Ticker: AAPL. Current Price: $ Investment Thesis $ $ $ $ $ $ $ $100.00

Size: px
Start display at page:

Download "Ticker: AAPL. Current Price: $434.58. Investment Thesis $800.00 $700.00 $600.00 $500.00 $400.00 $300.00 $200.00 $100.00"

Transcription

1 Apple Inc. Date of Presentation Technology Sector Ticker: AAPL Current Price: $ Recommendation: Hold Implied Price: $ Key Statistics 52 Week Price Range 50-Day Moving Average Estimated Beta Dividend Yield Market Capitalization 3-Year Revenue CAGR Trading Statistics Diluted Shares Outstanding Average Volume (3-Month) $ $ $ % B 22.67% $943 B $16.77 B Investment Thesis Apple has an extremely loyal customer base and is looking to expand its brand name and popularity while tapping in to the growing Chinese market. Apple already has a solid product pipeline with iphone and ipad being very popular. Additionally, Apple has a history of innovation, and has hinted at new products in the works that could potentially shake up the technology industry. Apple plans to release a new and less expensive iphone in the next quarter along with new products to diversify their product offerings. The company is attempting to sign an agreement with China Mobile, the largest Telecommunications provider in Greater China. This would vastly stimulate Apple s revenues. Apple recently announced a $100 billion stock repurchase program. High dividend offers a strong return of investment. $ Five-Year Stock Chart 400,000,000 Institutional Ownership 64.10% Insider Ownership 0.03% EV/EBITDA (LTM) 9.27X Margins and Ratios Gross Margin (LTM) 42.52% EBITDA Margin (LTM) 35.74% Net Margin (LTM) 23.46% Debt to Enterprise Value 0.15 $ $ $ $ $ $ $ ,000, ,000, ,000, ,000, ,000, ,000,000 50,000,000 John Roskos jroskos@uoregon.edu $ Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Volume Adjusted Close 50-Day Avg 200-Day Avg 1 University of Oregon Investment Group

2 Business Overview Apple Inc. is an American Multinational Corporation based in Cupertino, California that designs, sells, and produces consumer electronics and computer software. The company s most notable products are iphone, ipad, ipod, Mac computers, OS X and ios operating systems. On April 1 st, 1976, Steve Jobs, Steve Wozniak and Ronald Wayne founded Apple. Apple became incorporated on January 3, 1977 without Wayne who incidentally sold his share of the company back to Jobs and Wozniak. The company s first product was a personal computer kit called the Apple 1, built by Wozniak himself. After Apple 1, the company released Apple II on April 16, 1977 and then Apple III in May of 1980 to limited success. In 1984, the company debuted their newest computer, the Macintosh, which is regarded as one of the most influential pieces to Apple s rise. However, in 1985, recently hired CEO John Sculley and Steve Jobs engaged in a power struggle that ultimately lead Sculley to attempt to contain Jobs. The restrictions placed on Jobs were enough to make him resign and found the company NeXT Inc. in the same year. During Job s absence, Apple enjoyed major growth due to the successful PowerBook, but achieved moderate sales with the majority of other products released. The company chose to purchase NeXT and NeXTSTEP operating systems, which lead to Jobs returning in 1997 as an interim CEO and began to reconfigure the company s product line. Entering into the 2000 s, Apple released several influential and revolutionary products and systems that would cement the company as the leader in innovation. With the ipod s release in 2001, the itunes store in 2003, the MacBook Pro in 2006, the iphone in 2007, and the ipad in 2010, the company enjoyed tremendous success. Apple has relied heavily on sales from iphone and ipad refreshes, and continues to see success in their itunes store. When Steve Jobs took medical leave in August of 2011, Tim Cook, former COO of Apple was named CEO of the company to wide speculation of his ability to create innovative products like Jobs could. On October 4 th, 2011, Jobs passed away due to complications with pancreatic cancer. Business Segments Apple offers products categorized in mobile communication and media devices, personal computers, portable digital music players, and software and service, peripherals, and software products. Apple s mobile communication product is the iphone, which utilizes characteristics of the ipod, and allows the owner to access Internet connections and use apps purchased through the itunes store. iphone was first released on June 29, 2007 and has undergone 6 updates and refreshes. During 2012, 1.25 billion units of the iphone were sold, creating $80 billion in revenue, which resulted in 73% growth from the previous year. iphone remains at around 50% of Apple s current revenue, and new releases are met with great anticipation. The ipad is a multi-purpose tablet that holds many of the same functions of a desktop computer. There are four generations of ipad, with the company releasing the ipad Mini on November 2, Since its release, ipad owners have downloaded over three billion apps, which are over an eighth of total App UOIG 2

3 Store downloads. Last year, Apple sold 58 billion ipads resulting in $32.4 billion dollars in revenue. The ipad segment holds 21% of 2012 total revenue. The desktop and portables segment combine to make Apple s Mac segment. Apple offers the imac, Mac Pro, and Mac mini as their desktop section with Macbook Pro and MacBook Pro Air making up their portable computer section. These computers together make up 15% of total revenue, and add up to billion unit sales generating $23.2 billion in revenue. The ipod consists of Apple s line of portable digital and media players. The company offers multiple versions of the ipod in the ipod touch, ipod nano, ipod shuffle, and the ipod classic. However, since 2011 the ipod has seen negative growth rates due to cannibalization caused by products offering similar music playing features like iphone and ipad. In 2012, 25.2 billion ipods were sold which created $5.6 in revenue. The remaining segments contain itunes and the App Store which is categorized under Other music related products and services. The itunes and App Store combined generated $8.5 billion and saw sizeable growth. The Peripherals and other hardware section is made up of display, wireless connectivity, and Cloud Networking initiatives generating $2.8 billion in revenue. Finally, the Software, service, and other sales is Apple s branded and third party software which created $3.5 in revenue for Strategic Positioning With Steve Job s innovation and product design creativity gone, Tim Cook is faced with large shoes to fill. However, where he lacks in creativity, he gains in business savvy and marketing creativity. Additionally, Apple has been adopted by certain business customers in various industries that provide the company with creative ways to supply to the aforementioned businesses. Apple has demonstrated the ability to stay ahead of the competition by utilizing their large amounts of free cash to control almost every aspect of the supply chain. For example, when the iphone 4 and ipad 2 was launched, Apple purchased the necessary machines and suppliers needed for assembly and essentially boxed out the competition that needed the same resources for production. Apple under Tim Cook s leadership is able to utilize the resources at their disposal to intelligently control supply chains and gain price advantages in vital areas. Apple has become an important part of business operations around the world. For example, according to a conference call, Apple reported that Doctors at the Columbia Cardiovascular Foundation in South America are using an in-house app to perform remote diagnostics for patients in inaccessible parts of the country. Apple excels at utilizing these creative opportunities for growth, and has become an important and integral provider for companies seeking their specific products throughout the world. Business Growth Strategies Apple places an emphasis on providing customers with products that are designed to improve the individual s quality of life. The company sees the product as more than a product, but an aspect of customer s everyday lives. This unique mindset propels Apple to create the highest quality products and provide the best customer service available. UOIG 3

