PDF Report issued on the 25/12/2019

APPLE INC. Company Profile

Nasdaq / AAPL / US0378331005

Business Summary Sector

Apple specializes in the design, manufacture and marketing of computer hardware and music supports. Net sales break down
by family of products and services as follows: Technology
- telephone products (62.8%): iPhone brand; Technology Equipment
- computers (9.6%): laptops (MacBook, MacBook Air and MacBook Pro brands) and PCs (iMac, Mac mini, Mac Pro and Computers, Phones & Household Electronics
Xserve);
- music support (7.1%): music readers iPod and iPad (43.5 million units sold in 2017/18; iPod brand) and accessories; Phones & Handheld Devices
- peripheral devices (6.5%): screens, storage systems, printers, video camera, memory cards, server, switches, etc.; Phones & Smart Phones
- other (14%): software, maintenance service and Internet access service, etc.
Net sales are distributed geographically as follows: the United States (36.9%), Americas (5.3%), China (19.5%), Japan (8.2%),
Asia/Pacific (6.6%) and Europe (23.5%).
Income Statement Evolution

Number of employees : 137 000 people.

Financials (USD)

Sales 2020 276 B Sales 2021 296 B P/E ratio 2020 21,8x
EBIT 2020 66 749 M EBIT 2021 71 366 M P/E ratio 2021 19,2x
Net income 2020 56 534 M Net income 2021 60 718 M EV / Sales2020 4,25x
Finance 2020 89 846 M Finance 2021 83 644 M EV / Sales2021 3,98x
Yield 2020 1,11% Yield 2021 1,21% Capitalization 1 263 B

Sales per Businesses

2018 2019
Delta
USD (in Million) % USD (in Million) %
Managers
iPhone 166,699 62.7% 142,381 54.8% -14.59%
Services 37,190 14% 46,291 17.8% +24.47% Name Title

Mac 25,484 9.6% 25,740 9.9% +1% Timothy Donald Cook Chief Executive Officer & Director

iPad 18,805 7.1% 21,280 8.2% +13.16% Arthur D. Levinson Chairman

Other Products 17,417 6.6% - - - Jeffrey E. Williams Chief Operating Officer

Wearables, Home and Accessories - - 24,482 9.4% - Chief Financial Officer & Senior
Luca Maestri
Vice President
Kevin M. Lynch Vice President-Technology
Sales per Regions
Albert Arnold Gore Independent Director
2018 2019
Delta Independent Non-Executive
Andrea Jung
USD (in Million) % USD (in Million) % Director
United States 98,061 36.9% 102,266 39.3% +4.29% Ronald D. Sugar Independent Director
Europe 62,420 23.5% 60,288 23.2% -3.42% Susan Lynne Wagner Independent Director
Greater China 51,942 19.5% 43,678 16.8% -15.91% James A. Bell Independent Director
Japan 21,733 8.2% 21,506 8.3% -1.04%
Shareholders
Rest of Asia Pacific 17,407 6.5% 17,788 6.8% +2.19%
Name Equities %
Americas 14,032 5.3% 14,648 5.6% +4.39%
The Vanguard Group, Inc. 324,745,454 7.31%

Equities Berkshire Hathaway, Inc.

248,838,679 5.60%
(Investment Management)
Quantity Float SSgA Funds Management, Inc. 184,232,445 4.15%
Stock A 4,443,236,000 4,440,396,950 99.9% BlackRock Fund Advisors 107,143,969 2.41%
Capital Research & Management
94,499,790 2.13%
Upcoming events on APPLE INC. Co.
Fidelity Management & Research
02/04/20 Q1 2020 Earnings Release (Projected) 89,686,121 2.02%
Co.
05/05/20 Interim 2020 Earnings Release (Projected)
Geode Capital Management LLC 61,692,344 1.39%
Regents of the University of
Past events on APPLE INC. 58,784,320 1.32%
California
11/19/19 | 04:30pm Salesforce Dreamforce Conference Northern Trust Investments, Inc.
55,695,293 1.25%
11/07/19 Ex-dividend day for (Investment Management)
Norges Bank Investment
47,548,838 1.07%
Management

Company contact info / Stock Exchange Codes

1 Infinite Loop
CA 95014 Cupertino, California (États-Unis (les))
Phone : +1 408 996 1010
Fax : +1 408 974 2113
Internet : http://www.apple.com
- ISIN Code : US0378331005 - Bloomberg Code : AAPL:US
- Reuters Code : AAPL.O - Datastream Code : @AAPL

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may http://www.marketscreener.com
contain inaccuracies, errors or omissions.

