Apple Inc.(AAPL)
Figures in Millions except per share values
Company Overview
ValuationCurrent Price 460.16$ Margin of SafetyNCAV 3.84$
Total Net Reprod. Cost 123.39$
Earnings Power Value (EPV) 442.94$
Discounted Cash Flow (DCF) 460.06$
Katsenelson Absolute PE 469.98$
Ben Graham Formula 461.28$
Key Statistics Company StatsMkt Cap ($M) 432,117.85$ Shares Outstanding 939.1
52 Wk High 705.07$ Shares Float 938.8
52 Wk Low 435.00$ Insider Ownership 0.03%
% off 52Wk Low 5.8% Insider Transactions 3.7%
Institutional Ownership 64.1%
Cash Flows Float Short 2.0%
Free Cash Flow Short Ratio 0.9
5 yr FCF Growth 54.3% Piotroski (TTM) 5
10 yr FCF Growth 69.2% Altman (MRQ) 5.3 Fundamental Ratios 2011 2012 TTM
Beneish (TTM) -2.8 P/E 13.17 14.63 10.43
Effectiveness P/E (cash adjusted) 12.16 13.93 9.48
CROIC Margins & Profitability EV/EBITDA 8.86 9.94 6.68
Avg 64.3% Gross EV/Free Cash Flow 10.49 14.03 8.55
FCF/S Gross Margin 41.9% P/S 3.15 3.90 2.65
Avg 25.3% Operating P/BV 4.46 5.17 3.42
ROA Operating Margin 33.5% P/Tang BV 4.67 5.36 3.55
Avg 18.0% Net Profit P/CF 10.46 12.01 8.38
ROE Net Margin 25.4% P/FCF 11.35 14.73 9.41
Avg 27.7% ROE 33.8% 35.3% 32.8%
Financial Strength (MRQ) ROA 22.3% 23.7% 21.3%
Efficiency Current Ratio(MRQ) 1.5 ROIC 41.0% 38.1% 37.6%
Receivables Turnover (TTM) 8.2 Quick Ratio(MRQ) 1.5 CROIC 48.2% 38.2% 42.3%
Inventory Turnover (TTM) 65.8 LTD/Eq(MRQ) 0.0 Current Ratio 1.61 1.50 1.54
Days Sales Outstanding (TTM) 47.7 Tot D/Eq(MRQ) 0.0 Total Debt/Equity Ratio 0.52 0.49 0.54
Inventory Turnover 70.53 112.12 65.75
Apple Inc., together with subsidiaries, designs, manufactures, and markets mobile
communication and media devices, personal computing products, and portable digital
music players worldwide. Its products and services include iPhone, a handheld product
that combines a mobile phone, an iPod, and an Internet communications device; iPad, a
multi-purpose mobile device; desktop computers, such as iMac, Mac Pro, and Mac mini;
portable computers, including MacBook Pro and MacBook Air; a line of iPod portable
digital music and media players; and iCloud, a cloud service. The company also offers a
range of software products, including iOS and OS X operating system software; server
software; iLife and iWork application software; and other application software consisting
of Final Cut Pro, Logic Studio, Logic Pro, and its FileMaker Pro database software. It
also manufactures the Apple LED Cinema Display and Thunderbolt Display; sells a
variety of Apple-branded and third-party Mac-compatible and iOS-compatible peripheral
products, including printers, storage devices, computer memory, digital video and still
cameras, and various other computing products and supplies; and Apple TV, a device
February 18, 2013
Selected Financial Statements
012345
Low Risk
High Growth
Under Valued
Well Managed
Good Financials
Strong Moat
-100.0%
-100.0%
-3.9%
0.0%
2.1%
0.2%
$0.00
$100.00
$200.00
$300.00
$400.00
$500.00
$600.00
$700.00
$800.00
Feb-02 Feb-04 Feb-06 Feb-08 Feb-10 Feb-12
Price vs Intrinsic Value
Stock Price Intrinsic Value Buy Price
(In Millions, Except per Share Amounts) 2008 2009 2010 2011 2012 TTM/Latest
Revenue 32,479$ 42,905$ 65,225$ 108,249$ 156,508$ 164,687$
Gross Profit 11,145$ 17,222$ 25,684$ 43,818$ 68,662$ 69,019$
Margin % 34.31% 40.14% 39.38% 40.48% 43.87% 41.91%
R&D 1,109$ 1,333$ 1,782$ 2,429$ 3,381$ 3,633$
Margin % 3.41% 3.11% 2.73% 2.24% 2.16% 2.21%
Operating Income 6,275$ 11,740$ 18,385$ 33,790$ 55,241$ 55,111$
Margin % 19.32% 27.36% 28.19% 31.22% 35.30% 33.46%
Net Income 4,834$ 8,235$ 14,013$ 25,922$ 41,733$ 41,747$
Margin % 14.88% 19.19% 21.48% 23.95% 26.67% 25.35%
Earnings Per Share
Basic 5.48$ 9.22$ 15.41$ 28.05$ 44.64$ 44.55$
Diluted 5.36$ 9.08$ 15.15$ 27.68$ 44.15$ 44.10$
Weighted Average Diluted Shares
Outstanding 902.14 907.01 924.71 936.65 945.36 947.22
Dividends Per Share -$ -$ -$ -$ 2.63$ 5.26$
Dividend Yield 0.00% 0.00% 0.00% 0.00% 0.41% 1.14%
Net Cash From Operating Activities 9,596$ 10,159$ 18,595$ 37,529$ 50,856$ 56,728$
(Dollars in Millions)
Net Property, Plants & Equipment 2,455$ 2,954$ 4,768$ 7,777$ 15,452$ 15,422$
Total Assets 39,572$ 47,501$ 75,183$ 116,371$ 176,064$ 196,088$
Long-term Debt 4,450$ 4,355$ 6,670$ 11,786$ 19,312$ 21,863$
Stockholders' Equity 21,030$ 31,640$ 47,791$ 76,615$ 118,210$ 127,346$
Apple Inc.
(AAPL) Figures in Millions except per share values
1000000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 TTM Next Year Est
Income Statement 9 8 7 6 5 4 3 2 1 0 3 3 2 1 0Revenue 6,207.0$ 8,279.0$ 13,931.0$ 19,315.0$ 24,006.0$ 32,479.0$ 42,905.0$ 65,225.0$ 108,249.0$ 156,508.0$ 46,333.0$ 39,186.0$ 35,023.0$ 35,966.0$ 54,512.0$ 164,687.0$
% change from prev year 33.4% 68.3% 38.6% 24.3% 35.3% 32.1% 52.0% 66.0% 44.6% -15.4% -10.6% 2.7% 51.6% 5.2%
Cost of Revenues 4,499.0$ 6,020.0$ 9,888.0$ 13,717.0$ 15,852.0$ 21,334.0$ 25,683.0$ 39,541.0$ 64,431.0$ 87,846.0$ 25,630.0$ 20,622.0$ 20,029.0$ 21,565.0$ 33,452.0$ 95,668.0$
COGS (%) 72.5% 72.7% 71.0% 71.0% 66.0% 65.7% 59.9% 60.6% 59.5% 56.1% 55.3% 52.6% 57.2% 60.0% 61.4% 58.1%
Gross Profit 1,708.0$ 2,259.0$ 4,043.0$ 5,598.0$ 8,154.0$ 11,145.0$ 17,222.0$ 25,684.0$ 43,818.0$ 68,662.0$ 20,703.0$ 18,564.0$ 14,994.0$ 14,401.0$ 21,060.0$ 69,019.0$
Gross Income (%) 27.5% 27.3% 29.0% 29.0% 34.0% 34.3% 40.1% 39.4% 40.5% 43.9% 44.7% 47.4% 42.8% 40.0% 38.6% 41.9%
Operating Expenses
Selling, General & Admin. Expenses 1,212.0$ 1,421.0$ 1,859.0$ 2,433.0$ 2,963.0$ 3,761.0$ 4,149.0$ 5,517.0$ 7,599.0$ 10,040.0$ 2,605.0$ 2,339.0$ 2,545.0$ 2,551.0$ 2,840.0$ 10,275.0$
SG&A (%) 19.5% 17.2% 13.3% 12.6% 12.3% 11.6% 9.7% 8.5% 7.0% 6.4% 5.6% 6.0% 7.3% 7.1% 5.2% 6.2%
Research & Development 471.0$ 489.0$ 534.0$ 712.0$ 782.0$ 1,109.0$ 1,333.0$ 1,782.0$ 2,429.0$ 3,381.0$ 758.0$ 841.0$ 876.0$ 906.0$ 1,010.0$ 3,633.0$
R&D (%) 7.6% 5.9% 3.8% 3.7% 3.3% 3.4% 3.1% 2.7% 2.2% 2.2% 1.6% 2.1% 2.5% 2.5% 1.9% 2.2%
EBITDA 113.0$ 476.0$ 1,829.0$ 2,678.0$ 4,726.0$ 6,748.0$ 12,474.0$ 19,412.0$ 35,604.0$ 58,518.0$ 18,061.0$ 16,124.0$ 12,408.0$ 11,925.0$ 18,798.0$ 59,255.0$
EBITDA (%) 1.8% 5.7% 13.1% 13.9% 19.7% 20.8% 29.1% 29.8% 32.9% 37.4% 39.0% 41.1% 35.4% 33.2% 34.5% 36.0%
Other Special Charges -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Depreciation & Amortization 113.0$ 150.0$ 179.0$ 225.0$ 317.0$ 473.0$ 734.0$ 1,027.0$ 1,814.0$ 3,277.0$ 721.0$ 740.0$ 835.0$ 981.0$ 1,588.0$ 4,144.0$
D&A (%) 1.8% 1.8% 1.3% 1.2% 1.3% 1.5% 1.7% 1.6% 1.7% 2.1% 1.6% 1.9% 2.4% 2.7% 2.9% 2.5%
Operating Income 25.0$ 349.0$ 1,650.0$ 2,453.0$ 4,409.0$ 6,275.0$ 11,740.0$ 18,385.0$ 33,790.0$ 55,241.0$ 17,340.0$ 15,384.0$ 11,573.0$ 10,944.0$ 17,210.0$ 55,111.0$
Operating Income (%) 0.4% 4.2% 11.8% 12.7% 18.4% 19.3% 27.4% 28.2% 31.2% 35.3% 37.4% 39.3% 33.0% 30.4% 31.6% 33.5%
Other Income and ExpenseEBIT 92.0$ 383.0$ 1,815.0$ 2,818.0$ 5,008.0$ 6,895.0$ 12,066.0$ 18,540.0$ 34,205.0$ 55,763.0$ 17,477.0$ 15,532.0$ 11,861.0$ 10,893.0$ 17,672.0$ 55,958.0$
Interest Expense -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Interest Income 83.0$ 53.0$ 183.0$ 394.0$ 647.0$ -$ 407.0$ 311.0$ 519.0$ 1,088.0$ -$ -$ -$ 1,088.0$ 421.0$ 1,509.0$