4 Apple views their Retail Stores as an important factor in the growth of the company, realizing that customer accessibility is important to gaining market share in goldmine markets like China and Japan. Apple Retail Stores have seen significant growth of 19% compared to the previous year s quarterly sales. The company currently has 402 stores open throughout the world, with 151 residing outside of the U.S. To gain a foothold in foreign countries, Apple plans to open at least new Retail Stores in foreign countries, with the average store observing 17,500 visitors per week. With these initiatives, Apple is seeking to make their products more available to individuals in foreign markets who currently have limited access to the company s products. The firm targets foreign growth as an area of key emphasis. In addition to the opening of new retail stores, Apple has focused their interests on growth in the important growing market in China. Currently, Apple has partnerships with Chinese telephone supplier China Unicom and China Telecom. With the potential release of a new iphone in China, Apple should see significant growth and an increased market share in that sector. However, Apple s largest target remains China Mobile which is the largest supplier of communication services in China. Landing a deal with China Mobile could significantly boost revenue. Recently, there has been widespread speculation on whether or not Apple has the potential to release any innovative products like those of the past that spurred the company s growth. However, with an increased spending in R&D and rumors of an iwatch, a wearable computing device that utilizes Apple s ios technology and the smaller and cheaper iphone to be released in the fall, Apple has shown that they intend to remain a leader in innovation and product excellence. Along with potential iphone and iwatch releases, Apple is expected to introduce a newer version of Apple TV. Although thus-far, the company has seen limited success with only 5 million units sold, rumors have created speculation that Apple TV will be upgraded to a fully integrated monitor rather than the receiver box that it currently is. Additionally, a rumored iring will serve as the remote to the Apple TV and is designed to replace the currently used remote. With the launch of the new Apple TV, revenues could jump and with potential success Apple TV could become a staple product for consumers just like the iphone and ipad currently is. Industry Overview Apple lies in the technology industry, in which similar companies are involved in production of technological goods like computing software, communication systems and chip production. The computer manufacturing segment however is expecting an annual decline of 5.1% according to IBIS World, with Apple holding the third largest market share of 21.3% behind Dell and Hewlett- Packard Company at number one with 27.3%. With portable computers including tablets consisting of 49% of all product sales, Apple remains a major player with the current success of the ipad. However, with ipad s continued success, tablet computers pose a threat to cannibalize laptop and desktop sales. However, fierce competition has led to falling prices and declining profit margins in companies that compete in this industry. In the technology sector, innovation and a commitment to research and development are key drivers in a company s success. Companies must stay current with trends to stand out in such a saturated market in which the four UOIG 4

5 largest companies control 88.6% of industry revenue. With all-in-one computing devices on the rise, companies in this sector remain competitive to gain advantage with highly publicized product releases. There is much technical similarity between most of the computer makers in the industry, so effective advertising can help companies stand out from their rivals Per Capita Disposable Income Macro factors Important factors in the computer manufacturing and operating system markets are disposable income of customers, advances in manufacturing, and customer preferences in product technology Years With rebounding amounts of disposable income domestically, computer manufacturing companies could potentially see higher sales should they price their products intelligently. According to IBIS World, as computer prices fall, the share of consumers who will potentially own computers is expected to increase to 81.4% looking forward to Additionally, consumer preferences are expected to shift from portable computers to the emerging tablet market. Consumer preference and expectations plays a large part in the innovation of the industry, with higher expectations in the technology and speed of computing devices driving competition. Competition Apple s direct competitors are Google, Microsoft, Hewlett-Packard, and Samsung who recently has been their number one competitor. Market Share for Smartphones Android Apple Blackberry Amicrosoft Symbian 3% 0% 6% 38% 53% With the recent release of Samsung s Galaxy S4, Apple has seen decreased market share in the smartphone sector. Samsung holds competitive advantages with the cheaper prices of their phones compared to those Apple offers. Ironically, Apple uses many components in the iphone that Samsung makes. Apple purchases their flash memory components that hold the iphone s app, music, and operating software memory from Samsung, making Apple one of Samsung s largest customers. Google Inc. also competes with Apple with the operating system, hardware, and music service markets. Google Play is Google s version of itunes, allowing users to purchase and store music online, letting customers access the content anywhere with an internet connection. Google Play saw a revenue growth of 90% in their first quarter of 2013; however itunes still saw 2.6 times more total sales. Computer Manufacturing Industry Total Revenue Computer Manufacturing Industry Revenue Years $ Millions Hewlett-Packard competes with Apple in the computer manufacturing market. Hewlett-Packard relies heavily on their server system segment and personal computer system group to generate revenues, as these segments accounted for 48.6% of revenue in 2012 according to IBIS World. In July of 2011, HP attempted to gain a foothold in the tablet computing market and released their first tablet called the TouchPad. However, sales were dismal and HP plans to decrease their production of the product. Microsoft Inc. and Apple have a long lasting rivalry that has continued on with Microsoft s recent release of their smartphone and Microsoft Surface Tablet. Microsoft gets most of their revenue from their Windows system, with their Xbox gaming system seeing declining profitability. Microsoft also has an UOIG 5

6 established cloud platform, but is trying to break into the smartphone market and directly compete with Apple. In the technology industry, advertising and ground-breaking products are keys to success for a company. With a highly diluted product pool, companies must differentiate themselves from the pack with sleek new products and intelligent product release times. Pricing is important to a products success, with higher priced products tending to see limited success in foreign markets. Management and Employee Relations Tim Cook CEO Peter Oppenheimer - CFO Phillip Schiller SVP, Worldwide Marketing Tim Cook- CEO Tim Cook was named CEO on August 24, 2011 after previous CEO Steve Jobs passed away. Prior to being named CEO, Mr. Cook served as Senior Vice President of Worldwide Operations and Executive Vice President of Worldwide Sales and Operations. Mr. Cook is credited with streamlining Apple s supply chain and even headed Apple s Macintosh division early in his career. He earned his M.B.A. from Duke University. Peter Oppenheimer CFO Mr. Oppenheimer has been Apple s CFO since June 2004 and oversees the controller, treasury, and investor relations. Mr. Oppenheimer joined Apple in 1996 as controller for the Americas and a year later was promoted to Vice President of Worldwide Sales Controller. Mr. Oppenheimer spent six years in the Information and Technology Consulting Practice with Coopers and Lybrand, and holds a bachelor s degree from California Polytechnic University, San Luis Obispo and an M.B.A. from the University of Santa Clara. Phillip W Schiller Senior Vice President, Worldwide Marketing Mr. Schiller has been the Senior Vice President of Worldwide Marketing since he rejoined the company in April Mr. Schiller helped to create the Mac and helped with the creation of ipod, itunes, iphone, and the App Store. From December 1993 through December 1997, Mr. Schiller served as Director of Product Marketing at FirePower Systems Inc. Mr. Schiller possesses over twenty five years of marketing and management experience, eleven of them with apple. He graduated with a Bachelor of Science in Biology from Boston College in Jonathan Ive- SVP, Industrial Design Jonathan Ive Senior Vice President, Industrial Design Mr. Ive is a London- born designer who has worked for Apple since Mr. Ive is regarded as one of the world s best product designers, winning numerous design awards and is responsible for products that are featured in collections of museums worldwide. He was named Designer of the Year by the Design Museum London and was given the title Royal Designer for Industry by The Royal Society of Arts. Mr. Ive holds a Bachelor of Arts and honorary doctorate from Newcastle Polytechnic. Craig Federighi- Senior VP, Head: ios & OS X Mr. Federighi is tasked with overseeing the development of ios and Mac OS X along with Apple s common operating system engineering teams. Mr. Federighi returned to Apple in 2009 and lead with the engineering of Mac s OS X. Mr. Federighi also engineered Mountain Lion software, which was the most Craig Federighi SVP, Head: Ios & OS X UOIG 6

