Ticker

AAPL
Company info
Name
Industry
Market Cap (mil)
Exchange

Analyze US listed
companies by entering
their ticker symbol into the
orange cell on the left
AAPL
Apple Inc.
Electronic Equipment
463,787
NASDAQ
Intrinsic value estimates

Score

85

1,043

out of 100

Judgement

Fundamentals
Return on Equity
Debt/Equity
Conservative PEG ratio
P/E ratio
Net margin
Bookvalue per share
Growth rate next 5yr
FCF yield
Asset turnover change
Current ratio
Altman Z Score
Accrual profit
Defensive profit
Enterprising profit

Good
Good
Average
Good
Good
Good
Relatively low
High
Bad
Average
Good
Reasonable
Positive & increasing
Good

Points Weight
9.09
5
9.09
5
0.91
1
3.64
2
5.45
3
9.09
5
0.00
1
1.82
1
0.00
4
4.55
5
5.45
3
5.45
3
5.45
3
7.27
4

Debt Repayment Period

Good

18.18

10
55

Creation date:
2/9/2014 7:53:00

P/E Valuation
Price info
Average estimate
The estimate is
Current share price
Undervalued
Max purchase price

ue estimates

1,557 1,584 0
DCF Valuation
1,395
Unreliable
520
168%
862

ROE Valuation

P/S Valuation

Graphs
Average P/E
60.0

Average P/E

50.0
40.0
30.0
20.0
10.0
0.0

Price/Book
10.0
9.0

Price/Book

8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0

Time >

Debt/Equity
0.2
0.1

Debt / Equity Ratio

0.1
0.1
0.1
0.1
0.1
0.0
0.0
0.0
0.0

Time >

Price/Sales
6.0

Price/Sales

5.0
4.0
3.0
2.0
1.0
0.0

Time >

Net margin (%)

30.0

Net margin (%)

25.0
20.0
15.0
10.0
5.0
0.0

Time >

Book value per share

160.0
140.0

Book Value per share

140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0

Time >

Return on Assets
35.0

Return on Assets

30.0
25.0

20.0
15.0
10.0
5.0
0.0

Time >

Return on Equity
50.0
45.0
Return on Equity

40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0

Time >

Income statement
In Millions of Rs (except for per share items)
Revenue
Other Revenue, Total
Total Revenue
Cost of Revenue, Total
Gross Profit
Selling/General/Admin. Expenses, Total
Research & Development
Depreciation/Amortization

52 weeks ending 52 weeks ending

2013-09-28
2012-09-29
170910
156508
170910
156508
106606
87846
64304
68662
10830
10040
4475
3381
-

Interest Expense(Income) - Net Operating

Unusual Expense (Income)

Other Operating Expenses, Total

121911

101267

48999

55241

Gain (Loss) on Sale of Assets

Other, Net
Income Before Tax
Income After Tax
Minority Interest
Equity In Affiliates

-24
50155
37037
-

-566
55763
41733
-

Net Income Before Extra. Items

37037

41733

Accounting Change
Discontinued Operations
Extraordinary Item
Net Income
Preferred Dividends
Income Available to Common Excl. Extra Items
Income Available to Common Incl. Extra Items
Basic Weighted Average Shares
Basic EPS Excluding Extraordinary Items
Basic EPS Including Extraordinary Items
Dilution Adjustment

37037
37037
37037
0

41733
41733
41733
-

Diluted Weighted Average Shares

931.66

945.36

39.75
-

44.15
-

11.4

2.65

Gross Dividends - Common Stock

Net Income after Stock Based Comp. Expense
Basic EPS after Stock Based Comp. Expense
Diluted EPS after Stock Based Comp. Expense

Depreciation, Supplemental

Total Operating Expense

Operating Income
Interest Income(Expense), Net Non-Operating

Diluted EPS Excluding Extraordinary Items

Diluted EPS Including Extraordinary Items
Dividends per Share - Common Stock Primary Issue

Total Special Items

Normalized Income Before Taxes
Effect of Special Items on Income Taxes
Income Taxes Ex. Impact of Special Items
Normalized Income After Taxes
Normalized Income Avail to Common
Basic Normalized EPS
Diluted Normalized EPS

39.75

44.15

Balance sheet
52 weeks ending 52 weeks ending
2011-09-24
2010-09-25
108249
65225
108249
65225
64431
39541
43818
25684
7599
5517
2429
1782
-

In Millions of Rs (except for per

share items)
Cash & Equivalents
Short Term Investments
Cash and Short Term Investments
Accounts Receivable - Trade, Net
Receivables - Other
Total Receivables, Net
Total Inventory
Prepaid Expenses

Other Current Assets, Total

Total Current Assets

Property/Plant/Equipment, Total - Gross

74459

46840

Accumulated Depreciation, Total

33790

18385

Goodwill, Net

-104
34205
25922
-

-156
18540
14013
-

Long Term Investments

Other Long Term Assets, Total
Total Assets
Accounts Payable
Accrued Expenses
Notes Payable/Short Term Debt

