Financials Apple CINNOBER BOAT

Equities

0R2V

US0378331005

Phones & Handheld Devices

Delayed CINNOBER BOAT Other stock markets			5-day change	1st Jan Change
- ^USD	-.--%		-.--%	-.--%

10/05	Microsoft hit with $242 million US verdict in Cortana patent lawsuit	RE
10/05	Sector Update: Tech Stocks Mixed Friday Afternoon	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	28,06,904	-	-
Enterprise Value (EV) ¹	9,14,310	19,01,251	22,73,221	21,71,938	26,25,726	27,56,054	27,50,985	27,39,386
P/E ratio	18.8 x	35.3 x	25.2 x	22.6 x	27.9 x	27.8 x	25.5 x	23 x
Yield	1.34%	0.69%	0.6%	0.65%	0.55%	0.54%	0.57%	0.58%
Capitalization / Revenue	3.89 x	7.22 x	6.39 x	5.63 x	6.98 x	7.25 x	6.83 x	6.4 x
EV / Revenue	3.51 x	6.93 x	6.21 x	5.51 x	6.85 x	7.12 x	6.69 x	6.24 x
EV / EBITDA	12 x	24.6 x	18.9 x	16.6 x	20.9 x	20.9 x	19.8 x	18.1 x
EV / FCF	15.5 x	25.9 x	24.5 x	19.5 x	26.4 x	25.3 x	23.1 x	21.1 x
FCF Yield	6.44%	3.86%	4.09%	5.13%	3.79%	3.95%	4.33%	4.73%
Price to Book	11 x	31.5 x	36.8 x	43.5 x	42.8 x	42.3 x	38.6 x	28.5 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	183.0	183.0	183.0
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	3,87,110	4,11,007	4,38,681
EBITDA ¹	76,477	77,344	1,20,233	1,30,541	1,25,820	1,31,846	1,38,765	1,51,114
EBIT ¹	63,930	66,288	1,08,949	1,19,437	1,14,301	1,20,473	1,28,055	1,37,471
Operating Margin	24.57%	24.15%	29.78%	30.29%	29.82%	31.12%	31.16%	31.34%
Earnings before Tax (EBT) ¹	65,737	67,091	1,09,207	1,19,103	1,13,736	1,20,420	1,27,705	1,36,395
Net income ¹	55,256	57,411	94,680	99,803	96,995	1,01,234	1,07,830	1,15,797
Net margin	21.24%	20.91%	25.88%	25.31%	25.31%	26.15%	26.24%	26.4%
EPS ²	2.972	3.280	5.610	6.110	6.130	6.578	7.188	7.948
Free Cash Flow ¹	58,896	73,365	92,953	1,11,443	99,584	1,08,997	1,19,068	1,29,645
FCF margin	22.64%	26.73%	25.41%	28.26%	25.98%	28.16%	28.97%	29.55%
FCF Conversion (EBITDA)	77.01%	94.86%	77.31%	85.37%	79.15%	82.67%	85.81%	85.79%
FCF Conversion (Net income)	106.59%	127.79%	98.18%	111.66%	102.67%	107.67%	110.42%	111.96%
Dividend per Share ²	0.7500	0.7950	0.8500	0.9000	0.9400	0.9918	1.034	1.068
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	83,677	92,340	1,24,444	96,082	88,700
EBITDA ¹	44,185	32,716	25,881	27,759	38,932	31,216	26,050	29,622	43,221	30,736	27,028	30,736	43,390	31,913	28,263
EBIT ¹	41,488	29,979	23,076	24,894	36,016	28,318	22,998	26,969	40,373	27,900	24,252	27,761	41,671	29,695	26,173
Operating Margin	33.47%	30.82%	27.82%	27.62%	30.74%	29.86%	28.12%	30.13%	33.76%	30.74%	28.98%	30.06%	33.49%	30.91%	29.51%
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	24,179	27,695	41,129	29,600	26,120
Net income ¹	34,630	25,010	19,442	20,721	29,998	24,160	19,881	22,956	33,916	23,636	20,325	23,313	34,682	24,814	21,936
Net margin	27.94%	25.71%	23.44%	22.99%	25.61%	25.48%	24.31%	25.65%	28.36%	26.04%	24.29%	25.25%	27.87%	25.83%	24.73%
EPS ²	2.100	1.520	1.200	1.290	1.880	1.520	1.260	1.460	2.180	1.530	1.321	1.532	2.308	1.662	1.470
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	0.2550	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	50,850	55,918	67,518
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	58,896	73,365	92,953	1,11,443	99,584	1,08,997	1,19,068	1,29,645
ROE (net income / shareholders' equity)	55.9%	73.7%	147%	175%	172%	161%	169%	206%
ROA (Net income/ Total Assets)	15.7%	17.3%	28.1%	28.4%	27.5%	29.4%	30.1%	36.3%
Assets ¹	3,52,119	3,31,203	3,37,445	3,51,879	3,52,669	3,44,017	3,58,413	3,18,658
Book Value Per Share ²	5.090	3.680	3.840	3.180	4.000	4.330	4.740	6.410
Cash Flow per Share ²	3.730	4.600	6.170	7.480	6.990	8.060	8.730	9.790
Capex ¹	10,495	7,309	11,085	10,708	10,959	10,099	10,796	11,275
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

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

183 USD

Average target price

204.1 USD

Spread / Average Target

+11.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Phones & Smart Phones

	1st Jan change	Capi.
XIAOMI CORPORATION	+24.36%	61.87B
SHENZHEN TRANSSION HOLDINGS CO., LTD.	+5.39%	16.28B
WINGTECH TECHNOLOGY CO.,LTD	-23.59%	5.54B
ITI LIMITED	-8.75%	3.19B
REEDER TEKNOLOJI SANAYI VE TICARET ANONIM SIRKETI	+87.29%	1.19B
FIH MOBILE LIMITED	+39.34%	858M
SPROCOMM INTELLIGENCE LIMITED	+10.76%	356M
COOLPAD GROUP LIMITED	-50.00%	115M
RTX A/S	+37.68%	110M

Phones & Smart Phones