7 successful OS X release in Apple s history. Mr. Federighi studied at the University of California, Berkley where he earned a Master of Science degree in Computer Science and a Bachelor of Science in Electrical Engineering and Computer Science. Management Guidance Looking forward into the third quarter, Apple announced that they would be initiating a $100 billion capital return program, distributing approximately $30 billion dollars per year to investors. However, to fund this return program, Apple will be taking on a debt total of around $50 billion which is the first time the company has taken on debt in company history. UOIG Projections 2013E 12/31/2013E 03/31/2014E 06/30/2014E 09/30/2014E 2014E Net Sales ($M) $185,811.0 $59,550.3 $48,845.0 $44,698.9 $59,664.0 $212,758.2 EBITDA ($M) $56,332.3 $18,544.0 $14,536.3 $14,384.1 $16,873.0 $64,337.3 Basic EPS ($) $33.4 $13.28 $9.98 $9.74 $4.70 $37.69 Consensus Estimates Net Sales ($M) $171,451.0 $56,224.0 $45,301.0 $40,956.0 $44,466.0 $187,574.0 EBTIDA ($M) $55,084.0 $19,611.0 $15,538.0 $12,605.0 $13,676.0 $58,488.0 Basic EPS ($) $39.8 $13.9 $10.7 $9.1 $10.2 $44.1 Apple typically gives conservative guidance looking forward, and only provides guidance for one quarter. The company expects revenues to be between $33 and $33.5 billion dollars with a gross margin to be between 36% and 37%. The company is also working on exploiting the large Chinese market, and has already signed with three of China s biggest telecommunication companies and is looking forward to signing on with China Mobile, China s top telecommunications provider. Management stated they expected their tax rate to be 25%. Due to Apple s performance in the past, the guidance they gave seems beatable, as the company is optimistic about their product pipeline and future in the Chinese market. Portfolio History Apple stocks are currently held in the Tall Firs and Svigals portfolios. Tall Firs Shares Cost Basis Market Value Return on Portfolio Weight Investment 50 $30, $22, % 2.78% Tall Firs originally purchased 75 stocks on August 3 rd, 2012 for $ per share at a cost basis of $45, On September 28 th, 2012, 25 shares were sold for $ at a market value of $16, Tall Firs currently holds 50 shares at a cost basis of $30, and market value of $22, Apple currently sits at 2.78% of the portfolio s weight. I believe Apple is a valuable stock to hold because of the high dividend it offers and history of explosive growth. Svigals Shares Cost Basis Market Value Return on Portfolio Weight Investment 6 $2, $2, % 2.02% Svigals purchased nine shares of Apple on February 3 rd, 2011 for $ per share. Three shares were then sold on April 9 th, 2012 fir $ Svigals currently holds six shares of Apple with a cost basis of $2, and has seen a return on investment of 15%. The six shares of Apple currently hold 2.02% of the total portfolio s weight. I believe that Apple is a good for Svigals because of its potential for growth and high dividend offered. Recent News Katy Huberty is Back from China with Apple News- Fortune UOIG 7

8 FORTUNE -- In a note to clients Wednesday, Morgan Stanley's Katy Huberty, just back from China, reports on "feedback" from Asian carriers and suppliers that she views as positive for Apple (AAPL). She makes several points: (I quote) After a slow start, iphone 5 is now on track to meet carrier volume expectations. iphone 4 price cuts could stimulate incremental demand near-term. Carriers see the opportunity for Apple to expand market coverage with 5-inch and lower-priced iphones over time. TD-LTE licenses, and related phone launches, are expected by year-end. That last point may be particularly significant as it suggests that a contract with the last major Chinese iphone holdout -- China Mobile (CHL), the world's largest carrier with more than 700 million subscribers -- could be signed before the end of the year. Separately, Taiwan's DigiTimes reported Tuesday that China Mobile was expected to start an open-bid competition process as early as mid-may to procure equipment for 200,000 TD-LTE base stations for installation in 100 Chinese cities. This article demonstrates Apple s push to capitalize growth in China in the coming year. Apple Seeks to Add Samsung Galaxy S4 to Infringement List- Bloomberg Apple Inc. (AAPL) told a U.S. judge it will seek permission to add Samsung Electronics Co. s Galaxy S4 smartphone to a list of 22 accused products Apple alleges infringes its patents. The disclosure came in a footnote to a filing yesterday with U.S. District Judge Lucy H. Koh in San Jose, California, responding to her April 24 directive that each side submit a limited list of the other s allegedly infringing products. This is the second infringement lawsuit between the companies in the same court. Apple filed the case last year to address technology in newer smartphones made by the companies. Apple has identified (and separately counted) specific Samsung products -- not product lines, the Cupertino, California-based company told Koh in its six-page submission. Included on its 22-item list are Samsung s Galaxy SII and SIII phones, Galaxy Note, Galaxy Note 10.1 and Galaxy Note II hybrid phonetablets and three Galaxy series tablet computers. Should Apple win permission to add the Galaxy S4 smartphone that Samsung released last month, it will drop one of the other devices from the list, according to the filing. Samsung, too, submitted a 22-product list to Koh, identifying as alleged infringers five models of Apple s iphone, five versions of the ipad tablet computer, three types of ipod digital-music players and the MacBook Pro and MacBook Air computers. Apple and Samsung both offer similar products so lawsuits are common. However, in the previous lawsuit between the two companies, Apple won $1 from Samsung in a patent lawsuit. Apple s Upcoming Ios7 Said to Have New Look- abc NEWS UOIG 8

9 Speculation is rampant about what visual changes Apple may be working into the latest version of its mobile device software, ios 7, set to be announced at Apple s Worldwide Developers Conference, June Sources familiar with these alleged changes in the software that powers the iphone, ipad, and ipod Touch have said Apple is moving away from a realism look the way elements and apps have been built to replicate real life with three-dimensional layering and faux texturing and introducing a simpler, flatter design, according to Bloomberg. A report by 9to5Mac corroborates this report, citing sources that said the new elements in ios 7 will be moving in the direction of Microsoft s Windows Phone Metro UI. The event invitation for WWDC is even being sniffed for clues. Apple s WWDC 2013 logo, the art for the conference in which ios 7 will be announced, has sparked speculation about flat interface design with its modern, lightweight text and other elements, 9to5Mac posted. Daring Fireball s John Gruber, a known Apple speculator, has also commented on an apparently rather significant system-wide UI overhaul for the newest version of Apple s mobile OS. He posted that Apple employees have been asked to use polarizing filters on their iphone displays, making it difficult for observers see the design changes ahead of the ios 7 announcement. These purported software changes are attributed to the new oversight of software design by Jon Ives, Apple s senior vice president of industrial design. Ives, head of the team responsible for the lauded iphone and ipod hardware, has been given extended influence over mobile software design after the Apple Maps blunder and exit of former senior vice president of ios software Scott Forstall, Bloomberg reported. The general look and style of Apple s ios has remained the same since being introduced in Since then, Google s Android has been visually revamped a number of times, most recently under the supervision of Palm WebOS convert Matias Duarte. New designs have also been brought to market by Microsoft with Windows Phone offerings and by Blackberry with the latest line of Blackberry 10 devices. Apple is attempting to make their ios system the leading system in innovation. Jonathan Ive is the leading developer and designer, and his history of highly acclaimed products speaks to the future success this next ios7 system could achieve. 3% 3% Chinese Smartphone Market Share 2% 1% 0% 0% 0% Others 5% Samsung Nokia ZTE 16% Apple 53% Huawei HTC 17% LG Sony Catalysts Upside New release of improved ipad Mini could boost sales. Upcoming release of new and cheaper iphone could boost sales. New retail stores in China introduce new and first time smartphone buyers to Apple products. UOIG 9

10 Deals with Chinese telecommunication companies along with singing on with China Mobile could grab Apple a large market share in China. Up-coming release of ios7 on a lower cost iphone could significantly increase revenues. Downside Increasing competition with lower priced Samsung products. Large gaps in time between product refreshes could create investor uncertainty in if Tim Cook can lead Apple to be as innovative as it was under Steve Jobs. Comparable Analysis Comparable companies were chosen from Apple s leading competitors in the technology sector. Since Apple is such a large company in terms of market capitalization, I chose to look for companies with a similarly sized market capitalization. Along with size, I searched for companies with similar growth rates, risks, and products produced. Given that this is the first time in company history Apple is taking on debt and the amount of debt is so large, it was difficult to find companies with such large debt offerings. Google (35%) Google is a technology company that offers an online search engine, advertising, cloud computing, and telephone operating software. Google generates most of its revenue through advertising used on its search engine. Google has made numerous acquisitions that have resulted in it becoming one of Apple s main competitors. In May of 2012, the company acquired Motorola Mobility Holdings, Inc. and integrated their Android operating system into the phones. Google also engineered the Nexus phones and tablets, which compete directly with Apple s iphone and ipad. Google also offers their Google Play system which is an itunes Store clone. Google play offers video, music, and other entertainment downloads at a price just like itunes and comes with all Android phones. However, as Google has a commanding lead in market share with 64% compared to Apple s ios at 19%, Apple s App Store generates over four times more revenue than Google Play. I chose to weight Google 35% because of their similar market capitalization and growth rates. However, Google generates most of their revenue through advertising where as Apple generates the majority of their revenue through product sales. With this being the case, I consider Google to be less of a competitor compared to Samsung who directly compete with Apple on numerous product sectors. Samsung Electronics Co. Ltd. (45%) Samsung Electronics is a South Korean based electronic company that offers a multitude of consumer electronic products. Samsung s Galaxy phones, tablets, and personal computer systems. UOIG 10