Other Income 10.0$ 4.0$ (18.0)$ (29.0)$ (48.0)$ 620.0$ (81.0)$ (156.0)$ (104.0)$ (566.0)$ 137.0$ 148.0$ 288.0$ (1,139.0)$ 41.0$ (662.0)$
Total Other Income 93.0$ 57.0$ 165.0$ 365.0$ 599.0$ 620.0$ 326.0$ 155.0$ 415.0$ 522.0$ 137.0$ 148.0$ 288.0$ (51.0)$ 462.0$ 847.0$
Income Before Taxes (EBT) 92.0$ 383.0$ 1,815.0$ 2,818.0$ 5,008.0$ 6,895.0$ 12,066.0$ 18,540.0$ 34,205.0$ 55,763.0$ 17,477.0$ 15,532.0$ 11,861.0$ 10,893.0$ 17,672.0$ 55,958.0$
Income Taxes/(Credit) 24.0$ 107.0$ 480.0$ 829.0$ 1,512.0$ 2,061.0$ 3,831.0$ 4,527.0$ 8,283.0$ 14,030.0$ 4,413.0$ 3,910.0$ 3,037.0$ 2,670.0$ 4,594.0$ 14,211.0$
Tax Rate % 26.1% 27.9% 26.4% 29.4% 30.2% 29.9% 31.8% 24.4% 24.2% 25.2% 25.3% 25.2% 25.6% 24.5% 26.0% 25.4%
Earnings After Taxes 68.0$ 276.0$ 1,335.0$ 1,989.0$ 3,496.0$ 4,834.0$ 8,235.0$ 14,013.0$ 25,922.0$ 41,733.0$ 13,064.0$ 11,622.0$ 8,824.0$ 8,223.0$ 13,078.0$ 41,747.0$
Minority Interest Expense -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Net Income From Continuing Operations 68.0$ 276.0$ 1,335.0$ 1,989.0$ 3,496.0$ 4,834.0$ 8,235.0$ 14,013.0$ 25,922.0$ 41,733.0$ 13,064.0$ 11,622.0$ 8,824.0$ 8,223.0$ 13,078.0$ 41,747.0$
Net Income From Discontinued Operations -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Net Income From Total Operations 69.0$ 276.0$ 1,335.0$ 1,989.0$ 3,496.0$ 4,834.0$ 8,235.0$ 14,013.0$ 25,922.0$ 41,733.0$ 13,064.0$ 11,622.0$ 8,824.0$ 8,223.0$ 13,078.0$ 41,747.0$
Net Income (%) 1.1% 3.3% 9.6% 10.3% 14.6% 14.9% 19.2% 21.5% 23.9% 26.7% 28.2% 29.7% 25.2% 22.9% 24.0% 25.3%
Shares and EPS
Total Basic EPS 0.10$ 0.37$ 1.65$ 2.36$ 4.04$ 5.48$ 9.22$ 15.41$ 28.05$ 44.64$ 14.03$ 12.45$ 9.42$ 8.75$ 13.93$ 44.55$
Fully Diluted EPS 0.10$ 0.36$ 1.56$ 2.27$ 3.93$ 5.36$ 9.08$ 15.15$ 27.68$ 44.15$ 13.87$ 12.30$ 9.32$ 8.67$ 13.81$ 44.10$
Dividends Paid Per Share -$ -$ -$ -$ -$ -$ -$ -$ -$ 2.65$ -$ -$ -$ 2.65$ 2.65$ 5.30$
Basic Shares Outstanding 721.3 743.2 808.4 844.1 864.6 881.6 893.0 909.5 924.3 934.8 931.0 933.6 936.6 934.8 938.9 939.1
Diluted Shares Outstanding 726.9 774.6 856.8 877.5 889.3 902.1 907.0 924.7 936.6 945.4 941.6 944.9 947.1 945.4 947.2 947.2
User Defined Shares Outstanding
Balance Sheet MRQAssets
Cash and Equiv 3,396.0$ 2,969.0$ 3,491.0$ 6,392.0$ 9,352.0$ 11,875.0$ 5,263.0$ 11,261.0$ 9,815.0$ 10,746.0$ 10,310.0$ 10,121.0$ 7,945.0$ 10,746.0$ 16,154.0$ 16,154.0$
Short-Term Investments 1,170.0$ 2,495.0$ 4,770.0$ 3,718.0$ 6,034.0$ 12,615.0$ 18,201.0$ 14,359.0$ 16,137.0$ 18,383.0$ 19,846.0$ 18,417.0$ 19,709.0$ 18,383.0$ 23,666.0$ 23,666.0$
Net Receivables 766.0$ 774.0$ 895.0$ 1,252.0$ 4,029.0$ 4,704.0$ 5,057.0$ 9,924.0$ 11,717.0$ 18,692.0$ 16,484.0$ 13,769.0$ 14,298.0$ 18,692.0$ 21,534.0$ 21,534.0$
% change from prev year 1.0% 15.6% 39.9% 221.8% 16.8% 7.5% 96.2% 18.1% 59.5% 40.7% -26.3% 3.8% 30.7% 15.2% 15.2%
Inventories, raw materials -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Inventories, work in progress 4.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Inventories, purchased components 2.0$ 1.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Inventories, finished goods 50.0$ 100.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Inventories, other -$ -$ 165.0$ 270.0$ 346.0$ 509.0$ 455.0$ 1,051.0$ 776.0$ 791.0$ 1,236.0$ 1,102.0$ 1,122.0$ 791.0$ 1,455.0$ 1,455.0$
Inventories 56.0$ 101.0$ 165.0$ 270.0$ 346.0$ 509.0$ 455.0$ 1,051.0$ 776.0$ 791.0$ 1,236.0$ 1,102.0$ 1,122.0$ 791.0$ 1,455.0$ 1,455.0$
% change from prev year 80.4% 63.4% 63.6% 28.1% 47.1% -10.6% 131.0% -26.2% 1.9% 59.3% 39.3% 1.8% -29.5% 83.9% 83.9%
Prepaid Expenses -$ -$ -$ -$ 417.0$ 475.0$ 309.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Current Deferred Income Taxes 190.0$ 231.0$ 331.0$ 607.0$ 782.0$ 1,447.0$ 1,135.0$ 1,636.0$ 2,014.0$ 2,583.0$ 1,937.0$ 2,253.0$ 2,309.0$ 2,583.0$ 2,895.0$ 2,895.0$
Other Current Assets 309.0$ 485.0$ 648.0$ 2,270.0$ 996.0$ 3,065.0$ 1,135.0$ 3,447.0$ 4,529.0$ 6,458.0$ 4,958.0$ 5,050.0$ 6,560.0$ 6,458.0$ 6,644.0$ 6,644.0$
Total Current Assets 5,887.0$ 7,055.0$ 10,300.0$ 14,509.0$ 21,956.0$ 34,690.0$ 31,555.0$ 41,678.0$ 44,988.0$ 57,653.0$ 54,771.0$ 50,712.0$ 51,943.0$ 57,653.0$ 72,348.0$ 72,348.0$
Land and Improvements 350.0$ 351.0$ 361.0$ 626.0$ 762.0$ 810.0$ 955.0$ 1,471.0$ 2,059.0$ 2,439.0$ 2,090.0$ 2,156.0$ 2,315.0$ 2,439.0$ 2,627.0$ 2,627.0$
Building and Improvements 357.0$ 446.0$ 545.0$ 760.0$ 1,019.0$ 1,324.0$ 1,665.0$ 2,030.0$ 2,599.0$ 3,464.0$ 2,742.0$ 2,930.0$ 3,086.0$ 3,464.0$ 3,593.0$ 3,593.0$
Machinery, Furniture & Equipment 467.0$ 501.0$ 575.0$ 689.0$ 1,060.0$ 1,613.0$ 2,047.0$ 3,733.0$ 7,110.0$ 15,984.0$ 7,508.0$ 8,855.0$ 10,804.0$ 15,984.0$ 16,994.0$ 16,994.0$
Construction in Progress -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Other Fixed Assets -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Total Fixed Assets 1,174.0$ 1,298.0$ 1,481.0$ 2,075.0$ 2,841.0$ 3,747.0$ 4,667.0$ 7,234.0$ 11,768.0$ 21,887.0$ 12,340.0$ 13,941.0$ 16,205.0$ 21,887.0$ 23,214.0$ 23,214.0$
Net Fixed Assets 669.0$ 707.0$ 817.0$ 1,281.0$ 1,832.0$ 2,455.0$ 2,954.0$ 4,768.0$ 7,777.0$ 15,452.0$ 7,816.0$ 8,847.0$ 10,487.0$ 15,452.0$ 15,422.0$ 15,422.0$
Intangible Assets 109.0$ 97.0$ 96.0$ 160.0$ 382.0$ 285.0$ 353.0$ 342.0$ 3,536.0$ 4,224.0$ 3,472.0$ 3,604.0$ 4,329.0$ 4,224.0$ 4,462.0$ 4,462.0$
Goodwill -$ -$ -$ 38.0$ 38.0$ 207.0$ 206.0$ 741.0$ 896.0$ 1,135.0$ 896.0$ 1,141.0$ 1,132.0$ 1,135.0$ 1,381.0$ 1,381.0$
Non Current Deferred Income Taxes -$ -$ 183.0$ -$ 88.0$ -$ 163.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Other Long-Term Assets 150.0$ 191.0$ 155.0$ 1,217.0$ 1,051.0$ 1,935.0$ 12,270.0$ 27,654.0$ 59,174.0$ 97,600.0$ 71,726.0$ 86,630.0$ 95,005.0$ 97,600.0$ 102,475.0$ 102,475.0$
Total Long-Term Assets 928.0$ 995.0$ 1,251.0$ 2,696.0$ 3,391.0$ 4,882.0$ 15,946.0$ 33,505.0$ 71,383.0$ 118,411.0$ 83,910.0$ 100,222.0$ 110,953.0$ 118,411.0$ 123,740.0$ 123,740.0$
Total Assets 6,815.0$ 8,050.0$ 11,551.0$ 17,205.0$ 25,347.0$ 39,572.0$ 47,501.0$ 75,183.0$ 116,371.0$ 176,064.0$ 138,681.0$ 150,934.0$ 162,896.0$ 176,064.0$ 196,088.0$ 196,088.0$
Liabilities & Stockholders' Equity
Accounts payable 1,154.0$ 1,451.0$ 1,779.0$ 3,390.0$ 4,970.0$ 5,520.0$ 5,601.0$ 12,015.0$ 14,632.0$ 21,175.0$ 18,221.0$ 17,011.0$ 16,808.0$ 21,175.0$ 26,398.0$ 26,398.0$
Short-Term Debt 304.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Taxes Payable -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Accrued Expenses 899.0$ 1,229.0$ -$ 1,191.0$ 1,260.0$ 8,572.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Accrued Liabilities -$ -$ 576.0$ -$ -$ -$ 3,422.0$ 1,593.0$ 8,107.0$ 9,879.0$ 7,435.0$ 6,733.0$ 8,832.0$ 9,879.0$ 11,214.0$ 11,214.0$
Deferred Revenues -$ -$ 501.0$ 746.0$ 1,410.0$ -$ 2,053.0$ 2,984.0$ 4,091.0$ 5,953.0$ 6,431.0$ 6,993.0$ 5,822.0$ 5,953.0$ 7,274.0$ 7,274.0$
Current Deferred Income Taxes -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Other Current Liabilities -$ -$ 628.0$ 1,144.0$ 1,659.0$ -$ 430.0$ 4,130.0$ 1,140.0$ 1,535.0$ 2,520.0$ 1,299.0$ 1,598.0$ 1,535.0$ 1,993.0$ 1,993.0$
