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Apple Inc.

(AAPL)

February 18, 2013
Figures in Millions except per share values

Company Overview
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

Low Risk
5
4
3
2
1
0

Strong Moat

High Growth

Good Financials

Under Valued

Well Managed

Valuation
Current Price
NCAV
Total Net Reprod. Cost
Earnings Power Value (EPV)
Discounted Cash Flow (DCF)
Katsenelson Absolute PE
Ben Graham Formula

$
$
$
$
$
$
$

460.16
3.84
123.39
442.94
460.06
469.98
461.28

Key Statistics
Mkt Cap ($M)
52 Wk High
52 Wk Low
% off 52Wk Low

Margin of Safety
-100.0%

$800.00

-100.0%

$700.00
-3.9%

$600.00

0.0%
2.1%

$500.00

0.2%

$400.00
$300.00

Company Stats
$
$
$

432,117.85
705.07
435.00
5.8%

Cash Flows
Free Cash Flow
5 yr FCF Growth
10 yr FCF Growth

54.3%
69.2%

Shares Outstanding
Shares Float
Insider Ownership
Insider Transactions
Institutional Ownership
Float Short

939.1
938.8
0.03%
3.7%
64.1%
2.0%

Short Ratio
Piotroski (TTM)
Altman (MRQ)

0.9
5
5.3

Beneish (TTM)

-2.8

Effectiveness
Margins & Profitability

CROIC
Avg
FCF/S
Avg
ROA
Avg
ROE
Avg

64.3%
25.3%
18.0%

Gross
Gross Margin
Operating
Operating Margin
Net Profit
Net Margin

41.9%
33.5%
25.4%

27.7%

Financial Strength (MRQ)
Efficiency
Receivables Turnover (TTM)
Inventory Turnover (TTM)
Days Sales Outstanding (TTM)

8.2
65.8
47.7

Price vs Intrinsic Value

Current Ratio(MRQ)
Quick Ratio(MRQ)
LTD/Eq(MRQ)
Tot D/Eq(MRQ)

1.5
1.5
0.0
0.0

$200.00
$100.00
$0.00
Feb-02

Feb-04

Feb-06

Stock Price

Feb-08

Feb-10

Feb-12

Intrinsic Value

Fundamental Ratios

Buy Price

2011

2012

TTM

P/E
P/E (cash adjusted)
EV/EBITDA

13.17
12.16
8.86

14.63
13.93
9.94

10.43
9.48
6.68

EV/Free Cash Flow
P/S
P/BV
P/Tang BV
P/CF
P/FCF
ROE

10.49
3.15
4.46
4.67
10.46
11.35
33.8%

14.03
3.90
5.17
5.36
12.01
14.73
35.3%

8.55
2.65
3.42
3.55
8.38
9.41
32.8%

ROA
ROIC
CROIC
Current Ratio
Total Debt/Equity Ratio
Inventory Turnover

22.3%
41.0%
48.2%
1.61
0.52
70.53

23.7%
38.1%
38.2%
1.50
0.49
112.12

21.3%
37.6%
42.3%
1.54
0.54
65.75

Selected Financial Statements
(In Millions, Except per Share Amounts)

Revenue
Gross Profit
Margin %
R&D
Margin %
Operating Income
Margin %
Net Income
Margin %
Earnings Per Share
Basic
Diluted

$
$
$
$
$

$
$

Weighted Average Diluted Shares
Outstanding
Dividends Per Share
Dividend Yield
Net Cash From Operating Activities

2008
32,479
11,145
34.31%
1,109
3.41%
6,275
19.32%
4,834
14.88%

5.48
5.36

$
$
$
$
$

$
$

902.14
$
$

2009
42,905
17,222
40.14%
1,333
3.11%
11,740
27.36%
8,235
19.19%

9.22
9.08

$
$
$
$
$

$
$

907.01

$
0.00%
9,596 $

2010
65,225
25,684
39.38%
1,782
2.73%
18,385
28.19%
14,013
21.48%

15.41
15.15

$
$
$
$
$

$
$

924.71

2011
108,249
43,818
40.48%
2,429
2.24%
33,790
31.22%
25,922
23.95%

28.05
27.68

$
$
$
$
$

$
$

936.65

$
0.00%
10,159 $

$
0.00%
18,595 $

2,954
47,501
4,355
31,640

4,768
75,183
6,670
47,791

2012
156,508
68,662
43.87%
3,381
2.16%
55,241
35.30%
41,733
26.67%

44.64
44.15

$
$
$
$
$

$
$

945.36

$
0.00%
37,529 $

TTM/Latest
164,687
69,019
41.91%
3,633
2.21%
55,111
33.46%
41,747
25.35%

44.55
44.10
947.22

2.63 $
0.41%
50,856 $

5.26
1.14%
56,728

(Dollars in Millions)

Net Property, Plants & Equipment
Total Assets
Long-term Debt
Stockholders' Equity

$
$
$
$

2,455
39,572
4,450
21,030

$
$
$
$

$
$
$
$

$
$
$
$

7,777
116,371
11,786
76,615

$
$
$
$

15,452
176,064
19,312
118,210

$
$
$
$

15,422
196,088
21,863
127,346

Refresh

Enter Ticker

Apple Inc.
(AAPL)

CLEAR
Figures in Millions except per share values

2/18/2013
2003

Income Statement

2004

9

Revenue

6,207.0

$

$

4,499.0
72.5%
1,708.0
27.5%

$

1,212.0
19.5%
471.0
7.6%
113.0
1.8%
113.0
1.8%

$

% change from prev year

Cost of Revenues
COGS (%)
Gross Profit
Gross Income (%)

$

2005

8

$

$

2006

7

8,279.0
33.4%
6,020.0
72.7%
2,259.0
27.3%

$

1,421.0
17.2%
489.0
5.9%
476.0
5.7%
150.0
1.8%

$

$
$

2007

6

13,931.0
68.3%
9,888.0
71.0%
4,043.0
29.0%

$

1,859.0
13.3%
534.0
3.8%
1,829.0
13.1%
179.0
1.3%

$

$
$

2008

5

19,315.0
38.6%
13,717.0
71.0%
5,598.0
29.0%

$

2,433.0
12.6%
712.0
3.7%
2,678.0
13.9%
225.0
1.2%

$

$
$

2009

4

24,006.0
24.3%
15,852.0
66.0%
8,154.0
34.0%

$

2,963.0
12.3%
782.0
3.3%
4,726.0
19.7%
317.0
1.3%

$

$
$

2010

3

32,479.0
35.3%
21,334.0
65.7%
11,145.0
34.3%

$

3,761.0
11.6%
1,109.0
3.4%
6,748.0
20.8%
473.0
1.5%

$

$
$

2011

2

42,905.0
32.1%
25,683.0
59.9%
17,222.0
40.1%

$

4,149.0
9.7%
1,333.0
3.1%
12,474.0
29.1%
734.0
1.7%

$

$
$

2012

1

65,225.0
52.0%
39,541.0
60.6%
25,684.0
39.4%

$

5,517.0
8.5%
1,782.0
2.7%
19,412.0
29.8%
1,027.0
1.6%

$

$
$

Q1

0

108,249.0
66.0%
64,431.0
59.5%
43,818.0
40.5%

$

7,599.0
7.0%
2,429.0
2.2%
35,604.0
32.9%
1,814.0
1.7%

$

$
$

Q2

3
$

46,333.0

$

$

25,630.0
55.3%
20,703.0
44.7%

$

10,040.0
6.4%
3,381.0
2.2%
58,518.0
37.4%
3,277.0
2.1%

$

2,605.0
5.6%
758.0
1.6%
18,061.0
39.0%
721.0
1.6%

$

$

Q3

3

156,508.0
44.6%
87,846.0
56.1%
68,662.0
43.9%

$

Q4

2

39,186.0
-15.4%
20,622.0
52.6%
18,564.0
47.4%

$

2,339.0
6.0%
841.0
2.1%
16,124.0
41.1%
740.0
1.9%

$

$
$

Q1

1

35,023.0
-10.6%
20,029.0
57.2%
14,994.0
42.8%

$

2,545.0
7.3%
876.0
2.5%
12,408.0
35.4%
835.0
2.4%

$

$
$

1000000
TTM
Next Year Est

0

35,966.0
2.7%
21,565.0
60.0%
14,401.0
40.0%

$

2,551.0
7.1%
906.0
2.5%
11,925.0
33.2%
981.0
2.7%

$

$
$

54,512.0
51.6%
33,452.0
61.4%
21,060.0
38.6%

$

2,840.0
5.2%
1,010.0
1.9%
18,798.0
34.5%
1,588.0
2.9%

$

164,687.0
5.2%
95,668.0
58.1%
69,019.0
41.9%

$
$

Operating Expenses
Selling, General & Admin. Expenses
SG&A (%)
Research & Development
R&D (%)
EBITDA
EBITDA (%)
Other Special Charges
Depreciation & Amortization
D&A (%)

$
$
$
$
$

Operating Income
Operating Income (%)

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

10,275.0
6.2%
3,633.0
2.2%
59,255.0
36.0%
4,144.0
2.5%

$
$
$
$

$

25.0
0.4%

$

349.0
4.2%

$

1,650.0
11.8%

$

2,453.0
12.7%

$

4,409.0
18.4%

$

6,275.0
19.3%

$

11,740.0
27.4%

$

18,385.0
28.2%

$

33,790.0
31.2%

$

55,241.0
35.3%

$

17,340.0
37.4%

$

15,384.0
39.3%

$

11,573.0
33.0%

$

10,944.0
30.4%

$

17,210.0
31.6%

$

55,111.0
33.5%

EBIT
Interest Expense
Interest Income
Other Income
Total Other Income

$
$
$
$
$

92.0
83.0
10.0
93.0

$
$
$
$
$

383.0
53.0
4.0
57.0

$
$
$
$
$

1,815.0
183.0
(18.0)
165.0

$
$
$
$
$

2,818.0
394.0
(29.0)
365.0

$
$
$
$
$

5,008.0
647.0
(48.0)
599.0

$
$
$
$
$

6,895.0
620.0
620.0

$
$
$
$
$

12,066.0
407.0
(81.0)
326.0

$
$
$
$
$

18,540.0
311.0
(156.0)
155.0

$
$
$
$
$

34,205.0
519.0
(104.0)
415.0

$
$
$
$
$

55,763.0
1,088.0
(566.0)
522.0

$
$
$
$
$

17,477.0
137.0
137.0

$
$
$
$
$

15,532.0
148.0
148.0

$
$
$
$
$

11,861.0
288.0
288.0

$
$
$
$
$

10,893.0
1,088.0
(1,139.0)
(51.0)