25922

14013

Current Port. of LT Debt/Capital Leases

25922
25922
25922
-

14013
14013
14013
-

Other Current liabilities, Total

Total Current Liabilities
Long Term Debt
Capital Lease Obligations
Total Long Term Debt
Total Debt
Deferred Income Tax
Minority Interest
Other Liabilities, Total
Total Liabilities
Redeemable Preferred Stock, Total

936.64

924.71

Preferred Stock - Non Redeemable, Net

27.68
-

15.15
-

Retained Earnings (Accumulated Deficit)

Treasury Stock - Common

Other Equity, Total
Total Equity
Total Liabilities & Shareholders' Equity
Shares Outs - Common Stock Primary
Issue

Intangibles, Net

Common Stock, Total

Additional Paid-In Capital

27.68

15.15

Total Common Shares Outstanding

As of 2013-09-28

As of 2012-09-29

As of 2011-09-24

As of 2010-09-25

14259
26287
40546
13102
20641
1764
-

10746
18383
29129
10930
18692
791
-

9815
16137
25952
5369
11717
776
-

11261
14359
25620
5510
9924
1051
-

10335

9041

6543

5083

73286

57653

44988

41678

28519

21887

11768

7234

-11922

-6435

-3991

-2466

1577

1135

896

741

4179

4224

3536

342

106215
5146
207000
22367
4782
0

92122
5478
176064
21175
3283
0

55618
3556
116371
14632
2428
0

25391
2263
75183
12015
1593
0

16509
43658
16960
16960
16960
16489
6344
83451
-

14084
38542
0
0
13847
5465
57854
-

10910
27970
0
0
8159
3627
39756
-

7114
20722
0
0
4300
2370
27392
-

19764
-

16422
-

13331
-

10668
-

104256

101289

62841

37169

-105
123549
207000

8
118210
176064

23
76615
116371

35
47791
75183

899.21

939.21

929.28

915.97

Cash flow statement

In Millions of Rs (except for per
share items)
Net Income/Starting Line
Depreciation/Depletion
Amortization
Deferred Taxes
Non-Cash Items
Changes in Working Capital
Cash from Operating Activities
Capital Expenditures

52 weeks ending 52 weeks ending 52 weeks ending

2013-09-28
2012-09-29
2011-09-24
37037
41733
25922
6757
3277
1814
1141
4405
2868
2253
1740
1168
6478
-299
5757
53666
50856
37529
-9076
-9402
-7452

Other Investing Cash Flow Items,

Total

-24698

-38825

-32967

Cash from Investing Activities

-33774

-48227

-40419

Financing Cash Flow Items

-381

125

613

Total Cash Dividends Paid

-10564

-2488

Issuance (Retirement) of Stock, Net

-22330

665

831

Issuance (Retirement) of Debt, Net

16896

Cash from Financing Activities

Foreign Exchange Effects
Net Change in Cash
Cash Interest Paid, Supplemental
Cash Taxes Paid, Supplemental

-16379
3513
9128

-1698
931
7682

1444
-1446
3338

52 weeks ending
2010-09-25
14013
1027
1440
903
1212
18595
-2121
-11733
-13854
345
912
1257
5998
2697

Conservatism inputs
Desired return on investment
Margin of Safety
Discount rate
Growth decline rate
Year 10 FCF multiplier

20% annualy
25%
9%
5%
12

Valuation inputs
Price

520

EPS

40

Dividend Yield
Current ratio
Past 5 years EPS growth per year
Next 5 years EPS growth per year
Sustainable Growth Rate
Shares outstanding (mil)
Cash and Short Term Investments
Cash from Operating Activities
Capital Expenditures
Enterprise Value

PRICE/
SALES

AVG P/E
9/4/2014
9/5/2014
9/6/2014
9/7/2014
9/8/2014
9/9/2014
9/10/2014
9/11/2014
9/12/2014
9/13/2014

2.30%
1.49
54.94%
19.58%
21.53%
892.45
40,546
52,910
- 7,833
440,201

54.6
34.4
34.0
39.1
21.2
20.4
18.7
13.8
15.1
12.0

NET PROFIT
MARGIN (%)

PRICE/ BOOK
1.8
3.3
3.5
5.7
3.2
3.9
4.0
3.3
4.0
2.6

3.0
6.0
6.6
9.2
4.5
5.3
5.4
4.6
5.3
3.5

3.3
9.6
10.3
14.6
14.9
19.2
21.5
23.9
26.7
21.7

BOOK
VALUE/
SHARE
9/4/2014
9/5/2014
9/6/2014
9/7/2014
9/8/2014
9/9/2014
9/10/2014
9/11/2014
9/12/2014
9/13/2014

DEBT/
EQUITY
6.5
9.0
11.7
16.7
25.2
35.2
52.2
82.5
125.9
137.4

RETURN ON EQUITY
(%)

NA
NA
NA
NA
NA
NA
NA
NA
NA
0.1

There is a known bug with the dates in the two tables above. It should be read as M/Y/D.