11 Samsung has cemented itself as one of Apple s top rivals in the smartphone market with the greatly anticipated release of the Galaxy s4. Gartner research agency reported that the Android phone accounted for 74% of smartphones sold in the first quarter of Phone shipments reached around 426 million units with a marginal increase year over year of 0.7%. Samsung also offers nonsmartphones which are offered at much lower prices. These non-smartphone sales combined with smartphone sales combine to create a 23.6% market share for Samsung compared to a 9% market share for Apple in the first quarter of I chose to weight Samsung at 45% because of their similar earnings, market share, and rivalry in product offerings. Samsung is weighed higher than the rest of the comparable firms because of how directly they are predicted to compete with Apple in this coming year. Microsoft Corporation (20%) Microsoft develops and licenses computer software, personal computers, and created the Xbox gaming device. The company is the leader in the PC market and their Windows operating system holds a 91.6% market share over all other operating systems including Apple s OS X at 6.42%. Additionally Microsoft s phones and tablets directly compete with Apple s iphone and ipad and include Microsoft s Office Suite which is more popular than the ios system. I chose to weight Microsoft at 20% because of similar market capitalization and multiples. However, Microsoft was weighed higher than desired due to more similar comparable companies. Discounted Cash Flow Analysis I primarily relied on percent of sales a percent of total revenue to project the discounted cash flow analysis. Revenue Model The revenue model section was broken down into two sections; geographic and product type. In the geographic segment, the America has held above 30% of total revenue maintaining Apple s highest revenue generator. Apple generally sees their highest growth during the holiday and back to school seasons, which are reflected in the company s Q1 and Q4 respectively. Apple just began recording Greater China in their SEC filings, which added a complication to projecting revenue into the future. The Greater China section previously was recorded in Asia Pacific Net Sales. Looking forward, I expect revenue growth rates to reduce significantly going into perpetuity. From years 2014 to 2018, revenue growth is projected to decline from 14.50% to 2.00% respectively. This is justified due to an increasingly saturated market and intensified competition from other tech companies. UOIG 11

12 Geographic Segment Regional Revenue Mix Retail 11% Asia Pacific 15% Greater China 13% Japan 6% Europe 21% Americas 34% Americas Historically the America s have held the largest percent of total revenue. This segment consists of all countries in North and South America. With Apple being an American based firm, products and company focus have historically been focused towards this geographic segment. However, with the company looking to expand into foreign markets I predict that the percent of total revenue for the Americas will decrease slightly year to year. Looking into my terminal year of 2018, the Americas should account for 28.32% of total revenue. Europe Europe s sales have seen declining growth and percent of total revenue in recent years. These drops in sales could be attributed to the European financial crisis and lower amounts of disposable income available to citizens of European countries. That being said, I projected European sales to decline going into 2014 and then trusting that the country will recover, sales to gradually increase going from year 2015 into perpetuity. Japan Historically, Japan has accounted for between 5% and 6% of total revenue. In a recent conference call, management stated that IDC announced that iphone gained the number one position for the 2012 calendar year. This is remarkable because this is the first time a non-japanese company achieved the number one spot for a whole year. Although sales were strong in Japan, due to the countries relatively small and declining population of million I don t project Japan s percent of revenue to grow beyond 6.95% in the terminal year. Asia Pacific Up until Apple s latest Q1, the Asia Pacific section included China. The segment saw tremendous growth the past two years and as a result China was taken out and given its own category in the revenue model. Taking China out of the Asia Pacific segment accounts for the (48.12%) in Q1. Looking forward past 2013, I predicted Asia Pacific to see declining growth rates due to China not being included in the Asia Pacific section. Greater China As stated above, China saw explosive growth in the last quarter and is now included as its own section in the revenue model. Apple reported stunning growth in China with $8.8 billion in revenue including retail stores located in the country accounting for 11% growth year over year. Additionally, ipad s grew 138% year over year and sales records were set for both iphone and ipad during UOIG 12

13 Global Retail Stores Open the quarter. Apple plans to open 11 new stores in China and in two years management expects to double that total amount. Success in Greater China is a very important factor for Apple looking forward, as it offers a large number of potential first-time smartphone customers. Should the pending deal with China Mobile which is the largest telecommunications provider in China fall through, Apple should see tremendous revenue growth. However, I decided to keep revenue growth in China going into the future somewhat modest due to the uncertainty of the deal with China Mobile. However, should the deal land, growth rates could rapidly grow. Retail Stores Apple currently has 402 total stores with 151 lying outside of the United States and expects to open 30 new stores in Revenue for Q2 was 5.2 billion and saw a 28.33% increase in year over year growth. Looking forward, I kept retail stores between 11% and 10% of revenue and kept that consistent. I expect the company to continue to open new stores focusing in Greater China which could potentially result in higher growth rates Source: appleappraisal.wordpress.com Product Segment In previous years, Desktops, Portables, and Other Music Related Services were recorded in Apple s SEC filings. However, in the company s latest Q1, these segments did not have their own line items and were combined into other sections listed below. Total Mac Net Sales Up until Apple s latest Q, the company recorded Desktops and Portables as individual line items. With shrinking Desktop sales, the company combined the segments into the Total Mac Net Sales segment. Recently, desktop computers have been less desirable due to a higher demand for portable computers and tablets primarily. To project Total Mac Net Sales, I took into account the popularity of Apple s laptop computers and the varying growth rates historically. There was not consistent and steady growth, so I projected off of percent of revenue, keeping it around 12% into the terminal year. ipod ipod sales saw their peak in the year 2008, and since then have seen dramatic declines in growth. This decline can be attributed to the popularity of the iphone and ipad products which include music players built in. These products have cannibalized the demand for ipod s, which I predict will see continual declines in sales going forward. ipod s percent of total revenue has stepped down consistently in the past three years, so I projected steady declines nominally from 2.73% in year 2013 to 1.44% in year UOIG 13

14 iphone and Related Products 7% itunes Value Structure 22% 21% 8% 16% 8% 18% Book Publisher Payments App Agency Fee Developer Payments Media Transaction Fee itunes Music Label Payments itunes Video Publisher Payments Apple Software iphone has been a large part of Apple s product revenue, holding 51.42% of total revenue for The newest model is the iphone 5 which has a larger screen and 4G LTE wireless capabilities. Apple holds 15% of the global market for smartphones compared to Android phones at 75%. Apple is rumored to release a new cheaper iphone boasting a smaller screen, a new operating system called ios7 along with a fingerprint scanner. With the release of a new iphone, I projected revenues to rise considerably in Q4 of Going into years 2013 through 2018 I kept the percent of revenue for iphones between 53% and 54% which resulted in gradually declining growth rates and keeps outlooks conservative. ipad and Related Products Apple s most recently released ipad is the 5 th generation ipad and ipad Mini, with the first ipad being released on April 3 rd, These tablets operate using Apple s ios operating system, and feature the same music playing capabilities found in ipod and iphone along with similar computing capabilities that Apple laptop computers offer. Apple reported selling around 19.5 million ipad s during their Q2 which saw an increase of 65% year over year. The company saw very strong sales in Greater China and Japan in which sales doubled year over year. The global market for tablets is beginning to cannibalize some of the market for portable computers and desktops, with tablet computing devices like the ipad and ipad mini controlling 39.6% of the global market share. Going forward I projected revenue for ipad as a growing percent of revenue, starting at 19.78% of total revenue in year 2013 and slowly trending upwards to 21.12% in the year itunes, Software, Other Services This section includes sales from Apple s itunes product downloads and software sales derived from the ios and OS X operating systems along with icloud system revenues. Apple s latest Q2 itunes sales of $4.1 billion boasted a year over year growth of 29.47%. These strong sales come from increased sales from ipad which come with the capability to access itunes and download ipad specific apps. Apple s itunes offer 35 million songs for purchase, 60 thousand movie titles, 1.75 million ibooks, and 850 thousand Apps specific to Apple devices. The company s ios system will be seeing an update to ios7 later in the year with the release of the company s latest iphone. This new system is being engineered by Apple s Jonathan Ive who engineered the previous operating systems. UOIG 14

