Apple Inc

www.InvestingSidekick.com

AAPL

Value Report

I.S.Q. Score: 8/10

TTM EPS:
Next year EPS estimate:
Net cash* / (debt) p.s:
Net debt EBITDA:
Net debt Equity:

8.30
9.66
(1.87)
0.1
0.1

Op. profit p.s.

Jun

Sep

Dec

Mar

TTM

12M ending 2015

12M ending 2014
12M ending 2013
12M ending 2012
12M ending 2011

1.72
1.45
1.76
1.45
0.66

1.90
1.59
1.66
1.34
0.85

4.16
2.80
2.62
2.66
1.21

3.17
2.25
1.91
2.35
1.22

10.95
8.09
7.96
7.79
3.94

Operational Performance (Rolling 12 months)

Gross Margin**

SG&A %

R&D %

Net Debt / EBITDA**

Op Margin

46%

44%

40%

0.2

35%

0.2

30%

ROE

ROIC
70%

60%

0.1
50%

0.1

42%

25%

0.1

40%

0.1

30%

20%

40%

15%

38%

36%

34%

2009

$ millions

2010

0.1
20%

10%

0.0

5%

0.0

0%

2011

10%
0%

2012

2013

2014

TTM

Income Statement
Revenue

10 year

212,164
38%
72,127
49%
63,971
47%
47,808
47%
8.30
49%
47,808
47%
1.88 #DIV/0!

36%
62%
66%
64%
63%
63%
#DIV/0!

65,225
19,256
18,385
14,013
2.19
14,013
-

108,249
35,500
33,790
25,922
3.98
25,922
-

156,508
57,952
55,241
41,733
6.35
41,733
0.38

170,910
55,432
48,999
37,037
5.88
37,037
1.63

23,464
27,832
27,273
4.33

25,620
47,791
46,708
7.28

25,952
76,615
72,183
11.10

29,129
118,210
112,851
17.17

23,586 (10,218) (10,775)

123,549 111,547 129,006
117,793 102,789 120,234
18.71
17.52
20.87

703
10,159
(1,144)
-

1,027
18,595
(2,005)
(638)

1,814
37,529
(4,260)
(244)

3,277
50,856
(8,295)
(350)

9,015
6,299
34
7

16,590
6,412
31
10

33,269
6,505
18
4

Gross Margin

36.0%

39.4%

Operating Margin

21.0%

28.2%

15.6%
123.9%

Operating Profit
Net profit (continuing)
EPS (continuing)
Adjusted net income
Dividend per share

182,795
60,018
52,503
39,510
6.74
39,510
1.82

5 year

36,537
8,280
7,658
5,704
0.91
5,704
-

EBITDA

CAGR/average

Balance Sheet
Net cash* / (debt)
Shareholders equity
Tangible book value
TBV per share

-185%
32%
30%
32%

#NUM!
36%
35%
35%

6,757
53,666
(8,165)
(496)

7,946
8,969
62%
59,713
76,308
43%
(9,571) (11,790)
53%
(3,765)
(3,321) #DIV/0!

49%
52%
36%
#DIV/0!

40,073
6,574
25
3

34,937
6,294
28
6

50,142
5,866
35
7

53,278
5,761
19
7

41%
-1%
27
6

52%
1%
27
7

40.5%

43.9%

37.6%

38.6%

39.7%

40.0%

36.2%

31.2%

35.3%

28.7%

28.7%

30.2%

30.4%

23.5%

21.5%

23.9%

26.7%

21.7%

21.6%

22.5%

23.1%

18.0%

62.1%

50.4%

45.9%

36.0%

31.6%

33.3%

45.2% -164.2%

Cash Flow
Depreciation & amortization
Net cash from operations
Net Cap Ex
Net Disposals (acquisitions)

Other Information
Free cash flow
Shares outstanding (mil)
Accts Receivable days
Inventory days

Ratios

Adjusted Net Profit Margin

ROIC
Quick Ratio

1.4
Report updated on:

23-May-15

1.5

1.1

1.0

Share price at report date:

1.2
$131.65

0.7

0.7

1.1

1.5

Market Cap: $758,439m

*Net cash/debt is total debt offset by cash, cash equivalents and short term investments. **Plotted against Left hand axis
Investing Sidekick Ltd. All rights reserved. This report is for information purposes only and accuracy is not guaranteed. Certain financial information included in Investing Sidekick is proprietary to
Mergent, Inc. (Mergent) Copyright 2015. Reproduction of such information in any form is prohibited. Because of the possibility of human or mechanical error by Mergents sources, Mergent or
others, Mergent does not guarantee the accuracy, adequacy, completeness, timeliness or availability or for the results obtained from the use of such information.

Apple Inc

www.InvestingSidekick.com

AAPL

Value Report

EV/OP trading range

Conservative model value

Aggressive model value

Current EV/OP (TTM)

Current EV/OP 12.0

(Enterprise Value / Operating Profit)

Return on Invested Capital

Free Cash ROIC

35.7

45.2%
50.0%

(5 year average)

Free Cash Flow Operating Profit

87%
15 years
87%
10 years
84%
5 years

30.7
25.7

20.7

% spending of FCF on
15.7

Net Acquisitions/(divestitures)

10.7

Share buybacks / (issues)

3%
6%
31%
(8%)
69%

Dividends
Decrease/(increase) of net debt

5.7

Other spending/(asset sales)

(cumulative last 10 years)

P/B trading range

P/B = 1

Book value p.s. 22.39

Current P/B

Tangible Book (TBV) p.s.

Net Net Curr. Assets p.s.
Net cash* / (debt) p.s.

12.9
10.9

Average annual change in

Book Value p.s.
TBV p.s.
26.9%
26.2%
15 years
15 years
36.9%
36.2%
10 years
10 years
37.1%
35.6%
5 years
5 years

8.9
6.9
4.9

Compounded annual growth in

Book Value p.s.
TBV p.s.
24.6%
23.9%
15 years
15 years
35.0%
34.0%
10 years
10 years
26.4%
24.5%
5 years
5 years

0.9

Operating Income

Free Cash Flow

Tangible Book Value per share

Book Value per share

20

50,000
40,000

15

30,000
10

20,000
10,000

(10,000)

35.0

160%

30.0

140%

Quick Ratio

60,000

Inventory days

180%

25

Book Value per share ($)

70,000

Quick Ratio (Acid test)

Accounts receivable days

25.0

120%
100%

20.0

80%

15.0

60%

10.0

40%
5.0

20%
0%

0.0

Inventory/Accounts receivable days

2.9

Operating Profit / FCF ($mil)

20.87
(11.16)
(1.87)

(Seasonally adjusted data)

Report updated on: 23-May-15

Share price at report date:

$131.65

Market Cap: $758,439m

*Net cash/debt is total debt offset by cash, cash equivalents and short term investments.
Investing Sidekick Ltd. All rights reserved. This report is for information purposes only and accuracy is not guaranteed. Certain financial information included in Investing Sidekick is proprietary to
Mergent, Inc. (Mergent) Copyright 2015. Reproduction of such information in any form is prohibited. Because of the possibility of human or mechanical error by Mergents sources, Mergent or
others, Mergent does not guarantee the accuracy, adequacy, completeness, timeliness or availability or for the results obtained from the use of such information.