5.9
21.3
22.8
28.5
27.2
31.3
35.3
41.7
42.8
30.6

M/Y/D.

RETURN ON
ASSETS
(%)

INTEREST
COVERAGE
3.7
13.6
13.8
16.4
14.9
18.9
22.8
27.1
28.5
19.3

NA
NA
NA
NA
NA
NA
NA
NA
NA
369.8

Fundamental Analysis
Variable
Return on Equity
Debt/Equity
Conservative PEG ratio
P/E ratio
Net margin
Bookvalue per share
Next 5yr EPS growth
rate
FCF yield
Asset turnover change
Current ratio
Altman Z Score
Accrual profit
Defensive profit
Enterprising profit
Debt Repayment Period

Value versus Price

Avg intrinsic value
estimate
Current price
Undervalued
Max purchase price

Value
30.6
0.14
1.17
12.89
Stable/Increasing
Stable/Increasing

Judgement
Good
Good
Average
Good
Good
Good

19.58%

Relatively low

10.24%
-7.12%
1.49
5.28
40

35.70%
0.38

High
Bad
Average
Good
Reasonable
Positive &
increasing
Good
Good

1,395

Unreliable

50

520
168%
862
#REF!

lysis
Comments
Return on Equity is consistently high, company capital invested profitably
Firm not dependent on loans, low interest rate risk
Could be some potential
Currently trading at a multiple below the historic median
The company is becoming more efficient and/or is able to increase its prices
The company is growing or maintaining its book value
Growth rate significantly below historic rate, is there something slowing this company down?
The company is generating healthy levels of excess cash
The company is becoming less efficient at using its assets to generate revenue
The company is able to pay its obligations
Low risk of bankruptcy within the coming 2 years
Earnings figures seem trustworthy, probably no earnings manipulation
The company is able to self-fund its growth and is growing its yearly free cash flows
The company is generating value
There is enough cash being generated to pay of debt in a reasonable amount of time

The three valuation methods yield significantly different results, estimate unreliable

P/E valuation
Inputs
Price
EPS
Median historical P/E
Expected growth rate
Margin of Safety
Conservative growth rate
Growth decline rate
Discount rate
Calculations
Year
1
2
3
4
5
Value in 5 years
Present value

520
40
21
19.58%
25%
14.69%
5%
9%

EPS*Growth
46
53
60
68
77
1,604
1,043

1,043

DCF valuation
Inputs
Total cash (mil Rs)
Free cash flow (mil Rs)
Shares outstanding (mil)
Expected growth rate
Margin of Safety
Conservative growth rate
Growth decline rate
Discount rate
Valuation last FCF
Calculations
Year
1
2
3
4
5
6
7
8
9
10

1,557

40,546
45,077
892.45
19.58%
25.00%
14.69%
5.00%
9.00%
12

FCF * Growth rate

51,697
58,909
66,716
75,116
84,100
93,657
103,767
114,408
125,554
137,175
Total NPV FCF
Year 10 FCF value
Cash on Hand
Company value:

NPV FCF
51,697
54,045
56,153
58,003
59,579
60,870
61,873
62,585
63,011
63,159
590,975.4
757,907.4 '+
40,546.0 '+
1,389,428.8

 1,584

ROE valuation
Inputs
Shareholders equity
Return on Equity (avg)
Shares outstanding
Dividend Yield
Dividend payout ratio
Margin of Safety
Conservative growth rate
Discount rate
Calculations (per share)
Year
1
2
3
4
5
6
7
8
9
10

123,549
36.34%
892.45
2.30%
29.64%
25.00%
19.18%
9.00%

Shareholders equity
165
197
234
279
333
397
473
563
671
800

Dividend
14
17
20
24
29
34
41
49
58
69

Year 10 net income

Required value

291
3,230

NPV required value

NPV dividends
Intrinsic value:

1,365
220
1,584

NPV dividends
14
16
17
19
20
22
24
27
29
32

'+

Financial health
Earnings Power
Year
Accrual profit
Defensive profit
Enterprising profit

2013
2012
2011
2010
40
44
28
15
50
44
32
18
35.70% 47.17% 44.65% 38.79%

Debt Repayment Period

0.38

0.00

0.00

0.00

Quality of Profits
Accrual profit

Defensive profit

50.00%

Enterprising profit

45.00%

60

40
30

Enterprising profits

50

40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%

20
10

5.00%
0.00%
0

0
Learn more about Earnings Power
http://www.valuespreadsheet.com/value-investing-blog/earnings-manipulation-detect-value-traps-hewitt-heiserman

Earnings Power chart*

Defensive profits

*Slightly different from the original Earnings Power

ue-traps-hewitt-heiserman

Altman Z Score
Inputs
Working capital
Total assets
Retained earnings
EBIT
Sales
Market value of equity
Total liabilities

5.28
29,628
207,000
25,316
48,999
170,910
463,787
83,451

Learn more about the Altman-Z score here:

http://www.investopedia.com/terms/a/altman.as