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ValuEngine Detailed Valuation Report for AAPL

ValuEngine Detailed Valuation Report for AAPL

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Published by ValuEngine.com
Advanced academic research that brings you superior investment strategies in an actionable format. The most comprehensive and useful report available. ValuEngine's three models: Valuation Model, Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Consensus EPS trend and Earnings Surprise statistics provide additional insights. Also, detailed Company Profile, ValuEngine Fair Valuation; 1-3-6 month and 1-2-3 yr forecasts, ValuEngine 1-5 Engine Rating, Multi-stock comparison, Financials, Earnings Estimates, Risk Assessment, Data Summary and much more.
Advanced academic research that brings you superior investment strategies in an actionable format. The most comprehensive and useful report available. ValuEngine's three models: Valuation Model, Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Consensus EPS trend and Earnings Surprise statistics provide additional insights. Also, detailed Company Profile, ValuEngine Fair Valuation; 1-3-6 month and 1-2-3 yr forecasts, ValuEngine 1-5 Engine Rating, Multi-stock comparison, Financials, Earnings Estimates, Risk Assessment, Data Summary and much more.

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com (800)381-5576 . FL 32902 support@ValuEngine. manage your portfolio. and allocate capital for maximum returns. the firm covers most major Canadian stocks and can provide coverage of Tokyo markets on an as needed basis. 2012 TM The Leader in Stock Valuation and Forecasting DETAILED STOCK VALUATION REPORT CONTENTS • • • • • • • • Valuation Snapshot Forecast Target Prices -1. quant-derived research is now available to private investors. 03.VgluEngine APPLE INC Ticker: AAPL Feb. 6. Copyright © 1998 . ValuEngine's research will enhance your ability to evaluate individual stocks.Annual and Quarterly ValuEngine's fundamentally-based. ValuEngine currently covers @5500 US equities as well as @500 ADRs and foreign stocks that trade on US markets. In addition. and 12 Month Time Horizons Historical Price and Recommendation Chart Business Summary Optimal Buy-Sell Levels Overall Rankings Alternate Valuation Figures -PEG and Comparables' PEG Detailed Financials . 3.2012 ValuEngine Inc PO Box 399 Melbourne.

89 $471.31 $473.74. several important tendencies that stock prices consistently exhibit: Short-term price reversals. we feel that APPLE INC has the probability to ROUGHLY MATCH average market performance for the next year.9 5. FAIR MARKET VALUATION PRICE Based on available data as of Feb.94 Rank top 6% btm 38% top 30% top 34% top 11% top 1% 100 2007 2008 2009 Target Price 2010 Volume 2011 Sell Hold 2012 Buy Close Price VALUENGINE RECOMMENDATION ValuEngine has issued a HOLD recommendation for APPLE INC on Feb.70% 3. each playing a role in the valuation analysis. For more details on ValuEngine's Fair Value Model. For more details on ValuEngine's Forecast Model.48% 5.60 $480. 2012 APPLE INC(AAPL) VALUENGINE RECOMMENDATION & BASIC INFORMATION 4 0 0 ©ValuEngine. and Long-term price reversals.ValuEngine. among other things.98 14.74 $471.54% 4. please go HERE. and correlations to the 30year Treasury bond yield of 3. Return 6. For more details on the ValuEngine One Year Forecast Target price and its components.63 32. please click HERE.63 12. 03.00 1. Contact ValuEngine: ValuEngine.20% 2. Intermediate-term momentum continuation. For AAPL.com www.12% 3.93.938 14.com Copyright © 1998 .54% n/a n/a 0. FL 32902 (800) 381-5576 (T) support@ValuEngine.67 0. There are an additional 10 firm specific and interest rate related parameters.36% undervalued. we base this on actual earnings per share (EPS) for the previous four quarters of $31. 2012. Fair Value indicates what we believe the stock should be trading at today if the stock market were perfectly efficient and everything traded at its true worth. please go HERE. Inc.70 $464. The company exhibits ATTRACTIVE company size and risk.94 3.2012 ValuEngine Inc 1 .39% 38.98 $469.36% undervalued Computer-micro 7.85 0. A stock is rated Strong Buy. Sell. The breakdown for each rating is as follows: • Strong Buy: More than +12% 1YFR • Buy: Between +5% and +12% 1YFR • Hold: Between -5% and +5% 1YFR • Sell: Between -12% and -5% 1YFR • Strong Sell: Less than -12% 1YFR ValuEngine's Strong Buy-rated stocks have an averaged annual return of 19% since 2001. This makes AAPL 0.82% 15. BASIC INFORMATION Last Trade Trade Date Market Cap(bil) Trailing P/E Forward P/E PEG Ratio P/S Ratio M/B Ratio Sharpe Ratio 5-Y Avg Ann Return Volatility EPS Growth Annual Dividend Dividend Yield LT Debt/Equity Beta VALUATION ANALYSIS AAPL Industry Sector Today's Fair value: $456. but UNATTRACTIVE market/book ratio and price/sales ratio. Based on the information we have gathered and our resulting research. forecasted EPS for the next four quarters of $35.00% FORECASTED TARGET PRICES The predictive variables used in Valuengine's forecast target price models include both proprietary and well-established forecasting variables derived from credible financial research studies and publications. PO Box 399 Melbourne. FORECAST ANALYSIS 1-Month 3-Month 6-Month 1-Year 2-Year 3-Year Target Price $484. 