Intrinsic Valuation of AAPL
	AAPL Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$92,953,000,000	26.70%		EPS (FY)	5.61		Market Cap	2514B
	2020		$73,365,000,000	24.57%		P/E Ratio	24.88		Total Asset	351B
	2019		$58,896,000,000	-8.15%		Net Income	95B		Total Debt	137B
	2018		$64,121,000,000	25.37%		EBITDA	131B		Total Liab	288B
	2017		$51,147,000,000	-3.66%		Opr Margin	0.3096		Debt/Equity	1.78
	2016		$53,090,000,000			PreTax Margin	0.3082		BV/Share	3.84
	5Y Average FCF		$68,096,400,000	12.96%
						Overall Market Assumptions:
	Assumptions:					P/E for No-Growth Company:			7.00
	Perpetual Growth Rate (g):	2.50%				Historical US Bond Yield:			4.40%
	Discount Rete (WACC):	9.33%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$105,004,177,138			MBG Intrinsic Value			$118.39
	2023		$118,617,766,144
	2024		$133,996,330,703
	2025		$151,368,696,491
	2026		$170,993,355,992
	2027		$193,162,314,739
	Terminal Value		$2,899,165,552,261			Net Worth/Share			$3.76
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$2,179,158,350,307				Growth Rate
	(+) Cash & Cash Equivalents	$62,639,000,000			126.05	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$136,522,000,000		WACC	9.23%	115.1	121.2	128.2	136.3	145.8
	Equity Value	$2,105,275,350,307			9.28%	114.2	120.2	127.1	135.1	144.4
	Shares Outstanding	16701272000			9.33%	113.4	119.3	126.0	133.9	143.0
					9.83%	105.6	110.6	116.4	122.9	130.6
	DCF Intrinsic Value	$126.05			10.33%	98.7	103.0	108.0	113.5	119.9
Swarnadeep Seth (2022)