$
$
$
$
$

17,672.0
421.0
41.0
462.0

$
$
$
$
$

55,958.0
1,509.0
(662.0)
847.0

Income Before Taxes (EBT)
Income Taxes/(Credit)
Tax Rate %
Earnings After Taxes
Minority Interest Expense

$
$

92.0
24.0
26.1%
68.0
-

$
$

$
$

17,672.0
4,594.0
26.0%
13,078.0
-

$
$

$
$

10,893.0
2,670.0
24.5%
8,223.0
-

$
$

$
$

11,861.0
3,037.0
25.6%
8,824.0
-

$
$

$
$

15,532.0
3,910.0
25.2%
11,622.0
-

$
$

$
$

17,477.0
4,413.0
25.3%
13,064.0
-

$
$

$
$

55,763.0
14,030.0
25.2%
41,733.0
-

$
$

$
$

34,205.0
8,283.0
24.2%
25,922.0
-

$
$

$
$

18,540.0
4,527.0
24.4%
14,013.0
-

$
$

$
$

12,066.0
3,831.0
31.8%
8,235.0
-

$
$

$
$

6,895.0
2,061.0
29.9%
4,834.0
-

$
$

$
$

5,008.0
1,512.0
30.2%
3,496.0
-

$
$

$
$

2,818.0
829.0
29.4%
1,989.0
-

$
$

$
$

1,815.0
480.0
26.4%
1,335.0
-

$
$

$
$

383.0
107.0
27.9%
276.0
-

$
$

$
$

$
$

55,958.0
14,211.0
25.4%
41,747.0
-

Net Income From Continuing Operations
Net Income From Discontinued 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 Total Operations
Net Income (%)

$

69.0
1.1%

$

276.0
3.3%

$

1,335.0
9.6%

$

1,989.0
10.3%

$

3,496.0
14.6%

$

4,834.0
14.9%

$

8,235.0
19.2%

$

14,013.0
21.5%

$

25,922.0
23.9%

$

41,733.0
26.7%

$

13,064.0
28.2%

$

11,622.0
29.7%

$

8,824.0
25.2%

$

8,223.0
22.9%

$

13,078.0
24.0%

$

41,747.0
25.3%

$
$
$

0.10
0.10
721.3
726.9

$
$
$

0.37
0.36
743.2
774.6

$
$
$

1.65
1.56
808.4
856.8

$
$
$

2.36
2.27
844.1
877.5

$
$
$

4.04
3.93
864.6
889.3

$
$
$

5.48
5.36
881.6
902.1

$
$
$

9.22
9.08
893.0
907.0

$
$
$

15.41
15.15
909.5
924.7

$
$
$

28.05
27.68
924.3
936.6

$
$
$

44.64
44.15
2.65
934.8
945.4

$
$
$

14.03
13.87
931.0
941.6

$
$
$

12.45
12.30
933.6
944.9

$
$
$

9.42
9.32
936.6
947.1

$
$
$

8.75
8.67
2.65
934.8
945.4

$
$
$

13.93
13.81
2.65
938.9
947.2

$
$
$

44.55
44.10
5.30
939.1
947.2

$
$
$

3,396.0
1,170.0
766.0

$
$
$

2,969.0
2,495.0
774.0

$
$
$

3,491.0
4,770.0
895.0

$
$
$

6,392.0
3,718.0
1,252.0

$
$
$

9,352.0
6,034.0
4,029.0

$
$
$

11,875.0
12,615.0
4,704.0

$
$
$

5,263.0
18,201.0
5,057.0

$
$
$

11,261.0
14,359.0
9,924.0

$
$
$

9,815.0
16,137.0
11,717.0

$
$
$

10,746.0
18,383.0
18,692.0

$
$
$

10,310.0
19,846.0
16,484.0

$
$
$

10,121.0
18,417.0
13,769.0

$
$
$

7,945.0
19,709.0
14,298.0

$
$
$

10,746.0
18,383.0
18,692.0

$
$
$

16,154.0
23,666.0
21,534.0

Other Income and Expense

Shares and EPS
Total Basic EPS
Fully Diluted EPS
Dividends Paid Per Share
Basic Shares Outstanding
Diluted Shares Outstanding
User Defined Shares Outstanding

Balance Sheet

MRQ

Assets
Cash and Equiv
Short-Term Investments
Net Receivables

1.0%

% change from prev year

15.6%

39.9%

221.8%

16.8%

7.5%

96.2%

18.1%

59.5%

40.7%

-26.3%

3.8%

30.7%

$
$
$

16,154.0
23,666.0
21,534.0

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

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

$
$

56.0

$
$

$
$

Prepaid Expenses
Current Deferred Income Taxes
Other Current Assets

$
$
$

190.0
309.0

$
$
$

101.0
80.4%
231.0
485.0

Total Current Assets
Land and Improvements
Building and Improvements
Machinery, Furniture & Equipment
Construction in Progress
Other Fixed Assets
Total Fixed Assets
Net Fixed Assets
Intangible Assets
Goodwill
Non Current Deferred Income Taxes
Other Long-Term Assets
Total Long-Term Assets

$
$
$
$
$
$
$
$
$
$
$
$
$

5,887.0
350.0
357.0
467.0
1,174.0
669.0
109.0
150.0
928.0

$
$
$
$
$
$
$
$
$
$
$
$
$

Total Assets

$

6,815.0

Accounts payable
Short-Term Debt
Taxes Payable
Accrued Expenses
Accrued Liabilities
Deferred Revenues
Current Deferred Income Taxes
Other Current Liabilities

$
$
$
$
$
$
$
$

Total Current Liabilities
Long-Term Debt
Other Liabilities
Deferred Income Taxes
Total Long-Term Liabilities

Inventories, other
Inventories

$
$
$

165.0
165.0
63.4%
331.0
648.0

$
$

$
$
$

270.0
270.0
63.6%
607.0
2,270.0

7,055.0
351.0
446.0
501.0
1,298.0
707.0
97.0
191.0
995.0

$
$
$
$
$
$
$
$
$
$
$
$
$

10,300.0
361.0
545.0
575.0
1,481.0
817.0
96.0
183.0
155.0
1,251.0

$
$
$
$
$
$
$
$
$
$
$
$
$

$

8,050.0

$

11,551.0

1,154.0
304.0
899.0
-

$
$
$
$
$
$
$
$

1,451.0
1,229.0
-

$
$
$
$
$
$
$
$

$
$
$
$
$

2,357.0
235.0
235.0

$
$
$
$
$

2,680.0
294.0
294.0

Total Liabilities
Retained Earnings
Preferred Equity

$
$
$

Total Equity

$

2,592.0
2,394.0
-

$
$
$

4,223.0

$

Total Liabilities & Equity

$

6,815.0

$

% change from prev year

$
$

$
$

$
$
$

346.0
346.0
28.1%
417.0
782.0
996.0

$
$

$
$
$

509.0
509.0
47.1%
475.0
1,447.0
3,065.0

$
$
$

455.0
455.0
-10.6%
309.0
1,135.0
1,135.0

14,509.0
626.0
760.0
689.0
2,075.0
1,281.0
160.0
38.0
1,217.0
2,696.0

$
$
$
$
$
$
$
$
$
$
$
$
$

21,956.0
762.0
1,019.0
1,060.0
2,841.0
1,832.0
382.0
38.0
88.0
1,051.0
3,391.0

$
$
$
$
$
$
$
$
$
$
$
$
$

34,690.0
810.0
1,324.0
1,613.0
3,747.0
2,455.0
285.0
207.0
1,935.0
4,882.0

$
$
$
$
$
$
$
$
$
$
$
$
$

$

17,205.0

$

25,347.0

$

39,572.0

1,779.0
576.0
501.0
628.0

$
$
$
$
$
$
$
$

3,390.0
1,191.0
746.0
1,144.0

$
$
$
$
$
$
$
$

4,970.0
1,260.0
1,410.0
1,659.0

$
$
$
$
$
$
$
$

$
$
$
$
$

3,484.0
601.0
601.0

$
$
$
$
$

6,471.0
369.0
381.0
750.0

$
$
$
$
$

9,299.0
897.0
619.0
1,516.0

2,974.0
2,670.0
-

$
$
$

5,076.0

$

4,085.0
4,005.0
-

$
$
$

7,466.0

$

7,221.0
5,607.0
-

$
$
$

9,984.0

$

8,050.0

$

11,551.0

$

17,205.0

$
$
$
$
$

1,051.0
1,051.0
131.0%
1,636.0
3,447.0

31,555.0
955.0
1,665.0
2,047.0
4,667.0
2,954.0
353.0
206.0
163.0
12,270.0
15,946.0

$
$
$
$
$
$
$
$
$
$
$
$
$

$

47,501.0

5,520.0
8,572.0
-

$
$
$
$
$
$
$
$

$
$
$
$
$

14,092.0
3,775.0
675.0
4,450.0

10,815.0
9,101.0
-

$
$
$

14,532.0

$

$

25,347.0

$
$
$
$
$

776.0
776.0
-26.2%
2,014.0
4,529.0

41,678.0
1,471.0
2,030.0
3,733.0
7,234.0
4,768.0
342.0
741.0
27,654.0
33,505.0

$
$
$
$
$
$
$
$
$
$
$
$
$

$

75,183.0

5,601.0
3,422.0
2,053.0
430.0

$
$
$
$
$
$
$
$

$
$
$
$
$

11,506.0
2,139.0
2,216.0
4,355.0

18,542.0
13,845.0
-

$
$
$

21,030.0

$

$

39,572.0

$
$
$
$
$

791.0
791.0
1.9%
2,583.0
6,458.0

44,988.0
2,059.0
2,599.0
7,110.0
11,768.0
7,777.0
3,536.0
896.0
59,174.0
71,383.0

$
$
$
$
$
$
$
$
$
$
$
$
$

$

116,371.0

12,015.0
1,593.0
2,984.0
4,130.0

$
$
$
$
$
$
$
$

$
$
$
$
$

20,722.0
2,370.0
4,300.0
6,670.0

15,861.0
23,353.0
-

$
$
$

31,640.0

$

$

47,501.0

$
$
$
$
$

1,236.0
1,236.0
59.3%
1,937.0
4,958.0

57,653.0
2,439.0
3,464.0
15,984.0
21,887.0
15,452.0
4,224.0
1,135.0
97,600.0
118,411.0

$
$
$
$
$
$
$
$
$
$
$
$
$

$

176,064.0

14,632.0
8,107.0
4,091.0
1,140.0

$
$
$
$
$
$
$
$

$
$
$
$
$

27,970.0
11,786.0
11,786.0

27,392.0
37,169.0
-

$
$
$

47,791.0

$

$

75,183.0

$

$
$
$
$
$

1,102.0
1,102.0
39.3%
2,253.0
5,050.0

54,771.0
2,090.0
2,742.0
7,508.0
12,340.0
7,816.0
3,472.0
896.0
71,726.0
83,910.0

