Financials Apple Inc.

Equities

AAPL

US0378331005

Phones & Handheld Devices

Market Closed - Nasdaq Other stock markets 01:30:00 13/06/2024 am IST			Pre-market 05:57:10 pm
213.1 ^USD	+2.86%		213.9	+0.41%

12:52pm	Apple Will Not Pay Cash for Use of Microsoft-Backed OpenAI	MT
12:52pm	Social Buzz: Wallstreetbets Stocks Mostly Higher Premarket Thursday; Broadcom, Tesla to Advance	MT

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,12,161	19,80,645	23,39,018	22,20,978	26,76,737	32,67,233	-	-
Enterprise Value (EV) ¹	9,14,310	19,01,251	22,73,221	21,71,938	26,25,726	32,16,313	32,11,871	32,01,959
P/E ratio	18.8 x	35.3 x	25.2 x	22.6 x	27.9 x	32.4 x	29.6 x	26.7 x
Yield	1.34%	0.69%	0.6%	0.65%	0.55%	0.47%	0.49%	0.51%
Capitalization / Revenue	3.89 x	7.22 x	6.39 x	5.63 x	6.98 x	8.45 x	7.95 x	7.45 x
EV / Revenue	3.51 x	6.93 x	6.21 x	5.51 x	6.85 x	8.31 x	7.81 x	7.3 x
EV / EBITDA	12 x	24.6 x	18.9 x	16.6 x	20.9 x	24.4 x	23.1 x	21.2 x
EV / FCF	15.5 x	25.9 x	24.5 x	19.5 x	26.4 x	29.5 x	26.8 x	24.6 x
FCF Yield	6.44%	3.86%	4.09%	5.13%	3.79%	3.4%	3.73%	4.06%
Price to Book	11 x	31.5 x	36.8 x	43.5 x	42.8 x	49.8 x	46.2 x	33.3 x
Nbr of stocks (in thousands)	1,80,76,720	1,71,02,536	1,65,30,166	1,60,70,752	1,56,34,232	1,53,34,082	-	-
Reference price ²	55.99	115.8	141.5	138.2	171.2	213.1	213.1	213.1
Announcement Date	30/10/19	29/10/20	28/10/21	27/10/22	02/11/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,60,174	2,74,515	3,65,817	3,94,328	3,83,285	3,86,877	4,11,114	4,38,399
EBITDA ¹	76,477	77,344	1,20,233	1,30,541	1,25,820	1,31,853	1,39,202	1,50,815
EBIT ¹	63,930	66,288	1,08,949	1,19,437	1,14,301	1,20,458	1,28,451	1,37,326
Operating Margin	24.57%	24.15%	29.78%	30.29%	29.82%	31.14%	31.24%	31.32%
Earnings before Tax (EBT) ¹	65,737	67,091	1,09,207	1,19,103	1,13,736	1,20,356	1,28,070	1,35,897
Net income ¹	55,256	57,411	94,680	99,803	96,995	1,01,201	1,08,184	1,15,600
Net margin	21.24%	20.91%	25.88%	25.31%	25.31%	26.16%	26.31%	26.37%
EPS ²	2.972	3.280	5.610	6.110	6.130	6.577	7.206	7.973
Free Cash Flow ¹	58,896	73,365	92,953	1,11,443	99,584	1,09,197	1,19,690	1,30,053
FCF margin	22.64%	26.73%	25.41%	28.26%	25.98%	28.23%	29.11%	29.67%
FCF Conversion (EBITDA)	77.01%	94.86%	77.31%	85.37%	79.15%	82.82%	85.98%	86.23%
FCF Conversion (Net income)	106.59%	127.79%	98.18%	111.66%	102.67%	107.9%	110.64%	112.5%
Dividend per Share ²	0.7500	0.7950	0.8500	0.9000	0.9400	0.9910	1.037	1.077
Announcement Date	30/10/19	29/10/20	28/10/21	27/10/22	02/11/23	-	-	-

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	1,23,945	97,278	82,959	90,146	1,17,154	94,836	81,797	89,498	1,19,575	90,753	83,666	92,291	1,24,544	96,203	88,572
EBITDA ¹	44,185	32,716	25,881	27,759	38,932	31,216	26,050	29,622	43,221	30,736	27,080	30,854	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	24,269	27,743	41,616	29,859	26,255
Operating Margin	33.47%	30.82%	27.82%	27.62%	30.74%	29.86%	28.12%	30.13%	33.76%	30.74%	29.01%	30.06%	33.41%	31.04%	29.64%
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	24,192	27,671	41,272	29,655	26,192
Net income ¹	34,630	25,010	19,442	20,721	29,998	24,160	19,881	22,956	33,916	23,636	20,336	23,298	34,629	24,854	21,997
Net margin	27.94%	25.71%	23.44%	22.99%	25.61%	25.48%	24.31%	25.65%	28.36%	26.04%	24.31%	25.24%	27.8%	25.83%	24.83%
EPS ²	2.100	1.520	1.200	1.290	1.880	1.520	1.260	1.460	2.180	1.530	1.321	1.530	2.318	1.670	1.474
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	27/01/22	28/04/22	28/07/22	27/10/22	02/02/23	04/05/23	03/08/23	02/11/23	01/02/24	02/05/24	-	-	-	-	-

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	50,920	55,362	65,274
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	58,896	73,365	92,953	1,11,443	99,584	1,09,197	1,19,690	1,30,053
ROE (net income / shareholders' equity)	55.9%	73.7%	147%	175%	172%	159%	169%	206%
ROA (Net income/ Total Assets)	15.7%	17.3%	28.1%	28.4%	27.5%	29.5%	30.4%	36.3%
Assets ¹	3,52,119	3,31,203	3,37,445	3,51,879	3,52,669	3,42,880	3,56,232	3,18,116
Book Value Per Share ²	5.090	3.680	3.840	3.180	4.000	4.280	4.610	6.400
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	10,100	10,826	11,269
Capex / Sales	4.03%	2.66%	3.03%	2.72%	2.86%	2.61%	2.63%	2.57%
Announcement Date	30/10/19	29/10/20	28/10/21	27/10/22	02/11/23	-	-	-

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

213.1 USD

Average target price

204.1 USD

Spread / Average Target

-4.21%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Phones & Smart Phones