Total Current Liabilities 2,357.0$ 2,680.0$ 3,484.0$ 6,471.0$ 9,299.0$ 14,092.0$ 11,506.0$ 20,722.0$ 27,970.0$ 38,542.0$ 34,607.0$ 32,036.0$ 33,060.0$ 38,542.0$ 46,879.0$ 46,879.0$
Long-Term Debt -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Other Liabilities -$ -$ -$ 369.0$ 897.0$ 3,775.0$ 2,139.0$ 2,370.0$ 11,786.0$ 19,312.0$ 14,020.0$ 16,400.0$ 18,090.0$ 19,312.0$ 21,863.0$ 21,863.0$
Deferred Income Taxes 235.0$ 294.0$ 601.0$ 381.0$ 619.0$ 675.0$ 2,216.0$ 4,300.0$ -$ -$ -$ -$ -$ -$ -$ -$
Total Long-Term Liabilities 235.0$ 294.0$ 601.0$ 750.0$ 1,516.0$ 4,450.0$ 4,355.0$ 6,670.0$ 11,786.0$ 19,312.0$ 14,020.0$ 16,400.0$ 18,090.0$ 19,312.0$ 21,863.0$ 21,863.0$
Total Liabilities 2,592.0$ 2,974.0$ 4,085.0$ 7,221.0$ 10,815.0$ 18,542.0$ 15,861.0$ 27,392.0$ 39,756.0$ 57,854.0$ 48,627.0$ 48,436.0$ 51,150.0$ 57,854.0$ 68,742.0$ 68,742.0$
Retained Earnings 2,394.0$ 2,670.0$ 4,005.0$ 5,607.0$ 9,101.0$ 13,845.0$ 23,353.0$ 37,169.0$ 62,841.0$ 101,289.0$ 75,709.0$ 87,124.0$ 95,641.0$ 101,289.0$ 109,567.0$ 109,567.0$
Preferred Equity -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Total Equity 4,223.0$ 5,076.0$ 7,466.0$ 9,984.0$ 14,532.0$ 21,030.0$ 31,640.0$ 47,791.0$ 76,615.0$ 118,210.0$ 90,054.0$ 102,498.0$ 111,746.0$ 118,210.0$ 127,346.0$ 127,346.0$
Total Liabilities & Equity 6,815.0$ 8,050.0$ 11,551.0$ 17,205.0$ 25,347.0$ 39,572.0$ 47,501.0$ 75,183.0$ 116,371.0$ 176,064.0$ 138,681.0$ 150,934.0$ 162,896.0$ 176,064.0$ 196,088.0$ 196,088.0$
Cash Flows Statement TTM
Cash Flows From Operating ActivitiesNet Income 69.0$ 276.0$ 1,335.0$ 1,989.0$ 3,496.0$ 4,834.0$ 8,235.0$ 14,013.0$ 25,922.0$ 41,733.0$ 13,064.0$ 24,686.0$ 33,510.0$ 41,733.0$ 13,078.0$ 41,747.0$
Depreciation & Amortization 113.0$ 150.0$ 179.0$ 225.0$ 317.0$ 473.0$ 734.0$ 1,027.0$ 1,814.0$ 3,277.0$ 721.0$ 1,461.0$ 2,296.0$ 3,277.0$ 1,588.0$ 4,144.0$
Deferred Income Taxes (11.0)$ 20.0$ 52.0$ 53.0$ 78.0$ (368.0)$ 1,040.0$ 1,440.0$ 2,868.0$ 4,405.0$ 1,456.0$ 2,915.0$ 4,066.0$ 4,405.0$ 1,179.0$ 4,128.0$
Operating Gains (8.0)$ 40.0$ 504.0$ 11.0$ 12.0$ 22.0$ 26.0$ 24.0$ -$ -$ -$ -$ -$ -$ -$ -$
Extraordinary Gains -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
(Incr) Decr. in Receivables (201.0)$ (8.0)$ (121.0)$ (357.0)$ (385.0)$ (785.0)$ (939.0)$ (4,860.0)$ (1,791.0)$ (6,965.0)$ (4,767.0)$ (2,042.0)$ (2,571.0)$ (6,965.0)$ (2,842.0)$ (5,040.0)$
(Incr) Decr. in Inventories (11.0)$ (45.0)$ (64.0)$ (105.0)$ (76.0)$ (163.0)$ 54.0$ (596.0)$ 275.0$ (15.0)$ (460.0)$ (326.0)$ (346.0)$ (15.0)$ (664.0)$ (219.0)$
(Incr) Decr. in Prepaid Expenses -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
(Incr) Decr. in Other Current Assets (64.0)$ (215.0)$ (211.0)$ (1,626.0)$ (1,540.0)$ (1,958.0)$ 749.0$ (1,514.0)$ -$ -$ -$ -$ -$ -$ -$ -$
Decr. (Incr) in payables 243.0$ 297.0$ 328.0$ 1,611.0$ 1,494.0$ 596.0$ 92.0$ 6,307.0$ 2,515.0$ 4,467.0$ 4,314.0$ 2,809.0$ 2,450.0$ 4,467.0$ 6,145.0$ 6,298.0$
Decr. (Incr) in Other Current Liabilities 159.0$ 419.0$ 533.0$ -$ -$ 5,642.0$ 521.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Decr. (Incr) in Other Working Capital -$ -$ -$ 256.0$ 1,832.0$ 787.0$ (1,063.0)$ 1,875.0$ 4,758.0$ 2,214.0$ 2,806.0$ 1,184.0$ 1,023.0$ 2,214.0$ 4,397.0$ 3,805.0$
Other Non Cash Items -$ -$ -$ 163.0$ 242.0$ 516.0$ 710.0$ 879.0$ 1,168.0$ 1,740.0$ 420.0$ 844.0$ 1,292.0$ 1,740.0$ 545.0$ 1,865.0$
Net Cash From Operating Activities 289.0$ 934.0$ 2,535.0$ 2,220.0$ 5,470.0$ 9,596.0$ 10,159.0$ 18,595.0$ 37,529.0$ 50,856.0$ 17,554.0$ 31,531.0$ 41,720.0$ 50,856.0$ 23,426.0$ 56,728.0$
Cash Flows From Investing Activities
Sale of Long-term Investments 45.0$ 5.0$ -$ -$ -$ -$ -$ -$ -$ 99,770.0$ -$ -$ 73,140.0$ 99,770.0$ -$ 99,770.0$
Sale of Short-term Investments -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Capital Expenditures (164.0)$ (176.0)$ (260.0)$ (657.0)$ (986.0)$ (1,199.0)$ (1,213.0)$ (2,121.0)$ (7,452.0)$ (9,402.0)$ (1,429.0)$ (2,938.0)$ (5,901.0)$ (9,402.0)$ (2,455.0)$ (10,428.0)$
Acquisitions -$ -$ -$ -$ -$ (220.0)$ -$ (638.0)$ (244.0)$ (350.0)$ -$ (350.0)$ (350.0)$ (350.0)$ (284.0)$ (634.0)$
Sale of Assets -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Purchase of Long-term Investments -$ -$ -$ (25.0)$ (17.0)$ (38.0)$ (101.0)$ (18.0)$ -$ (151,232.0)$ -$ -$ (121,091.0)$ (151,232.0)$ -$ (151,232.0)$
Purchase of Short-term Investments (2,648.0)$ (3,270.0)$ (11,470.0)$ (7,255.0)$ (11,719.0)$ (22,965.0)$ (46,724.0)$ (57,793.0)$ (102,317.0)$ -$ (40,175.0)$ (85,022.0)$ -$ -$ (37,192.0)$ 2,983.0$
Other Investing Changes, Net 33.0$ 11.0$ (21.0)$ (18.0)$ 49.0$ (10.0)$ (74.0)$ (2.0)$ (259.0)$ (48.0)$ (34.0)$ (48.0)$ (56.0)$ (48.0)$ (52.0)$ (66.0)$
Net Cash From Investing Activities 828.0$ (1,488.0)$ (2,556.0)$ 357.0$ (3,249.0)$ (8,189.0)$ (17,434.0)$ (13,854.0)$ (40,419.0)$ (48,227.0)$ (17,128.0)$ (31,604.0)$ (43,914.0)$ (48,227.0)$ (13,521.0)$ (44,620.0)$
Cash Flows From Financing ActivitiesIssuance of Capital Stock 53.0$ 427.0$ 543.0$ 318.0$ 365.0$ 483.0$ 475.0$ 912.0$ 831.0$ 665.0$ 91.0$ 377.0$ 433.0$ 665.0$ 76.0$ 650.0$
Repurchase of Capital Stock (26.0)$ -$ -$ (355.0)$ (3.0)$ (124.0)$ -$ -$ -$ -$ -$ -$ -$ -$ (1,950.0)$ (1,950.0)$
Net Issuance of Stock 27.0$ 427.0$ 543.0$ (37.0)$ 362.0$ 359.0$ 475.0$ 912.0$ 831.0$ 665.0$ 91.0$ 377.0$ 433.0$ 665.0$ (1,874.0)$ (1,300.0)$
Issuance of Debt -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Repayment of Debt -$ (300.0)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Net Issuance of Debt -$ (300.0)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Dividends Paid -$ -$ -$ -$ -$ -$ -$ -$ -$ (2,488.0)$ -$ -$ -$ (2,488.0)$ (2,493.0)$ (4,981.0)$
Cash from Financing 27.0$ 127.0$ 543.0$ 324.0$ 739.0$ 1,116.0$ 663.0$ 1,257.0$ 1,444.0$ (1,698.0)$ 69.0$ 379.0$ 324.0$ (1,698.0)$ (4,497.0)$ (6,264.0)$
Cash at Beginning of the Period 2,252.0$ 3,396.0$ 2,969.0$ 3,491.0$ 6,392.0$ 9,352.0$ 11,875.0$ 5,263.0$ 11,261.0$ 9,815.0$ 9,815.0$ 9,815.0$ 9,815.0$ 9,815.0$ 10,746.0$ 10,746.0$
Cash at End of the Period 3,396.0$ 2,969.0$ 3,491.0$ 6,392.0$ 9,352.0$ 11,875.0$ 5,263.0$ 11,261.0$ 9,815.0$ 10,746.0$ 10,310.0$ 10,121.0$ 7,945.0$ 10,746.0$ 16,154.0$ 16,590.0$ Change in Cash 1,144.0$ (427.0)$ 522.0$ 2,901.0$ 2,960.0$ 2,523.0$ (6,612.0)$ 5,998.0$ (1,446.0)$ 931.0$ 495.0$ 306.0$ (1,870.0)$ 931.0$ 5,408.0$ 5,844.0$
Free Cash FlowCash from Operations 289.0$ 934.0$ 2,535.0$ 2,220.0$ 5,470.0$ 9,596.0$ 10,159.0$ 18,595.0$ 37,529.0$ 50,856.0$ 17,554.0$ 31,531.0$ 41,720.0$ 50,856.0$ 23,426.0$ 56,728.0$
Cap Ex 164.0$ 176.0$ 260.0$ 657.0$ 986.0$ 1,199.0$ 1,213.0$ 2,121.0$ 7,452.0$ 9,402.0$ 1,429.0$ 2,938.0$ 5,901.0$ 9,402.0$ 2,455.0$ 10,428.0$
Free Cash Flow 125.0$ 758.0$ 2,275.0$ 1,563.0$ 4,484.0$ 8,397.0$ 8,946.0$ 16,474.0$ 30,077.0$ 41,454.0$ 16,125.0$ 28,593.0$ 35,819.0$ 41,454.0$ 20,971.0$ 46,300.0$
Owner Earnings FCF (108.0)$ (198.0)$ 789.0$ 1,941.0$ 1,744.0$ 505.0$ 9,052.0$ 12,586.0$ 15,695.0$ 37,647.0$ 10,883.0$ 22,428.0$ 30,641.0$ 37,647.0$ 5,720.0$ 32,484.0$
User Defined
2/18/2013
Enter Ticker Refresh CLEAR
Apple Inc.