$
$
$
$
$
$
$
$
$
$
$
$
$

$

138,681.0

21,175.0
9,879.0
5,953.0
1,535.0

$
$
$
$
$
$
$
$

$
$
$
$
$

38,542.0
19,312.0
19,312.0

39,756.0
62,841.0
-

$
$
$

76,615.0

$

116,371.0

$

$
$
$
$
$

1,122.0
1,122.0
1.8%
2,309.0
6,560.0

50,712.0
2,156.0
2,930.0
8,855.0
13,941.0
8,847.0
3,604.0
1,141.0
86,630.0
100,222.0

$
$
$
$
$
$
$
$
$
$
$
$
$

$

150,934.0

18,221.0
7,435.0
6,431.0
2,520.0

$
$
$
$
$
$
$
$

$
$
$
$
$

34,607.0
14,020.0
14,020.0

$
$
$
$
$

57,854.0
101,289.0
-

$
$
$

48,627.0
75,709.0
-

118,210.0

$

90,054.0

176,064.0

$

138,681.0

$
$
$
$
$

791.0
791.0
-29.5%
2,583.0
6,458.0

51,943.0
2,315.0
3,086.0
10,804.0
16,205.0
10,487.0
4,329.0
1,132.0
95,005.0
110,953.0

$
$
$
$
$
$
$
$
$
$
$
$
$

$

162,896.0

17,011.0
6,733.0
6,993.0
1,299.0

$
$
$
$
$
$
$
$

32,036.0
16,400.0
16,400.0

$
$
$
$
$

$
$
$

48,436.0
87,124.0
-

$

102,498.0

$

150,934.0

$
$

-

$
$
$

1,455.0
1,455.0
83.9%
2,895.0
6,644.0

$
$
$
$
$

1,455.0
1,455.0
83.9%
2,895.0
6,644.0

57,653.0
2,439.0
3,464.0
15,984.0
21,887.0
15,452.0
4,224.0
1,135.0
97,600.0
118,411.0

$
$
$
$
$
$
$
$
$
$
$
$
$

72,348.0
2,627.0
3,593.0
16,994.0
23,214.0
15,422.0
4,462.0
1,381.0
102,475.0
123,740.0

$
$
$
$
$
$
$
$
$
$
$
$
$

72,348.0
2,627.0
3,593.0
16,994.0
23,214.0
15,422.0
4,462.0
1,381.0
102,475.0
123,740.0

$

176,064.0

$

196,088.0

$

196,088.0

16,808.0
8,832.0
5,822.0
1,598.0

$
$
$
$
$
$
$
$

21,175.0
9,879.0
5,953.0
1,535.0

$
$
$
$
$
$
$
$

26,398.0
11,214.0
7,274.0
1,993.0

$
$
$
$
$
$
$
$

26,398.0
11,214.0
7,274.0
1,993.0

33,060.0
18,090.0
18,090.0

$
$
$
$
$

38,542.0
19,312.0
19,312.0

$
$
$
$
$

46,879.0
21,863.0
21,863.0

$
$
$
$
$

46,879.0
21,863.0
21,863.0

$
$
$

51,150.0
95,641.0
-

$
$
$

57,854.0
101,289.0
-

$
$
$

68,742.0
109,567.0
-

$
$
$

68,742.0
109,567.0
-

$

111,746.0

$

118,210.0

$

127,346.0

$

127,346.0

$

162,896.0

$

176,064.0

$

196,088.0

$

196,088.0

Liabilities & Stockholders' Equity

Cash Flows Statement

TTM

Cash Flows From Operating Activities
Net Income
Depreciation & Amortization
Deferred Income Taxes
Operating Gains
Extraordinary Gains
(Incr) Decr. in Receivables
(Incr) Decr. in Inventories
(Incr) Decr. in Prepaid Expenses
(Incr) Decr. in Other Current Assets
Decr. (Incr) in payables
Decr. (Incr) in Other Current Liabilities
Decr. (Incr) in Other Working Capital
Other Non Cash Items

$
$
$
$
$
$
$
$
$
$
$
$
$

69.0
113.0
(11.0)
(8.0)
(201.0)
(11.0)
(64.0)
243.0
159.0
-

$
$
$
$
$
$
$
$
$
$
$
$
$

276.0
150.0
20.0
40.0
(8.0)
(45.0)
(215.0)
297.0
419.0
-

$
$
$
$
$
$
$
$
$
$
$
$
$

1,335.0
179.0
52.0
504.0
(121.0)
(64.0)
(211.0)
328.0
533.0
-

$
$
$
$
$
$
$
$
$
$
$
$
$

1,989.0
225.0
53.0
11.0
(357.0)
(105.0)
(1,626.0)
1,611.0
256.0
163.0

$
$
$
$
$
$
$
$
$
$
$
$
$

3,496.0
317.0
78.0
12.0
(385.0)
(76.0)
(1,540.0)
1,494.0
1,832.0
242.0

$
$
$
$
$
$
$
$
$
$
$
$
$

4,834.0
473.0
(368.0)
22.0
(785.0)
(163.0)
(1,958.0)
596.0
5,642.0
787.0
516.0

$
$
$
$
$
$
$
$
$
$
$
$
$

8,235.0
734.0
1,040.0
26.0
(939.0)
54.0
749.0
92.0
521.0
(1,063.0)
710.0

$
$
$
$
$
$
$
$
$
$
$
$
$

14,013.0
1,027.0
1,440.0
24.0
(4,860.0)
(596.0)
(1,514.0)
6,307.0
1,875.0
879.0

$
$
$
$
$
$
$
$
$
$
$
$
$

25,922.0
1,814.0
2,868.0
(1,791.0)
275.0
2,515.0
4,758.0
1,168.0

$
$
$
$
$
$
$
$
$
$
$
$
$

41,733.0
3,277.0
4,405.0
(6,965.0)
(15.0)
4,467.0
2,214.0
1,740.0

$
$
$
$
$
$
$
$
$
$
$
$
$

13,064.0
721.0
1,456.0
(4,767.0)
(460.0)
4,314.0
2,806.0
420.0

$
$
$
$
$
$
$
$
$
$
$
$
$

24,686.0
1,461.0
2,915.0
(2,042.0)
(326.0)
2,809.0
1,184.0
844.0

$
$
$
$
$
$
$
$
$
$
$
$
$

33,510.0
2,296.0
4,066.0
(2,571.0)
(346.0)
2,450.0
1,023.0
1,292.0

$
$
$
$
$
$
$
$
$
$
$
$
$

41,733.0
3,277.0
4,405.0
(6,965.0)
(15.0)
4,467.0
2,214.0
1,740.0

$
$
$
$
$
$
$
$
$
$
$
$
$

13,078.0
1,588.0
1,179.0
(2,842.0)
(664.0)
6,145.0
4,397.0
545.0

$
$
$
$
$
$
$
$
$
$
$
$
$

41,747.0
4,144.0
4,128.0
(5,040.0)
(219.0)
6,298.0
3,805.0
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
Sale of Short-term Investments
Capital Expenditures
Acquisitions
Sale of Assets
Purchase of Long-term Investments
Purchase of Short-term Investments
Other Investing Changes, Net
Net Cash From Investing Activities

$
$
$
$
$
$
$
$
$

45.0
(164.0)
(2,648.0)
33.0
828.0

$
$
$
$
$
$
$
$
$

5.0
(176.0)
(3,270.0)
11.0
(1,488.0)

$
$
$
$
$
$
$
$
$

(260.0)
(11,470.0)
(21.0)
(2,556.0)

$
$
$
$
$
$
$
$
$

(657.0)
(25.0)
(7,255.0)
(18.0)
357.0

$
$
$
$
$
$
$
$
$

(986.0)
(17.0)
(11,719.0)
49.0
(3,249.0)

$
$
$
$
$
$
$
$
$

(1,199.0)
(220.0)
(38.0)
(22,965.0)
(10.0)
(8,189.0)

$
$
$
$
$
$
$
$
$

(1,213.0)
(101.0)
(46,724.0)
(74.0)
(17,434.0)

$
$
$
$
$
$
$
$
$

(2,121.0)
(638.0)
(18.0)
(57,793.0)
(2.0)
(13,854.0)

$
$
$
$
$
$
$
$
$

(7,452.0)
(244.0)
(102,317.0)
(259.0)
(40,419.0)

$
$
$
$
$
$
$
$
$

99,770.0
(9,402.0)
(350.0)
(151,232.0)
(48.0)
(48,227.0)

$
$
$
$
$
$
$
$
$

(1,429.0)
(40,175.0)
(34.0)
(17,128.0)

$
$
$
$
$
$
$
$
$

(2,938.0)
(350.0)
(85,022.0)
(48.0)
(31,604.0)

$
$
$
$
$
$
$
$
$

73,140.0
(5,901.0)
(350.0)
(121,091.0)
(56.0)
(43,914.0)

$
$
$
$
$
$
$
$
$

99,770.0
(9,402.0)
(350.0)
(151,232.0)
(48.0)
(48,227.0)

$
$
$
$
$
$
$
$
$

(2,455.0)
(284.0)
(37,192.0)
(52.0)
(13,521.0)

$
$
$
$
$
$
$
$
$

99,770.0
(10,428.0)
(634.0)
(151,232.0)
2,983.0
(66.0)
(44,620.0)

$
$
$
$
$
$
$
$
$
$
$

53.0
(26.0)
27.0
27.0
2,252.0
3,396.0
1,144.0

$
$
$
$
$
$
$
$
$
$
$

427.0
427.0
(300.0)
(300.0)
127.0
3,396.0
2,969.0
(427.0)

$
$
$
$
$
$
$
$
$
$
$

543.0
543.0
543.0
2,969.0
3,491.0
522.0

$
$
$
$
$
$
$
$
$
$
$

318.0
(355.0)
(37.0)
324.0
3,491.0
6,392.0
2,901.0

$
$
$
$
$
$
$
$
$
$
$

365.0
(3.0)
362.0
739.0
6,392.0
9,352.0
2,960.0

$
$
$
$
$
$
$
$
$
$
$

483.0
(124.0)
359.0
1,116.0
9,352.0
11,875.0
2,523.0

$
$
$
$
$
$
$
$
$
$
$

475.0
475.0
663.0
11,875.0
5,263.0
(6,612.0)

$
$
$
$
$
$
$
$
$
$
$

912.0
912.0
1,257.0
5,263.0
11,261.0
5,998.0

$
$
$
$
$
$
$
$
$
$
$

831.0
831.0
1,444.0
11,261.0
9,815.0
(1,446.0)