03.22 RECOMMENDATION OVERVIEW ValuEngine's stock recommendations are based on the proprietary ValuEngine one-year forecast return (1YFR) model output for each individual equity. 2012.10.86 33.26% undervalued Computer And Technology $455.18% $421. Our forecasting models capture.74 0.01%. Hold. we believe that AAPL should be trading at $456.21 Exp.VgluEngine TM DETAILED RESEARCH REPORT Feb. We then apply the most advanced statistical/econometric techniques to ensure that our stock return forecasts are as reliable as possible. Strong Sell based on the Forecast One Year Return. 03. We use a distinct forecasting model for each time horizon and for every industry.12 02/02/12 $421.com 2011 POSITIVE outperform RECOMMENDATION NEGATIVE underperform NEUTRAL match 150 Volume (million) 350 125 300 Price VALUENGINE RATING 250 200 150 100 75 50 25 RECOMMENDATION FACTORS Value Overall Rank Fair Value 1Yr Target Price P/E Ratio Last 1-Y Return Market Cap(bil) $456. Buy.

If its forecasted EPS growth is negative but its forward 4 quarter EPS is positive.93 for its 4 quarter forward EPS.9. Let's take them one by one: • Valuation rank 38: 62% of stocks are more undervalued • Momentum rank 90: 10% of stocks have higher momentum • Sharpe Ratio rank 99: 1% of stocks have a higher Sharpe Ratio • 5-Year Average Annual Return 99: 1% of stocks have higher average annual return • Volatility rank 66: 34% of stocks have less volatility • EPS growth rank 47: 53% of stocks have greater projected EPS growth • Size rank 100: 0% of companies have higher market capitalization • P/E rank 67: 33% of stocks have lower P/E ratios • Price/Sales rank 20: 80% of stocks have lower price/sales ratios • Market/Book rank 17: 83% of stocks have lower market/book value ratios Over the past 10 years.2012 ValuEngine Inc 2 . The best time to sell would be above $913.77 2. AAPL's current price sales ratio is 3. SCLD.18 (or valuation below 38.63 Rank 38 90 99 66 47 100 99 20 17 67 1. and business customers. creative.9 5.36% 32. The analyst consensus estimate is $35. we apply the P/E to give a fair value for the stock as of today. Valuation Based on AAPL's Past PEG EVALUATION & RANKINGS SUMMARY Just as important as the percentages shown for our ten predictive variables for each stock is the way they are ranked against the 7000 plus stocks in our database. while P/E is better than P/S. DATA SUMMARY & MARKET RATIO BASED VALUATION MARKET RATIO BASED VALUATION Portfolio managers and professionals traditionally rely on market ratios to gauge whether a stock is fair valued or overvalued. Inc.94 0. null and null. The current PEG average of these comparables is n/a. the best time to buy would be below $283. These two alternative perspectives should give you a good idea about where this stock's valuation stands today. Among the three. PEG is the most informative as it reflects both the price/earnings ratio and expected future EPS growth. Comparables' PEG Comparables DELL NDCP SCLD Current PEG n/a n/a n/a Fair Value Comparable Stocks' Avg PEG Comparable PEG-Based Fair Value n/a n/a Copyright © 1998 .39% 38. For each given stock. we use both (i) the average historical market ratio of the stock over the past 10 years (or however long there is data available for the stock). manufactures and markets personal computers and related personal computing and communicating solutions for sale primarily to education. The following assessment is based on multiplying comparable stocks' average PEG today with AAPL's recent 4 quarter EPS and the forecasted EPS growth rate over the next 4 quarters .00%).49 (or valuation above 100. and (ii) the average market ratio today of five comparable stocks in the same sector and from companies of similar size. AAPL's current price sales ratio is 3.37. On this page. The analyst consensus estimate is $35. Otherwise. and P/S ratio (price to trailing 4 quarter sales). we present such a valuation based on one of three market ratios: PEG (price to trailing 4 quarter earnings ratio. Fair Value Historical Average PEG PEG-Based Fair Value 3. In other words a high rank is always better.54% 421.82% 15. This is sometimes confusing to newcomers to ValuEngine. NDCP.VgluEngine BUSINESS SUMMARY TM DETAILED RESEARCH REPORT APPLE INC(AAPL) BUSINESS SUMMARY. Each of these quantitative measurements is ranked on a scale of 1 to 100. EVALUATION & RANKINGS Valuation 12-Month Return 5-Y Avg Ann Rtn Volatility EPS Growth Market Cap(bill) Sharpe Ratio P/S Ratio M/B Ratio P/E Ratio Value -0. consumer. OPTIMAL BUY-SELL Based solely on the Historical Mispricing of AAPL. we resort to the P/S to assess its fair value.18% 33. Apple Computer. designs. P/E (price to forward 4 quarter earnings ratio).37 $1.00%).85 14. AAPL's average PEG is 3. Valuation Based on Comparables' PEG AAPL's comparables are DELL.86 3.93 for its 4-quarterforward EPS. divided by the consensus analyst forecasted next year EPS growth). To establish a valuation standard. the more positive the influence each measurement has on the overall attractiveness of the stock. Generally the higher the ranking.9. The following assessment is based on multiplying the historical PEG with recent 4 quarter EPS and the forecasted EPS growth rate over the next 4 quarters for AAPL. AAPL earned $31.10 per share in its recent 4 quarters. we apply the PEG to give a fair value assessment if both its trailing 4 quarter EPS and forecasted EPS growth rate are positive.629.10 per share in its recent 4 quarters. AAPL earned $31.