(AAPL)
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q2 Q3 Q4 Q1 TTM
Income StatementRevenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cost of Revenues 72.5% 72.7% 71.0% 71.0% 66.0% 65.7% 59.9% 60.6% 59.5% 56.1% 52.6% 57.2% 60.0% 61.4% 58.1%
Gross Profit 27.5% 27.3% 29.0% 29.0% 34.0% 34.3% 40.1% 39.4% 40.5% 43.9% 47.4% 42.8% 40.0% 38.6% 41.9%
Operating Expenses
Selling, General & Admin. Expenses 19.5% 17.2% 13.3% 12.6% 12.3% 11.6% 9.7% 8.5% 7.0% 6.4% 6.0% 7.3% 7.1% 5.2% 6.2%
Research & Development 7.6% 5.9% 3.8% 3.7% 3.3% 3.4% 3.1% 2.7% 2.2% 2.2% 2.1% 2.5% 2.5% 1.9% 2.2%
EBITDA 1.8% 5.7% 13.1% 13.9% 19.7% 20.8% 29.1% 29.8% 32.9% 37.4% 41.1% 35.4% 33.2% 34.5% 36.0%
Other Special Charges 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%
Depreciation & Amortization 1.8% 1.8% 1.3% 1.2% 1.3% 1.5% 1.7% 1.6% 1.7% 2.1% 1.9% 2.4% 2.7% 2.9% 2.5%
Operating Income 0.4% 4.2% 11.8% 12.7% 18.4% 19.3% 27.4% 28.2% 31.2% 35.3% 39.3% 33.0% 30.4% 31.6% 33.5%
Other Income and Expense
Interest Expense 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 0.2% 0.0% -0.1% -0.2% -0.2% 1.9% -0.2% -0.2% -0.1% -0.4% 0.4% 0.8% -3.2% 0.1% -0.4%
Earnings Before Taxes 1.5% 4.6% 13.0% 14.6% 20.9% 21.2% 28.1% 28.4% 31.6% 35.6% 39.6% 33.9% 30.3% 32.4% 34.0%
Income Taxes/(Credit) 0.4% 1.3% 3.4% 4.3% 6.3% 6.3% 8.9% 6.9% 7.7% 9.0% 10.0% 8.7% 7.4% 8.4% 8.6%
Earnings After Taxes 1.1% 3.3% 9.6% 10.3% 14.6% 14.9% 19.2% 21.5% 23.9% 26.7% 29.7% 25.2% 22.9% 24.0% 25.3%
Minority Interest 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%
Net Income From Continuing
Operations 1.1% 3.3% 9.6% 10.3% 14.6% 14.9% 19.2% 21.5% 23.9% 26.7% 29.7% 25.2% 22.9% 24.0% 25.3%
Net Income From Discontinued
Operations 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%
Net Income From Total Operations 1.1% 3.3% 9.6% 10.3% 14.6% 14.9% 19.2% 21.5% 23.9% 26.7% 29.7% 25.2% 22.9% 24.0% 25.3%
Balance Sheet MRQ
Assets
Cash & Equivalents 49.8% 36.9% 30.2% 37.2% 36.9% 30.0% 11.1% 15.0% 8.4% 6.1% 6.7% 4.9% 6.1% 8.2% 8.2%
Short-Term Investments 17.2% 31.0% 41.3% 21.6% 23.8% 31.9% 38.3% 19.1% 13.9% 10.4% 12.2% 12.1% 10.4% 12.1% 12.1%
Net Receivables 11.2% 9.6% 7.7% 7.3% 15.9% 11.9% 10.6% 13.2% 10.1% 10.6% 9.1% 8.8% 10.6% 11.0% 11.0%
Inventories 0.8% 1.3% 1.4% 1.6% 1.4% 1.3% 1.0% 1.4% 0.7% 0.4% 0.7% 0.7% 0.4% 0.7% 0.7%
Other Current Assets 4.5% 6.0% 5.6% 13.2% 3.9% 7.7% 2.4% 4.6% 3.9% 3.7% 3.3% 4.0% 3.7% 3.4% 3.4%
Total Current Assets 86.4% 87.6% 89.2% 84.3% 86.6% 87.7% 66.4% 55.4% 38.7% 32.7% 33.6% 31.9% 32.7% 36.9% 36.9%
Fixed Assets 9.8% 8.8% 7.1% 7.4% 7.2% 6.2% 6.2% 6.3% 6.7% 8.8% 5.9% 6.4% 8.8% 7.9% 7.9%
Intangible Assets 1.6% 1.2% 0.8% 0.9% 1.5% 0.7% 0.7% 0.5% 3.0% 2.4% 2.4% 2.7% 2.4% 2.3% 2.3%
Other Long-Term Assets 2.2% 2.4% 1.3% 7.1% 4.1% 4.9% 25.8% 36.8% 50.8% 55.4% 57.4% 58.3% 55.4% 52.3% 52.3%
Total Long-Term Assets 13.6% 12.4% 10.8% 15.7% 13.4% 12.3% 33.6% 44.6% 61.3% 67.3% 66.4% 68.1% 67.3% 63.1% 63.1%
Total Assets 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Liabilities & Stockholders' Equity
Accounts payable 16.9% 18.0% 15.4% 19.7% 19.6% 13.9% 11.8% 16.0% 12.6% 12.0% 11.3% 10.3% 12.0% 13.5% 13.5%
Short-Term Debt 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% 0.0%
Taxes Payable 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%
Accrued Liabilities 0.0% 0.0% 5.0% 0.0% 0.0% 0.0% 7.2% 2.1% 7.0% 5.6% 4.5% 5.4% 5.6% 5.7% 5.7%
Other Current Liabilities 0.0% 0.0% 5.4% 6.6% 6.5% 0.0% 0.9% 5.5% 1.0% 0.9% 0.9% 1.0% 0.9% 1.0% 1.0%
Total Current Liabilities 34.6% 33.3% 30.2% 37.6% 36.7% 35.6% 24.2% 27.6% 24.0% 21.9% 21.2% 20.3% 21.9% 23.9% 23.9%
Long-Term 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%
Other Liabilities 0.0% 0.0% 0.0% 2.1% 3.5% 9.5% 4.5% 3.2% 10.1% 11.0% 10.9% 11.1% 11.0% 11.1% 11.1%
Deferred Income Taxes 3.4% 3.7% 5.2% 2.2% 2.4% 1.7% 4.7% 5.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total Long-Term Liabilities 3.4% 3.7% 5.2% 4.4% 6.0% 11.2% 9.2% 8.9% 10.1% 11.0% 10.9% 11.1% 11.0% 11.1% 11.1%
Total Liabilities 38.0% 36.9% 35.4% 42.0% 42.7% 46.9% 33.4% 36.4% 34.2% 32.9% 32.1% 31.4% 32.9% 35.1% 35.1%
Retained Earnings 35.1% 33.2% 34.7% 32.6% 35.9% 35.0% 49.2% 49.4% 54.0% 57.5% 57.7% 58.7% 57.5% 55.9% 55.9%
Preferred Equity 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%
Total Equity 62.0% 63.1% 64.6% 58.0% 57.3% 53.1% 66.6% 63.6% 65.8% 67.1% 67.9% 68.6% 67.1% 64.9% 64.9%
Total Liabilities & Equity 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cash Flows Statement TTM
Cash Flows From Operating Activities
Net Income 23.9% 29.6% 52.7% 89.6% 63.9% 50.4% 81.1% 75.4% 69.1% 82.1% 78.3% 80.3% 82.1% 55.8% 73.6%
Depreciation & Amortization 39.1% 16.1% 7.1% 10.1% 5.8% 4.9% 7.2% 5.5% 4.8% 6.4% 4.6% 5.5% 6.4% 6.8% 7.3%
Deferred Taxes -3.8% 2.1% 2.1% 2.4% 1.4% -3.8% 10.2% 7.7% 7.6% 8.7% 9.2% 9.7% 8.7% 5.0% 7.3%
Other 0.0% 0.0% 0.0% 7.3% 4.4% 5.4% 7.0% 4.7% 3.1% 3.4% 2.7% 3.1% 3.4% 2.3% 3.3%
Net Cash From Operating Activities 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cash Flows From Investing Activities
Capital Expenditures -19.8% 11.8% 10.2% -184.0% 30.3% 14.6% 7.0% 15.3% 18.4% 19.5% 9.3% 13.4% 19.5% 18.2% 23.4%
Acquisitions 0.0% 0.0% 0.0% 0.0% 0.0% 2.7% 0.0% 4.6% 0.6% 0.7% 1.1% 0.8% 0.7% 2.1% 1.4%
Sale of 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%
Net Cash From Investing Activities 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cash Flows From Financing Activities
Issuance of Capital Stock 196.3% 336.2% 100.0% 98.1% 49.4% 43.3% 71.6% 72.6% 57.5% -39.2% 99.5% 133.6% -39.2% -1.7% -10.4%
Repurchase of Capital Stock -96.3% 0.0% 0.0% -109.6% -0.4% -11.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 43.4% 31.1%
Net Issuance of Stock 100.0% 336.2% 100.0% -11.4% 49.0% 32.2% 71.6% 72.6% 57.5% -39.2% 99.5% 133.6% -39.2% 41.7% 20.8%
Issuance of 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%
Repayment of Debt 0.0% -236.2% 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%
Net Issuance of Debt 0.0% -236.2% 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%
Dividends Paid 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 146.5% 0.0% 0.0% 146.5% 55.4% 79.5%
Cash from Financing 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
2/18/2013
Enter Ticker Refresh
Apple Inc.
(AAPL) Color Coding
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
Financial Statistics & Ratios
Valuation Ratios
P/E 116.70 53.47 32.40 32.22 40.48 17.80 20.67 19.13 13.17 14.63 10.43
P/E (cash adjusted) 53.89 33.88 26.22 27.14 36.08 12.73 17.82 17.30 12.16 13.93 9.48
EV/EBITDA 37.36 19.85 19.16 20.19 26.68 9.12 11.77 12.48 8.86 9.94 6.68
EV/Free Cash Flow 33.77 12.46 15.41 34.60 28.12 7.33 16.41 14.71 10.49 14.03 8.55
P/S 1.37 1.80 3.11 3.32 5.89 2.65 3.97 4.11 3.15 3.90 2.65
P/BV 2.01 2.94 5.80 6.43 9.74 4.09 5.38 5.61 4.46 5.17 3.42
P/Tang BV 2.06 2.99 5.88 6.53 10.00 4.15 5.44 5.65 4.67 5.36 3.55
P/CF 38.00 30.66 28.19 27.27 35.48 15.45 18.22 16.47 10.46 12.01 8.38
P/FCF 67.87 19.67 19.04 41.06 31.55 10.25 19.03 16.27 11.35 14.73 9.41
ROE 1.6% 5.4% 17.9% 19.9% 24.1% 23.0% 26.0% 29.3% 33.8% 35.3% 32.8%
ROA 1.0% 3.4% 11.6% 11.6% 13.8% 12.2% 17.3% 18.6% 22.3% 23.7% 21.3%
ROIC -17.1% -267.6% -625.6% 277.5% 464.9% 444.4% 63.9% 48.2% 41.0% 38.1% 37.6%
CROIC -115.7% -806.4% -1172.7% 250.5% 677.3% 848.2% 71.4% 57.1% 48.2% 38.2% 42.3%
GPA (Gross Profitability to Assets) 25.1% 28.1% 35.0% 32.5% 32.2% 28.2% 36.3% 34.2% 37.7% 39.0% 35.2%
Book to Market 49.8% 34.0% 17.2% 15.6% 10.3% 24.4% 18.6% 17.8% 22.4% 19.4% 29.2%
Solvency
Quick Ratio 2.47 2.59 2.91 2.20 2.32 2.43 2.70 1.96 1.58 1.48 1.51
Current Ratio 2.50 2.63 2.96 2.24 2.36 2.46 2.74 2.01 1.61 1.50 1.54
Total Debt/Equity Ratio 0.61 0.59 0.55 0.72 0.74 0.88 0.50 0.57 0.52 0.49 0.54
Long Term Debt/Equity Ratio 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Short Term Debt/Equity Ratio 0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios
Asset Turnover 0.91 1.03 1.21 1.12 0.95 0.82 0.90 0.87 0.93 0.89 0.84
Cash % of Revenue 54.7% 35.9% 25.1% 33.1% 39.0% 36.6% 12.3% 17.3% 9.1% 6.9% 9.8%
Receivables % of Revenue 12.3% 9.3% 6.4% 6.5% 16.8% 14.5% 11.8% 15.2% 10.8% 11.9% 13.1%
SG&A % of Revenue 19.5% 17.2% 13.3% 12.6% 12.3% 11.6% 9.7% 8.5% 7.0% 6.4% 6.2%
R&D % of Revenue 7.6% 5.9% 3.8% 3.7% 3.3% 3.4% 3.1% 2.7% 2.2% 2.2% 2.2%
Liquidity Ratios
Days Sales Outstanding 45.0 34.1 23.4 23.7 61.3 52.9 43.0 55.5 39.5 43.6 47.7
Days Inventory Outstanding 4.5 6.1 6.1 7.2 8.0 8.7 6.5 9.7 4.4 3.3 5.6
Days Payable Outstanding 93.6 88.0 65.7 90.2 114.4 94.4 79.6 110.9 82.9 88.0 100.7
Cash Conversion Cycle -44.0 -47.7 -36.1 -59.4 -45.2 -32.9 -30.1 -45.7 -39.0 -41.1 -47.4
Receivables Turnover 8.10 10.75 16.69 17.99 9.09 7.44 8.79 8.71 10.00 10.29 8.19
Inventory Turnover 80.34 76.69 74.35 63.07 51.47 49.90 53.28 52.51 70.53 112.12 65.75
Average Age of Inventory (Days) 4.54 4.76 4.91 5.79 7.09 7.31 6.85 6.95 5.17 3.26 5.55
Intangibles % of Book Value 2.6% 1.9% 1.3% 1.6% 2.6% 1.4% 1.1% 0.7% 4.6% 3.6% 3.5%
Inventory % of Revenue 0.9% 1.2% 1.2% 1.4% 1.4% 1.6% 1.1% 1.6% 0.7% 0.5% 0.9%
Capital Structure Ratios
LT-Debt as % of Invested Capital 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
ST-Debt as % of Invested Capital -281.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
LT-Debt as % of Total Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
ST-Debt as % of Total Debt 11.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total Liabilities % of Total Assets 38.0% 36.9% 35.4% 42.0% 42.7% 46.9% 33.4% 36.4% 34.2% 32.9% 35.1%
Working Capital % of Price 41.6% 29.3% 15.7% 12.5% 8.9% 23.9% 11.8% 7.8% 5.0% 3.1% 5.8%
Quality Scores
Piostroski F Score 5.00 6.00 7.00 4.00 6.00 5.00 7.00 4.00 6.00 5.00 5.00
Altman Z Score (Original) 4.03 5.31 9.28 8.01 10.55 5.29 9.38 8.58 7.98 9.20 5.28
Altman Z Score (Revised) 8.07 10.23 17.19 14.56 19.51 10.60 17.35 15.37 13.71 15.80 9.88
Beneish M Score (5 Variable) - -2.92 -2.71 -1.91 -1.72 -2.80 -0.94 -2.04 -2.46 -2.53 -2.81
Beneish M Score (8 Variable) - -2.79 -2.59 -1.76 -1.33 -2.85 -1.12 -1.87 -2.40 -2.19 -2.75
2/18/2013
Enter Ticker Refresh
Apple Inc.