$
$
$
$
$
$
$
$
$
$
$

665.0
665.0
(2,488.0)
(1,698.0)
9,815.0
10,746.0
931.0

$
$
$
$
$
$
$
$
$
$
$

91.0
91.0
69.0
9,815.0
10,310.0
495.0

$
$
$
$
$
$
$
$
$
$
$

377.0
377.0
379.0
9,815.0
10,121.0
306.0

$
$
$
$
$
$
$
$
$
$
$

433.0
433.0
324.0
9,815.0
7,945.0
(1,870.0)

$
$
$
$
$
$
$
$
$
$
$

665.0
665.0
(2,488.0)
(1,698.0)
9,815.0
10,746.0
931.0

$
$
$
$
$
$
$
$
$
$
$

76.0
(1,950.0)
(1,874.0)
(2,493.0)
(4,497.0)
10,746.0
16,154.0
5,408.0

$
$
$
$
$
$
$
$
$
$
$

650.0
(1,950.0)
(1,300.0)
(4,981.0)
(6,264.0)
10,746.0
16,590.0
5,844.0

$
$
$
$

289.0
164.0
125.0
(108.0)

$
$
$
$

934.0
176.0
758.0
(198.0)

$
$
$
$

2,535.0
260.0
2,275.0
789.0

$
$
$
$

2,220.0
657.0
1,563.0
1,941.0

$
$
$
$

5,470.0
986.0
4,484.0
1,744.0

$
$
$
$

9,596.0
1,199.0
8,397.0
505.0

$
$
$
$

10,159.0
1,213.0
8,946.0
9,052.0

$
$
$
$

18,595.0
2,121.0
16,474.0
12,586.0

$
$
$
$

37,529.0
7,452.0
30,077.0
15,695.0

$
$
$
$

50,856.0
9,402.0
41,454.0
37,647.0

$
$
$
$

17,554.0
1,429.0
16,125.0
10,883.0

$
$
$
$

31,531.0
2,938.0
28,593.0
22,428.0

$
$
$
$

41,720.0
5,901.0
35,819.0
30,641.0

$
$
$
$

50,856.0
9,402.0
41,454.0
37,647.0

$
$
$
$

23,426.0
2,455.0
20,971.0
5,720.0

$
$
$
$

56,728.0
10,428.0
46,300.0
32,484.0

Cash Flows From Financing Activities
Issuance of Capital Stock
Repurchase of Capital Stock
Net Issuance of Stock
Issuance of Debt
Repayment of Debt
Net Issuance of Debt
Dividends Paid
Cash from Financing
Cash at Beginning of the Period
Cash at End of the Period
Change in Cash

Free Cash Flow
Cash from Operations
Cap Ex
Free Cash Flow
Owner Earnings FCF
User Defined

Apple Inc.
(AAPL)

Enter Ticker

Refresh

2/18/2013
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Q2

Q3

Q4

Q1

TTM

Income Statement
Revenue

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%

6.2%

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%

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%

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
Net Income From Continuing
Operations
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%

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%

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%

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

Other Income and Expense

Balance Sheet

MRQ

Assets

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%

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%

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%

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%

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%

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%

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%

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%

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%

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%

Total Assets

Liabilities & Stockholders' Equity

Total Current Liabilities

Preferred Equity
Total Equity
Total Liabilities & Equity

Cash Flows Statement

TTM

Cash Flows From Operating Activities

Other
Net Cash From Operating Activities

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%

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%

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%

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%

Net Cash From Investing Activities

Cash Flows From Financing Activities

Cash from Financing

Apple Inc.
(AAPL)

Enter Ticker

Refresh

Color Coding

2/18/2013
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%

-17.1%

-267.6%

-625.6%

277.5%

464.9%

444.4%

63.9%

48.2%

41.0%

38.1%

37.6%

-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%

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
Short 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

0.07

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

ROIC
CROIC

Solvency

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%

7.6%

5.9%

3.8%

3.7%

3.3%

3.4%

3.1%

2.7%

2.2%

2.2%

2.2%

45.0

34.1

23.4

23.7

61.3

52.9

43.0

55.5

39.5

43.6

47.7

4.5

6.1

6.1

7.2

8.0

8.7

6.5

9.7

4.4

3.3

5.6

93.6

88.0

65.7

90.2

114.4

94.4

79.6

110.9

82.9

88.0

100.7
-47.4

R&D % of Revenue

Liquidity Ratios
Days Sales Outstanding
Days Inventory Outstanding
Days Payable Outstanding
Cash Conversion Cycle

Receivables Turnover
Inventory Turnover
Average Age of Inventory (Days)

-44.0

-47.7

-36.1

-59.4

-45.2

-32.9

-30.1

-45.7

-39.0

-41.1

8.10

10.75

16.69

17.99

9.09

7.44

8.79

8.71

10.00

10.29

8.19

80.34

76.69

74.35

63.07

51.47

49.90

53.28

52.51

70.53

112.12

65.75

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%

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%

Capital Structure Ratios

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

Apple Inc.
(AAPL)
2/18/2013
Enter Ticker

Refresh

CLEAR

Earnings Quality Check with Accrual Analysis
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/6p394ap

http://tinyurl.com/7ucpoe2

Balance Sheet Accrual Ratio
Cash Flow Accrual Ratio
Sloan Accrual Ratio

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

TTM/MRQ

-15.4%

60.3%
51.3%
10.3%

61.4%
44.6%
11.7%

-10.1%
-15.5%
-3.4%

36.2%
29.1%
5.0%

55.5%
47.8%
8.7%

96.9%
87.3%
32.7%

32.3%
29.5%
12.3%

58.6%
55.8%
24.8%

46.7%
44.9%
22.2%

3.4%
27.1%
15.1%

Earnings
Stock Price

$
$

0.10
11.7

$
$

0.36
19.3

$
$

1.56
50.6

$
$

2.27
73.1

Total Assets
Cash & Equivalent
Total Liabilities
Short Term Debt
Long Term Debt
Net Operating Assets (NOA)

$
$
$
$
$
$

6,815.0
3,396.0
2,592.0
304.0
1,131.0

$
$
$
$
$
$

8,050.0
2,969.0
2,974.0
2,107.0

$
$
$
$
$
$

11,551.0
3,491.0
4,085.0
3,975.0

$
$
$
$
$
$

17,205.0
6,392.0
7,221.0
3,592.0

Net Income
CFO
CFI

$
$
$

69.0
289.0
828.0

$
$
$

276.0 $
934.0 $
(1,488.0) $

1,335.0 $
2,535.0 $
(2,556.0) $

1,989.0
2,220.0
357.0

$
$

976.0
830.0

Balance Sheet Aggregate Accrual $
Cash Flow Aggregate Accrual
$

-

$
$

1,868.0
1,356.0

$
$

$
$

3.93
159.1

$
$

5.36
95.4

$ 25,347.0
$ 9,352.0
$ 10,815.0
$
$
$ 5,180.0

$
$
$
$
$
$

39,572.0
11,875.0
18,542.0
9,155.0

$ 3,496.0 $
$ 5,470.0 $
$ (3,249.0) $

(383.0) $
(588.0) $

1,588.0
1,275.0

$
$

$
$

9.08
187.7

$
$

15.15
289.8

$ 47,501.0
$ 5,263.0
$ 15,861.0
$
$
$ 26,377.0

$
$
$
$
$
$

75,183.0
11,261.0
27,392.0
36,530.0

$
$

27.68
364.4

$ 116,371.0
$ 9,815.0
$ 39,756.0
$
$
$ 66,800.0

$
$

44.15
645.9

$ 176,064.0
$ 10,746.0
$ 57,854.0
$
$
$ 107,464.0

$
$

44.10
460.2

$ 196,088.0
$ 16,154.0
$ 68,742.0
$
$
$ 111,192.0

4,834.0 $ 8,235.0 $ 14,013.0 $ 25,922.0 $ 41,733.0 $ 41,747.0
9,596.0 $ 10,159.0 $ 18,595.0 $ 37,529.0 $ 50,856.0 $ 56,728.0
(8,189.0) $ (17,434.0) $ (13,854.0) $ (40,419.0) $ (48,227.0) $ (44,620.0)
3,975.0
3,427.0

$ 17,222.0
$ 15,510.0

$ 10,153.0
$ 9,272.0

$ 30,270.0
$ 28,812.0

$ 40,664.0
$ 39,104.0

$ 3,728.0
$ 29,639.0

Piotroski Score
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
Piotroski 2: Operating Cash Flow
Piotroski 3: Return on Assets
Piotroski 4: Quality of Earnings
Piotroski 5: LT Debt vs Assets
Piotroski 6: Current Ratio
Piotroski 7: Shares Outstanding
Piotroski 8: Gross Margin
Piotroski 9: Asset Turnover

1
1
1
1
0
1
0
0
0

1
1
1
1
0
1
0
0
1

1
1
1
1
0
1
0
1
1

1
1
1
1
0
0
0
0
0

1
1
1
1
0
1
0
1
0

1
1
0
1
0
1
0
1
0

1
1
1
1
0
1
0
1
1

1
1
1
1
0
0
0
0
0

1
1
1
1
0
0
0
1
1

1
1
1
1
0
0
0
1
0

1
1
0
1
0
1
1
0
0

2008
20,598.0
39,572.0
18,542.0
13,845.0
6,895.0
86,055.0
32,479.0

2009
$ 20,049.0
$ 47,501.0
$ 15,861.0
$ 23,353.0
$ 12,066.0
$ 170,244.8
$ 42,905.0

2010
$ 20,956.0
$ 75,183.0
$ 27,392.0
$ 37,169.0
$ 18,540.0
$ 267,972.3
$ 65,225.0

2011
$ 17,018.0
$ 116,371.0
$ 39,756.0
$ 62,841.0
$ 34,205.0
$ 341,332.2
$ 108,249.0

2012
$ 19,111.0
$ 176,064.0
$ 57,854.0
$ 101,289.0
$ 55,763.0
$ 610,567.0
$ 156,508.0

Q1
$ 25,469.0
$ 196,088.0
$ 68,742.0
$ 109,567.0
$ 17,672.0
$ 432,117.9
$ 54,512.0

5.29
10.60

9.38
17.35

8.58
15.37

7.98
13.71

9.20
15.80

5.28
9.88

Altman Z Score
Annual
Working Capital
Total Assets
Total Liabilities
Retained Earnings
EBITDA
Market Value of Equity
Net Sales
Normal Altman Z Score
Revised Altman Z Score

$
$
$
$
$
$
$

2003
3,530.0
6,815.0
2,592.0
2,394.0
92.0
8,483.3
6,207.0

$
$
$
$
$
$
$

2004
4,375.0
8,050.0
2,974.0
2,670.0
383.0
14,911.5
8,279.0

4.03
8.07

5.31
10.23

0.11
0.58
0.32
10.55
0.89

0.13
0.56
0.09
6.29
0.28

$
$
$
$
$
$
$

2005
6,816.0
11,551.0
4,085.0
4,005.0
1,815.0
43,310.2
13,931.0
9.28
17.19

$
$
$
$
$
$
$

2006
8,038.0
17,205.0
7,221.0
5,607.0
2,818.0
64,182.3
19,315.0

2007
$ 12,657.0
$ 25,347.0
$ 10,815.0
$ 9,101.0
$ 5,008.0
$ 141,486.4
$ 24,006.0

8.01
14.56

10.55
19.51

$
$
$
$
$
$
$

MRQ

Altman Z Score
X1
X2
X3
X4
X5

Revised Altman Z Score

Annual

MRQ

Annual

MRQ

9.20

5.28

15.80

9.88

MRQ Edit

The Beneish Model - M Score Variables
DSRI = 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.