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 PDF Report issued on the 25/12/2019

APPLE INC. Financials and Forecast

Nasdaq / AAPL / US0378331005

Income Statement Evolution : Past and Forecast Financial Ratios

Size 2020e 2021e

Capitalization 1 263 087 M $ -
Entreprise Value (EV) 1 173 241 M $ 1 179 443 M $

Valuation 2020e 2021e

P/E ratio (Price / EPS) 21,8x 19,2x
Capitalization / Revenue 4,58x 4,27x
EV / Revenue 4,25x 3,96x
EV / EBITDA 14,7x 13,7x
Yield (DPS / Price) 1,11% 1,21%
Price to book (Price / BVPS) 16,5x 21,2x

Profitability 2020e 2021e

Operating Margin (EBIT / Sales) 24,2% 24,1%
Operating Leverage (Delta EBIT / Delta Sales) 0,73x 0,95x
Net Margin (Net Profit / Revenue) 20,5% 20,5%
ROA (Net Profit / Asset) 17,5% 19,8%
ROE (Net Profit / Equities) 80,1% 114%
Rate of Dividend 24,3% 23,2%

Annual Income Statement Data : Past and Forecast Balance Sheet Analysis 2020e 2021e
CAPEX / Sales 4,40% 4,32%
Actuals in M $ Estimates in M $
Cash Flow / Sales 27,0% 28,6%
Fiscal Period September 2017 2018 2019 2020 (e) 2021 (e) 2022 (e) Capital Intensity (Assets / Sales) 1,17x 1,03x
Financial Leverage (Net Debt / EBITDA) - -
Sales 229 234 265 595 260 174 275 866 296 037 307 198

EBITDA 71 501 81 801 76 477 79 803 85 684 88 518

Revenue Revisions & EPS Revisions
Operating profit (EBIT) 61 344 70 898 63 930 66 749 71 366 74 231

Pre-Tax Profit (EBT) 64 089 72 903 65 737 68 291 73 216 75 787

Net income 48 351 59 531 55 256 56 534 60 718 61 758

P/E ratio 16,7x 19,0x 18,8x 21,8x 19,2x 17,8x

EPS ( $ ) 9,21 11,9 11,9 13,0 14,8 16,0

Dividend per Share ( $ ) 2,40 2,72 3,00 3,17 3,43 3,81

Yield 1,56% 1,20% 1,34% 1,11% 1,21% 1,34%

Reference price ( $ ) 154,120 225,740 223,970 284,270 284,270 284,270

11/02/2017 11/01/2018 10/30/2019

Announcement Date - - -
08:30pm 08:30pm 08:30pm

Finances - Leverage : Past and Forecast

Price Earning Ratio

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may http://www.marketscreener.com
contain inaccuracies, errors or omissions.

Page 2 / 6
 PDF Report issued on the 25/12/2019

APPLE INC. Analysts' Consensus

Nasdaq / AAPL / US0378331005

Evolution of the average Target Price

Consensus Sell Buy

Mean consensus OUTPERFORM

Number of Analysts 46
Average target price 264,56 $
Last Close Price 284,27 $
Spread / Highest target 23,1%
Spread / Average Target -6,93%
Spread / Lowest Target -47,2%

Consensus detail

Consensus revision (last 18 months)

Target Price consensus revisions : last 18 months

EPS - Rate of surprise

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may http://www.marketscreener.com
contain inaccuracies, errors or omissions.