15 $ In Millions University of Oregon Investment Group Going forward I projected sales in this segment to become an increasing percent of revenue due to the growing size of the App Store and itunes catalog of content. Accessories The Accessories segment was recorded as a separate line item for the first time in Q1 of the 2013 fiscal year. Sales from this segment are derived from thirdparty iphone, ipad, Mac, and ipod compatible products. Looking forward, I projected Accessories as a consistent percent of revenue, keeping it around a modest 4.5% throughout. Major Line Items Beta Final Beta Beta SD Weighting 3 Year Daily % 3 Year Weekly % 1 Year Daily % Hamada Beta % Vasicek Beta % Analysis Company Beta To achieve a beta of 1.02, I regressed 3 year daily, 3 year weekly, and 1 year daily against the S&P 500 along with calculating a Hamada Beta. I chose to weight the 3 year daily at 33.33% because I believe that due to Apple s recent fall in stock price, this three year time period gives a more even spread and reading of volatility. I chose to weight a Hamada Beta 33.33% because of the low Debt to Equity Value of Google and Microsoft. I also chose to weight the Vasicek Beta 33.33% to get an idea of the average of comparable company s beta s and compare my Apple s against theirs. Capital Expenditure Apple s capital expenditures are spent building new retail stores and on manufacturing new equipment to create new products. Management gave guidance stating that they planned on spending $10 billion on capital expenditures in the year Acknowledging that the company plans to continue opening new retail stores in foreign countries, I kept the company s capital expenditures between 5% and 6% of revenue into my terminal year. COGS When projecting Cost of Goods Sold, I factored in management guidance that gross margin would be between 36%-37% for the year However, management generally gives guidance that can be beat. COGS is traditionally higher in quarters that the company sees higher product sales, so my Q4 in 2013 and Q1 in 2014 saw higher COGS due to the release of a new iphone and the holiday season. Looking forward, I projected Apple to have higher Cost of Goods Sold due to a pressure placed on the company by the industry to release new products at a faster rate decreasing the factor of economies of scale Research and Development Research and Development R&D Research and Development is important to Apple s growth strategy, as the company seeks to create the most innovative products available. In a highly saturated tech market, companies must stream more money into research and development to stay modern and innovative. Going into my terminal year, I UOIG 15

16 raised R&D as a percent of revenue to 3% at its highest in years 2015 and 2016, and then slowly decreased it to 2.75% in year SG&A Selling, general, and administrative costs are dependent on Apple s expansion of their retail segments and advertising. I expect advertising to be highest during quarters that new products are set to be released. Looking at Q4 of 2013, SG&A is at a high of 6.22% due to the potential release of the new iphone. In years 2014 through 2018 I kept SG&A at the higher end of 5% and slowly decreased it. Depreciation & Amortization To calculate Depreciation & Amortization, I used the depreciation table to create a smooth depreciation schedule. Depreciation and Amortization come from Apple s property and equipment. Net Working Capital To project net working capital, I decreased it as a percent of revenue steadily to the terminal year. Apple recently announced they will increase their dividend by 15% to appeal to new investors. This increase along with a $100 billion stock repurchasing plan will account for a decrease in available capital. Tax Rate Apple consistently has a tax rate between 24-25%, and management stated that the company expects their tax rate to remain at 24%. In the upcoming years, I kept the tax rate at a steady 24% to remain consistent. Type Implied Price Weighting Current Price Implied Price DCF % Implied Price Forward Comps % Implied Price LTM % Current Price Target Price Undervalued 52.36% Recommendation After analysis of the Apple and factoring in the company s potential for growth in foreign markets, I recommend a hold for both Svigals and Tall Firs portfolios. When considering the intrinsic value of the company, Apple stood undervalued by 52.36% ending in an implied price of $ I weighed this DCF analysis at 70%, and the forward comparable companies only 30% due to the uneven growth rates Apple is predicted to have in the year I believe the company will continue to release innovative products and be a leader in the smartphone and tablet industry. However I do predict growth rates will shrink considerably in years 2015 and onward due to an increasingly saturated technology market and the generally higher price of Apple products. UOIG 16

17 Appendix 1 Forward Comparable Analysis Comparables Analysis AAPL GOOG KR Electronic Co. Ltd.MSFT ($ in millions) Analysis Company Comparable Company 1 Comparable Company 2 Comparable Company 3 Stock Characteristics Max Min Median Weight Avg % 45.00% 20.00% Current Price $1, $34.08 $ $ $ $ $1, $34.08 Beta Size Short-Term Debt 8, , , Long-Term Debt 50, , , , , , , ,949.0 Cash and Cash Equivalent 34, , , , , , , ,240.0 Non-Controlling Interest 135, , , , , , , ,688.0 Preferred Stock Diluted Basic Shares 8, , ,351.0 Market Capitalization 428, , , , , , , ,602.1 Enterprise Value 601, , , , , , , ,999.1 Growth Expectations % Revenue Growth 2013E 20.6% 6.9% 19.6% 17.4% 18.7% 20.6% 19.6% 6.9% % Revenue Growth 2014E 14.6% 7.7% 8.5% 10.5% 14.5% 14.6% 8.5% 7.7% % EBITDA Growth 2013E 31.9% 2.0% 15.6% 20.4% 2.0% 15.6% 31.9% 3.0% % EBITDA Growth 2014E 17.0% 9.1% 9.4% 11.9% 14.2% 17.0% 9.1% 9.4% % EPS Growth 2013E 37.4% -9.9% 18.1% 21.4% -9.9% 18.1% 37.4% -9.0% % EPS Growth 2014E 15.2% 10.6% 11.6% 12.4% 10.9% 15.2% 10.6% 11.6% Profitability Margins Gross Margin 79.95% 39.14% 64.59% 56.21% 42.52% 64.59% 39.14% 79.95% EBIT Margin 37.60% 17.22% 31.39% 26.25% 32.73% 31.39% 17.22% 37.60% EBITDA Margin 42.29% 24.50% 37.65% 32.66% 35.74% 37.65% 24.50% 42.29% Net Margin 23.46% 15.55% 20.92% 18.64% 23.46% 20.92% 15.55% 21.58% Credit Metrics Interest Expense $ $0.00 $0.00 $ $23.00 $ $0.00 $0.00 Debt/EV Leverage Ratio Interest Coverage Ratio 2, , Operating Results Revenue $240, $53, $76, $142, $169, $53, $240, $76, Gross Profit $94, $34, $60, $66, $71, $34, $94, $60, EBIT $55, $16, $28, $30, $55, $16, $41, $28, EBITDA $60, $20, $32, $39, $60, $20, $58, $32, Net Income $39, $11, $16, $24, $39, $11, $37, $16, Capital Expenditures $22, $3, $4, $12, $9, $4, $22, $3, Multiples EV/Revenue 7.83x 0.85x 4.84x 4.09x 3.56x 7.83x 0.85x 4.84x EV/Gross Profit 12.12x 2.17x 6.06x 6.43x 8.37x 12.12x 2.17x 6.06x EV/EBIT 24.94x 4.92x 12.88x 13.52x 10.87x 24.94x 4.92x 12.88x EV/EBITDA 20.79x 3.46x 11.45x 11.12x 9.95x 20.79x 3.46x 11.45x EV/(EBITDA-Capex) 26.20x 5.56x 12.79x 14.23x 11.83x 26.20x 5.56x 12.79x Market Cap/Net Income = P/E 32.04x 5.40x 17.35x 17.11x 10.79x 32.04x 5.40x 17.35x Multiple Implied Price Weight EV/Revenue Weighting % EV/Gross Profit % EV/EBIT % EV/EBITDA % EV/(EBITDA-Capex) % Market Cap/Net Income = P/E % Price Target $ Current Price Undervalued 48.54% UOIG 17