The Beneish M Score Formula
The 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 Model
The 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.

M Score - 5 Variable
M Score - 8 Variable
DSRI
GMI
AQI
SGI
DEPI
SGAI
TATA
LVGI

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

TTM

-

-2.92
-2.79

-2.71
-2.59

-1.91
-1.76

-1.72
-1.33

-2.80
-2.85

-0.94
-1.12

-2.04
-1.87

-2.46
-2.40

-2.53
-2.19

-2.81
-2.75

0.76
1.01
0.94
1.33
0.83
0.88
-0.08
0.96

0.69
0.94
1.05
1.68
0.97
0.78
-0.10
0.91

1.01
1.00
2.19
1.39
1.20
0.94
-0.01
1.25

2.59
0.85
0.75
1.24
1.01
0.98
-0.08
0.98

0.86
0.99
1.00
1.35
0.91
0.94
-0.12
0.97

0.81
0.85
4.46
1.32
0.81
0.84
-0.04
0.68

1.29
1.02
1.40
1.52
1.12
0.87
-0.06
1.14

0.71
0.97
1.43
1.66
0.94
0.83
-0.10
0.87

1.10
0.92
1.07
1.45
1.08
0.91
-0.05
0.91

1.09
1.05
0.94
1.05
0.83
0.97
-0.08
1.09

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

2011
$ 108,249.0
$ 34,205.0
$ 34,205.0
$
$ 8,283.0
$ 25,922.0
$ 116,371.0
$ 76,615.0

2012
$ 156,508.0
$ 55,763.0
$ 55,763.0
$
$ 14,030.0
$ 41,733.0
$ 176,064.0
$ 118,210.0

TTM
$ 164,687.0
$ 55,958.0
$ 55,958.0
$
$ 14,211.0
$ 41,747.0
$ 196,088.0
$ 127,346.0

DuPont Analysis
Full tutorial, example and discussion of how the DuPont analysis is used is provided on the blog.
http://www.oldschoolvalue.com/blog/accounting/dupont-analysis-model-spreadsheet/

Revenue
EBIT
EBT
Interest Expense
Income Tax
Net Income
Total Assets
Shareholders Equity

$
$
$
$
$
$
$
$

2003
6,207.0
92.0
92.0
24.0
69.0
6,815.0
4,223.0

$
$
$
$
$
$
$
$

2004
8,279.0
383.0
383.0
107.0
276.0
8,050.0
5,076.0

$
$
$
$
$
$
$
$

2005
13,931.0
1,815.0
1,815.0
480.0
1,335.0
11,551.0
7,466.0

$
$
$
$
$
$
$
$

2006
19,315.0
2,818.0
2,818.0
829.0
1,989.0
17,205.0
9,984.0

2007
$ 24,006.0
$ 5,008.0
$ 5,008.0
$
$ 1,512.0
$ 3,496.0
$ 25,347.0
$ 14,532.0

2008
32,479.0
6,895.0
6,895.0
2,061.0
4,834.0
39,572.0
21,030.0

$
$
$
$
$
$
$
$

$
$
$
$
$
$
$
$

2009
42,905.0
12,066.0
12,066.0
3,831.0
8,235.0
47,501.0
31,640.0

2010
65,225.0
18,540.0
18,540.0
4,527.0
14,013.0
75,183.0
47,791.0

$
$
$
$
$
$
$
$

Three-Step DuPont Model:
Net Profit Margin (Net Income ÷ Sales)
1.1%
Asset Turnover (Sales ÷ Total Assets)
0.91
Equity Multiplier (Total Assets ÷ Shareholders Equity)1.61

3.3%
1.03
1.59

9.6%
1.21
1.55

10.3%
1.12
1.72

14.6%
0.95
1.74

14.9%
0.82
1.88

19.2%
0.90
1.50

21.5%
0.87
1.57

23.9%
0.93
1.52

26.7%
0.89
1.49

25.3%
0.84
1.54

1.6%

5.4%

17.9%

19.9%

24.1%

23.0%

26.0%

29.3%

33.8%

35.3%

32.8%

Tax Burden (Net Income ÷ EBT)
0.75
Interest Burden (EBT ÷ EBIT)
1.00
Operating Income Margin (EBIT ÷ Sales)
1.5%
Asset Turnover (Sales ÷ Total Assets)
0.91
Equity Multiplier (Total Assets ÷ Shareholders Equity)
1.61

0.72
1.00
4.6%
1.03
1.59

0.74
1.00
13.0%
1.21
1.55

0.71
1.00
14.6%
1.12
1.72

0.70
1.00
20.9%
0.95
1.74

0.70
1.00
21.2%
0.82
1.88

0.68
1.00
28.1%
0.90
1.50

0.76
1.00
28.4%
0.87
1.57

0.76
1.00
31.6%
0.93
1.52

0.75
1.00
35.6%
0.89
1.49

0.75
1.00
34.0%
0.84
1.54

5.4%

17.9%

19.9%

24.1%

23.0%

26.0%

29.3%

33.8%

35.3%

32.8%

Return on Equity
Five-Step DuPont Model:

Return on Equity

1.6%

30%

2.0
1.8

25%

20%

1.6

1.4
1.2

15%

5%
0%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM

Asset Turnover (Sales ÷
Total Assets)

1.0

0.6

Equity Multiplier (Total
Assets ÷ Shareholders
Equity)

0.4

Return on Equity

0.8
10%

Net Profit Margin (Net
Income ÷ Sales)

40%

2.0

35%

1.8

Operating Income Margin
(EBIT ÷ Sales)

1.6

Return on Equity

30%

1.4

25%

1.2

20%

1.0

Tax Burden (Net Income ÷
EBT)

15%

0.8

Interest Burden (EBT ÷ EBIT)

0.6

10%

0.2

5%

0.0

0%

0.4
0.2
0.0
1

2

3

4

5

6

7

8

9

10 11

Asset Turnover (Sales ÷
Total Assets)