18% 90 performance of a stock over the recent 12 months. A higher Volatility Rank indicates a lower volatile percentile of Industry 71. AAPL has a Volatility Rank of 66. Stocks with the lowest P/S ratio are Industry 3.08 51 assigned a rank of 100 while stocks with the highest P/S ratio are Sector n/a 0 ranked 1.15 50 (over the last five years) divided by its annualized volatility over the Sector n/a 0 same 5 years.05% 49 coverage universe.40% 93 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- EPS Growth Rank The ValuEngine EPS Growth Rank indicates a stock's expected EPS AAPL 15. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- M/B Ratio Rank The Market/Book Rank is a measure of a stock's market to book ratio AAPL 5. AAPL is significantly higher than the industry. A higher rank denotes a larger market Industry 3.39% 99 average annual return over the last 5 years. AAPL is moderately higher than the industry P/E rank of 44.82% 66 stock. In other words a high rank is always better. Sector n/a 0 With a 12-Month Return Rank of 90. 3 Copyright © 1998 . which is Sector n/a 0 moderately lower than the industry rank of 43. On a scale of 1 to Industry -3.2012 ValuEngine Inc . and S&P 500 averages.This is in line with the industry rank of Sector n/a 0 52. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/S Ratio Rank The ValuEngine Price/Sales rank signifies the relative position of the AAPL 3. With a P/E rank of 67. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Market Cap(bill) Rank The ValuEngine Size rank signifies the company's size in terms of AAPL 421.57 47 capitalization within ValuEngine's stock universe. At a Price/Sales rank of 20. Sector n/a 0 With a rank of 99. Industry -7.63 45. AAPL has a Market/Book rank of 17. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 12-Month Return Rank The ValuEngine 12-Month Return Rank reflects the relative stock AAPL 32. which has a rank of S&P 500 n/a n/a 47.36% 38 company's stock price and its Fair Value.38% 40 stocks. A higher rank indicates a better return performance. the more positive the influence each measurement has on the overall attractiveness of the stock. AAPL is significantly higher than the S&P 500 -0. which S&P 500 -1. AAPL is Sector n/a 0 slightly lower than the average of its industry group.96% 52 has an EPS Growth Rank of 47. A high rank indicates a high growth rate expectation.65% 63 the industry's rank score of 45. relative to the universe. AAPL is significantly higher than S&P 500 1. With a Valuation Rank of 38. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/E Ratio AAPL Industry Sector S&P 500 14. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Valuation Rank The ValuEngine Valuation Rank measures the relationship between a AAPL -0. S&P 500 19. a higher 12-Month Return rank indicates a stronger performance. which has a rank of 50. Generally the higher the ranking. AAPL is significantly higher than the industry. With a Size rank of Sector n/a 0 100. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 5-Y Avg Ann Rtn Rank The ValuEngine 5-Years Average Return Rank reflects a stock's AAPL 33.9 20 company based on its P/S ratio.94 100 market capitalization. With a rank of 99. sector. The below data points show how the rank for each data point for AAPL relates to the overall industry. Sharpe ratio is the stock's average annual return Industry -0. which is moderately higher Sector n/a 0 than the industry Rank of 40.VgluEngine TM DETAILED RESEARCH REPORT APPLE INC(AAPL) VALUENGINE RANKINGS Just as important as the percentages shown for our ten predictive variables for each stock is the way they are ranked against the 7000 plus stocks in our database.85 17 relative to the stock universe. AAPL Industry 70. in comparison with the Industry -15.88 43 market book value. which carries a S&P 500 n/a n/a Valuation Rank of 50. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Volatility Rank The ValuEngine Volatility Rank reflects the volatility associated with the AAPL 38. Stocks in the top P/E percentile are each assigned a rank of 1(highest P/E stocks) while those in the bottom P/E percentile are assigned a rank of 100 (traditional value stocks).08 56 industry.63% 62 has a rank of 49.86 99 offered by a stock.54% 47 growth rate. The higher the Valuation rank.26% 50 the more undervalued the stock.94% 45 100. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Sharpe Ratio Rank The ValuEngine Sharpe Ratio Rank measures the risk return tradeoff AAPL 0. Each of these quantitative measurements is ranked on a scale of 1 to 100. AAPL is substantially lower than S&P 500 n/a n/a the industry rank of 51.69 n/a n/a Rank 67 44 0 n/a The ValuEngine P/E Rank signifies the relative standing of a company on its P/E ratio. A higher rank corresponds to a lower Industry 5.

