Zixsa / Financial-data portfolio
Apple FY2025
Financial case report
Purpose: demonstrate a traceable workflow from financial inputs to cash bridges, a simplified valuation scenario, and a reviewable report.
1. Inputs and cash bridges
Inputs are copied from the linked repository’s public-company case snapshot. Amounts are USD millions, except shares in millions and per-share values in USD.
| Item | Value | Treatment |
|---|---|---|
| Operating cash flow | 111,482 | Input |
| Capital expenditure | 12,715 | Input |
| FCF proxy | 98,767 | CFO − capex |
| Cash and securities | 132,420 | 35,934 + 18,763 + 77,723 |
| Debt | 98,657 | 7,979 + 12,350 + 78,328 |
| Net debt | −33,763 | Debt − cash/securities |
| Year-end shares | 14,773.26 | Frozen share-count input |
2. Assumptions and result
The five-year growth path is 7%, 6%, 5%, 4.5%, 4%. The base discount rate is 8.0%, with 2.5% perpetual terminal growth. These are illustrative model assumptions.
Project each year’s FCF proxy, discount the annual flows, and add the discounted Gordon-growth terminal value. Subtract net debt to obtain the illustrative equity value, then divide by shares.
| Scenario | Discount rate | Terminal growth | Output |
|---|---|---|---|
| Downside corner | 9.0% | 2.0% | $114.84 |
| Base | 8.0% | 2.5% | $143.49 |
| Upside corner | 7.0% | 3.0% | $193.47 |
3. What this demonstrates
- Source-linked inputs and explicit assumptions.
- Inspectable cash-flow and net-debt calculations.
- Valuation sensitivity with expected outputs and case tests.
- A path to reproduce the Python calculation at a fixed source revision.
4. Limitations
CFO − capex is a simplified cash-flow proxy, not a complete unlevered FCFF build. The snapshot is single-year, shares are frozen, and debt-like adjustments and private diligence are incomplete. Numerical outputs are illustrative, not price targets or investment advice.
This is educational portfolio work. It does not establish client delivery, independent assurance, production adoption, or live-model performance. The source memo’s “Watch” stance is human-written, not generated by the valuation calculation.
5. Reproduce the Python case
git clone https://github.com/Kozphy/financial-analysis-tool.git
cd financial-analysis-tool
git checkout a35303cb179f2d30aa17780e368af55c3f8a476b
python -m pip install -e ".[dev]"
python -m pytest tests/test_case_study.py -q6. Evidence and references
- Repository input snapshot
- Source memo, assumptions, and full sensitivity table
- Python valuation formulas
- Python case assertions
- Primary statement reference cited by the source memo
- Interactive browser demonstration
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