Financials Apple Inc.

Equities

AAPL

US0378331005

Phones & Handheld Devices

Market Closed - Nasdaq Other stock markets 04:00:00 2024-07-05 pm EDT			5-day change	1st Jan Change
226.3 ^USD	+2.14%		+7.44%	+17.53%

11:17am	APPLE INC : UBS reaffirms its Neutral rating	ZD
08:09am	Asian stocks, currencies rise on US rate cut wagers	RE

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,012,161	1,980,645	2,339,018	2,220,978	2,676,737	3,470,716	-	-
Enterprise Value (EV) ¹	914,310	1,901,251	2,273,221	2,171,938	2,625,726	3,420,382	3,414,836	3,405,443
P/E ratio	18.8 x	35.3 x	25.2 x	22.6 x	27.9 x	34.3 x	31.1 x	27.5 x
Yield	1.34%	0.69%	0.6%	0.65%	0.55%	0.44%	0.46%	0.48%
Capitalization / Revenue	3.89 x	7.22 x	6.39 x	5.63 x	6.98 x	8.97 x	8.38 x	7.77 x
EV / Revenue	3.51 x	6.93 x	6.21 x	5.51 x	6.85 x	8.84 x	8.25 x	7.62 x
EV / EBITDA	12 x	24.6 x	18.9 x	16.6 x	20.9 x	25.8 x	24.2 x	22 x
EV / FCF	15.5 x	25.9 x	24.5 x	19.5 x	26.4 x	31 x	27.7 x	25.1 x
FCF Yield	6.44%	3.86%	4.09%	5.13%	3.79%	3.23%	3.61%	3.98%
Price to Book	11 x	31.5 x	36.8 x	43.5 x	42.8 x	52.8 x	47.9 x	38.5 x
Nbr of stocks (in thousands)	18,076,720	17,102,536	16,530,166	16,070,752	15,634,232	15,334,082	-	-
Reference price ²	55.99	115.8	141.5	138.2	171.2	226.3	226.3	226.3
Announcement Date	10/30/19	10/29/20	10/28/21	10/27/22	11/2/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	260,174	274,515	365,817	394,328	383,285	386,963	414,115	446,763
EBITDA ¹	76,477	77,344	120,233	130,541	125,820	132,523	141,179	155,027
EBIT ¹	63,930	66,288	108,949	119,437	114,301	120,753	129,909	141,073
Operating Margin	24.57%	24.15%	29.78%	30.29%	29.82%	31.21%	31.37%	31.58%
Earnings before Tax (EBT) ¹	65,737	67,091	109,207	119,103	113,736	120,720	129,866	140,936
Net income ¹	55,256	57,411	94,680	99,803	96,995	101,481	109,319	118,666
Net margin	21.24%	20.91%	25.88%	25.31%	25.31%	26.23%	26.4%	26.56%
EPS ²	2.972	3.280	5.610	6.110	6.130	6.591	7.280	8.217
Free Cash Flow ¹	58,896	73,365	92,953	111,443	99,584	110,382	123,288	135,414
FCF margin	22.64%	26.73%	25.41%	28.26%	25.98%	28.53%	29.77%	30.31%
FCF Conversion (EBITDA)	77.01%	94.86%	77.31%	85.37%	79.15%	83.29%	87.33%	87.35%
FCF Conversion (Net income)	106.59%	127.79%	98.18%	111.66%	102.67%	108.77%	112.78%	114.11%
Dividend per Share ²	0.7500	0.7950	0.8500	0.9000	0.9400	0.9922	1.041	1.092
Announcement Date	10/30/19	10/29/20	10/28/21	10/27/22	11/2/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	123,945	97,278	82,959	90,146	117,154	94,836	81,797	89,498	119,575	90,753	83,741	92,624	125,411	96,687	89,663
EBITDA ¹	44,185	32,716	25,881	27,759	38,932	31,216	26,050	29,622	43,221	30,736	27,080	31,003	43,127	31,816	27,884
EBIT ¹	41,488	29,979	23,076	24,894	36,016	28,318	22,998	26,969	40,373	27,900	24,297	27,877	41,834	29,885	26,391
Operating Margin	33.47%	30.82%	27.82%	27.62%	30.74%	29.86%	28.12%	30.13%	33.76%	30.74%	29.01%	30.1%	33.36%	30.91%	29.43%
Earnings before Tax (EBT) ¹	41,241	30,139	23,066	24,657	35,623	28,382	22,733	26,998	40,323	28,058	24,227	27,817	41,476	29,663	26,319
Net income ¹	34,630	25,010	19,442	20,721	29,998	24,160	19,881	22,956	33,916	23,636	20,363	23,412	34,784	24,855	22,102
Net margin	27.94%	25.71%	23.44%	22.99%	25.61%	25.48%	24.31%	25.65%	28.36%	26.04%	24.32%	25.28%	27.74%	25.71%	24.65%
EPS ²	2.100	1.520	1.200	1.290	1.880	1.520	1.260	1.460	2.180	1.530	1.322	1.536	2.340	1.680	1.502
Dividend per Share ²	0.2200	0.2200	0.2300	0.2300	0.2300	0.2300	0.2400	0.2400	0.2400	0.2500	0.2500	0.2500	0.2500	0.2550	0.2633
Announcement Date	1/27/22	4/28/22	7/28/22	10/27/22	2/2/23	5/4/23	8/3/23	11/2/23	2/1/24	5/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	97,851	79,394	65,797	49,040	51,011	50,334	55,880	65,274
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	58,896	73,365	92,953	111,443	99,584	110,382	123,288	135,414
ROE (net income / shareholders' equity)	55.9%	73.7%	147%	175%	172%	161%	168%	196%
ROA (Net income/ Total Assets)	15.7%	17.3%	28.1%	28.4%	27.5%	29.4%	30.8%	35.5%
Assets ¹	352,119	331,203	337,445	351,879	352,669	344,979	354,931	334,271
Book Value Per Share ²	5.090	3.680	3.840	3.180	4.000	4.290	4.720	5.880
Cash Flow per Share ²	3.730	4.600	6.170	7.480	6.990	8.060	8.720	9.780
Capex ¹	10,495	7,309	11,085	10,708	10,959	10,168	10,918	11,228
Capex / Sales	4.03%	2.66%	3.03%	2.72%	2.86%	2.63%	2.64%	2.51%
Announcement Date	10/30/19	10/29/20	10/28/21	10/27/22	11/2/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Apple Inc.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

226.3 USD

Average target price

211.7 USD

Spread / Average Target

-6.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Phones & Smart Phones

	1st Jan change	Capi.
APPLE INC.	+17.53%	3,471B
SHENZHEN TRANSSION HOLDINGS CO., LTD.	-24.51%	11.59B
WINGTECH TECHNOLOGY CO.,LTD	-35.76%	4.63B
ITI LIMITED	+3.02%	3.57B
SHANGHAI LONGCHEER TECHNOLOGY CO., LTD.	0.00%	2.29B
REEDER TEKNOLOJI SANAYI VE TICARET ANONIM SIRKETI	+51.11%	945M
FIH MOBILE LIMITED	+32.79%	858M
SPROCOMM INTELLIGENCE LIMITED	+6.77%	334M
SIM TECHNOLOGY GROUP LIMITED	+67.24%	130M
IWATSU ELECTRIC CO., LTD.	+77.30%	130M

Phones & Smart Phones