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Need to fill out this chart below to find terminal growth rates for Apple using WACC.

Let's summarize our estimated stock price above, together with the estimated stock price in the tab "ROPI." Fill in the shaded boxes in the table below. WACC 10% lower best estimate 10% higher 10% lower Terminal growth rate best estimate 10% higher Model Inputs Weighted average cost of capital (WACC) Terminal period sales growth rate 14.57% (get the WACC number from the tab "WACC") 3.7% (it's the same terminal period sales growth rate as in Part 3, tab "Forecast") Professor guidance Group Project Part 3 DCF Model NOA Increase in NOA FCFF (NOPAT - Increase in NOA) Discount factor at WACC Present value of horizon FCFF Cumulative PV of horizon FCFF Present value of terminal FCFF 2021 Reported 2022 Estimated 2023 Estimated 146,326.80 155,545.39 165,344.75 9,218.59 9,799.36 91,224.85 96,972.01 0.87283 0.76183 79,623.68 73,876.21 285,639,41 631,105.95 WACC % - Terminal Period 2024 Estimated 175,761.47 10,416.72 103,081.25 0.66495 68,543.60 Terminal Period (change the years accordingly if your company's most recent year is not 2021) 193,747.31 (copy the NOAs from the tab "Forecast;" estimate the "terminal period NOA" using the growth model) 6,912.87 118,199.45 2025 Estimated 186,834.44 11,072.97 109,575.37 0.58039 63,595.92 10.87% Total firm (enterprise) value Less Net nonoperating obligations (NNO) Less noncontrolling interest (NCI) ) 916,745.35 178,152.00 (NNO = Nonoperating liabilities - nonoperating assets; see textbook p. 3-11) Didn't see anything in 10-K Firm equity value Shares outstanding Stock price per share 738,593.35 167,013.0 From 10-K earnings per share $4.42. From 10-K earnings per share-rounded Stock price on the day when the most recent 10-K was released $5.67 Was this company's stock under-or overvalued? Overvalued Our analysis above was based primarily on historical data from financial statements. What additional information would we like to have to refine our opinion? Is this missing information critical to our opinion? Notes 2021 Reported 94,490.53 2022 Estimated 100,443.43 2023 Estimated 106,771.37 2024 Estimated 113,497.97 2025 Estimated Terminal period 120,648.34 125, 112.33 NOPAT from Part 3 Present value of horizon FCFF Formula 1/(1+WACC %)^No. of Year Present value of terminal FCFF Formula {(FCFF Terminal Period /( WACC % - Terminal Growth Rate))*2025 PV Rate NNO Non-op liabilities Non-current liabilities total 287,912 Non-op assets Cash and cash equivalents Marketable securities Total right of use assets 39,789 59,023 10,948 109,760 NNO 178,152 Firm equity value formula total firm value - NNO- NCI Let's summarize our estimated stock price above, together with the estimated stock price in the tab "ROPI." Fill in the shaded boxes in the table below. WACC 10% lower best estimate 10% higher 10% lower Terminal growth rate best estimate 10% higher Model Inputs Weighted average cost of capital (WACC) Terminal period sales growth rate 14.57% (get the WACC number from the tab "WACC") 3.7% (it's the same terminal period sales growth rate as in Part 3, tab "Forecast") Professor guidance Group Project Part 3 DCF Model NOA Increase in NOA FCFF (NOPAT - Increase in NOA) Discount factor at WACC Present value of horizon FCFF Cumulative PV of horizon FCFF Present value of terminal FCFF 2021 Reported 2022 Estimated 2023 Estimated 146,326.80 155,545.39 165,344.75 9,218.59 9,799.36 91,224.85 96,972.01 0.87283 0.76183 79,623.68 73,876.21 285,639,41 631,105.95 WACC % - Terminal Period 2024 Estimated 175,761.47 10,416.72 103,081.25 0.66495 68,543.60 Terminal Period (change the years accordingly if your company's most recent year is not 2021) 193,747.31 (copy the NOAs from the tab "Forecast;" estimate the "terminal period NOA" using the growth model) 6,912.87 118,199.45 2025 Estimated 186,834.44 11,072.97 109,575.37 0.58039 63,595.92 10.87% Total firm (enterprise) value Less Net nonoperating obligations (NNO) Less noncontrolling interest (NCI) ) 916,745.35 178,152.00 (NNO = Nonoperating liabilities - nonoperating assets; see textbook p. 3-11) Didn't see anything in 10-K Firm equity value Shares outstanding Stock price per share 738,593.35 167,013.0 From 10-K earnings per share $4.42. From 10-K earnings per share-rounded Stock price on the day when the most recent 10-K was released $5.67 Was this company's stock under-or overvalued? Overvalued Our analysis above was based primarily on historical data from financial statements. What additional information would we like to have to refine our opinion? Is this missing information critical to our opinion? Notes 2021 Reported 94,490.53 2022 Estimated 100,443.43 2023 Estimated 106,771.37 2024 Estimated 113,497.97 2025 Estimated Terminal period 120,648.34 125, 112.33 NOPAT from Part 3 Present value of horizon FCFF Formula 1/(1+WACC %)^No. of Year Present value of terminal FCFF Formula {(FCFF Terminal Period /( WACC % - Terminal Growth Rate))*2025 PV Rate NNO Non-op liabilities Non-current liabilities total 287,912 Non-op assets Cash and cash equivalents Marketable securities Total right of use assets 39,789 59,023 10,948 109,760 NNO 178,152 Firm equity value formula total firm value - NNO- NCI

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