Financials Apple Inc. Mexican S.E.

Equities

AAPL *

US0378331005

Phones & Handheld Devices

End-of-day quote Mexican S.E. Other stock markets 03:30:00 28/06/2024 am IST			5-day change	1st Jan Change
3,889 ^MXN	-1.05%		+2.42%	+19.12%

04:46pm	IQIYI Introduces XR App for Apple Vision Pro in China	MT
01:28pm	European Commission to Charge Meta Over 'Pay or Consent' Model	MT

Valuation

Fiscal Period: Septiembre	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	32,29,664	-	-
Enterprise Value (EV) ¹	9,14,310	19,01,251	22,73,221	21,71,938	26,25,726	31,79,330	31,73,784	31,64,391
P/E ratio	18.8 x	35.3 x	25.2 x	22.6 x	27.9 x	32 x	28.9 x	25.6 x
Yield	1.34%	0.69%	0.6%	0.65%	0.55%	0.47%	0.49%	0.52%
Capitalization / Revenue	3.89 x	7.22 x	6.39 x	5.63 x	6.98 x	8.35 x	7.8 x	7.23 x
EV / Revenue	3.51 x	6.93 x	6.21 x	5.51 x	6.85 x	8.22 x	7.66 x	7.08 x
EV / EBITDA	12 x	24.6 x	18.9 x	16.6 x	20.9 x	24 x	22.5 x	20.4 x
EV / FCF	15.5 x	25.9 x	24.5 x	19.5 x	26.4 x	28.8 x	25.7 x	23.4 x
FCF Yield	6.44%	3.86%	4.09%	5.13%	3.79%	3.47%	3.88%	4.28%
Price to Book	11 x	31.5 x	36.8 x	43.5 x	42.8 x	49.1 x	44.6 x	35.8 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	210.6	210.6	210.6
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: Septiembre	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	3,86,963	4,14,115	4,46,763
EBITDA ¹	76,477	77,344	1,20,233	1,30,541	1,25,820	1,32,523	1,41,179	1,55,027
EBIT ¹	63,930	66,288	1,08,949	1,19,437	1,14,301	1,20,753	1,29,909	1,41,073
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	1,09,207	1,19,103	1,13,736	1,20,720	1,29,866	1,40,936
Net income ¹	55,256	57,411	94,680	99,803	96,995	1,01,481	1,09,319	1,18,666
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	1,11,443	99,584	1,10,382	1,23,288	1,35,414
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	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: Septiembre	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	83,741	92,624	1,25,411	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	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: Septiembre	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	1,11,443	99,584	1,10,382	1,23,288	1,35,414
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	3,52,119	3,31,203	3,37,445	3,51,879	3,52,669	3,44,979	3,54,931	3,34,271
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	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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

210.6 USD

Average target price

211.7 USD

Spread / Average Target

+0.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Phones & Smart Phones

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SHANGHAI LONGCHEER TECHNOLOGY CO., LTD.	-.--%	249.48Cr
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FIH MOBILE LIMITED	+44.26%	89Cr
SPROCOMM INTELLIGENCE LIMITED	+17.93%	38Cr
SIM TECHNOLOGY GROUP LIMITED	+68.97%	13Cr

Phones & Smart Phones