18 Appendix 2 Discounted Cash Flows Analysis Discounted Cash Flow Analysis Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ($ in millions) 2009A 2010A 2011A 2012A 12/31/2012A 03/31/2013A 06/30/2013E 09/30/2013E 2013E 12/31/2013E 03/31/2014E 06/30/2014E 09/30/2014E 2014E 2015E 2016E 2017E 2018E Total Revenue 42, % YoY Growth % 52.02% 65.96% 44.58% 17.65% 11.27% 12.25% 35.03% 18.72% 9.24% 12.02% 13.70% 23.31% 14.50% 8.50% 7.00% 6.00% 2.00% Cost of Goods Sold % Revenue 59.86% 60.62% 59.52% 56.13% 61.37% 62.50% 58.68% 61.42% 61.08% 61.42% 61.77% 59.45% 62.52% 61.39% 61.05% 61.00% 62.30% 60.75% Gross Profit $17, $25, $43, $68, $21, $16, $16, $18, $72, $22, $18, $18, $22, $82, $89, $96, $98, $104, Gross Margin 40.14% 39.38% 40.48% 43.87% 38.63% 37.50% 41.32% 38.58% 38.92% 38.58% 38.23% 40.55% 37.48% 38.61% 38.95% 39.00% 37.70% 39.25% Selling General and Administrative Expense , , , , , , , , % Revenue 9.67% 8.46% 7.02% 6.42% 5.21% 6.13% 5.84% 6.22% 6.00% 5.27% 6.02% 5.40% 6.23% 5.95% 5.90% 5.85% 5.90% 5.55% Depreciation and Amortization % Revenue 1.71% 1.57% 1.68% 2.09% 2.91% 7.52% 2.55% 12.70% 6.47% 3.09% 4.07% 4.78% 18.38% 7.96% 5.83% 5.37% 5.67%.74% Research and Development , , , , , , , , % Revenue 3.11% 2.73% 2.24% 2.16% 1.85% 2.57% 4.03% 3.01% 2.78% 2.17% 2.45% 2.97% 2.97% 2.97% 3.00% 3.00% 2.85% 2.75% Earnings Before Interest & Taxes $11, $17, $31, $51, $15, $9, $11, $8, $44, $16, $12, $12, $5, $47, $55, $61, $60, $80, % Revenue 25.65% 26.61% 29.54% 33.20% 28.66% 21.28% 28.90% 16.65% 23.85% 28.05% 25.69% 27.40% 9.90% 22.28% 24.22% 24.78% 23.28% 30.21% Interest Expense % Revenue 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Other Income/(Expense) % Revenue.76%.24%.38%.33% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Earnings Before Taxes 10, , , , , , , , , , , , , , , , , , % Revenue 24.89% 26.37% 29.16% 32.87% 28.66% 21.28% 28.90% 16.65% 23.85% 28.05% 25.69% 27.40% 9.90% 22.28% 24.22% 24.78% 23.28% 30.21% Less Taxes (Benefits) , , , , , , , , , , , Tax Rate 34.81% 26.08% 25.90% 27.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% Net Income $6, $12, $23, $37, $11, $5, $8, $6, $31, $12, $9, $9, $4, $35, $41, $45, $45, $60, Net Margin 15.96% 19.43% 21.50% 23.90% 20.23% 13.58% 21.67% 12.49% 16.96% 21.04% 19.26% 20.55% 7.43% 16.71% 18.17% 18.59% 17.46% 22.65% Add Back: Depreciation and Amortization , , , , , , , , , , , , , , , , , Add Back: Interest Expense*(1-Tax Rate) Operating Cash Flow $12, $12, $43, $14, $15, % Revenue 17.67% 21.01% 23.18% 26.00% 23.14% 21.10% 24.23% 25.19% 23.42% 24.67% 23.99% 23.95% 23.13% 23.40% Current Assets 6, , , , , , , , , , , , , , , , , , % Revenue 15.49% 19.33% 13.40% 14.10% 58.72% 46.33% 60.35% 73.81% 19.22% 67.72% 67.72% 67.72% 67.72% 18.99% 19.01% 19.96% 19.38% 18.68% Current Liabilities 11, , , , , , , , , , , , , , , , , , % Revenue 26.82% 31.77% 25.84% 24.63% 86.00% % 96.32% 96.32% 25.08% 90.98% 90.98% 90.98% 90.98% 25.51% 24.33% 23.86% 23.28% 21.90% Net Working Capital (4,859.00) (8,111.00) (13,463.00) (16,476.00) ($14,868.39) ($24,023.30) ($14,141.23) ($10,889.13) ($10,889.13) ($13,853.85) ($11,363.36) ($10,398.81) ($13,880.30) ($13,880.30) ($12,280.83) ($9,633.07) ($10,211.05) ($8,599.27) % Revenue % % % % % % % % -5.86% % % % % -6.52% -5.32% -3.90% -3.90% -3.22% Change in Working Capital (3,252.00) (5,352.00) (3,013.00) $1, ($9,154.91) $9, $3, $5, ($2,964.72) $2, $ ($3,481.49) ($2,991.17) $1, $2, ($577.98) $1, Capital Expenditures , , , , , , , , , % Revenue 2.67% 3.07% 7.66% 5.30% 4.50% 5.27% 6.99% 5.17% 5.38% 4.90% 5.97% 6.52% 4.89% 5.85% 5.30% 5.00% 6.20% 5.60% Acquisitions % Revenue 0.00%.98%.23%.22%.52%.69%.11%.08%.36%.34%.10%.20%.10%.19%.19%.19%.19%.19% Unlevered Free Cash Flow Discounted Free Cash Flow UOIG 18

Apple Inc. Investment Thesis. Key Statistics. Trading Statistics. Margins and Ratios 11/30/12. Technology. Apple Five Year Stock Price

Apple Inc. Investment Thesis. Key Statistics. Trading Statistics. Margins and Ratios 11/30/12. Technology. Apple Five Year Stock Price 11/30/12 Technology Apple Inc. Ticker: AAPL Current Price: $584.78 Recommendation: Hold Implied Price: $708.77 Key Statistics 52 Week Price Range $370.20 - $705.07 50-Day Moving Average $593.62 Estimated

More information

APPLE INC. Gabriela Nunez Summer 2013 Annual Report: http://investor.apple.com/secfiling.cfm?filingid=1193125-12-444068

APPLE INC. Gabriela Nunez Summer 2013 Annual Report: http://investor.apple.com/secfiling.cfm?filingid=1193125-12-444068 APPLE INC Gabriela Nunez Summer 2013 Annual Report: http://investor.apple.com/secfiling.cfm?filingid=1193125-12-444068 INTRODUCTION Name of chief executive officer Timothy D. Cook Location of home office

More information

APPLE INC. BUS 478: Group Written Case Synopsis

APPLE INC. BUS 478: Group Written Case Synopsis APPLE INC. BUS 478: Group Written Case Synopsis Xiaoyi Zhuang Kelvin Cheung Edith Tang Jessica Xu Helen Li INTRODUCTION Background in Brief Apple is an American corporation that develops and sells computer

More information

Koh & Tseng Analysis Apple Report May 5, 2008

Koh & Tseng Analysis Apple Report May 5, 2008 Ayung Tseng yung-fang.tseng@yale.edu 347.622.6408 Geraldine Koh geraldine.koh@yale.edu 917.214.0415 INNOVATION HAS ITS LIMITS APPLE (AAPL) CURRENT PRICE: $180.94 TARGET PRICE: $147.37 RATING: SELL 12-month

More information

Ticker: AAPL. Current Price: $455.12. Investment Thesis $500.00 $450.00 $400.00 $350.00 $300.00 $250.00 $200.00 $150.00 $100.00 $50.

