Professional Documents
Culture Documents
Apple Inc.: Kevin Hawkinson Rebecca Lenoue Julio Quintana Jessica Schrader Stefan Sofianos Laura Beth Williamson
Apple Inc.: Kevin Hawkinson Rebecca Lenoue Julio Quintana Jessica Schrader Stefan Sofianos Laura Beth Williamson
Kevin Hawkinson
Rebecca LeNoue
Julio Quintana
Jessica Schrader
Stefan Sofianos
Laura Beth Williamson
http://www.youtube.com/watch?v=OYecf
V3ubP8
Established
Apple
Microsoft
1
2
3
Dell
HewlettPackard
Apple
Apple
2004
2005
2006
2007
2008
Ind.
Avg.
Current 2.66
2.95
2.25
2.37
2.46
1.37
Quick
2.34
2.48
1.97
2.00
1.84
1.29
CFL
1.47
1.73
1.34
1.60
1.52
ACP
34.12
23.45
23.66
24.89
27.22
DIH
6.12
6.09
7.18
7.97
8.71
DPO
87.95
65.66
90.21
114.44
94.44
CCC
-47.70
-36.12
-59.36
-81.58
-58.51
2004
2005
2006
2007
2008
Ind.
Avg.
ART
10.70
15.56
15.43
14.66
13.41
8.42
IT
59.62
59.93
50.80
35.82
41.91
26.00
APT
4.15
5.56
4.05
3.19
3.86
FAT
11.71
17.05
15.08
13.10
13.23
TAT
1.03
1.21
1.12
0.95
0.82
1.45
2004
2005
2006
2007
2008
Debt
0.37
0.35
0.42
0.43
0.47
LTD to
Total
Cap.
0.00
0.00
0.00
0.00
0.00
Debt to
Equity
0.59
0.55
0.72
0.74
0.88
TIE
0.00
0.00
0.00
0.00
0.00
CIC
0.00
0.00
0.00
0.00
0.00
FCC
N/A
N/A
N/A
5.33
5.74
CFA
-5.31
-9.75
-3.38
-5.55
-8.00
Ind.
Avg.
0.35
14.03
2004
2005
2006
2007
2008
Ind.
Avg.
GPM
27.26%
29.01%
28.98%
33.97%
34.31%
40.45%
OPM
3.78%
11.79%
12.70%
18.37%
19.32%
16.22%
NPM
3.21%
9.53%
10.30%
14.56%
14.88%
12.23%
CFM
11.28%
18.20%
11.49%
22.79%
29.55%
ROA
3.30%
11.53%
11.56%
13.79%
12.22%
13.32%
ROE
5.24%
17.88%
19.92%
24.06%
22.99%
41.48%
CRA
11.60%
22.01%
12.90%
21.58%
24.25%
2004
2005
2006
2007
2008
Ind.
Avg.
EPS
0.38
1.64
2.36
4.04
5.48
PE
309.58
71.60
49.93
29.09
21.46
10.71
0.00
0.00
0.00
0.00
0.13
0.00
0.00
0.00
0.00
1.22
Growth
20.00%
9.00%
4.00%
1.20%
0.90%
2008
2009
2010
2011
2012
2013
Sales
$32,479.00
$38,974.80
$42,482.53
$44,181.83
$44,712.02
$45,114.42
$26,307.99
$31,569.59
$34,410.85
$35,787.28
$36,216.73
$36,542.68
EBIT (19.32%)
$6,171.01
$7,405.21
$8,071.68
$8,394.55
$8,495.28
$8,571.74
After tax
$4,338.22
$5,205.86
$5,674.39
$5,901.37
$5,972.18
$6,025.93
$1,292.00
$1,558.99
$1,699.30
$1,767.27
$1,788.48
$1,804.58
$20,598.00
$24,717.82
$26,942.42
$28,020.12
$28,356.36
$28,611.57
$4,119.82
$2,224.60
$1,077.70
$336.24
$255.21
$2,946.11
$3,211.25
$3,339.70
$3,379.78
$3,410.20
$491.11
$265.15
$128.45
$40.08
$30.42
$2,153.93
$4,883.94
$6,462.49
$7,384.35
$7,544.89
$2,455.00
1.00%
$80,468.15
$88,013.04
$1,949.79
$157,213.33
891.91
$176.27
$4,002.04
$4,793.66
$4,958.32
$53,496.48
Multiples approach
Current market price
Apple
Dell
HP
IBM
$121.76
$10.55
$35.43
$102.31
EPS
5.483
1.25
3.21
9.01
P/E
22.6
8.45
11.1
11.4
$123.92
$10.56
$35.63
$102.71
25.73
2.238
16.54
10.06
4.68
4.61
2.1
9.99
$120.42
$10.32
$34.73
$100.50
RPS
37.34
30.86
48.54
76.21
P/S
3.25
0.33
0.7
1.3
PO
$121.36
$10.18
$33.98
$99.07
$121.90
$10.35
$34.78
$100.76
$121.76
$10.55
$35.43
$102.31
P0
Book value
P/B
PO
The