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Equity Research: Apple (AAPL:xnas)
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General
Apple (AAPL:xnas) United States
Last close (USD) 519.01
Avg. consensus rating BUY
No. of Analysts 53
Avg. consensus target (USD) 593.02
Implied price (USD) 627.60
Beta 1.01
Market cap. (USDm) 463,244
Industry Computer Processing Hardware
Share Price Development (USD)
Company Description

Apple, Inc. designs, manufactures, and markets mobile communication and media devices, personal computers, portable digital music players, and sells a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. Its products and services include iPhone, iPad, iPod, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and accessories, service and support offerings. The company also sells and delivers digital content and applications through the iTunes Store, App Store, iBooks Store, and Mac App Store. It sells its products worldwide through its retail stores, online stores, and direct sales force and third-party cellular network carriers, wholesalers, retailers, and value-added resellers to the consumer and also sells third-party iPhone, iPad, Mac and iPod compatible products, including application software, and accessories, through its online and retail stores. The company was founded by Steven Paul Jobs, Steve Wozniak and Ronald Gerald Wayne on April 1, 1976 and is headquartered in Cupertino, CA.

Source: FactSet Research Systems Inc.

Valuation
2014E 2015E 2016E
P/E 12.2 11.6 11.2
EPS growth 2.5% 5.1% 3.7%
PEG 3.3 n.a. n.a.
EV/EBITDA 7.5 7.0 6.6
EV/Revenue 2.43 2.30 2.17
P/B 3.35 2.95 2.63
Dividend yield 2.5% 2.7% 2.6%
Earnings Per Share
Split Figures

 Divisional Split

: Revenue (USDm 2013)
  Accessories 5,706 (3.3%)
  iPad 31,980 (18.7%)
  iPhone 91,279 (53.4%)
  iPod 4,411 (2.6%)
  iTunes, Software & Services 16,051 (9.4%)
  Mac 21,483 (12.6%)

 Geographical Split

: Revenue (USDm 2013)
  Americas 62,739 (36.7%)
  Europe 37,883 (22.2%)
  Greater China 25,417 (14.9%)
  Japan 13,462 (7.9%)
  Rest of Asia Pacific 11,181 (6.5%)
  Retail 20,228 (11.8%)
Price Development
Comparable Companies Symbol Last Close 1W 1M 3M 6M 1Y
Apple (USD) AAPL:xnas 519.0 -0.85% -1.47% -4.01% 2.88% 28.85%
Microsoft (USD) MSFT:xnas 40.4 2.64% 6.18% 11.05% 15.69% 40.16%
Hewlett-Packard (USD) HPQ:xnys 32.5 -0.95% 10.21% 9.03% 38.94% 58.57%
Valuation Chart (12 Month Forward P/E)
Rating Distribution

Last update of fundamental data: 13-04-2014

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