The Apple iPhone idis 619 Capstone Assignment By



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Estimated Price/Share=$102.07

 

 

 

 

 

 

 

 

Company Name:

APPLE COMPUTER INC

 

 

 

 

 

 

 

 

Required Valuation Parameters (to compute value of common equity):

 

 

 

 

 

 

Enter Cost of Equity Capital:

----------------------------------------------------------------------------->

15.48%

 

 

Enter Value of Contingent Claims on Common Equity ($000):

---------------------------->

11,506,945

 

 

Enter Date of Valuation:

-------------------------------------------- -------------------------------->

3/10/2007

 

 

Enter Dilution Factor for Splits Occurring Since Latest Fiscal Year End:

------------>

1.00

 

Optional Valuation Parameters (to compute value to all investors):

 

 

 

 

 

Enter Cost of Debt: ---------------------------------------------------------------------------------------------->

 

0.00%

 

 

Enter Cost of Preferred Stock: ----------------------------------------------------------------------------->

 

0.00%

 

Implied Cost of Equity Calculator

 

 

 

 

 

 

This calculator solves for the cost of equity capital that generates a given price/share.

 

 

 

To use the calculator, enter a price, hit return and click the 'Calculate' button.

 

 

 

 

 

 

 

 




 




 

 

 

 

 

 

Price/Share =

$102.07

 

1.000000

 

 

 

 

 

 

g) Apple introduces the iPhone but fails to keep COGS under control

Company Name

APPLE COMPUTER INC








































Forecast Horizon

10 Years











































TERMINAL

Estimated Price/Share=$58.73














































YEAR




Actual

Actual

Actual

Actual

Actual

Forecast

Forecast

Forecast

Forecast

Forecast

Forecast

Forecast

Forecast

Forecast

Forecast

Forecast

Fiscal Year End Date

9/30/2001

9/30/2002

9/30/2003

9/30/2004

9/30/2005

9/30/2006

9/30/2007

9/30/2008

9/30/2009

9/30/2010

9/30/2011

9/30/2012

9/30/2013

9/30/2014

9/30/2015

9/30/2016




















































Implied Return on Equity




0.016

0.017

0.059

0.213

0.201

0.051

(0.009)

0.010

0.049

0.108

0.197

0.225

0.244

0.276

0.302




















































Income Statement Assumptions

















































Sales Growth




7.1%

8.1%

33.4%

68.3%

38.7%

54.6%

59.1%

54.3%

48.7%

53.5%

26.8%

16.8%

9.9%

11.4%

5.0%

Cost of Goods Sold/Sales

75.1%

70.0%

70.7%

70.9%

69.7%

71.0%

70.9%

70.8%

70.7%

70.6%

70.5%

70.4%

70.3%

70.2%

70.1%

70.0%

R&D/Sales

8.0%

7.8%

7.6%

5.9%

3.8%

3.7%

8.0%

7.5%

7.1%

6.0%

5.6%

4.0%

4.0%

3.9%

3.9%

3.8%

SG&A/Sales

21.2%

19.3%

19.5%

17.2%

13.3%

12.6%

18.0%

22.2%

21.1%

20.0%

18.0%

15.0%

14.0%

13.8%

13.6%

13.3%

Dep&Amort/Avge PP&E and Intang.




18.1%

14.9%

19.0%

20.9%

18.9%

19.1%

19.3%

19.5%

19.7%

19.9%

20.1%

20.3%

20.5%

20.7%

20.9%

Interest Expense/Avge Debt




0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Non-Operating Income/Sales

5.5%

0.7%

1.1%

0.4%

1.2%

1.9%

1.5%

1.6%

1.5%

1.5%

1.4%

1.4%

1.3%

1.3%

1.2%

1.2%

Effective Tax Rate

28.8%

25.3%

26.1%

27.9%

26.4%

29.0%

30.0%

29.4%

28.9%

28.3%

27.8%

27.2%

26.7%

26.1%

25.6%

25.0%

Minority Interest/After Tax Income

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Other Income/Sales

0.2%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Ext. Items & Disc. Ops./Sales

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Pref. Dividends/Avge Pref. Stock