Apple Inc.
(AAPL)
2/18/2013
Enter Ticker

Refresh

Figures in Millions except per share values

Free Cash Flow

2003
2004
$125.0
$758.0
% Change 506.4%

Owner Earnings

2005
$2,275.0
200.1%

2006
$1,563.0
-31.3%

2007
$4,484.0
186.9%

2008
$8,397.0
87.3%

2009
2010
2011
2012
TTM
$8,946.0 $16,474.0 $30,077.0 $41,454.0 $46,300.0
6.5%
84.1%
82.6%
37.8%
11.7%

Stock Price

2003
$11.7
% Change

2004
$19.3
65.0%

2005
$50.6
162.6%

2006
$73.1
44.7%

2007
$159.1
117.5%

2008
$95.4
-40.0%

2009
$187.7
96.8%

2010
$289.8
54.4%

2011
$364.4
25.8%

2012
$645.9
77.2%

TTM
$460.2
-28.8%

2005
16.3%
78.4%

2003
2004
2005
-115.7% -806.4% -1172.7%
% Change -596.7% -45.4%

2006
8.1%
-50.4%

2007
18.7%
130.8%

2008
25.9%
38.4%

2009
20.9%
-19.4%

2010
25.3%
21.1%

2011
27.8%
10.0%

2012
26.5%
-4.7%

TTM
28.1%
6.1%

2006
250.5%
121.4%

2007
677.3%
170.4%

2008
848.2%
25.2%

2009
71.4%
-91.6%

2010
57.1%
-20.0%

2011
48.2%
-15.7%

2012
38.2%
-20.6%

TTM
42.3%
10.7%

2004
27.3%
-0.8%

2005
5.2%
3.6%

2006
5.0%
-5.1%

2007
3.7%
-24.3%

2008
11.0%
192.5%

2009
8.5%
-22.5%

2010
8.0%
-5.7%

2011
11.3%
40.9%

2012
10.1%
-10.8%

TTM
15.0%
48.7%

2004
6.0
20.0%

2005
29.0%
6.4%

2006
29.0%
-0.1%

2007
34.0%
17.2%

2008
34.3%
1.0%

2009
40.1%
17.0%

2010
39.4%
-1.9%

2011
40.5%
2.8%

2012
43.9%
8.4%

TTM
41.9%
-4.5%

2005
7.0
16.7%

2006
4.0
-42.9%

2007
6.0
50.0%

2008
5.0
-16.7%

2009
7.0
40.0%

2010
4.0
-42.9%

2011
6.0
50.0%

2012
5.0
-16.7%

TTM
5.0
0.0%

2004
58.6%
-4.5%

2006
$2.27
45.5%

2007
$3.93
73.1%

2008
$5.36
36.4%

2009
$9.08
69.4%

2010
$15.15
66.9%

2011
$27.68
82.7%

2012
$44.15
59.5%

TTM
$44.10
-0.1%

2004
19.7
-71.0%

2005
19.0
-3.2%

2006
41.1
115.7%

2007
31.6
-23.2%

2008
10.2
-67.5%

2009
19.0
85.7%

2010
16.3
-14.5%

2011
11.3
-30.2%

2012
14.7
29.8%

TTM
9.4
-36.1%

2003
2004
1.5%
5.1%
% Change 245.0%

2005
5.3%
3.3%

2006
2.4%
-53.6%

2007
3.2%
30.1%

2008
9.8%
207.9%

2009
5.3%
-46.1%

2010
6.1%
17.0%

2011
8.8%
43.3%

2012
6.8%
-22.9%

TTM
10.6%
56.5%

2003
67.9
% Change

2003
2004
2.2%
7.5%
% Change 244.0%

2005
23.8%
215.5%

2006
30.2%
27.2%

2007
34.6%
14.3%

2008
29.9%
-13.5%

2009
52.5%
75.4%

2010
72.1%
37.4%

2011
138.0%
91.4%

2012
161.3%
17.0%

TTM
136.8%
-15.2%

2003
2004
1.1%
3.3%
% Change 199.9%

2005
9.6%
187.5%

2006
10.3%
7.5%

2007
14.6%
41.4%

2008
14.9%
2.2%

2009
19.2%
29.0%

2010
21.5%
11.9%

2011
23.9%
11.5%

2012
26.7%
11.4%

TTM
25.3%
-4.9%

2005
-2.6
7.3%

2006
-1.8
32.2%

2007
-1.3
24.2%

2003
4.0
% Change

2004
5.3
31.7%

2005
9.3
74.8%

2006
8.0
-13.6%

2007
10.5
31.7%

2008
5.3
-49.8%

2009
9.4
77.1%

2010
8.6
-8.5%

2011
8.0
-6.9%

2012
9.2
15.3%

TTM
5.3
-42.6%

2004
27.9%
7.1%

2005
26.4%
-5.3%

2006
29.4%
11.2%

2007
30.2%
2.6%

2008
29.9%
-1.0%

2009
31.8%
6.2%

2010
24.4%
-23.1%

2011
24.2%
-0.8%

2012
25.2%
3.9%

TTM
25.4%
0.9%

2005
55.7%
118.5%

2006
21.6%
-61.1%

2007
41.5%
91.5%

2008
45.3%
9.2%

2009
56.4%
24.5%

2010
60.1%
6.6%

2011
75.7%
25.8%

2012
71.7%
-5.3%

TTM
67.4%
-6.0%

2006

2007

2008

2009

2010

2011

2012

TTM

Tax Rate

2008
-2.9
-114.0%

2009
-1.1
60.6%

2010
-1.9
-66.8%

2011
-2.4
-28.2%

2012
-2.2
8.8%

TTM
-2.7
-25.5%

Debt to Equity

2003
61.4%
% Change

2005
$1.56
333.3%

2003
2004
$0.10
$0.36
% Change 260.0%

Original Altman Z Score

Beneish M Score - 8 Variable Version

2003
2004
-2.8
% Change #DIV/0!

2009
2010
2011
2012
TTM
$9,052.0 $12,586.0 $15,695.0 $37,647.0 $32,484.0
1692.5%
39.0%
24.7%
139.9%
-13.7%

Net Profit Margin

Piotroski F score

2003
5.0
% Change

2008
$505.0
-71.0%

Magic Formula Investing -- Return on Capital

Gross Margin

2003
27.5%
% Change

2007
$1,744.0
-10.1%

FCF Yield

Magic Formula Investing -- Earnings Yield

2004
5.0%
88.2%

2006
$1,941.0
146.0%

Price / FCF

Cash Return on Invested Capital (CROIC)

2003
2.7%
% Change

2005
$789.0
498.5%

Diluted EPS

FCF / Sales

2003
2004
2.0%
9.2%
% Change 354.6%

2003
2004
-$108.0
-$198.0
% Change -83.3%

2003
26.1%
% Change

FCF to Total Debt

2005
54.7%
-6.6%

2006
72.3%
32.2%

2007
74.4%
2.9%

2008
88.2%
18.5%

2009
50.1%
-43.1%

2010
57.3%
14.3%

2011
51.9%
-9.5%

2012
48.9%
-5.7%

TTM
54.0%
10.3%

2003
2004
4.8%
25.5%
% Change 428.5%

FCF to Short Term Debt

FCF to Long Term Debt

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!

2003

2004

2005

Apple Inc.
(AAPL)
2/18/2013
Enter Ticker

Update

CLEAR
Enter Competitor Tickers

AAPL

MSFT

DELL

HPQ

BBRY
Research In
Motion Limited
Technology
Diversified
Communication
Services
Canada
24-Mar-2011

Technology

Microsoft
Corporation
Technology

Technology

4
5 Country
68 Earnings Date

Personal
Computers

Application
Software

Personal
Computers

USA
23-Jan-2013

USA
24-Jan-2013

USA
19-Feb-2013

HewlettPackard
Technology
Diversified
Computer
Systems
USA
21-Feb-2013

65
6
66
67
60
61
55
56
57
58

Price
Market Cap
Change
Volume
Change from Open
Gap
50-Day High
50-Day Low
52-Week High
52-Week Low

$460.16
$432,117.85
-1.38%
13,961,008
-1.90%
0.53%
-20.45%
6.40%
-34.06%
6.40%

$28.01
$234,618.76
-0.11%
49,516,760
-0.14%
0.04%
-0.78%
6.66%
-13.15%
6.66%

$13.81
$24,010.07
0.73%
20,541,424
0.80%
-0.07%
-2.54%
39.49%
-23.56%
60.18%

$16.79
$32,786.17
-1.41%
15,324,705
-1.87%
0.47%
-3.78%
31.32%
-42.44%
49.33%

$14.15
$7,419.48
-6.07%
92,531,616
-7.48%
1.53%
-22.73%
33.66%
-22.73%
127.57%

7
8
9
10
11
12
13
14
15

P/E
Forward P/E
PEG
P/S
P/B
P/Cash
P/Free Cash Flow
Dividend Yield
Payout Ratio

10.43
9.04
0.55
2.62
3.39
10.85
9.86
2.30%
11.98%

15.39
8.86
1.84
3.22
3.23
3.43
11.36
3.28%
46.66%

9.39
8.32
0.97
0.41
2.36
2.13
7.67
2.32%
5.33%

0.00
4.81
0.00
0.27
1.47
2.90
5.60
3.16%
0.00%

0.00
0.00
0.00
0.59
0.78
2.72
8.99
0.00%
0.00%

min
min
min
min
min
min
min
max
min

16
17
18
19
20
21
22
23

EPS (ttm)
EPS growth this year
EPS growth next year
EPS growth past 5 years
EPS growth next 5 years
Sales growth past 5 years
EPS growth quarter over quarter
Sales growth quarter over quarter

$44.10
59.51%
13.72%
62.22%
18.98%
44.81%
-0.49%
17.65%

$1.82
-25.91%
10.88%
7.01%
8.38%
7.60%
-3.49%
2.73%

$1.47
39.82%
-2.92%
10.63%
9.67%
1.57%
-44.18%
-10.70%

($6.45)
-292.77%
5.12%
5.52%
0.00%
2.91%
-3027.70%
-6.73%

($1.62)
-64.95%
63.60%
14.99%
5.00%
43.43%
-94.72%
-47.21%

max
max
max
max
max
max
max

24.94%
38.41%
32.96%

12.83%
22.62%
16.84%

5.96%
27.66%
11.47%

-10.62%
-41.43%
-18.02%

-6.35%
-8.67%
-8.45%

max
max
max

1.54
1.51
0.00
0.00

2.81
2.76
0.16
0.20

1.18
1.11
0.52
0.89

1.09
0.95
0.97
1.27

2.23
2.08
0.00
0.00

max
max
min
min

39 Gross Margin
40 Operating Margin
41 Profit Margin

41.91%
33.46%
25.35%

75.35%
26.76%
21.20%

21.25%
5.53%
4.44%

22.95%
-9.19%
-10.51%

30.68%
-10.85%
-6.73%

max
max
max

24
25
26
27
28
29
30
31

Shares Outstanding
Shares Float
Insider Ownership
Insider Transactions
Institutional Ownership
Institutional Transactions
Float Short
Short Ratio

939.06
938.76
0.03%
3.68%
64.11%
-4.13%
2.01%
0.9

8,376.25
7,597.51
5.10%
-8.28%
66.93%
-1.20%
1.05%
1.6

1,738.60
1,490.73
0.06%
25.21%
68.56%
3.08%
2.76%
1.1

1,952.72
1,951.35
0.02%
331.33%
79.08%
-0.09%
4.13%
2.7

524.16
425.06
15.01%
0.00%
60.57%
0.16%
31.79%
2.2

42
43
44
45
46
46
48
49
50
51
52
53
54
59
62
63
64

Performance (Week)
Performance (Month)
Performance (Quarter)
Performance (Half Year)
Performance (Year)
Performance (Year)
Beta
Average True Range
Volatility (Week)
Volatility (Month)
20-Day Simple Moving Average
50-Day Simple Moving Average
200-Day Simple Moving Average
Relative Strength Index (14)
Analyst Recom
Average Volume
Relative Volume

-3.12%
-8.55%
-13.79%
-26.39%
-8.34%
-8.34%
1.04
13.49
2.34%
2.58%
-1.36%
-8.03%
-20.07%
43.21
2.00
21,597.98
0.65

1.67%
3.59%
4.36%
-6.26%
-5.40%
-5.40%
0.94
0.39
0.99%
1.52%
1.33%
2.85%
-2.76%
58.85
2.00
51,124.31
0.97

1.32%
9.52%
45.37%
15.08%
-22.24%
-22.24%
1.41
0.36
1.41%
2.21%
3.49%
17.35%
20.54%
71.00
3.10
38,353.08
0.54

-0.47%
-2.44%
28.96%
-11.77%
-40.63%
-40.63%
1.12
0.48
2.12%
2.52%
-0.09%
7.66%
-3.01%
56.60
3.20
29,973.36
0.51

-14.16%
-3.97%
66.73%
87.24%
-2.85%
-2.85%
1.64
1.38
10.29%
8.93%
-9.67%
2.46%
41.50%
45.76
3.40
62,980.89
1.47

Company
2
3 Sector
Industry

32 Return on Assets
33 Return on Equity
34 Return on Investment
35
36
37
38

Current Ratio
Quick Ratio
LT Debt/Equity
Total Debt/Equity

Apple Inc.