00% DELL 5.18% SCLD 42.49% 2.97% 207.20% 2.30% 107.84% 61.22% 55.34% 0.80% 52.9 0.88% EPS Growth AAPL DELL SCLD NDCP 0.97% 46.23% 49.78% n/a 90 88 98 n/a n/a Six-Month One-Year Two-Year Three-Year 5-Y Avg Ann Rtn Rank AAPL DELL SCLD NDCP 33.59% -49.39% -41.85 42.2012 ValuEngine Inc 4 .66 0. Sharpe Ratio AAPL DELL SCLD NDCP 0.12% Volatility AAPL DELL SCLD NDCP 38.05 Rank 20 74 42 97 n/a M/B Ratio AAPL DELL SCLD NDCP 5.26% 53.35% 50.08 n/a n/a Rank 17 2 n/a n/a n/a P/E Ratio AAPL DELL SCLD NDCP 14.50% 49.97% 53.24 Rank 99 48 27 40 n/a P/S Ratio AAPL DELL SCLD NDCP 3.16 -0.69% n/a 99 51 15 12 RISK ASSESSMENT: CHANCE OF GAIN AAPL One-Month Three-Month Six-Month One-Year 66 65 Two-Year Three-Year 71.39 -0.65% 49.20% 47.70% 4.11 0 0 Rank 7 1 n/a * Comparables are companies in the same Sector and Industry and of approximately similar market capitalization value.96% 4.67% 48.94 32.04% 59.86 -0.68% 48.VgluEngine Valuation AAPL DELL SCLD NDCP -0.39% -6.56% 51.32% 51.31% SCLD 5.98% -8.63 8.12% 3.36% -10.28% 77.82% 39.65% 51.40% 0.67% -2.83% 12-Month Return Rank AAPL DELL SCLD NDCP 32.70% 3.03% 53.03% 46.33% 51.21 n/a n/a Rank 67 91 n/a n/a n/a Copyright © 1998 .19% DELL 70.86% Rank 10 2 n/a RISK ASSESSMENT: CHANCE OF LOSS AAPL 47 14 One-Month Three-Month Six-Month One-Year Two-Year 100 98 Three-Year 28.16% 38.16 -0.96% 40.78% 44.09% -0.18% n/a n/a TM DETAILED RESEARCH REPORT APPLE INC(AAPL) COMPARISON OF SIMILAR STOCKS* & RISk ASSESSMENT Rank 38 57 n/a n/a n/a FORECAST COMPARISONS RETURN FORECAST: EXPECTED RETURN AAPL One-Month Three-Month 6.50% 50.44% 48.07 n/a n/a Rank n/a n/a n/a Market Cap(bill) AAPL DELL SCLD NDCP 421.48% 5.82% SCLD 57.39% 3.94% -5.74% 46.54% 4.81% DELL 29.77% 50.52 1.18% 28.24% 51.35% 48.76% 48.

VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property. Plant & Equipment Accumulated Depreciation Net Property.2012 ValuEngine Inc 5 . Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 . Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT APPLE INC(AAPL) ANNUAL FINANCIALS (All items in Millions) 201109 9815 16137 11717 776 ---0 8557 44988 11768 3991 7777 55618 0 0 4432 3556 116371 0 14632 0 0 9247 0 4091 27970 0 1686 0 0 0 10100 0 39756 0 13331 0 62841 0 443 76615 116371 201009 11261 14359 9924 1051 ---0 6719 41678 7234 2466 4768 25391 0 0 1083 2263 75183 0 12015 0 0 5723 0 2984 20722 0 1139 0 0 0 5531 0 27392 0 10668 0 37169 0 -46 47791 75183 200909 5263 18201 3361 455 ---0 5410 31555 4667 1713 2954 10528 0 0 453 2011 47501 0 5601 0 0 3852 0 2053 11506 0 853 0 0 0 3502 0 15861 0 8210 0 23353 0 77 31640 47501 200809 11875 12615 2422 509 ---0 8716 34690 3747 1292 2455 0 0 0 492 1935 39572 0 5520 0 0 8572 0 0 14092 0 0 0 0 0 4450 0 18542 0 7177 0 13845 0 8 21030 39572 200709 9352 6034 1637 346 ---0 4587 21956 --1832 0 0 0 337 1222 25347 0 4970 0 0 4329 0 0 9299 0 0 0 0 0 1516 0 10815 0 5368 0 9101 0 63 14532 25347 200609 6392 3718 1252 270 ---0 2877 14509 --1281 0 0 0 177 1238 17205 0 3390 0 0 3081 0 0 6471 0 0 0 0 0 750 0 7221 0 4355 0 5607 0 22 9984 17205 200509 3491 4770 895 165 ---0 979 10300 --817 0 0 0 96 338 11551 0 1779 0 0 1705 0 0 3484 0 0 0 0 0 601 0 4085 0 3521 0 4005 0 -60 7466 11551 200409 2969 2495 774 101 ---0 716 7055 --707 0 0 0 97 191 8050 0 1451 0 0 1229 0 0 2680 0 294 0 0 0 0 0 2974 0 2514 0 2670 0 -108 5076 8050 Current Portion of Long-term Debt Current Portion of Capital Leases Accrued Expenses Income Taxes Payable Other Current Liabilities Total Current Liabilities Mortgages Deferred Charges (taxes/income) Convertible Debt Long Term Debt Non-Current Capital Leases Other Long-Term Liabilities Minority Interest (liabilities) Total Liabilities Preferred Stock Common Stock.

Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act.Net Net Cash from (used by) Operating Act.. Expense Income Before Depr.5 -0 0 200409 8279 6020 2259 489 1421 349 0 34 0 383 107 0 0 0 276 0 276 774.6 1.3 25922 0 28 27. Net Cash from (used by) Invesment Act.7 909.2012 ValuEngine Inc 25922 1814 5757 0 4036 37529 -4260 -244 -32464 -3451 -40419 831 0 0 0 613 1444 -1446 14013 1027 1212 0 2343 18595 -2005 -638 -11093 -118 -13854 912 0 0 0 345 1257 5998 8235 734 -586 0 1776 10159 -1144 0 -16147 -143 -17434 475 0 0 0 188 663 -6612 4834 473 4119 0 170 9596 -1091 -220 -6760 -118 -8189 483 0 0 0 633 1116 2523 3496 317 1325 0 332 5470 -735 0 -2312 -202 -3249 362 0 0 0 377 739 2960 1989 225 -221 0 227 2220 -657 0 1032 -18 357 -37 0 0 0 361 324 2901 1335 179 465 0 556 2535 -260 0 -2275 -21 -2556 543 0 0 0 0 543 522 276 150 448 0 60 934 -176 0 -1323 11 -1488 427 -300 0 0 0 127 -427 6 . Other Adjustments . Amort.3 2.7 27.9 3. & Equ.8 808.1 15.VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT APPLE INC(AAPL) ANNUAL FINANCIALS (All items in Millions) 201109 108249 64431 43818 2429 7599 33790 0 415 0 34205 8283 0 0 0 25922 0 25922 936.Basic. Amort. net EPS .6 1. Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper. Net Change in Cash & Cash Equivalents Copyright © 1998 . Non-Operating Income Interest Expense Pretax Income Provision for Income Taxes Minority Interest Investment Gains (Losses) Other Income Income Before Extraordinaries & Disc Extraordinary Items & Discontinued Net Income Average Shares used for Diluted EPS Average Shares used for Basic EPS Income Before Non-Recurring Items Income From Non-Recurring Items EPS .1 -0 0 200909 42905 25683 17222 1333 4149 11740 0 326 0 12066 3831 0 0 0 8235 0 8235 907 893 5704 0 6.3 -0 0 200509 13931 9888 4043 534 1859 1650 0 165 0 1815 480 0 0 0 1335 0 1335 856. Issuance (purchase) of Equity Shares Issuance (repayment) of Debt Securities Increase (decrease) in Bank & Other Payment of Dividends & Other Cash Other Cash from (used by) Financing Net Cash from (used by) Financing Act. Depreciation.4 -0 0 Research & Development Expense Selling.5 14013 0 15. Depletion.9 -0 0 200609 19315 13717 5598 712 2433 2453 0 365 0 2818 829 0 0 0 1989 0 1989 877.6 4834 0 5.4 -0 0 200709 24006 15852 8154 782 2963 4409 0 599 0 5008 1512 0 0 0 3496 0 3496 889.5 844.4 1250 85 1.Diluted.7 -0 0 201009 65225 39541 25684 1782 5517 18385 0 155 0 18540 4527 0 0 0 14013 0 14013 924.4 5.3 6.3 -0 0 200809 32479 21334 11145 1109 3761 6275 0 620 0 6895 2061 0 0 0 4834 0 4834 902.Diluted.Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation.3 0. Increase/Decrease in Prop.2 290 -14 0.4 0.4 2.6 3496 0 4 3. Depletion.5 5. net EPS .4 6.6 743.6 924. General & Admin.. before non-recurring Preferred Dividends . Depl.1 881.4 15. Plant.1 1993 0 2.3 864.

Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 .VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property. Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT APPLE INC(AAPL) QUARTERLY FINANCIALS (All items in Millions) 201109 9815 16137 11717 776 ---0 8557 44988 11768 3991 7777 55618 0 0 4432 3556 116371 0 14632 0 0 9247 0 4091 27970 0 1686 0 0 0 10100 0 39756 0 13331 0 62841 0 443 76615 116371 201106 12091 16304 11471 889 ---0 8035 46898 10348 3599 6749 47761 0 0 1910 3440 106758 0 15270 0 0 7597 0 3992 26859 0 1407 0 0 0 9149 0 37415 0 12715 0 56239 0 389 69343 106758 201103 15978 13256 11095 930 ---0 7421 46997 9416 3175 6241 36533 0 0 1248 3885 94904 0 13714 0 0 7022 0 3591 24327 0 1230 0 0 0 7870 0 33427 0 12326 0 49025 0 126 61477 94904 201012 10734 16243 10874 885 ---0 6915 43927 8635 2767 5868 32730 0 0 1263 2954 86742 0 14301 0 0 5953 0 3541 23795 0 1216 0 0 0 7065 0 32076 0 11502 0 43050 0 114 54666 86742 201009 11261 14359 9924 1051 ---0 6719 41678 7234 2466 4768 25391 0 0 1083 2263 75183 0 12015 0 0 5723 0 2984 20722 0 1139 0 0 0 5531 0 27392 0 10668 0 37169 0 -46 47791 75183 201006 9705 14583 6399 942 ---0 5620 36033 6228 2238 3990 21551 0 0 1032 2119 64725 0 8469 0 0 4452 0 2691 15612 0 1021 0 0 0 4981 0 21614 0 10133 0 32870 0 108 43111 64725 201003 10018 13137 2886 638 ---0 6799 32336 5555 2051 3504 18549 0 0 743 1925 57057 0 5666 0 0 4021 0 2542 12229 0 941 0 0 0 4539 0 17709 0 9553 0 29670 0 125 39348 57057 200912 7609 17187 3090 576 ---0 6050 33332 4986 1871 3115 15024 0 0 494 1961 53926 0 6511 0 0 3996 0 2590 13097 0 922 0 0 0 4139 0 18158 0 8962 0 26695 0 111 35768 53926 Current Portion of Long-term Debt Current Portion of Capital Leases Accrued Expenses Income Taxes Payable Other Current Liabilities Total Current Liabilities Mortgages Deferred Charges (taxes/income) Convertible Debt Long Term Debt Non-Current Capital Leases Other Long-Term Liabilities Minority Interest (liabilities) Total Liabilities Preferred Stock Common Stock. Plant & Equipment Accumulated Depreciation Net Property.2012 ValuEngine Inc 7 .

Issuance (purchase) of Equity Shares Issuance (repayment) of Debt Securities Increase (decrease) in Bank & Other Payment of Dividends & Other Cash Other Cash from (used by) Financing Net Cash from (used by) Financing Act.8 926. net EPS . Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act.7 3.1 7.1 7.7 4. Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper.6 -0 0 201006 15700 9564 6136 464 1438 4234 0 58 0 4292 1039 0 0 0 3253 0 3253 927.5 928. net EPS .4 6.. Depletion. Amort.9 907.Diluted. Non-Operating Income Interest Expense Pretax Income Provision for Income Taxes Minority Interest Investment Gains (Losses) Other Income Income Before Extraordinaries & Disc Extraordinary Items & Discontinued Net Income Average Shares used for Diluted EPS Average Shares used for Basic EPS Income Before Non-Recurring Items Income From Non-Recurring Items EPS .4 -0 0 201012 26741 16443 10298 575 1896 7827 0 136 0 7963 1959 0 0 0 6004 0 6004 933.6 3.2 5987 0 6. Plant.Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation. Depl.4 6.6 4308 0 4.9 923.4 912. Other Adjustments . Net Change in Cash & Cash Equivalents Copyright © 1998 .8 903.4 3.2 3253 0 3.Net Net Cash from (used by) Operating Act.3 -0 0 200912 15683 9272 6411 398 1288 4725 0 33 0 4758 1380 0 0 0 3378 0 3378 919. General & Admin.2 919.5 3..1 -0 0 201106 28571 16649 11922 628 1915 9379 0 172 0 9551 2243 0 0 0 7308 0 7308 937.7 -0 0 Research & Development Expense Selling.5 3378 0 3. Net Cash from (used by) Invesment Act.5 6. & Equ.Diluted.6 4.7 3.8 914.9 7.5 3074 0 3.4 -0 0 201009 20343 12831 7512 494 1571 5447 0 14 0 5461 1153 0 0 0 4308 0 4308 928. Depreciation.Basic.8 -0 0 201103 24667 14449 10218 581 1763 7874 0 26 0 7900 1913 0 0 0 5987 0 5987 935.3 6623 0 7. Increase/Decrease in Prop.5 -0 0 201003 13499 7874 5625 426 1220 3979 0 50 0 4029 955 0 0 0 3074 0 3074 922.3 6004 0 6.3 3.8 7. Depletion. Amort. before non-recurring Preferred Dividends .5 6.VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT APPLE INC(AAPL) QUARTERLY FINANCIALS (All items in Millions) 201109 28270 16890 11380 645 2025 8710 0 81 0 8791 2168 0 0 0 6623 0 6623 939.1 7308 0 7. Expense Income Before Depr.2012 ValuEngine Inc 25922 1814 5757 0 4036 37529 -4260 -244 -32464 -3451 -40419 831 0 0 0 613 1444 -1446 19299 1271 3428 0 3102 27100 -2615 0 -24436 -232 -27283 577 0 0 0 436 1013 830 11991 790 1062 0 2149 15992 -1838 0 -10344 -69 -12251 494 0 0 0 482 976 4717 6004 356 2291 0 1122 9773 -1214 0 -9443 -72 -10729 208 0 0 0 221 429 -527 14013 1027 1212 0 2343 18595 -2005 -638 -11093 -118 -13854 912 0 0 0 345 1257 5998 9705 698 542 0 1967 12912 -1245 -615 -7522 -89 -9471 733 0 0 0 268 1001 4442 6452 425 -104 0 1338 8111 -650 -325 -3053 -13 -4041 534 0 0 0 151 685 4755 3378 209 1558 0 636 5781 -376 0 -3513 -69 -3958 374 0 0 0 149 523 2346 8 .