Ticker: AAPL. Current Price: $455.12. Investment Thesis $500.00 $450.00 $400.00 $350.00 $300.00 $250.00 $200.00 $150.00 $100.00 $50. Technology Apple Inc. Ticker: AAPL Current Price: $455.12 Recommendation: Buy Implied Price: $522.24 Key Statistics 52 Week Price Range 50-Day Moving Average Estimated Beta Dividend Yield Market Capitalization

More information

An Insightful Analysis Report on APPLE,INC

An Insightful Analysis Report on APPLE,INC An Insightful Analysis Report on APPLE,INC Analysis Conducted by: Yiyan Wang & Xuequan Ma UConn SMF: 2014-2015 Prepared on: April 7 th, 2015 Executive Summary Apple Stock Price VS SP500 in 5 Years Business

More information

APPLE INC FORM 8-K. (Current report filing) Filed 10/27/15 for the Period Ending 10/27/15

APPLE INC FORM 8-K. (Current report filing) Filed 10/27/15 for the Period Ending 10/27/15 APPLE INC FORM 8-K (Current report filing) Filed 10/27/15 for the Period Ending 10/27/15 Address ONE INFINITE LOOP CUPERTINO, CA 95014 Telephone (408) 996-1010 CIK 0000320193 Symbol AAPL SIC Code 3571

More information

The Henry Fund Henry B. Tippie School of Management Jon Kerr [jonathan-kerr@uiowa.edu]

The Henry Fund Henry B. Tippie School of Management Jon Kerr [jonathan-kerr@uiowa.edu] The Henry Fund Henry B. Tippie School of Management Jon Kerr [jonathan-kerr@uiowa.edu] Apple Inc. (AAPL) November 8, 2015 Consumer Goods Electronic Equipment Stock Rating Buy Investment Thesis Target Price

More information

Best Buy Co., Inc. UNIVERSITY OF OREGON INVESTMENT GROUP RECOMMENDATION: BUY

Best Buy Co., Inc. UNIVERSITY OF OREGON INVESTMENT GROUP RECOMMENDATION: BUY UNIVERSITY OF OREGON INVESTMENT GROUP January 8 th, 2011 Consumer Goods Best Buy Co., Inc. RECOMMENDATION: BUY Stock Data Price (52 weeks) $30.90 - $40.83 Symbol/Exchange BBY / NYSE Beta 1.19 Shares Outstanding

More information

NOKIA Company Synopsis GROUP B:

NOKIA Company Synopsis GROUP B: NOKIA Company Synopsis GROUP B: Wei Guo Yuxing Sun Stephanie Seo Christopher Chiang Amy Fung INTRODUCTION Nokia Corporation is a multinational communications corporation, focused on delivering products

More information

Smart Phone and Operating System Industry in China

Smart Phone and Operating System Industry in China Smart Phone and Operating System Industry in China NZTE, July 2010 This publication is provided to you as a free service and is intended to flag to you market opportunities and possibilities. Use of and

More information

Apple: Another Byte 5/12/2009. Agenda. Strategic Issue Recommendation Environmental Analysis Firm Analysis Options Implementation Conclusion

Apple: Another Byte 5/12/2009. Agenda. Strategic Issue Recommendation Environmental Analysis Firm Analysis Options Implementation Conclusion Apple: Another Byte Agenda Strategic Issue Recommendation Environmental Analysis Firm Analysis Options Conclusion Strategic Issue Apple is facing a projected decline in earnings per share in 2009 and must

More information

iphone 5 pushes Apple to No. 2 spot among U.S. phone makers

iphone 5 pushes Apple to No. 2 spot among U.S. phone makers Exhibit 50 Search CNET Go Reviews News Download CNET How To Deals Log In Join TV The CNET 100 Dive into the most influential tech, people, trends, and news stories of 2012. Share CNET News Apple iphone

More information

Apple: Buy, Hold, Sell Analysis. -and key ratios analysis- Lead Analysts: Chase Webb, Christian Lutschaunig, Troy Merigliano, Frederick Steimling

Apple: Buy, Hold, Sell Analysis. -and key ratios analysis- Lead Analysts: Chase Webb, Christian Lutschaunig, Troy Merigliano, Frederick Steimling Apple: Buy, Hold, Sell Analysis -and key ratios analysis- Lead Analysts: Chase Webb, Christian Lutschaunig, Troy Merigliano, Frederick Steimling 1 Introduction...3 Industry Overview 7 Financial Analysis...9

More information

Last Earnings Release 04/24/2014. Last Qtr. Actual vs. Est. $11.62 / $10.18. Next Release 07/22/2014 $8.52. Year Ending 09/30/2014 $43.

Last Earnings Release 04/24/2014. Last Qtr. Actual vs. Est. $11.62 / $10.18. Next Release 07/22/2014 $8.52. Year Ending 09/30/2014 $43. Grade Earnings Last Earnings Release 04/24/2014 Last Qtr. Actual vs. Est. $11.62 / $10.18 Next Release 07/22/2014 $8.52 Year Ending 09/30/2014 $43.97 Quick Facts Dividend Yield 1.99% 52 Wk High $614.13

More information

Paychex, Inc. Key Statistics. Trading Statistics. Margins and Ratios. Investment Thesis. February 13, 2015 Consumer Goods

Paychex, Inc. Key Statistics. Trading Statistics. Margins and Ratios. Investment Thesis. February 13, 2015 Consumer Goods February 13, 215 Consumer Goods Paychex, Inc. Ticker: PAYX Current Price: $47.73 Recommendation: Outperform Price Target: $51.33 Key Statistics 52 Week Price Range $39.8 - $48.48 5-Day M oving Average

More information

I-Phone in the Mobile Phone Market in the UK

I-Phone in the Mobile Phone Market in the UK I-Phone in the Mobile Phone Market in the UK 1 2 DECLARATION I...assure that this project work is my own and is written in my own words. All the external information for the completion of the project in

More information

MobileConnect. Getting Started Guide

MobileConnect. Getting Started Guide MobileConnect Getting Started Guide 1 Table of Contents Compatible Device List! 3 Operating Systems, Applications, & Personal Computer Devices:! 3 Mobile Devices & Mobile Operating Systems:! 3 Setting

More information

Financial Analysis Project. Apple Inc.

Financial Analysis Project. Apple Inc. MBA 606, Managerial Finance Spring 2008 Pfeiffer/Triangle Financial Analysis Project Apple Inc. Prepared by: Radoslav Petrov Course Instructor: Dr. Rosemary E. Minyard Submission Date: 5 May 2008 Petrov,

More information

Computer Hardware Industry Outlook

Computer Hardware Industry Outlook Computer Hardware Industry Outlook OutlOOk: Signs of Weakness www.eulerhermes.us Overview The outlook for the Computer Hardware industry is considered neutral with signs of weakness. Most U.S. technology

More information

Mobility Index Report Q1 2015

Mobility Index Report Q1 2015 Mobility Index Report Q1 2015 Report on App, Platform and Device Preferences from the Leader in Secure Mobility May 2015 Report on App, Platform and Device Preferences from the Leader in Secure Mobility

More information

Business Finance 4228/7225 Advanced Investment Analysis The Stock Market. Summer 2013 Sector Team Neil Patel Jeffrey Mulac Srinath Potlapalli

Business Finance 4228/7225 Advanced Investment Analysis The Stock Market. Summer 2013 Sector Team Neil Patel Jeffrey Mulac Srinath Potlapalli Business Finance 4228/7225 Advanced Investment Analysis The Stock Market Summer 2013 Sector Team Neil Patel Jeffrey Mulac Srinath Potlapalli Overview IT Sector Weight SIM vs S&P 500 As of 6/30/2013 1.60%

More information

GOOD TECHNOLOGY TM MOBILITY INDEX REPORT Q2 2014

GOOD TECHNOLOGY TM MOBILITY INDEX REPORT Q2 2014 RESEARCH REPORT GOOD TECHNOLOGY TM MOBILITY INDEX REPORT Q2 2014 Report on App, Platform and Device Preferences from the Leader in Secure Mobility This report is part of the Good Technology Mobility Index,

More information

Navigant Consulting (NCI)

Navigant Consulting (NCI) UNIVERSITY OF OREGON INVESTMENT GROUP 2-4-11 Financials Navigant Consulting (NCI) Stock Data Price (52 weeks) 8.30-14.50 Symbol/Exchange NCI/NYSE Beta.81 Shares Outstanding 50.52 M Average daily volume

More information

Western Digital Corporation (Update)

