Apple

Navigate firm data through the following pages:

Analyst Listing Primary Input Data
Derived Input Data Valuation Model Outcomes

Analyst Listing

The following analysts provide coverage for the subject firm as of May 2016:

Broker Analyst Analyst Email
Stifel Nicolaus Aaron Rakers rakersa@stifel.com
Mizuho Securities USA Abhey Lamba abhey.lamba@us.mizuho-sc.com
RBC Capital Markets Amit Daryanani amit.daryanani@rbccm.com
Brean Capital, LLC Ananda Baruah abaruah@breancapital.com
Oppenheimer Andrew Uerkwitz andrew.uerkwitz@opco.com
Pacific Crest Securities-KBCM Andy Hargreaves ahargreaves@pacific-crest.com
Pacific Crest Andy Hargreaves ahargreaves@pacific-crest.com
William Blair Anil Doradla adoradla@williamblair.com
Drexel Hamilton Brian J. White bwhite@drexelhamilton.com
BGC Financial, L.P. Colin W. Gillis cgillis@bgcpartners.com
Piper Jaffray Gene Munster gene.a.munster@pjc.com
Atlantic Equities James Cordwell j.cordwell@atlantic-equities.com
Nomura Research Jeffrey Kvaal jeffrey.kvaal@nomura.com
Rosenblatt Securities Jun Zhang jzhang@rblt.com
Credit Suisse Kulbinder Garcha kulbinder.garcha@credit-suisse.com
Needham Laura Martin lmartin@needhamco.com
Wells Fargo Securities Maynard J. Um maynard.um@wellsfargo.com
Maxim Group Nehal Chokshi maynard.um@wellsfargo.com
CRT Capital Group Rob Cihra rcihra@sterneageecrt.com
Cross Research Shannon Cross shannon@crossresearch.com
FBN Securities Shebly Seyrafi sseyrafi@fbnsecurities.com
Deutsche Bank Research Sherri Scribner sherri.scribner@db.com
Hilliard Lyons Stephen Turner sturner@hilliard.com
Canaccord Genuity T. Michael Walkley mwalkley@canaccordgenuity.com
Raymond James Tavis C. McCourt tavis.mccourt@raymondjames.com
BMO Capital Markets Tim Long tim.long@bmo.com
Cowen & Company Timothy Arcuri timothy.arcuri@cowen.com
Bernstein Research Toni M. Sacconaghi Jr sacconaghi@bernstein.com
BTIG Walter Piecyk wpiecyk@btig.com
Daiwa Securities Co. Ltd. Yoko Yamada yoko.yamada@us.daiwacm.com

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Primary Input Data

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Derived Input Data

Derived Input

Label

2015  Value

2016  Value

Equational Form
Net Operating Profit Less Adjusted Taxes NOPLAT 43,310  38,197 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF  63,3645   52,961 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS  193  441 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC  212,674  247,011 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC  20.36% 15.46% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv   35,648  44,875 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR  82.31% 117.48% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital WACCMarket 3.58% 7.56% WACC\,=\,\frac { E }{ V } { R }_{ E }\,+\,\frac { P }{ V } { R }_{ P }\,+\,\frac { D }{ V } { R }_{ D }\left( 1- Avg\,\, Tax\,\,Rate\,\,on\,\,Pre-Tax\,\,Income \right)
 WACCBook  9.44% 9.15%
Enterprise value EVMarket  610,131  624,143  EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  610,574  621,788
EV/EBIT Multiple \frac{EV_{Market}}{EBIT}  610,131  10.62 EV/EBIT\,=\,\frac { EV}{ EBIT}
Long-Run Growth g = IR x ROIC
  16.76%  18.17% Long-run growth rates of the income variable  are used in the Continuing Value portion of the valuation models.
 g = % \Delta GDP  2.50% 2.50%

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Valuation Model Outcomes

The outcomes presented in this study are the result of original input data, derived data, and synthesized inputs and, depending on the equational form of any particular valuation model, may result in irrelevant or implausible results.  For example, in the event WACC < g, the value of this term, often found in the denominator of an equation’s continuation value term, will be expressly negative and may result in a negative overall valuation for the firm.  In the event of a WACC < g relation, the model form as applied to the subject firm offers an irrelevant outcome.

Valuation Model Type

Label

Equational form
Key Value Driver (NOPLAT) KVD (NOPLAT) { Value }_{ DCF/KVD }=\sum { \frac { NOPLAT_{ t } }{ { \left( 1+WACC \right) }^{ t } } +\frac { \frac { { NOPLAT }_{ 1 }\left( 1-\frac { g }{ ROIC } \right) }{ WACC-g } }{ { \left( 1+WACC \right) }^{ t } } }
 
Key Value Driver (FCF) KVD (FCF)
{ Value }_{ DCF/KVD }=\sum { \frac { FCF_{ t } }{ { \left( 1+WACC \right) }^{ t } } +\frac { \frac { { NOPLAT }_{ 1 }\left( 1-\frac { g }{ ROIC } \right) }{ WACC-g } }{ { \left( 1+WACC \right) }^{ t } } }
 
Free Cash Flow FCF { Value }_{ DCF/FCF }=\sum { \frac { FCF_{ t } }{ { \left( 1+WACC \right) }^{ t } } +\frac { \frac { { FCF }_{ 1 }}{ WACC-g } }{ { \left( 1+WACC \right) }^{ t } } }
 
Economic Profit ECON π { Value }_{ { ECON\pi } }= I{ C }_{ 0 }+\sum { \frac { { IC }_{ t-1 }(ROI{ C }_{t}-WAC{C}_{t}) }{ { \left( 1+WACC \right) }^{ t } }+ \frac {\frac { I{C}_{0}\ x\ (ROI{C}_{1}\ -\ WAC{C}_{1}) }{ WACC-g } }{ { \left( 1+WACC \right) }^{ t } } }
 
Adjusted Present Value APV { Value }_{ APV }=\sum { \frac { FCF_{ t } }{ { \left( 1+{ k }_{ u } \right) }^{ t } } +\frac { \frac { { FCF }_{ 1 }}{ { k }_{ u }-g } }{ { \left( 1+{ k }_{ u } \right) }^{ t } } } +\sum { \frac { { TS }_{ t } }{ { \left( 1+{ k }_{ tax } \right) }^{ t } } +\frac { \frac { { TS }_{ 1 }}{ { k }_{ tax }-g } }{ { \left( 1+{ k }_{ tax } \right) }^{ t } } }
 
Forward Market Multiple FMM { Value }_{ DCF/FMM}=\sum { \frac { FCF_{ t } }{ { \left( 1+WACC \right) }^{ t } } +\frac { { EBIT }_{ 1 }\,{x}\,{FMM}}{ { \left( 1+WACC \right) }^{ t } } }{\,\,\,; \,\,FMM\,=\,\frac{{EV}_{t=0}}{{EBIT}_{t=0}}}
 

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