Explain the exit multiple method for terminal value, using last twelve months ebitda times an ev/ebitda multiple from trading or transaction comps, instead of growth in perpetuity.

Compute equity value by subtracting net debt from enterprise value, noting Apple's cash and marketable securities yield a negative net debt and an equity value near $750 billion.

Learn how to compute diluted shares for a DCF valuation by applying the treasury stock method to stock options, updating the basic share count, and evaluating potentially dilutive securities.

Identify the latest outstanding share count from 10-K/10-Q, distinguish exercisable options (in-the-money) from those not, and apply the treasury stock method for diluted shares in standalone and M&A analyses.

Understand how stock splits alter share count and market cap, and why confirm no split after financial reports; learn about dual classes and voting rights with Google as an example.

Compute the last twelve months ltm EBITDA from the latest 10-q, adjust for stock-based compensation and d&a, and build a football field to derive ltm multiples.

Understand industry beta concepts by de-levering and re-levering peer betas to a target capital structure, addressing historical beta flaws and improving private and public company valuations.

Apply industry beta modeling within the Apple DCF using a peer group of Microsoft, Google, and Amazon, including Apple, to deliver betas and adjust the whac-driven cost of capital.