0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%




















































Balance Sheet Assumptions:

















































Working Capital Assumptions

















































Ending Operating Cash/Sales

80.9%

75.5%

73.6%

66.0%

59.3%

52.3%

55.0%

52.2%

49.4%

46.7%

43.9%

41.1%

38.3%

35.6%

32.8%

30.0%

Ending Receivables/Sales

8.7%

9.8%

12.3%

9.3%

6.4%

6.5%

7.2%

8.5%

9.3%

8.8%

8.4%

7.9%

7.4%

6.9%

6.5%

6.0%

Ending Inventories/COGS

0.3%

1.1%

1.3%

1.7%

1.7%

2.0%

1.8%

1.8%

2.0%

2.0%

2.0%

2.0%

2.0%

2.0%

2.0%

2.0%

Ending Other Current Assets/Sales

6.2%

7.7%

8.0%

8.6%

7.0%

14.9%

14.1%

13.3%

12.5%

11.8%

11.0%

10.2%

9.4%

8.6%

7.8%

7.0%

Ending Accounts Payable/COGS

19.9%

22.7%

26.3%

24.7%

18.3%

18.3%

24.0%

22.0%

20.0%

18.0%

16.8%

15.7%

14.5%

13.3%

12.2%

11.0%

Ending Taxes Payable/Sales

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Ending Other Current Liabs/Sales

13.4%

13.0%

14.5%

14.8%

12.2%

16.0%

15.6%

15.2%

14.9%

14.5%

14.1%

13.7%

13.4%

13.0%

12.6%

12.2%

Other Operating Asset Assumptions

















































Ending Net PP&E/Sales

10.5%

10.8%

10.8%

8.5%

5.9%

6.6%

8.0%

10.0%

12.0%

8.0%

6.0%

6.0%

6.0%

6.0%

6.0%

6.0%

Ending Investments/Sales

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Ending Intangibles/Sales

0.0%

2.1%

1.8%

1.2%

0.7%

0.9%

1.0%

1.2%

1.8%

2.0%

1.8%

1.6%

1.3%

1.1%

0.9%

0.7%

Ending Other Assets/Sales

5.9%

3.0%

2.4%

2.3%

2.4%

6.4%

5.0%

3.0%

2.9%

2.9%

2.8%

2.7%

2.6%

2.6%

2.5%

2.4%

Other Operating Liability Assumptions














































Other Liabilities/Sales

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Deferred Taxes/Sales

5.0%

4.0%

3.8%

3.6%

4.3%

3.8%

5.0%

6.0%

4.0%

3.8%

3.7%

3.5%

3.4%

3.3%

3.1%

3.0%

Financing Assumptions

















































Current Debt/Total Assets

0.0%

0.0%

4.5%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Long-Term Debt/Total Assets

5.3%

5.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Minority Interest/Total Assets

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Preferred Stock/Total Assets

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Dividend Payout Ratio

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%




Estimated Price/Share=$58.73

 

 

 

 

 

 

 

Company Name:

APPLE COMPUTER INC

 

 

 

 

 

 

 

Required Valuation Parameters (to compute value of common equity):

 

 

 

 

 

Enter Cost of Equity Capital:

----------------------------------------------------------------------------->

15.48%

 

Enter Value of Contingent Claims on Common Equity ($000):

---------------------------->

11,506,945

 

Enter Date of Valuation:

-------------------------------------------- -------------------------------->

3/10/2007

 

Enter Dilution Factor for Splits Occurring Since Latest Fiscal Year End:

------------>

1.00

Optional Valuation Parameters (to compute value to all investors):

 

 

 

 

Enter Cost of Debt: ---------------------------------------------------------------------------------------------->

 

0.00%

 

Enter Cost of Preferred Stock: ----------------------------------------------------------------------------->

 

0.00%

Implied Cost of Equity Calculator

 

 

 

 

 

This calculator solves for the cost of equity capital that generates a given price/share.

 

 

To use the calculator, enter a price, hit return and click the 'Calculate' button.

 

 

 

 

 

 

 




 




 

 

 

 

 

Price/Share =

$58.73

 

1.000000

 

 

 

 

 





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