Chief Market Strategist Suttmeier provides technical levels for key commodities.valuengine. To view sample issues of our many newsletters or to subscribe. and database capabilities to your desktop. and U. Below is a brief description of some of our additional products and services.com/rep/mainrep To find out more about ValuEngine's many independent and objective investment products and services. and ADR stocks which trade on U.S.com/pub/main?i=0 Consultancy Services: With ValuEngine's 10 years of experience to help you maximize your professional investment strategy. Full access to more than 4. The Weekly includes quantitative market and sector overviews of the entire ValuEngine U.. Tell us your financial objectives and specify your universe constraints and ValuEngine can provide everything from back testing and strategy development to front and back-end automation services. sign up here: www. The software provides access to our proprietary market neutral portfolio strategies and the ability to extract the entire universe database of ValuEngine model outputs each day. Earnings Estimates. Markets.com/pub/main?p=33 The ValuEngine Weekly Newsletter: The ValuEngine Weekly Newsletter features market research. please visit our website at www. and mathematical brainpower on staff to provide Funds and Institutions with complete solutions to their research. indices. More report information: www.500 U. Copyright © 1998 . ValuEngine has the research. Data Summary and much more. VEI deploys the power of ValuEngine's quant-based valuation. and consistent computerized research department whenever and wherever needed. and commentary from ValuEngine Chief Market Strategist Richard Suttmeier and Senior Analyst Steve Hach. portfolio creation/optimization. or an Independent Broker/Dealer with hundreds of financial advisors.valuengine.VgluEngine TM DETAILED RESEARCH REPORT APPLE INC(AAPL) VALUENGINE SERVICE DESCRIPTIONS Thank you for your interest in ValuEngine! ValuEngine Detailed Valuation Report: Advanced academic research that brings you superior investment strategies in an actionable format. Financials. ValuEngine Fair Valuation. ValuEngine's three models: Valuation Model.com/nl/WeeklyNewsletter ValuEngine Premium Newsletters: ValuEngine offers a variety of premium newsletter products designed to meet every style of investment. newsletter publishers.com. high-performance research to your clients. VE also offers long-only portfolio newsletter products as well as specialized industry and sector reports. VEI will dramatically increase your productivity. financial advisors. Please call (800) 381-5576 to speak with a sales representative or email support@valuEngine.000 individual stock reports--like this one--is included with every VEI subscription. IT. forecast. Whether you are a Fund Manager. The ValuEngine Weekly Newsletter also includes tips and tricks for getting the most out of VE's quant-based investment tools. Risk Assessment.S. ValuEngine private-label products can be customized for funds managers. objective.valuengine.ValuEngine. ValuEngine 1-5 Engine Rating. ValuEngine Premium Web Site Stock Analysis Service: A subscription to our website allows access to ValuEngine's proprietary real-time quantitative analysis tools for more than 5. customization. you can differentiate your firm from the competition by offering of time-proven. Active traders should consider Chief Market Strategist Richard Suttmeier's ValuEngine Morning Briefing while those looking for a diversified portfolio of both long and short ideas should check out the ValuEngine Forecast 16 Market Neutral Strategy Newsletter.com. and web-site owners. please go to our website at www. To download a free demo. a Research House.valuengine. detailed Company Profile. To receive this free newsletter every Friday. accurate. Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Consensus EPS trend and Earnings Surprise statistics provide additional insights. You can sign up for a free 14 day no-risk trial period: www. or send us an email at support@ValuEngine.S. Multi-stock comparison. and strategy-implementation needs. Treasuries. analysis. call us at 1-800-381-5576. foreign.com. VEI provides the finance professional with a fast.com/nl/mainnl ValuEngine Institutional (VEI): VEI is a software package designed to meet the demanding requirements of Finance Professionals.valuengine. stock universe as well as VE data points for hot stocks and industries.S. development. an Independent Financial Advisor. Also.2012 ValuEngine Inc 9 . go to the Newsletter portion of our website: www. brokers. The most comprehensive and useful report available. 1-3-6 month and 1-2-3 yr forecasts.

