Module 04 · AAPL sensitivity
Two numbers decide almost everything.
Hold Apple free cash flow constant and walk WACC against terminal growth. Green cells sit above the live tape.
Live FCFs
AAPL implied price · WACC × terminal growth
Each cell is an implied share price versus the $313.45 tape. Click a cell to load those assumptions into the model.
9.0% WACC · 3.5% TGR
$208.71
-33.4% vs tape
| WACC \ TGR | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | 4.0% | 4.5% | 5.0% |
|---|---|---|---|---|---|---|---|---|
| 7.0% | ||||||||
| 7.5% | ||||||||
| 8.0% | ||||||||
| 8.5% | ||||||||
| 9.0% | ||||||||
| 9.5% | ||||||||
| 10.0% | ||||||||
| 10.5% | ||||||||
| 11.0% | ||||||||
| 11.5% | ||||||||
| 12.0% |
Ringed cell is the live AAPL model. Amber ring marks prices within 3% of the tape — the indifference contour.
Workbook
Excel reference grid — the original 11 × 8 print
Each cell is an implied share price versus the $313.45 tape.
| WACC \ TGR | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | 4.0% | 4.5% | 5.0% |
|---|---|---|---|---|---|---|---|---|
| 7.0% | ||||||||
| 7.5% | ||||||||
| 8.0% | ||||||||
| 8.5% | ||||||||
| 9.0% | ||||||||
| 9.5% | ||||||||
| 10.0% | ||||||||
| 10.5% | ||||||||
| 11.0% | ||||||||
| 11.5% | ||||||||
| 12.0% |
Ringed cell is the live AAPL model. Amber ring marks prices within 3% of the tape — the indifference contour.
Revenue cases
Management (your live DCF) vs Street
Street FY2029E $523B versus your case $676B. The gap is the entire bull argument in one chart.