(AAPL)2/18/2013
http://tinyurl.com/6p394ap
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM/MRQ
Balance Sheet Accrual Ratio - 60.3% 61.4% -10.1% 36.2% 55.5% 96.9% 32.3% 58.6% 46.7% 3.4%
Cash Flow Accrual Ratio - 51.3% 44.6% -15.5% 29.1% 47.8% 87.3% 29.5% 55.8% 44.9% 27.1%
Sloan Accrual Ratio -15.4% 10.3% 11.7% -3.4% 5.0% 8.7% 32.7% 12.3% 24.8% 22.2% 15.1%
Earnings 0.10$ 0.36$ 1.56$ 2.27$ 3.93$ 5.36$ 9.08$ 15.15$ 27.68$ 44.15$ 44.10$
Stock Price 11.7$ 19.3$ 50.6$ 73.1$ 159.1$ 95.4$ 187.7$ 289.8$ 364.4$ 645.9$ 460.2$
Total Assets 6,815.0$ 8,050.0$ 11,551.0$ 17,205.0$ 25,347.0$ 39,572.0$ 47,501.0$ 75,183.0$ 116,371.0$ 176,064.0$ 196,088.0$
Cash & Equivalent 3,396.0$ 2,969.0$ 3,491.0$ 6,392.0$ 9,352.0$ 11,875.0$ 5,263.0$ 11,261.0$ 9,815.0$ 10,746.0$ 16,154.0$
Total Liabilities 2,592.0$ 2,974.0$ 4,085.0$ 7,221.0$ 10,815.0$ 18,542.0$ 15,861.0$ 27,392.0$ 39,756.0$ 57,854.0$ 68,742.0$
Short Term Debt 304.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Long Term Debt -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Net Operating Assets (NOA) 1,131.0$ 2,107.0$ 3,975.0$ 3,592.0$ 5,180.0$ 9,155.0$ 26,377.0$ 36,530.0$ 66,800.0$ 107,464.0$ 111,192.0$
Net Income 69.0$ 276.0$ 1,335.0$ 1,989.0$ 3,496.0$ 4,834.0$ 8,235.0$ 14,013.0$ 25,922.0$ 41,733.0$ 41,747.0$
CFO 289.0$ 934.0$ 2,535.0$ 2,220.0$ 5,470.0$ 9,596.0$ 10,159.0$ 18,595.0$ 37,529.0$ 50,856.0$ 56,728.0$
CFI 828.0$ (1,488.0)$ (2,556.0)$ 357.0$ (3,249.0)$ (8,189.0)$ (17,434.0)$ (13,854.0)$ (40,419.0)$ (48,227.0)$ (44,620.0)$
Balance Sheet Aggregate Accrual -$ 976.0$ 1,868.0$ (383.0)$ 1,588.0$ 3,975.0$ 17,222.0$ 10,153.0$ 30,270.0$ 40,664.0$ 3,728.0$
Cash Flow Aggregate Accrual -$ 830.0$ 1,356.0$ (588.0)$ 1,275.0$ 3,427.0$ 15,510.0$ 9,272.0$ 28,812.0$ 39,104.0$ 29,639.0$
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
Piotroski F Scores 5 6 7 4 6 5 7 4 6 5 5
Piotroski 1: Net Income 1 1 1 1 1 1 1 1 1 1 1
Piotroski 2: Operating Cash Flow 1 1 1 1 1 1 1 1 1 1 1
Piotroski 3: Return on Assets 1 1 1 1 1 0 1 1 1 1 0
Piotroski 4: Quality of Earnings 1 1 1 1 1 1 1 1 1 1 1
Piotroski 5: LT Debt vs Assets 0 0 0 0 0 0 0 0 0 0 0
Piotroski 6: Current Ratio 1 1 1 0 1 1 1 0 0 0 1
Piotroski 7: Shares Outstanding 0 0 0 0 0 0 0 0 0 0 1
Piotroski 8: Gross Margin 0 0 1 0 1 1 1 0 1 1 0Piotroski 9: Asset Turnover 0 1 1 0 0 0 1 0 1 0 0
MRQ2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1
Working Capital 3,530.0$ 4,375.0$ 6,816.0$ 8,038.0$ 12,657.0$ 20,598.0$ 20,049.0$ 20,956.0$ 17,018.0$ 19,111.0$ 25,469.0$
Total Assets 6,815.0$ 8,050.0$ 11,551.0$ 17,205.0$ 25,347.0$ 39,572.0$ 47,501.0$ 75,183.0$ 116,371.0$ 176,064.0$ 196,088.0$
Total Liabilities 2,592.0$ 2,974.0$ 4,085.0$ 7,221.0$ 10,815.0$ 18,542.0$ 15,861.0$ 27,392.0$ 39,756.0$ 57,854.0$ 68,742.0$
Retained Earnings 2,394.0$ 2,670.0$ 4,005.0$ 5,607.0$ 9,101.0$ 13,845.0$ 23,353.0$ 37,169.0$ 62,841.0$ 101,289.0$ 109,567.0$
EBITDA 92.0$ 383.0$ 1,815.0$ 2,818.0$ 5,008.0$ 6,895.0$ 12,066.0$ 18,540.0$ 34,205.0$ 55,763.0$ 17,672.0$
Market Value of Equity 8,483.3$ 14,911.5$ 43,310.2$ 64,182.3$ 141,486.4$ 86,055.0$ 170,244.8$ 267,972.3$ 341,332.2$ 610,567.0$ 432,117.9$
Net Sales 6,207.0$ 8,279.0$ 13,931.0$ 19,315.0$ 24,006.0$ 32,479.0$ 42,905.0$ 65,225.0$ 108,249.0$ 156,508.0$ 54,512.0$
Normal Altman Z Score 4.03 5.31 9.28 8.01 10.55 5.29 9.38 8.58 7.98 9.20 5.28
Revised Altman Z Score 8.07 10.23 17.19 14.56 19.51 10.60 17.35 15.37 13.71 15.80 9.88
X1 0.11 0.13
X2 0.58 0.56
X3 0.32 0.09
X4 10.55 6.29
X5 0.89 0.28
Earnings growth due to accrual growth is not sustainable. This is like cookie jar accounting where a company “borrows” earnings from the future to make earnings look good today.
Balance sheet accrual can indicate whether capital is being used properly. A company with high accruals can come from acquiring or merging with companies which expands the asset base. Low
balance sheet accrual companies tend to shrink their balance sheet through spin offs, share repurchases or large write offs. In these situations, it is usually removing bad performing assets or returning
money to shareholders which is always a good use of capital.
High accruals indicate that the company has expanded its asset base rapidly.
Companies with high balance sheet accruals tend to have higher sales growth than low balance sheet accrual companies.
High balance sheet accruals also have a higher ROE.
Remember that maintaining a high sales growth or high ROE is difficult unless you have an entrenched moat. Such companies revert to the mean and disappoint..
Companies with low balance sheet accruals tend to have below average returns on equity. Analysts expect the company to lag.
Color Coding: Green = safe zone, Yellow = ratio is getting into warning zone, Red = Danger zone. Ratios are too high or low. Requires check.
More reading:http://tinyurl.com/7ucpoe2
Annual
Altman Z Score
MRQ Edit
5.28
Revised Altman Z Score
9.88
Altman Z Score
Earnings Quality Check with Accrual Analysis
MRQ
Piotroski Score
Annual MRQ
15.80
Annual
9.20
Enter Ticker Refresh CLEAR
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
M Score - 5 Variable - -2.92 -2.71 -1.91 -1.72 -2.80 -0.94 -2.04 -2.46 -2.53 -2.81
M Score - 8 Variable - -2.79 -2.59 -1.76 -1.33 -2.85 -1.12 -1.87 -2.40 -2.19 -2.75
DSRI 0.76 0.69 1.01 2.59 0.86 0.81 1.29 0.71 1.10 1.09 0.00
GMI 1.01 0.94 1.00 0.85 0.99 0.85 1.02 0.97 0.92 1.05 0.00
AQI 0.94 1.05 2.19 0.75 1.00 4.46 1.40 1.43 1.07 0.94 0.00
SGI 1.33 1.68 1.39 1.24 1.35 1.32 1.52 1.66 1.45 1.05 0.00
DEPI 0.83 0.97 1.20 1.01 0.91 0.81 1.12 0.94 1.08 0.83 0.00
SGAI 0.88 0.78 0.94 0.98 0.94 0.84 0.87 0.83 0.91 0.97 0.00
TATA -0.08 -0.10 -0.01 -0.08 -0.12 -0.04 -0.06 -0.10 -0.05 -0.08 0.00
LVGI 0.96 0.91 1.25 0.98 0.97 0.68 1.14 0.87 0.91 1.09 0.00
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
Revenue 6,207.0$ 8,279.0$ 13,931.0$ 19,315.0$ 24,006.0$ 32,479.0$ 42,905.0$ 65,225.0$ 108,249.0$ 156,508.0$ 164,687.0$
EBIT 92.0$ 383.0$ 1,815.0$ 2,818.0$ 5,008.0$ 6,895.0$ 12,066.0$ 18,540.0$ 34,205.0$ 55,763.0$ 55,958.0$
EBT 92.0$ 383.0$ 1,815.0$ 2,818.0$ 5,008.0$ 6,895.0$ 12,066.0$ 18,540.0$ 34,205.0$ 55,763.0$ 55,958.0$
Interest Expense -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Income Tax 24.0$ 107.0$ 480.0$ 829.0$ 1,512.0$ 2,061.0$ 3,831.0$ 4,527.0$ 8,283.0$ 14,030.0$ 14,211.0$
Net Income 69.0$ 276.0$ 1,335.0$ 1,989.0$ 3,496.0$ 4,834.0$ 8,235.0$ 14,013.0$ 25,922.0$ 41,733.0$ 41,747.0$
Total Assets 6,815.0$ 8,050.0$ 11,551.0$ 17,205.0$ 25,347.0$ 39,572.0$ 47,501.0$ 75,183.0$ 116,371.0$ 176,064.0$ 196,088.0$
Shareholders Equity 4,223.0$ 5,076.0$ 7,466.0$ 9,984.0$ 14,532.0$ 21,030.0$ 31,640.0$ 47,791.0$ 76,615.0$ 118,210.0$ 127,346.0$
Three-Step DuPont Model:Net Profit Margin (Net Income ÷ Sales) 1.1% 3.3% 9.6% 10.3% 14.6% 14.9% 19.2% 21.5% 23.9% 26.7% 25.3%
Asset Turnover (Sales ÷ Total Assets) 0.91 1.03 1.21 1.12 0.95 0.82 0.90 0.87 0.93 0.89 0.84
Equity Multiplier (Total Assets ÷ Shareholders Equity)1.61 1.59 1.55 1.72 1.74 1.88 1.50 1.57 1.52 1.49 1.54
Return on Equity 1.6% 5.4% 17.9% 19.9% 24.1% 23.0% 26.0% 29.3% 33.8% 35.3% 32.8%
Five-Step DuPont Model:Tax Burden (Net Income ÷ EBT) 0.75 0.72 0.74 0.71 0.70 0.70 0.68 0.76 0.76 0.75 0.75
Interest Burden (EBT ÷ EBIT) 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Operating Income Margin (EBIT ÷ Sales) 1.5% 4.6% 13.0% 14.6% 20.9% 21.2% 28.1% 28.4% 31.6% 35.6% 34.0%
Asset Turnover (Sales ÷ Total Assets) 0.91 1.03 1.21 1.12 0.95 0.82 0.90 0.87 0.93 0.89 0.84
Equity Multiplier (Total Assets ÷ Shareholders Equity)1.61 1.59 1.55 1.72 1.74 1.88 1.50 1.57 1.52 1.49 1.54
Return on Equity 1.6% 5.4% 17.9% 19.9% 24.1% 23.0% 26.0% 29.3% 33.8% 35.3% 32.8%
DuPont Analysis
http://www.oldschoolvalue.com/blog/accounting/dupont-analysis-model-spreadsheet/
Full tutorial, example and discussion of how the DuPont analysis is used is provided on the blog.