4. 5 and 4 rated stocks are expected to outperform the overall markets. ValuEngine. Buy: Expected to outperform the SP500 producing above average returns. only 2 percent of ValuEngine's 5. 6. Inc. or affiliates of ValuEngine do not hold positions in the securities of the companies mentioned in this report. has not received compensation from the companies discussed above in the last 12 months. The report has no regard to the specific investment objectives. ValuEngine adheres to professional standards and abides by formal codes of ethics that put the interests of clients ahead of their own. certifies that with respect to each security or issuer that the analyst covered in this report: a). ValuEngine does not receive any compensation from companies mentioned in this report. officers. or will be. is. ValuEngine. It is based on the one year forecast target price. 3. Copyright © 1998 . ValuEngine's stock valuation employs a sophisticated. STOCK RATINGS: The terms below are used to rate a stock's 12-month performance: 1. The result is state-of-the-art fair market valuation and price forecasting technologies. financial situation. Each research analyst primarily responsible for the content of this research report. Hold: Expected to perform in line with the SP500 with average returns. The VE Engine Rating is an assessment of a stock's overall attractiveness. the analyst consensus estimate of the company's future 12-month EPS. DISCLAIMERS This report is intended for informational purposes only and does not constitute a recommendation. ValuEngine paints a detailed picture of a company's fair value. but this can vary depending upon market conditions. 7.2012 ValuEngine Inc 10 . all of the views expressed accurately reflect his or her personal views about those securities or issuers. as well as the probability of meeting and exceeding any given portfolio or stock investment target. On average. It uses a three-class Buy-Hold-Sell rating system. are all used to create a more accurate reflection of a company's fair value. such as a company's trailing 12-month Earnings-Per-Share (EPS). The research analyst over this company or members of his/her household do not have a financial interest in these companies discussed in this report. among other things. director or advisory board member of the companies discussed in this report. or particular needs of any specific recipient. Inc. None of ValuEngine's management. Together with eleven additional variables. 2. Sell: Expected to underperform the SP500 producing below-average returns.500 companies. Inc. or its affiliates do not beneficially own 1% or more of any class of common equity securities of the subject companies. related to the specific recommendations or views expressed by that research analyst in the research report. and 2 and 1 rated are expected to underperform. Advanced statistical/econometric techniques are used to run thousands of simulations estimating the probability of a double in stock price. to buy or sell any securities or related financial instruments. nor a member of the research analyst's household serves as an officer. directly or indirectly.com Engine Rating and Average Annual Return (Jan 2001 . ValuEngine. intermediate-term momentum continuation. or reproduction is strictly prohibited. and the 30-year Treasury yield. ValuEngine's stock forecasts examine. or an offer. For additional information about ValuEngine's financial research and financial modeling on over 5. This information is intended for the sole use of clients of ValuEngine. according to VE. 3. 2. The opinions of ValuEngine are subject to change at any time without notice and without obligation of notification. three-factor approach. neutral ratings are holds and the categories unfavorable and most unfavorable are sells. No warranty is made as to the accuracy of the information contained herein. 3 rated to roughly match market performance. and b). and long-term price reversals over six time horizons for every industry to ensure forecasts are established relative to a stock's proper peer groups. The information contained herein accurately reflects the opinion of ValuEngine at the time the report was released. shortterm price reversals. in whole or in part. 5. does not make a market in this security. no part of his or her compensation was. the analysts involved. Any other use. ValuEngine has not managed or co-managed a public offering for any companies in the above report in the past twelve months.Nov 2011) Avg Return (%) 25 20 15 10 5 0 1 2 3 4 5 Engine Rating DISCLOSURES ValuEngine offers equity recommendations and related return estimates to investors and their advisors.500 stocks under coverage achieve a 5 rating. Fundamental variables. Inc.VgluEngine TM DETAILED RESEARCH REPORT APPLE INC(AAPL) VALUENGINE'S METHODOLOGY ValuEngine's research combines the most advanced academic concepts with real world Wall Street practice. The author. Quotes provided by Zacks. This is a consolidated version of the firm's five class rating system: most favorable and favorable ratings are buys. distribution. The following are specific disclosures made by ValuEngine with regards to this research report: 1. ValuEngine does not provide investment banking or consulting services to the companies mentioned in this report. ValuEngine does not offer brokerage or investment banking services. which is the final evolution of VE's equity modeling. represented by the model price. please click www.valuengine.

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