Page 3 / 6
 PDF Report issued on the 25/12/2019

APPLE INC. Sector and Competitors

Nasdaq / AAPL / US0378331005

Chart Sector

Subsector Phones & Handheld Devices Ratings

1st jan. Capitalization (M$) Investor Rating

APPLE INC. 80.21% 1 263 087

SAMSUNG ELECTRONICS CO LTD --.--% 314 092

XIAOMI CORP --.--% 32 341
WINGTECH TECHNOLOGY CO.,LTD 342.97% 15 015
FITBIT, INC. 30.18% 1 697
MERRY ELECTRONICS CO LTD --.--% 1 186
QUARTIX HOLDINGS PLC 38.49% 228
MEMTECH INTERNATIONAL LTD. 69.62% 135 -
DORO AB (PUBL) 48.76% 128
DIGIA OYJ 36.14% 114

Best Growth (Revenue) : Wingtech Technology Co. Worst Growth (Revenue) : Memtech International L
Best Profitability : Quartix Holdings plc Worst Profitability : Memtech International L
Best Situation Fi. : Samsung Electronics Co Worst Situation Fi. : Wingtech Technology Co.
Best EPS revision 4m. : Wingtech Technology Co. Worst EPS revision 4m. : Xiaomi Corp
Best Valuation : Doro AB (publ) Worst Valuation : Wingtech Technology Co.
Best Investor Rating : Merry Electronics Co Lt Worst Investor Rating : Memtech International L

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may http://www.marketscreener.com
contain inaccuracies, errors or omissions.

Page 4 / 6
 PDF Report issued on the 25/12/2019

APPLE INC. Technical Analysis

Nasdaq / AAPL / US0378331005

Daily chart Technical analysis trends

Short Term Mid-Term Long Term

Trend Bullish Bullish Bullish
Resistance 289 325 316
Spread/Res. -1,7% -13% -9,9%
Spread/Supp. 5,0% 17% 30%
Support 271 243 219

Indicators

RSI 14 days 74.21

MA20 271.18
MA50 259.67
MA100 237.61
MA20 / Price 4.60%
MA50 / Price 8.65%
MA100 / Price 16.41%

Volumes

Avg. Volume 20 sessions 28 304 332

Volume ratio 0.43
Avg. Exchange 20 sessions 8 046 072 458$

Changes at 12/24 market close

5-day price change +1.38%

Change as of January 1 +80.21%
1-year price change +93.60%
10-year price change +851.92%

Extremes

10-year High (12/24/2019) 284.89

10-year Low (01/29/2010) 27.18

Weekly chart

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may http://www.marketscreener.com
contain inaccuracies, errors or omissions.

Page 5 / 6
 PDF Report issued on the 25/12/2019

APPLE INC. Summary

Nasdaq / AAPL / US0378331005

Summary Surperformance© ratings

Fundamental ratings
• The company has strong fundamentals. More than 70% of listed companies have a lower mix of
growth, profitability, debt and visibility criteria. Overall rating
Trading Rating
• The company has solid fundamentals for a short-term investment strategy.
Investor Rating
Growth (Revenue)
Strengths
Valuation
Finances
• Margins returned by the company are among the highest on the stock exchange list. Its core Profitability
activity clears big profits.
Earnings quality
• Thanks to a sound financial situation, the firm has significant leeway for investment.
Business Predictability
• The group usually releases upbeat results with huge surprise rates.
P/E ratio
• Upward revisions of sales forecast reflect a renewed optimism among the analysts covering the Potential
stock.
Yield
• Analysts remain confident with respect to the group's activity and, more often than not, have
Consensus
revised upwards their earnings per share estimates.
7 days EPS revision
• The stock is in a well-established, long-term rising trend above the technical support level at
218.75 USD 4 months EPS revision
1 year EPS revision
4 months Revenue revision
Weaknesses
1 year Revenue revision

• With an enterprise value anticipated at 4.25 times the sales for the current fiscal year, the company Technical ratings
turns out to be overvalued.
Overall rating
• The firm pays small or no dividend to shareholders. For that reason, it is not a yield company. Short Term Timing
• The appreciation potential seems limited due to the average target prices set by the analysts Middle Term Timing
covering the stock.
Long Term Timing
RSI
Bollinger Spread
Unusual Volumes

Competitors

Investor Rating
XIAOMI CORP
WINGTECH TECHNOLOGY CO...

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may http://www.marketscreener.com
contain inaccuracies, errors or omissions.

Page 6 / 6