The Beneish M Score FormulaThe eight variables are then weighted together according to the following:
M = -4.84 + 0.92*DSRI + 0.528*GMI + 0.404*AQI + 0.892*SGI + 0.115*DEPI - 0.172*SGAI + 4.679*TATA - 0.327*LVGI
A score greater than -2.22 indicates a strong likelihood of a firm being a manipulator. In his out of sample tests, Beneish found that he could correctly identify 76% of manipulators, whilst only incorrectly
identifying 17.5% of non-manipulators.
The 5 Variable Version of the Beneish ModelThe five variable version excludes SGAI, DEPI and LEVI which were not significant in the original Beneish model.
M = -6.065 + 0.823*DSRI + 0.906*GMI + 0.593*AQI + 0.717*SGI + 0.107*DEPI
A score greater than -2.22 indicates a strong likelihood of a firm being a manipulator.
The Beneish Model - M Score VariablesDSRI = Days' Sales in Receivables Index. Measured as the ratio of days' sales in receivables in year t to year t-1. A large increase in DSR could be indicative of revenue inflation.
GMI = Gross Margin Index. Measured as the ratio of gross margin in year t-1 to gross margin in year t. Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more
likely to manipulate earnings.
AQI = Asset Quality Index. Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.AQI is the ratio of asset quality in year t to year t-1.
SGI = Sales Growth Index. Ratio of sales in year t to sales in year t-1. Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to
manipulate in order to keep up appearances.
DEPI = Depreciation Index. Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t. DEPI greater than 1 indicates that assets are being depreciated at a slower
rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
SGAI = Sales, General and Administrative expenses Index. The ratio of SGA expenses in year t relative to year t -1.
LVGI = Leverage Index. The ratio of total debt to total assets in year t relative to yeat t-1. An LVGI >1 indicates an increase in leverage
TATA - Total Accruals to Total Assets. Total accruals calculated as the change in working capital accounts other than cash less depreciation.
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
0%
5%
10%
15%
20%
25%
30%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
Net Profit Margin (NetIncome ÷ Sales)
Asset Turnover (Sales ÷Total Assets)
Equity Multiplier (TotalAssets ÷ ShareholdersEquity)
Return on Equity
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
0%
5%
10%
15%
20%
25%
30%
35%
40%
1 2 3 4 5 6 7 8 9 10 11
Operating Income Margin(EBIT ÷ Sales)
Return on Equity
Tax Burden (Net Income ÷EBT)
Interest Burden (EBT ÷ EBIT)
Asset Turnover (Sales ÷Total Assets)
Apple Inc.
Figures in Millions except per share values
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
$125.0 $758.0 $2,275.0 $1,563.0 $4,484.0 $8,397.0 $8,946.0 $16,474.0 $30,077.0 $41,454.0 $46,300.0 -$108.0 -$198.0 $789.0 $1,941.0 $1,744.0 $505.0 $9,052.0 $12,586.0 $15,695.0 $37,647.0 $32,484.0
% Change 506.4% 200.1% -31.3% 186.9% 87.3% 6.5% 84.1% 82.6% 37.8% 11.7% % Change -83.3% 498.5% 146.0% -10.1% -71.0% 1692.5% 39.0% 24.7% 139.9% -13.7%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
$11.7 $19.3 $50.6 $73.1 $159.1 $95.4 $187.7 $289.8 $364.4 $645.9 $460.2 $0.10 $0.36 $1.56 $2.27 $3.93 $5.36 $9.08 $15.15 $27.68 $44.15 $44.10
% Change 65.0% 162.6% 44.7% 117.5% -40.0% 96.8% 54.4% 25.8% 77.2% -28.8% % Change 260.0% 333.3% 45.5% 73.1% 36.4% 69.4% 66.9% 82.7% 59.5% -0.1%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
2.0% 9.2% 16.3% 8.1% 18.7% 25.9% 20.9% 25.3% 27.8% 26.5% 28.1% 67.9 19.7 19.0 41.1 31.6 10.2 19.0 16.3 11.3 14.7 9.4
% Change 354.6% 78.4% -50.4% 130.8% 38.4% -19.4% 21.1% 10.0% -4.7% 6.1% % Change -71.0% -3.2% 115.7% -23.2% -67.5% 85.7% -14.5% -30.2% 29.8% -36.1%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
-115.7% -806.4% -1172.7% 250.5% 677.3% 848.2% 71.4% 57.1% 48.2% 38.2% 42.3% 1.5% 5.1% 5.3% 2.4% 3.2% 9.8% 5.3% 6.1% 8.8% 6.8% 10.6%
% Change -596.7% -45.4% 121.4% 170.4% 25.2% -91.6% -20.0% -15.7% -20.6% 10.7% % Change 245.0% 3.3% -53.6% 30.1% 207.9% -46.1% 17.0% 43.3% -22.9% 56.5%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
2.7% 5.0% 5.2% 5.0% 3.7% 11.0% 8.5% 8.0% 11.3% 10.1% 15.0% 2.2% 7.5% 23.8% 30.2% 34.6% 29.9% 52.5% 72.1% 138.0% 161.3% 136.8%
% Change 88.2% 3.6% -5.1% -24.3% 192.5% -22.5% -5.7% 40.9% -10.8% 48.7% % Change 244.0% 215.5% 27.2% 14.3% -13.5% 75.4% 37.4% 91.4% 17.0% -15.2%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
27.5% 27.3% 29.0% 29.0% 34.0% 34.3% 40.1% 39.4% 40.5% 43.9% 41.9% 1.1% 3.3% 9.6% 10.3% 14.6% 14.9% 19.2% 21.5% 23.9% 26.7% 25.3%
% Change -0.8% 6.4% -0.1% 17.2% 1.0% 17.0% -1.9% 2.8% 8.4% -4.5% % Change 199.9% 187.5% 7.5% 41.4% 2.2% 29.0% 11.9% 11.5% 11.4% -4.9%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
5.0 6.0 7.0 4.0 6.0 5.0 7.0 4.0 6.0 5.0 5.0 4.0 5.3 9.3 8.0 10.5 5.3 9.4 8.6 8.0 9.2 5.3
% Change 20.0% 16.7% -42.9% 50.0% -16.7% 40.0% -42.9% 50.0% -16.7% 0.0% % Change 31.7% 74.8% -13.6% 31.7% -49.8% 77.1% -8.5% -6.9% 15.3% -42.6%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
-2.8 -2.6 -1.8 -1.3 -2.9 -1.1 -1.9 -2.4 -2.2 -2.7 26.1% 27.9% 26.4% 29.4% 30.2% 29.9% 31.8% 24.4% 24.2% 25.2% 25.4%
% Change #DIV/0! 7.3% 32.2% 24.2% -114.0% 60.6% -66.8% -28.2% 8.8% -25.5% % Change 7.1% -5.3% 11.2% 2.6% -1.0% 6.2% -23.1% -0.8% 3.9% 0.9%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
61.4% 58.6% 54.7% 72.3% 74.4% 88.2% 50.1% 57.3% 51.9% 48.9% 54.0% 4.8% 25.5% 55.7% 21.6% 41.5% 45.3% 56.4% 60.1% 75.7% 71.7% 67.4%
% Change -4.5% -6.6% 32.2% 2.9% 18.5% -43.1% 14.3% -9.5% -5.7% 10.3% % Change 428.5% 118.5% -61.1% 91.5% 9.2% 24.5% 6.6% 25.8% -5.3% -6.0%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
41.1%
% Change #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! % Change #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
(AAPL)2/18/2013
Diluted EPS
FCF / Sales Price / FCF
Free Cash Flow
Stock Price
FCF to Short Term Debt FCF to Long Term Debt
Gross Margin Net Profit Margin
Piotroski F score Original Altman Z Score
Beneish M Score - 8 Variable Version Tax Rate
Magic Formula Investing -- Earnings Yield Magic Formula Investing -- Return on Capital
Owner Earnings
Debt to Equity FCF to Total Debt
Cash Return on Invested Capital (CROIC) FCF Yield
Enter Ticker Refresh
Apple Inc.
(AAPL)
AAPL MSFT DELL HPQ BBRY
2Company Apple Inc.
Microsoft
Corporation Dell Inc.