Dell Inc.

max
max

max

min

Apple Inc.
(AAPL)

Shares Out.
939.06

Fiscal Year
Cash Flow Data

Refresh

CLEAR

Trend

2003

Cash from Operations
Capex
Cash Flow
Free Cash Flow

Growth

Discount %

0.7%

9.0%

Terminal %

Select FCF

2%

FCF

50%

Select input with
each list or enter
your own value

2/18/2013

Enter Ticker

M.O.S

939.06

Adjust 2012 FCF
$40,000.0

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

2004

2005

2006

2007

2008

2009

2010

2011

2012
$50,856.0
($9,402.0)
$50,831.3

$289.0
($164.0)
$223.2
$125.0
YOY% Change

$934.0
($176.0)
$486.4
$758.0
506.4%

$2,535.0
($260.0)
$1,536.5
$2,275.0
200.1%

$2,220.0
($657.0)
$2,353.9
$1,563.0
-31.3%

$5,470.0
($986.0)
$3,987.5
$4,484.0
186.9%

$9,596.0
($1,199.0)
$5,571.5
$8,397.0
87.3%

$10,159.0
($1,213.0)
$9,341.3
$8,946.0
6.5%

$18,595.0
($2,121.0)
$16,275.2
$16,474.0
84.1%

$37,529.0
($7,452.0)
$32,629.7
$30,077.0
82.6%

27.5%
0.4%
1.1%

27.3%
4.2%
3.3%

29.0%
11.8%
9.6%

29.0%
12.7%
10.3%

34.0%
18.4%
14.6%

34.3%
19.3%
14.9%

40.1%
27.4%
19.2%

39.4%
28.2%
21.5%

$0.10
26.1%

$0.36
27.9%

$1.56
26.4%

$2.27
29.4%

$3.93
30.2%

$5.36
29.9%

$9.08
31.8%

-115.7%
2.0%
80.3
1.0%
1.6%

-806.4%
9.2%
76.7
3.4%
5.4%

-1172.7%
16.3%
74.3
11.6%
17.9%

250.5%
8.1%
63.1
11.6%
19.9%

677.3%
18.7%
51.5
13.8%
24.1%

848.2%
25.9%
49.9
12.2%
23.0%

61.4%
0.0%
4.8%
41.1%

58.6%
0.0%
25.5%

54.7%
0.0%
55.7%

72.3%
0.0%
21.6%

74.4%
0.0%
41.5%

2008-2012
53.1%
49.1%
57.1%
25.9%
18.6%
29.3%
40.1%
28.2%
21.5%
48.2%
69.4%
51.7%

2007-2010
49.7%
54.3%
374.4%
23.1%
15.6%
25.0%
36.8%
23.3%
17.0%
39.5%
56.8%
50.4%

2008-2011
52.2%
53.0%
64.3%
25.6%
18.0%
27.7%
39.8%
27.8%
20.3%
49.4%
72.8%
57.6%

2009-2012
53.9%
66.7%
52.6%
25.9%
20.5%
31.6%
40.3%
29.7%
22.7%
53.9%
69.4%
71.1%

2004-2011
46.8%
69.2%
64.3%
19.8%
13.0%
23.5%
34.1%
18.8%
14.7%
44.4%
86.0%
69.5%

2005-2012
47.9%
51.4%
64.3%
23.1%
15.6%
25.0%
36.8%
23.3%
17.0%
41.3%
61.2%
53.5%

2003-2008
38.2%
132.0%
67.4%
12.7%
11.6%
18.9%
29.0%
12.3%
9.9%
39.2%
121.7%
101.5%

2004-2009
44.4%
63.8%
160.9%
17.5%
11.9%
21.5%
31.5%
15.5%
12.4%
39.0%
90.7%
61.2%

TTM

33.0%

$56,728.0
($10,428.0)
$51,986.4
$46,300.0
15.8%

40.5%
31.2%
23.9%

43.9%
35.3%
26.7%

41.9%
33.5%
25.3%

$15.15
24.4%

$27.68
24.2%

$44.15
25.2%

$44.10
25.4%

71.4%
20.9%
53.3
17.3%
26.0%

57.1%
25.3%
52.5
18.6%
29.3%

48.2%
27.8%
70.5
22.3%
33.8%

38.2%
26.5%
112.1
23.7%
35.3%

42.3%
28.1%
65.8
21.3%
32.8%

88.2%
0.0%
45.3%

50.1%
0.0%
56.4%

57.3%
0.0%
60.1%

51.9%
0.0%
75.7%

48.9%
0.0%
71.7%

54.0%
0.0%
67.4%

2007-2009
48.7%
41.2%
677.3%
20.9%
13.8%
24.1%
34.3%
19.3%
14.9%
33.7%
52.0%
36.3%

2008-2010
51.2%
40.1%
71.4%
25.3%
17.3%
26.0%
39.4%
27.4%
19.2%
41.7%
68.1%
39.2%

2009-2011
52.8%
83.4%
57.1%
25.3%
18.6%
29.3%
40.1%
28.2%
21.5%
58.8%
74.6%
92.2%

2010-2012
55.0%
58.6%
48.2%
26.5%
22.3%
33.8%
40.5%
31.2%
23.9%
54.9%
70.7%
65.4%

Median
52.2%
54.3%
64.3%
25.3%
18.0%
27.7%
39.8%
27.8%
20.3%
48.2%
69.4%
57.6%

2005-2010
45.1%
48.6%
160.9%
19.8%
13.0%
23.5%
34.1%
18.8%
14.7%
36.2%
57.6%
49.0%

2006-2011
49.4%
80.7%
160.9%
23.1%
15.6%
25.0%
36.8%
23.3%
17.0%
41.2%
64.9%
76.0%

2007-2012
51.8%
56.0%
64.3%
25.6%
18.0%
27.7%
39.8%
27.8%
20.3%
45.5%
62.2%
56.2%

2003-2012
44.6%
90.6%
57.1%
19.8%
13.0%
23.5%
34.1%
18.8%
14.7%
43.1%
96.7%
77.6%

Median
45.1%
69.2%
64.3%
19.8%
13.0%
23.5%
34.1%
18.8%
14.7%
41.2%
86.0%
69.5%

$40,000.0

Margins
Gross Margin
Operating Margin
Net Margin

EPS & Tax
Diluted EPS
Tax Rate

Efficiency & Profitability
CROIC
FCF/Sales
Inventory Turnover
Return On Assets (ROA)
Retun On Equity (ROE)

Debt Related
Debt to Equity
Capitalization Ratio
FCF to Total Debt
FCF to Short Term Debt
FCF to Long Term Debt

5 Year Multi-Year Performance
Tang Shareholder Equity
Free Cash Flow
CROIC
FCF/Sales
ROA
ROE
Gross Margin
Operating Margin
Net Margin
Revenue Growth
Earnings Growth
Cash from Ops Growth

2007-2011
50.8%
60.9%
71.4%
25.3%
17.3%
26.0%
39.4%
27.4%
19.2%
45.7%
62.9%
61.8%

10 Year Multi-Year Performance
Tang Shareholder Equity
Free Cash Flow
CROIC
FCF/Sales
ROA
ROE
Gross Margin
Operating Margin
Net Margin
Revenue Growth
Earnings Growth
Cash from Ops Growth

2003-2010
41.8%
100.8%
64.3%
17.5%
11.9%
21.5%
31.5%
15.5%
12.4%
39.9%
104.9%
81.3%

Projection of future Free Cash Flow
Yearly Growth Input Field
1%
Terminal Growth
2%

2013

2014

2015

$40,280.00
2023
$ 43,453.52

$40,561.96
2024
$ 44,322.59

Calculation
Total Cash

$
MAX(0,Current Liabilities-Current Assets)
$
Excess Cash
$
Adding some Intangibles
$
Interest Bearing Debt
$
Present Value
$
Shares Outstanding
Per Share Value
$
Desired Margin of Safety
Purchase Price
$
Current Price
$
Margin of Safety

$40,845.89
2025
45,209.04

$

$41,103.22
2026
46,113.22

2017

$

2018

$41,362.17
2027
47,035.49

$

2019

$41,622.75
2028
47,976.20

$

2020

$41,884.98
2029
48,935.72

$

2021

$42,122.47
2030
49,914.43

$

$42,361.30
2031
50,912.72

2022

$

$42,601.49
2032
51,930.98

Sensitivity Matrix: Growth vs Discount Rate
39,820.00
39,820.00
432,023.76
939.06
460.06
50%
230.03
460.16
0%

Discount Rates
-3% $
-1% $

Growth Rates

0%
10%
10%

1%

$
3% $
5% $

7%
429.98 $
476.33 $

8%
402.12 $
444.15 $

528.58
587.46
653.76

491.45
544.66
604.49

$
$
$

$
$
$

9%
377.38
415.60

$
$

10%
355.33 $
390.20 $

11%
335.60
367.52

458.55

$
$
$

429.32
473.19
522.38

403.26
443.27
488.07

506.80
560.96

$
$
$

Sensitivity Matrix: Margin of Safety %
Discount Rates
7%
-7.0%

8%
-14.4%

-1%

3.4%

1%

12.9%
21.7%
29.6%

-3%

Growth Rates

Variable Fields
Intangibles% add to DCF
Decay Rate (Yr4E-Yr7E)
Extra Decay (Yr8E-Yr10E)

$

2016

3%
5%

9%
-21.9%

10%
-29.5%

11%
-37.1%

-3.6%

-10.7%

-17.9%

-25.2%

6.4%
15.5%
23.9%

-0.4%

-7.2%
2.8%
11.9%

-14.1%
-3.8%
5.7%

9.2%
18.0%

Apple Inc.
(AAPL)

Shares Out.

M.O.S

939.06

66%

Growth

939.06

Projection

5.5%

EPS

Corp Bond

$33.55

Forecast

4.00

5.5%

2/18/2013

Refresh

Enter Ticker

CLEAR

Current Price

Intrinsic $

Buy Under

$460.16

$461.28

$156.83

Actual M.O.S 52 Wk High 52 Wk Low

0%

$705.07

$435.00

5 Yr EPS Growth

2007-2011
62.9%

2008-2012
69.4%

2007-2010
56.8%

2008-2011
72.8%

2009-2012
69.4%

2007-2009
52.0%

2008-2010
68.1%

2009-2011 2010-2012
74.6%
70.7%

10 Yr EPS Growth

2003-2010
104.9%

2004-2011
86.0%

2005-2012
61.2%

2003-2008
121.7%

2004-2009
90.7%

2005-2010
57.6%

2006-2011
64.9%

2007-2012
62.2%

2003
0.10
2013E
Forecast Method
$
33.55
Linear Regression Method $
20.09
Analyst Estimate
$
44.75
Diltued EPS

$

2004
0.36
2014E
$
35.39
$
21.19
$
50.89
$

2005
$

1.56

2006
2.27

$

2007
3.93

$

2008
$

5.36

$
$

33.55
5.50%
4.00
461.28
66%
156.83
$460.16
0%

Graham's Sensitivity Matrix
Growth Sensitivity Increment
EPS Sensivity Increments

2010
15.15

$

$33.55 $35.39

$27.68

15%
15%

$15.15
$0.36

$1.56

$2.27

$3.93

$5.36

$0.10

2003

2004

2005

2006

2007

2008

$9.08

2009

2010

2011

2012

2013

2014

EPS

Growth

$

2009
9.08

$44.15

Graham Value Calculation
Normal Earnings
Growth Rate
Corp Bond Rate
Per Share Value
MOS
Purchase Price
Current Price
Actual Discount

$

3.9%
4.7%

5.5%
6.3%
8.2%

$

$
$
$

23.48
280.27
301.58

$
$
$

28.52
340.33
366.21

$
$

$
$
$

322.89
344.20
393.22

$
$
$

392.08
417.96
477.48

$
$

33.55
400.39
430.83

$ 461.28
491.72
561.74

$
$
$

38.58
460.45
495.46

$
$
$

43.61
520.50
560.08

$
$
$

530.47
565.48
646.00

$
$
$

599.66
639.24
730.26

Median
69.4%

Median
86.0%

$

2011
27.68

$

2012
44.15

TTM
$ 44.10

Current EPS
Exp Growth Dividend Yield

Apple Inc.
(AAPL)

