http://www.macplus.net/magplus/depeche-64629-jp-morgan-apple-estun-secteur-d-activite http://blogs.barrons.com/techtraderdaily/2012/02/24/apple-a-sectorunto-itself-says-jp-morgan/ Catgorie : Economie - Pour lanalyste de JP. Morgan Mark Moskowitz : Apple Inc.

(AAPL) est le premier stock cyclique mondial, la 6e industrie et le 8e secteur dactivit...

JP Morgan : Apple est un secteur dactivit

Catgorie : Economie iShen / 27 fvrier 1 commentaire(s)

2012 06:35

Imprimer Lanalyste de JP. Morgan Mark Moskowitz a eu lide de comparer la valeur boursire dApple, non pas seulement face ses concurrents directs, mais celle de secteurs dactivit entiers comme le mdical, lnergie ou les tlcommunications. Il ressort de cet exercice quApple se classerait ainsi la 8me place tous secteurs confondus, grignotant au passage 3,7% de part de march des secteurs dactivit. Plus fort encore, si Apple tait une industrie en elle-mme, comme la pharmaceutique, lassurance ou le logiciel, elle serait comptabilise aujourdhui la 6me place de ce classement!

Si lensemble de ces donnes parat seulement thorique, elles ont le mrite de dmontrer le poids actuel dApple, sachant quil faut garder lesprit que le cours de laction Apple est largement sous-valu;

plus de 40% des grands fonds possesseurs dactions ne possdent mme pas Apple dans leur portefeuille, alors mme que cest, et de trs loin, la valeur qui a eu la plus forte croissance ces dix dernires annes. Lancienne domination de Microsoft et surtout le refus dadmettre que les temps ont chang depuis les annes 90 sont les principales causes estimes de cette dsaffection relative, ce qui na pas empch la capitalisation boursire dApple datteindre les sommets. Sans cette mise lcart, Moskowitz estime que la valeur de laction tournerait autour des 650 dollars aujourdhui, sur les seules bases des rsultats conomiques et des perspectives de croissance de lentreprise fruitire. On remarque aussi la vue de ces chiffres que les conomies satellites celles dApple ne sont jamais prises en compte: la vente daccessoires est un march lui seul, les bnces engendrs par la distribution des apps englobe les 3/4 des revenus du secteur et la supply chain gravitant autour dApple compose un ensemble conomique puissant. Source - Contenu anglais

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FEBRUARY 24, 2012, 9:56 A.M. ET

Apple: A Sector Unto Itself, Says JP Morgan

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By Tiernan Ray

JP Morgan hardware analyst Mark Moskowitz this morning teams up with the folks at the firms portfolio strategy confab to discuss Apple (AAPL) as a cyclical sector unto itself. Not a cyclical company, but a sector. Moskowitzs colleague, portfolio strategist Thomas Lee, offers up some observations on how massive Apple is relative to the Standard &

Poors 500 Index, how under-owned it is by funds, and how it is relatively undervalued: AAPL carries greater weight than most industries and several sectors. At 3.7% of the S&P 500, AAPL carries a larger weight in the index than Basic Materials, Utilities, and Telecom Services (see Figure 7) and would be the 6th largest industry (GICS Level 3). YTD, AAPL has accounted for 11 of the 104-point move in the S&P 500. In other words, as a stock, AAPL is more important than most industries and many sectors. The stock remains underowned institutionally. Of the 282 mutual funds indexed to the Russell 1000, a surprising 40% do not have AAPL as a top 10 holding this despite the fact that AAPL is the largest stock in the Russell 1000. AAPL at current valuation is undervalued on absolute P/E (12.0x vs. 12.7x S&P 500), its relative P/ E (94% vs. historical avg of 164%), or PEG ratio. By our ests, moving to historical avg adds 24- 38 points to the S&P 500 in short, showing AAPL is important to our Cyclical call. The report is in part prompted, no doubt, by the observations this week of how influential Apple is on the S&P, made by S&Ps own index veteran Howard Silverblatt, and written up on Tuesday by my colleague Brendan Conway. Moskowitz and Lee are hosting a conference call this morning at 10 am, Eastern time. In a companion note, Moskowitz this morning writes that he sees substantial appreciation potential from current levels for Apple shares given that the company continues to disrupt the tech playing field. With its optimized smartphone, tablet, and notebook PC form factors, complemented by its iTunes/App Store ecosystem, the company single-handily has disrupted the technology playing field. The supply chain has been impacted, and there also has been a splintering of the Wintel and Android-based camps. As a result, we expect many industry participants to be left scrambling to restore relevance in the next few years. Moskowitz notes the company has low penetration rates, including just 19% share of smartphones, 5% share of PCs/ Apple shares this morning are up $3.57, or 0.7%, at $519.96. Moskowitz and Lee offer a few tables of com parables to size how Apple ranks relative to cyclical stocks, industries, and sectors:

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