Hewlett-
Packard
Research In
Motion Limited
3 Sector Technology Technology Technology Technology Technology
4
Industry Personal
Computers
Application
Software
Personal
Computers
Diversified
Computer
Systems
Diversified
Communication
Services
5 Country USA USA USA USA Canada 68 Earnings Date 23-Jan-2013 24-Jan-2013 19-Feb-2013 21-Feb-2013 24-Mar-2011
65 Price $460.16 $28.01 $13.81 $16.79 $14.15
6 Market Cap $432,117.85 $234,618.76 $24,010.07 $32,786.17 $7,419.48
66 Change -1.38% -0.11% 0.73% -1.41% -6.07% max
67 Volume 13,961,008 49,516,760 20,541,424 15,324,705 92,531,616
60 Change from Open -1.90% -0.14% 0.80% -1.87% -7.48% max
61 Gap 0.53% 0.04% -0.07% 0.47% 1.53%
55 50-Day High -20.45% -0.78% -2.54% -3.78% -22.73%
56 50-Day Low 6.40% 6.66% 39.49% 31.32% 33.66%
57 52-Week High -34.06% -13.15% -23.56% -42.44% -22.73%58 52-Week Low 6.40% 6.66% 60.18% 49.33% 127.57%
7 P/E 10.43 15.39 9.39 0.00 0.00 min
8 Forward P/E 9.04 8.86 8.32 4.81 0.00 min
9 PEG 0.55 1.84 0.97 0.00 0.00 min
10 P/S 2.62 3.22 0.41 0.27 0.59 min
11 P/B 3.39 3.23 2.36 1.47 0.78 min
12 P/Cash 10.85 3.43 2.13 2.90 2.72 min
13 P/Free Cash Flow 9.86 11.36 7.67 5.60 8.99 min
14 Dividend Yield 2.30% 3.28% 2.32% 3.16% 0.00% max
15 Payout Ratio 11.98% 46.66% 5.33% 0.00% 0.00% min
16 EPS (ttm) $44.10 $1.82 $1.47 ($6.45) ($1.62)
17 EPS growth this year 59.51% -25.91% 39.82% -292.77% -64.95% max
18 EPS growth next year 13.72% 10.88% -2.92% 5.12% 63.60% max
19 EPS growth past 5 years 62.22% 7.01% 10.63% 5.52% 14.99% max
20 EPS growth next 5 years 18.98% 8.38% 9.67% 0.00% 5.00% max
21 Sales growth past 5 years 44.81% 7.60% 1.57% 2.91% 43.43% max
22 EPS growth quarter over quarter -0.49% -3.49% -44.18% -3027.70% -94.72% max
23 Sales growth quarter over quarter 17.65% 2.73% -10.70% -6.73% -47.21% max
32 Return on Assets 24.94% 12.83% 5.96% -10.62% -6.35% max
33 Return on Equity 38.41% 22.62% 27.66% -41.43% -8.67% max
34 Return on Investment 32.96% 16.84% 11.47% -18.02% -8.45% max
35 Current Ratio 1.54 2.81 1.18 1.09 2.23 max
36 Quick Ratio 1.51 2.76 1.11 0.95 2.08 max
37 LT Debt/Equity 0.00 0.16 0.52 0.97 0.00 min
38 Total Debt/Equity 0.00 0.20 0.89 1.27 0.00 min
39 Gross Margin 41.91% 75.35% 21.25% 22.95% 30.68% max
40 Operating Margin 33.46% 26.76% 5.53% -9.19% -10.85% max
41 Profit Margin 25.35% 21.20% 4.44% -10.51% -6.73% max
24 Shares Outstanding 939.06 8,376.25 1,738.60 1,952.72 524.16
25 Shares Float 938.76 7,597.51 1,490.73 1,951.35 425.06
26 Insider Ownership 0.03% 5.10% 0.06% 0.02% 15.01% max
27 Insider Transactions 3.68% -8.28% 25.21% 331.33% 0.00%
28 Institutional Ownership 64.11% 66.93% 68.56% 79.08% 60.57%
29 Institutional Transactions -4.13% -1.20% 3.08% -0.09% 0.16%
30 Float Short 2.01% 1.05% 2.76% 4.13% 31.79% min
31 Short Ratio 0.9 1.6 1.1 2.7 2.2
42 Performance (Week) -3.12% 1.67% 1.32% -0.47% -14.16%
43 Performance (Month) -8.55% 3.59% 9.52% -2.44% -3.97%
44 Performance (Quarter) -13.79% 4.36% 45.37% 28.96% 66.73%
45 Performance (Half Year) -26.39% -6.26% 15.08% -11.77% 87.24%
46 Performance (Year) -8.34% -5.40% -22.24% -40.63% -2.85%
46 Performance (Year) -8.34% -5.40% -22.24% -40.63% -2.85%
48 Beta 1.04 0.94 1.41 1.12 1.64
49 Average True Range 13.49 0.39 0.36 0.48 1.38
50 Volatility (Week) 2.34% 0.99% 1.41% 2.12% 10.29%
51 Volatility (Month) 2.58% 1.52% 2.21% 2.52% 8.93%
52 20-Day Simple Moving Average -1.36% 1.33% 3.49% -0.09% -9.67%
53 50-Day Simple Moving Average -8.03% 2.85% 17.35% 7.66% 2.46%
54 200-Day Simple Moving Average -20.07% -2.76% 20.54% -3.01% 41.50%
59 Relative Strength Index (14) 43.21 58.85 71.00 56.60 45.76
62 Analyst Recom 2.00 2.00 3.10 3.20 3.40
63 Average Volume 21,597.98 51,124.31 38,353.08 29,973.36 62,980.89
64 Relative Volume 0.65 0.97 0.54 0.51 1.47
Enter Competitor Tickers
2/18/2013
Enter Ticker CLEAR Update
Apple Inc. Shares Out. M.O.S Growth Discount % Terminal % Select FCF Adjust 2012 FCF
(AAPL) 939.06 939.06 0.7% 9.0%
2/18/2013 Select input with
each list or enter
your own value
0.7%
Current Price Fair Value Buy Under Actual M.O.S 52 Wk High 52 Wk Low
$460.16 $460.06 $230.03 0% $705.07 $435.00
Fiscal Year Trend 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
Cash Flow Data
Cash from Operations $289.0 $934.0 $2,535.0 $2,220.0 $5,470.0 $9,596.0 $10,159.0 $18,595.0 $37,529.0 $50,856.0 $56,728.0
Capex ($164.0) ($176.0) ($260.0) ($657.0) ($986.0) ($1,199.0) ($1,213.0) ($2,121.0) ($7,452.0) ($9,402.0) ($10,428.0)
Cash Flow $223.2 $486.4 $1,536.5 $2,353.9 $3,987.5 $5,571.5 $9,341.3 $16,275.2 $32,629.7 $50,831.3 $51,986.4
Free Cash Flow $125.0 $758.0 $2,275.0 $1,563.0 $4,484.0 $8,397.0 $8,946.0 $16,474.0 $30,077.0 $40,000.0 $46,300.0
YOY% Change 506.4% 200.1% -31.3% 186.9% 87.3% 6.5% 84.1% 82.6% 33.0% 15.8%
Margins
Gross Margin 27.5% 27.3% 29.0% 29.0% 34.0% 34.3% 40.1% 39.4% 40.5% 43.9% 41.9%
Operating Margin 0.4% 4.2% 11.8% 12.7% 18.4% 19.3% 27.4% 28.2% 31.2% 35.3% 33.5%
Net Margin 1.1% 3.3% 9.6% 10.3% 14.6% 14.9% 19.2% 21.5% 23.9% 26.7% 25.3%
EPS & Tax
Diluted EPS $0.10 $0.36 $1.56 $2.27 $3.93 $5.36 $9.08 $15.15 $27.68 $44.15 $44.10
Tax Rate 26.1% 27.9% 26.4% 29.4% 30.2% 29.9% 31.8% 24.4% 24.2% 25.2% 25.4%
Efficiency & Profitability
CROIC -115.7% -806.4% -1172.7% 250.5% 677.3% 848.2% 71.4% 57.1% 48.2% 38.2% 42.3%
FCF/Sales 2.0% 9.2% 16.3% 8.1% 18.7% 25.9% 20.9% 25.3% 27.8% 26.5% 28.1%
Inventory Turnover 80.3 76.7 74.3 63.1 51.5 49.9 53.3 52.5 70.5 112.1 65.8
Return On Assets (ROA) 1.0% 3.4% 11.6% 11.6% 13.8% 12.2% 17.3% 18.6% 22.3% 23.7% 21.3%
Retun On Equity (ROE) 1.6% 5.4% 17.9% 19.9% 24.1% 23.0% 26.0% 29.3% 33.8% 35.3% 32.8%
Debt Related
Debt to Equity 61.4% 58.6% 54.7% 72.3% 74.4% 88.2% 50.1% 57.3% 51.9% 48.9% 54.0%
Capitalization Ratio 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
FCF to Total Debt 4.8% 25.5% 55.7% 21.6% 41.5% 45.3% 56.4% 60.1% 75.7% 71.7% 67.4%
FCF to Short Term Debt 41.1%
FCF to Long Term Debt
2007-2011 2008-2012 2007-2010 2008-2011 2009-2012 2007-2009 2008-2010 2009-2011 2010-2012 Median
Tang Shareholder Equity 50.8% 53.1% 49.7% 52.2% 53.9% 48.7% 51.2% 52.8% 55.0% 52.2%
Free Cash Flow 60.9% 49.1% 54.3% 53.0% 66.7% 41.2% 40.1% 83.4% 58.6% 54.3%
CROIC 71.4% 57.1% 374.4% 64.3% 52.6% 677.3% 71.4% 57.1% 48.2% 64.3%
FCF/Sales 25.3% 25.9% 23.1% 25.6% 25.9% 20.9% 25.3% 25.3% 26.5% 25.3%
ROA 17.3% 18.6% 15.6% 18.0% 20.5% 13.8% 17.3% 18.6% 22.3% 18.0%
ROE 26.0% 29.3% 25.0% 27.7% 31.6% 24.1% 26.0% 29.3% 33.8% 27.7%
Gross Margin 39.4% 40.1% 36.8% 39.8% 40.3% 34.3% 39.4% 40.1% 40.5% 39.8%
Operating Margin 27.4% 28.2% 23.3% 27.8% 29.7% 19.3% 27.4% 28.2% 31.2% 27.8%
Net Margin 19.2% 21.5% 17.0% 20.3% 22.7% 14.9% 19.2% 21.5% 23.9% 20.3%
Revenue Growth 45.7% 48.2% 39.5% 49.4% 53.9% 33.7% 41.7% 58.8% 54.9% 48.2%
Earnings Growth 62.9% 69.4% 56.8% 72.8% 69.4% 52.0% 68.1% 74.6% 70.7% 69.4%
Cash from Ops Growth 61.8% 51.7% 50.4% 57.6% 71.1% 36.3% 39.2% 92.2% 65.4% 57.6%
10 Year Multi-Year Performance2003-2010 2004-2011 2005-2012 2003-2008 2004-2009 2005-2010 2006-2011 2007-2012 2003-2012 Median
Tang Shareholder Equity 41.8% 46.8% 47.9% 38.2% 44.4% 45.1% 49.4% 51.8% 44.6% 45.1%
Free Cash Flow 100.8% 69.2% 51.4% 132.0% 63.8% 48.6% 80.7% 56.0% 90.6% 69.2%
CROIC 64.3% 64.3% 64.3% 67.4% 160.9% 160.9% 160.9% 64.3% 57.1% 64.3%
FCF/Sales 17.5% 19.8% 23.1% 12.7% 17.5% 19.8% 23.1% 25.6% 19.8% 19.8%
ROA 11.9% 13.0% 15.6% 11.6% 11.9% 13.0% 15.6% 18.0% 13.0% 13.0%
ROE 21.5% 23.5% 25.0% 18.9% 21.5% 23.5% 25.0% 27.7% 23.5% 23.5%
Gross Margin 31.5% 34.1% 36.8% 29.0% 31.5% 34.1% 36.8% 39.8% 34.1% 34.1%
Operating Margin 15.5% 18.8% 23.3% 12.3% 15.5% 18.8% 23.3% 27.8% 18.8% 18.8%
Net Margin 12.4% 14.7% 17.0% 9.9% 12.4% 14.7% 17.0% 20.3% 14.7% 14.7%
Revenue Growth 39.9% 44.4% 41.3% 39.2% 39.0% 36.2% 41.2% 45.5% 43.1% 41.2%
Earnings Growth 104.9% 86.0% 61.2% 121.7% 90.7% 57.6% 64.9% 62.2% 96.7% 86.0%
Cash from Ops Growth 81.3% 69.5% 53.5% 101.5% 61.2% 49.0% 76.0% 56.2% 77.6% 69.5%
Projection of future Free Cash Flow2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Yearly Growth Input Field
1% $40,280.00 $40,561.96 $40,845.89 $41,103.22 $41,362.17 $41,622.75 $41,884.98 $42,122.47 $42,361.30 $42,601.49
Terminal Growth 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
2% 43,453.52$ 44,322.59$ 45,209.04$ 46,113.22$ 47,035.49$ 47,976.20$ 48,935.72$ 49,914.43$ 50,912.72$ 51,930.98$
Calculation Sensitivity Matrix: Growth vs Discount RateTotal Cash
MAX(0,Current Liabilities-Current Assets) 7% 8% 9% 10% 11%
Excess Cash -3% 429.98$ 402.12$ 377.38$ 355.33$ 335.60$
Adding some Intangibles -1% 476.33$ 444.15$ 415.60$ 390.20$ 367.52$
Interest Bearing Debt 1% 528.58$ 491.45$ 458.55$ 429.32$ 403.26$
Present Value 3% 587.46$ 544.66$ 506.80$ 473.19$ 443.27$
Shares Outstanding 5% 653.76$ 604.49$ 560.96$ 522.38$ 488.07$
Per Share Value
Desired Margin of Safety Sensitivity Matrix: Margin of Safety %Purchase Price
Current Price 7% 8% 9% 10% 11%
Margin of Safety -3% -7.0% -14.4% -21.9% -29.5% -37.1%
-1% 3.4% -3.6% -10.7% -17.9% -25.2%
Variable Fields 1% 12.9% 6.4% -0.4% -7.2% -14.1%
Intangibles% add to DCF 3% 21.7% 15.5% 9.2% 2.8% -3.8%
Decay Rate (Yr4E-Yr7E) 5% 29.6% 23.9% 18.0% 11.9% 5.7%
Extra Decay (Yr8E-Yr10E)
5 Year Multi-Year Performance
-$
0%
Discount Rates
Growth Rates
39,820.00$
10%
Discount Rates
Growth Rates
-$
939.06
460.06$
432,023.76$
10%
0%
$40,000.02%50%
50%
230.03$
460.16$
FCF
39,820.00$
-$
Enter Ticker CLEAR Refresh
Shares Out. M.O.S Growth Projection EPS Corp Bond
(AAPL) 939.06 5.5% $33.55 4.00
2/18/2013 5.5%
Current Price Intrinsic $ Buy Under Actual M.O.S 52 Wk High 52 Wk Low
$460.16 $461.28 $156.83 0% $705.07 $435.00
2007-2011 2008-2012 2007-2010 2008-2011 2009-2012 2007-2009 2008-2010 2009-2011 2010-2012 Median
5 Yr EPS Growth 62.9% 69.4% 56.8% 72.8% 69.4% 52.0% 68.1% 74.6% 70.7% 69.4%
2003-2010 2004-2011 2005-2012 2003-2008 2004-2009 2005-2010 2006-2011 2007-2012
10 Yr EPS Growth 104.9% 86.0% 61.2% 121.7% 90.7% 57.6% 64.9% 62.2%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
Diltued EPS 0.10$ 0.36$ 1.56$ 2.27$ 3.93$ 5.36$ 9.08$ 15.15$ 27.68$ 44.15$ 44.10$
2013E 2014E
Forecast Method 33.55$ 35.39$
Linear Regression Method 20.09$ 21.19$
Analyst Estimate 44.75$ 50.89$
Normal Earnings 33.55$
Growth Rate 5.50%
Corp Bond Rate 4.00
Per Share Value 461.28$
MOS 66%
Purchase Price 156.83$
Current Price $460.16
Actual Discount 0%
Growth Sensitivity Increment 15%
EPS Sensivity Increments 15%
Graham's Sensitivity Matrix
Median
86.0%
Graham Value Calculation
66%939.06 Forecast
Apple Inc.