5%

2/18/2013
Enter Ticker

2.30%

Current PE

Refresh

Business
Risk

7 of 20 pts

7 of 20 pts

7 of 20 pts

7

7

7

Katsenelson Absolute PE Current Price Fair Value Fair Value PE Current PE FV Exp Grth

Determine Business Risk
ROE
Consistency/quality check
ROA
Consistency/quality check
CROIC
Consistency/quality check
Intangibles % of Book Value
Consistency/quality check

Business Risk Factor:
Determine Financial Risk
Current Ratio
Consistency/quality check
Total Debt/Equity Ratio
Consistency/quality check
Short Term Debt/Equity Ratio
Consistency/quality check
FCF to Total Debt
Consistency/quality check

Financial Risk Factor:

$469.98

10.66

10.43

5%

2%

2008
22.99%

2009
26.03%
1
17.34%
1
71.39%
1
1.12%
1

2010
29.32%
1
18.64%
1
57.12%
1
0.72%
1

2011
33.83%
1
22.28%
1
48.16%
1
4.62%
1

2012
35.30%
1
23.70%
1
38.24%
1
3.57%
1

TTM
32.78%
1
21.29%
1
42.33%
1
3.50%
1

12.22%
848.18%
1.36%

20 pts out of 20
2008
2.46
0.88
0.00
45.29%

2009
2.74
1
0.50
1
0.00
1
56.40%
1

19 pts out of 20
2009
40.14%
1
19.19%
1
$9.08
1
$10,159.00
1

16 pts out of 20

Katsenelson Absolute PE Valuation Model
Earnings Growth
Dividend Yield
Adjusted Base PE
Business Risk
Premium/Discount Factor:
Financial Risk
Premium/Discount Factor:
Earnings Predictability
Premium/Discount Factor:
Adjusted Fair Value PE

M.O.S

$460.16

Determine Earnings Predictability 2008
Gross Margin
34.31%
Consistency/quality check
Net Margin
14.88%
Consistency/quality check
Earnings
$5.36
Consistency/quality check
Cash from Ops
$9,596.00
Consistency/quality check

Earnings Predict. Factor:

Earnings
Predictabilit
y

Below AverageBelow AverageBelow Average

2.30%

CLEAR

Financial
Risk

5.00%
2.30%

10.43
2.00
=
12.43
x
Below Average [1 + (1 - 1.05)]
1.05
x
Below Average [1 + (1 - 1.05)]
1.05
x
Below Average [1 + (1 - 1.05)]
1.05
=
5%
10.66

Excellent 10% Factor
2010
2.01
1
0.57
1
0.00
1
60.14%
1

2011
1.61
1
0.52
1
0.00
1
75.65%
1

2012
1.50
0
0.49
1
0.00
1
71.65%
1

TTM
1.54
1
0.54
1
0.00
1
67.35%
1

Excellent 9% Factor
2010
39.38%
0
21.48%
1
$15.15
1
$18,595.00
1

2011
40.48%
1
23.95%
1
$27.68
1
$37,529.00
1

2012
43.87%
1
26.67%
1
$44.15
1
$50,856.00
1

TTM
41.91%
0
25.35%
0
$44.10
0
$56,728.00
1

Excellent 6% Factor

P/E
7.00
7.65
8.30
8.95
9.60
10.25
10.90
11.55
12.20
12.85
13.50
14.15
14.80
15.45
16.10
16.75
17.40
17.90
18.40
18.90
19.40

Exp EPS Grwth Rate
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
16%
17%
18%
19%
20%

19.90

21%

20.40
20.90
21.40
21.90

22%
23%
24%
25%

AVERAGE
30.0%
5
19.2%
5
184.2%
5
2.5%
5

STDEV
4.8%

20

0.0%

AVERAGE
1.98
4
0.58
5
0.00
5
62.7%
5

STDEV
0.52

19

0.0%

∆0.65

∆0.50

325.5%
1.6%

0.15
0.00
11.1%

AVERAGE STDEV
40.0%
3.2%
3
21.9%
4.4%
4
24.25
17.16
4
$30,577.17 20708.01
5

16

Dividend Yield
0.0%
0.1%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
10.0%

4.2%

0.0%

Add'l P/E Points
0.0
0.5
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
10.0

Apple Inc.
(AAPL)

Shares Out.

Main. Capex

Normalized Income

939.06

$6,000.00

$40,000.00

$6,000.00

$40,000.00

Current Price

EPV

Net Reproduction Value

$460.16

$442.94

$123.39

939.06

2/18/2013

Discount Rate

R&D Years

SG&A %

9%

3

25%

EPV MOS

NCAV

52 Wk High

52 Wk Low

0.0%

($6.32)

$705.07

$435.00

Figures in Millions except per share values

Enter Ticker

Refresh

CLEAR

Asset Valuation Section

EPV Valuation Section

Data: Asset Valuation

Values for Normalized Income

Shares Outstanding
Balance Sheet Assets
Adjusted Assets
Total Liabilities
Total Equity
Average SGA %

939.1
$ 196,088.0
$ 196,088.0
$ 68,742.0
$ 127,346.0
8.6%

TTM Free Cash Flow
Avg Normalized Income
Med Normalized Income
Avg Adj. Income 5 yrs
TTM Adjusted Income

Marketing/Brand Value

$ 13,504.6

Data: EPV

R&D Value
Cash Needed for Business
Interest Bearing Debt
Non Interest Bearing Debt
Excess Cash

$ 4,435.2
$ 1,646.9
$
$ 61,468.0
$ 36,689.8

Cost of Capital
Normalized Adjusted Income
Average Maintenance Capex
Interest Bearing Debt
1% of sales
Cash & Equiv

Calculation: Asset Valuation
Tangible BV
Adjusted BV
NCAV
Reprod. Cost of Assets
Reprod. Cost of Assets BV
Total Net Reprod. Cost

Quarterly numbers based on:

Adjustments:
Assets

$
$
$
$
$

127,346
(5,933)
214,028
145,286
115,870

$
$
$
$
$

Marketable Securities
Accounts Receivable
Other Receivable
Net Receivables

$ 23,666.0
$ 11,598.0
$ 9,936.0
$ 21,534.0

Other Long Term Assets, Total
Total Assets

$
$
$
$
$

9.0%
40,000.0
6,000.0
1,646.9
39,820.0

$

EPV > Net Repro Value = Moat exists
EPV = Net Repro Value = No Moat
EPV < Net Repro Value = Value Destroyer
$500
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0

Book Value

38,173.1
939.06

Net Repro
Value

EPV

Cost of Capital Rates
5%
7%

$
$

EPV
680,000.0
485,714.3

Per Share
$
724.13
$
517.23

+ Cash - Debt
$
718,173.1
$
523,887.4

9%

$

11%
13%

$
$

$
$

Per Share
764.78
557.88

377,777.8

$

402.29

$

309,090.9
261,538.5

$
$

329.15
278.51

$
$

415,950.9

$

442.94

347,264.0
299,711.6

$
$

369.80
319.16

Q1

Cash & Equivalents

Inventories: Work in Progress
Inventories: Purchased Components
Inventories: Finished Goods
Inventories: Other
Inventories -- Total
Prepaid Expenses
Current Defered Income Taxes
Other Current Assets
Total Current Assets
Goodwill, Net
Intangibles, Net
Intangibles
Property/Plant/Equipment - Net

46,300.0
24,154.5
22,956.9
20,460.3
44,543.2

Calculation: EPV

135.61
(6.32)
227.92
154.71
123.39

Book Value Fixed BV
$ 16,154.0

Inventories: Raw Materials

Cash - Debt
Shares

Total
Per Share
$ 121,503 $ 129.39

$
$
$
$
$

$

Multiplier

Reproduction
Asset Value
$
16,154.0
$
$
$
$

23,666.0
11,598.0
9,936.0
21,534.0

-

$
$
$
$ 1,455.0
$ 1,455.0
$
$ 2,895.0
$ 6,644.0
$ 72,348.0
$ 1,381.0
$ 4,462.0
$ 5,843.0
$ 15,422.0
$ 102,475.0
$ 196,088.0

$
$
$
$
$
$
$
$
$
$
$

1,455.0
2,895.0
6,644.0
72,348.0
1,381.0
4,462.0
5,843.0
15,422.0
102,475.0
196,088.0

Adjustments:
Liabilities & Equity
Accounts Payable
Accrued Expenses
Accrued Liabilities
Notes Payable/Short Term Debt
Current Port. of LT Debt/Capital
Leases
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Capital Lease Obligations
Deferred Income Taxes
Total Other Liabilities
Total Liabilities
Common Stock Equity
Retained Earnings
Total Capitalization
Total Equity
Total Liabilities & Equity

Book Value
$
26,398.0
$
$
11,214.0
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,993.0
39,605.0
21,863.0
68,742.0
127,346.0
109,567.0
127,346.0
127,346.0
196,088.0

Fixed BV

Multiplier

Reproduction
Liability Value
$
26,398.0
$
$
11,214.0
$

-

$
$

1,993.0

$

39,605.0

$
$
$
$

21,863.0

$

68,742.0

$
$
$

127,346.0
109,567.0
127,346.0

$
$

127,346.0
196,088.0

Apple Inc.
(AAPL)
2/18/2013
Enter Ticker

Current Price

NNWC

NNWC %

NCAV

NCAV %

$460.16

-$12.83

0.0%

$3.84

0.0%

CLEAR

BV
Multiplier
100%

Net Net Value
$ 39,820.00

Refresh

Figures in Millions except per share values
Cash & Equivalents
Marketable Securities
Accounts Receivable
Other Receivable
Receivables
Inventories: Raw Materials
Inventories: Work in Progress
Inventories: Purchased Components
Inventories: Finished Goods
Inventories: Other
Inventories -- Total
Current Assets - Total
Total Assets
Total Liabilities
Shares Outstanding

$
$
$
$
$
$
$
$
$
$
$
$
$
$

BV
16,154.00
23,666.00
21,534.00
21,534.00
1,455.00
1,455.00
72,348.00
196,088.00
68,742.00
939.06

Total Current Assets
Market Cap & Share Price
Book Value
Net Net Working Capital
Discount to NNWC
Net Current Asset Value
Discount to NCAV

75%
$

16,150.50

50%

$
727.50
$ 72,348.00
$ 196,088.00
$ 68,742.00
939.06
Total ($m)
$
72,348.00
432.1B
$
127,346.00
$
(12,044.00)

$
$
$
$

$

$

3,606.00

Per Share
77.04
460.16
135.61
(12.83)
0%
3.84
0%

jaetest

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