09
Multi-Stage$109.88 - $120.27$114.98
Blended Fair Value$139.53
Current Price$255.46
Upside-45.38%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS1.83%2.92%1.031.011.000.990.960.940.940.910.850.81
YoY Growth--1.23%1.39%1.24%2.59%2.74%-0.27%2.97%7.39%5.09%5.09%
Dividend Yield--0.40%0.40%0.52%0.66%0.55%0.71%1.30%2.33%2.01%2.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)112,010.00
(-) Cash Dividends Paid (M)15,421.00
(=) Cash Retained (M)96,589.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)22,402.0014,001.258,400.75
Cash Retained (M)96,589.0096,589.0096,589.00
(-) Cash Required (M)-22,402.00-14,001.25-8,400.75
(=) Excess Retained (M)74,187.0082,587.7588,188.25
(/) Shares Outstanding (M)15,039.9715,039.9715,039.97
(=) Excess Retained per Share4.935.495.86
LTM Dividend per Share1.031.031.03
(+) Excess Retained per Share4.935.495.86
(=) Adjusted Dividend5.966.526.89
WACC / Discount Rate9.11%9.11%9.11%
Growth Rate3.94%4.94%5.94%
Fair Value$119.84$164.09$230.40
Upside / Downside-53.09%-35.77%-9.81%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)112,010.00117,542.61123,348.51129,441.17135,834.78142,544.19146,820.52
Payout Ratio13.77%29.01%44.26%59.51%74.75%90.00%92.50%
Projected Dividends (M)15,421.0034,103.8354,594.6877,026.57101,541.26128,289.77135,808.98

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.11%9.11%9.11%
Growth Rate3.94%4.94%5.94%
Year 1 PV (M)30,959.3831,257.2431,555.10
Year 2 PV (M)44,991.2845,861.1746,739.38
Year 3 PV (M)57,624.5659,303.8361,015.41
Year 4 PV (M)68,960.2171,652.6274,423.11
Year 5 PV (M)79,092.8382,971.5087,000.88
PV of Terminal Value (M)1,371,025.831,438,260.311,508,107.01
Equity Value (M)1,652,654.091,729,306.661,808,840.88
Shares Outstanding (M)15,039.9715,039.9715,039.97
Fair Value$109.88$114.98$120.27
Upside / Downside-56.99%-54.99%-52.92%

High-Yield Dividend Screener

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