Enter Ticker Refresh CLEAR
$0.10 $0.36 $1.56 $2.27 $3.93 $5.36 $9.08
$15.15
$27.68
$44.15
$33.55 $35.39
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
23.48$ 28.52$ 33.55$ 38.58$ 43.61$
3.9% 280.27$ 340.33$ 400.39$ 460.45$ 520.50$
4.7% 301.58$ 366.21$ 430.83$ 495.46$ 560.08$
5.5% 322.89$ 392.08$ 461.28$ 530.47$ 599.66$
6.3% 344.20$ 417.96$ 491.72$ 565.48$ 639.24$
8.2% 393.22$ 477.48$ 561.74$ 646.00$ 730.26$
EPS
Gro
wth
Apple Inc.Current EPS
Exp Growth Dividend Yield
Business
Risk
Financial
Risk
Earnings
Predictabilit
y
(AAPL) 5% 2.30% Below AverageBelow AverageBelow Average
2/18/2013 Current PE 7 of 20 pts 7 of 20 pts 7 of 20 pts
2.30% 7 7 7
Katsenelson Absolute PE Current Price Fair Value Fair Value PE Current PE FV Exp Grth M.O.S
$460.16 $469.98 10.66 10.43 5% 2%
Determine Business Risk 2008 2009 2010 2011 2012 TTM AVERAGE STDEV
ROE 22.99% 26.03% 29.32% 33.83% 35.30% 32.78% 30.0% 4.8%
Consistency/quality check 1 1 1 1 1 5
ROA 12.22% 17.34% 18.64% 22.28% 23.70% 21.29% 19.2% 4.2%
Consistency/quality check 1 1 1 1 1 5
CROIC 848.18% 71.39% 57.12% 48.16% 38.24% 42.33% 184.2% 325.5%
Consistency/quality check 1 1 1 1 1 5
Intangibles % of Book Value 1.36% 1.12% 0.72% 4.62% 3.57% 3.50% 2.5% 1.6%
Consistency/quality check 1 1 1 1 1 5
Business Risk Factor: 20 pts out of 20 Excellent 10% Factor 20 0.0%
Determine Financial Risk 2008 2009 2010 2011 2012 TTM AVERAGE STDEV
Current Ratio 2.46 2.74 2.01 1.61 1.50 1.54 1.98 0.52
Consistency/quality check 1 1 1 0 1 4
Total Debt/Equity Ratio 0.88 0.50 0.57 0.52 0.49 0.54 0.58 0.15
Consistency/quality check 1 1 1 1 1 5
Short Term Debt/Equity Ratio 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Consistency/quality check 1 1 1 1 1 5
FCF to Total Debt 45.29% 56.40% 60.14% 75.65% 71.65% 67.35% 62.7% 11.1%
Consistency/quality check 1 1 1 1 1 5
Financial Risk Factor: 19 pts out of 20 Excellent 9% Factor 19 0.0%
Determine Earnings Predictability 2008 2009 2010 2011 2012 TTM AVERAGE STDEV
Gross Margin 34.31% 40.14% 39.38% 40.48% 43.87% 41.91% 40.0% 3.2%
Consistency/quality check 1 0 1 1 0 3
Net Margin 14.88% 19.19% 21.48% 23.95% 26.67% 25.35% 21.9% 4.4%
Consistency/quality check 1 1 1 1 0 4
Earnings $5.36 $9.08 $15.15 $27.68 $44.15 $44.10 24.25 17.16
Consistency/quality check 1 1 1 1 0 4
Cash from Ops $9,596.00 $10,159.00 $18,595.00 $37,529.00 $50,856.00 $56,728.00 $30,577.17 20708.01
Consistency/quality check 1 1 1 1 1 5
Earnings Predict. Factor: 16 pts out of 20 Excellent 6% Factor 16 0.0%
Katsenelson Absolute PE Valuation ModelEarnings Growth 5.00% 10.43
Dividend Yield 2.30% 2.00
=
Adjusted Base PE 12.43
x
Business Risk Below Average [1 + (1 - 1.05)]
Premium/Discount Factor: 1.05 x
Financial Risk Below Average [1 + (1 - 1.05)]
Premium/Discount Factor: 1.05 x
Earnings Predictability Below Average [1 + (1 - 1.05)]
Premium/Discount Factor: 1.05 =
Adjusted Fair Value PE 5% 10.66
Enter Ticker Refresh CLEAR
P/E Exp EPS Grwth Rate Dividend Yield Add'l P/E Points
7.00 0% 0.0% 0.0
7.65 1% 0.1% 0.5
8.30 2% 0.5% 0.5
8.95 3% 1.0% 1.0
9.60 4% 1.5% 1.5
10.25 5% 2.0% 2.0
10.90 6% 2.5% 2.5
11.55 7% 3.0% 3.0
12.20 8% 3.5% 3.5
12.85 9% 4.0% 4.0
13.50 10% 4.5% 4.5
14.15 11% 5.0% 5.0
14.80 12% 5.5% 5.5
15.45 13% 6.0% 6.0
16.10 14% 6.5% 6.5
16.75 15% 10.0% 10.0
17.40 16%
17.90 17%
18.40 18%
18.90 19%
19.40 20%
19.90 21%
20.40 22%
20.90 23%
21.40 24%
21.90 25%
∆0.65
∆0.50
Apple Inc. Shares Out. Main. Capex Normalized Income Discount Rate R&D Years SG&A %
(AAPL)939.06
939.06 $6,000.00 $40,000.00 25%
2/18/2013 $6,000.00 $40,000.00
Figures in Millions except per share values
Current Price EPV Net Reproduction Value EPV MOS NCAV 52 Wk High 52 Wk Low
$460.16 $442.94 $123.39 0.0% ($6.32) $705.07 $435.00
Asset Valuation Section EPV Valuation Section
Data: Asset Valuation EPV > Net Repro Value = Moat exists
Shares Outstanding 939.1 TTM Free Cash Flow 46,300.0$ EPV = Net Repro Value = No Moat
Balance Sheet Assets 196,088.0$ Avg Normalized Income 24,154.5$ EPV < Net Repro Value = Value Destroyer
Adjusted Assets 196,088.0$ Med Normalized Income 22,956.9$
Total Liabilities 68,742.0$ Avg Adj. Income 5 yrs 20,460.3$
Total Equity 127,346.0$ TTM Adjusted Income 44,543.2$
Average SGA % 8.6%
Marketing/Brand Value 13,504.6$ Data: EPV
R&D Value 4,435.2$ Cost of Capital 9.0%
Cash Needed for Business 1,646.9$ Normalized Adjusted Income 40,000.0$
Interest Bearing Debt -$ Average Maintenance Capex 6,000.0$
Non Interest Bearing Debt 61,468.0$ Interest Bearing Debt -$
Excess Cash 36,689.8$ 1% of sales 1,646.9$
Cash & Equiv 39,820.0$
Calculation: Asset Valuation Cash - Debt 38,173.1$
Total Per Share Shares 939.06
Tangible BV 121,503$ 129.39$
Adjusted BV 127,346$ 135.61$ Calculation: EPVNCAV (5,933)$ (6.32)$ Cost of Capital Rates EPV Per Share + Cash - Debt Per Share
Reprod. Cost of Assets 214,028$ 227.92$ 5% 680,000.0$ 724.13$ 718,173.1$ 764.78$
Reprod. Cost of Assets BV 145,286$ 154.71$ 7% 485,714.3$ 517.23$ 523,887.4$ 557.88$ Total Net Reprod. Cost 115,870$ 123.39$ 9% 377,777.8$ 402.29$ 415,950.9$ 442.94$
11% 309,090.9$ 329.15$ 347,264.0$ 369.80$
13% 261,538.5$ 278.51$ 299,711.6$ 319.16$
Quarterly numbers based on: Q1Adjustments:
Assets Book Value Fixed BV Multiplier
Reproduction
Asset Value
Cash & Equivalents 16,154.0$ 16,154.0$
Marketable Securities 23,666.0$ 23,666.0$
Adjustments:
Liabilities & Equity Book Value Fixed BV Multiplier
Reproduction
Liability Value
Accounts Receivable 11,598.0$ 11,598.0$ Accounts Payable 26,398.0$ 26,398.0$
Other Receivable 9,936.0$ 9,936.0$ Accrued Expenses -$ -$
Net Receivables 21,534.0$ 21,534.0$ Accrued Liabilities 11,214.0$ 11,214.0$
Inventories: Raw Materials -$ Notes Payable/Short Term Debt -$ -$
Inventories: Work in Progress -$
Current Port. of LT Debt/Capital
Leases -$ -$
Inventories: Purchased Components -$ Other Current Liabilities 1,993.0$ 1,993.0$
Inventories: Finished Goods -$ Total Current Liabilities 39,605.0$ 39,605.0$
Inventories: Other 1,455.0$ Long-Term Debt -$ -$
Inventories -- Total 1,455.0$ 1,455.0$ Capital Lease Obligations -$ -$
Prepaid Expenses -$ -$ Deferred Income Taxes -$ -$
Current Defered Income Taxes 2,895.0$ 2,895.0$ Total Other Liabilities 21,863.0$ 21,863.0$
Other Current Assets 6,644.0$ 6,644.0$ Total Liabilities 68,742.0$ 68,742.0$
Total Current Assets 72,348.0$ 72,348.0$ Common Stock Equity 127,346.0$ 127,346.0$
Goodwill, Net 1,381.0$ 1,381.0$ Retained Earnings 109,567.0$ 109,567.0$
Intangibles, Net 4,462.0$ 4,462.0$ Total Capitalization 127,346.0$ 127,346.0$
Intangibles 5,843.0$ 5,843.0$ Total Equity 127,346.0$ 127,346.0$ Property/Plant/Equipment - Net 15,422.0$ 15,422.0$ Total Liabilities & Equity 196,088.0$ 196,088.0$
Other Long Term Assets, Total 102,475.0$ 102,475.0$ Total Assets 196,088.0$ 196,088.0$
9% 3
Values for Normalized Income
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Book Value Net ReproValue
EPV
Apple Inc.
(AAPL)2/18/2013 Current Price NNWC NNWC % NCAV NCAV %
$460.16 -$12.83 0.0% $3.84 0.0%
Figures in Millions except per share values BV
BV
Multiplier Net Net Value
Cash & Equivalents 16,154.00$ 100% 39,820.00$
Marketable Securities 23,666.00$
Accounts Receivable 21,534.00$ 75%
Other Receivable -$
Receivables 21,534.00$ 16,150.50$
Inventories: Raw Materials -$ 50%
Inventories: Work in Progress -$
Inventories: Purchased Components -$
Inventories: Finished Goods -$
Inventories: Other 1,455.00$
Inventories -- Total 1,455.00$ 727.50$
Current Assets - Total 72,348.00$ 72,348.00$
Total Assets 196,088.00$ 196,088.00$
Total Liabilities 68,742.00$ 68,742.00$ Shares Outstanding 939.06 939.06
Total ($m) Per Share
Total Current Assets 72,348.00$ 77.04$
Market Cap & Share Price 432.1B 460.16$
Book Value 127,346.00$ 135.61$
Net Net Working Capital (12,044.00)$ (12.83)$
Discount to NNWC 0%
Net Current Asset Value 3,606.00$ 3.84$
Discount to NCAV 0%
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