Western Digital Corporation (Update) UNIVERSITY OF OREGON INVESTMENT GROUP 5/20/2011 Consumer Goods Western Digital Corporation (Update) Stock Data Price (52 weeks) $23.06-41.87 Symbol/Exchange WDC Beta 1.31 Shares Outstanding 236 M (Diluted)

More information

SEPTEMBER 2012 Device & Manufacturer Data Device & OS Mix Mobile Developer Trends Global Tablet Trends

SEPTEMBER 2012 Device & Manufacturer Data Device & OS Mix Mobile Developer Trends Global Tablet Trends SEPTEMBER 0 Device & Manufacturer Data Device & OS Mix Mobile Developer Trends Global Tablet Trends September 0 Device & Manufacturer Data Top Manufacturers (all devices) CHART A Top 0 Mobile Phones CHART

More information

Apple Strategic Plan. Insert Name Here. Insert Affiliation Here

Apple Strategic Plan. Insert Name Here. Insert Affiliation Here Running head: Apple Case Study Apple Strategic Plan Insert Name Here Insert Affiliation Here Executive Summary Apple Inc commonly known as Apple has effectively managed to be a successful company in a

More information

TRANSCRIPT OF EARNINGS CONFERENCE CALL MAY 16, 2013 AT 9.00 P.M. ET

TRANSCRIPT OF EARNINGS CONFERENCE CALL MAY 16, 2013 AT 9.00 P.M. ET TRANSCRIPT OF EARNINGS CONFERENCE CALL MAY 16, 2013 AT 9.00 P.M. ET Present: Mohd Aris Bernawi Chairman and CEO President & Secretary Dave Wong Chief Financial Officer Good evening ladies and gentlemen.

More information

Intel Reports Fourth-Quarter and Annual Results

Intel Reports Fourth-Quarter and Annual Results Intel Corporation 2200 Mission College Blvd. P.O. Box 58119 Santa Clara, CA 95052-8119 CONTACTS: Reuben Gallegos Amy Kircos Investor Relations Media Relations 408-765-5374 480-552-8803 reuben.m.gallegos@intel.com

More information

AT&T to Acquire DIRECTV May 19, 2014

AT&T to Acquire DIRECTV May 19, 2014 AT&T to Acquire DIRECTV May 19, 2014 2014 AT&T Intellectual Property. All rights reserved. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T

More information

Covering Analyst: Bryceson Charlton Email: bcharlto@uoregon.edu

Covering Analyst: Bryceson Charlton Email: bcharlto@uoregon.edu UNIVERSITY OF OREGON INVESTMENT GROUP 11/20/2009 IME Sector FTI Consulting Hold Stock Data Price (52 weeks) 36.14 56.41 Symbol/Exchange FCN / NYSE Beta.659 Shares Outstanding Average daily volume (3 month

More information

FOR IMMEDIATE RELEASE

FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE O-I REPORTS FULL YEAR AND FOURTH QUARTER 2014 RESULTS O-I generates second highest free cash flow in the Company s history PERRYSBURG, Ohio (February 2, 2015) Owens-Illinois, Inc.

More information

Mobility Index Report Q4 2014. Report on App, Platform and Device Preferences from the Leader in Secure Mobility

Mobility Index Report Q4 2014. Report on App, Platform and Device Preferences from the Leader in Secure Mobility Mobility Index Report Q4 2014 Report on App, Platform and Device Preferences from the Leader in Secure Mobility February 2015 Report on App, Platform and Device Preferences from the Leader in Secure Mobility

More information

Netflix Strategic Analysis

Netflix Strategic Analysis XMBA 2013 Netflix Strategic Analysis Global Strategic Thinking Joey M. Reed, XMBA 2013 4/17/2013 EXECUTIVE SUMMARY In 1999, Reed Hastings launched an online movie rental service called, Netflix. The company

More information

SYMANTEC CORPORATION 4Q13 and FY13 RESULTS PREPARED REMARKS

SYMANTEC CORPORATION 4Q13 and FY13 RESULTS PREPARED REMARKS Introduction Helyn Corcos, Vice President Investor Relations Good afternoon and thank you for joining our call to discuss our fourth quarter and fiscal year 2013 results. With me today are Steve Bennett,

More information

INSIGHTS FROM OPERA MEDIAWORKS

INSIGHTS FROM OPERA MEDIAWORKS INSIGHTS FROM OPERA MEDIAWORKS 9 of the top AD AGE GLOBAL ADVERTISERS OVER 800M UNIQUE USERS OVER 18,000 SITES AND APPLICATIONS Year closes out with Apple No. 1 for revenue, Android leading in traffic

More information

Garmin Reports Best Quarter and Best Year in Company History, Announces Share Repurchase Program, Offers 2008 Guidance

Garmin Reports Best Quarter and Best Year in Company History, Announces Share Repurchase Program, Offers 2008 Guidance INVESTOR CONTACT: Polly Schwerdt Phone 913/397-8200 E-Mail investor.relations@garmin.com MEDIA CONTACT: Ted Gartner Phone 913/397-8200 E-Mail media.relations@garmin.com Garmin Reports Best Quarter and

More information

Microsoft Cloud and Hardware Results Drives Fourth Quarter Performance

Microsoft Cloud and Hardware Results Drives Fourth Quarter Performance Microsoft Cloud and Hardware Results Drives Fourth Quarter Performance Commercial cloud annualized revenue run rate now exceeds $8 billion; Computing and Gaming Hardware, including Xbox and Surface, deliver

More information

LENOVO 1 ST QUARTER FY15-16: TOUGH MARKETS, SOLID RESULTS

LENOVO 1 ST QUARTER FY15-16: TOUGH MARKETS, SOLID RESULTS LENOVO 1 ST QUARTER FY15-16: TOUGH MARKETS, SOLID RESULTS Decisive actions being taken to meet challenges and accelerate business transformation Revenue was US$10.7 billion, up 3 percent; excluding foreign

More information

*See note 4 to our Summary Financial Information table below concerning our current operational and reporting structure

*See note 4 to our Summary Financial Information table below concerning our current operational and reporting structure INTERIM REPORT 1(39) Nokia Corporation Interim Report for Q1 2014 FINANCIAL AND OPERATING HIGHLIGHTS First quarter 2014 highlights for continuing operations*: Nokia s non-ifrs diluted EPS in Q1 2014 of

More information

BlackBerry Reports 2015 Fiscal First Quarter GAAP Profitability

BlackBerry Reports 2015 Fiscal First Quarter GAAP Profitability NEWS RELEASE FOR IMMEDIATE RELEASE June 19, BlackBerry Reports 2015 Fiscal First Quarter GAAP Profitability Waterloo, ON BlackBerry Limited (NASDAQ: BBRY; TSX: BB), a global leader in mobile communications,

More information

Herzogenaurach, Germany, July 27, 2004 PUMA AG announces its consolidated nd

Herzogenaurach, Germany, July 27, 2004 PUMA AG announces its consolidated nd P Quarter P Half-Year For immediate release MEDIA CONTACT: INVESTOR CONTACT: U.S.A.: Lisa Beachy, Tel. +1 617 488 2945 Europe: Ulf Santjer, Tel. +49 9132 81 2489 Dieter Bock, Tel. +49 9132 81 2261 Herzogenaurach,

More information

Mobile Phones - US. Euromonitor International : Country Sector Briefing

Mobile Phones - US. Euromonitor International : Country Sector Briefing - Euromonitor International : Country Sector Briefing July 2010 List of Contents and Tables Headlines... 1 Trends... 1 Competitive Landscape... 2 Prospects... 3 Category Data... 4 Table 1 Sales of Mobile

More information

Market Capitalization $554.4 Billion. Source: S&P Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years

Market Capitalization $554.4 Billion. Source: S&P Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY January 27, 2016 BUY RATING SINCE 04/13/2009 TARGET PRICE $118.50 BUSINESS DESCRIPTION Apple Inc. designs, manufactures, and markets mobile communication

More information

Statement of Morgan Reed. Executive Director. The Association for Competitive Technology

Statement of Morgan Reed. Executive Director. The Association for Competitive Technology Statement of Morgan Reed Executive Director The Association for Competitive Technology Testimony before the House Committee on the Judiciary, Subcommittee on Courts and Competition Policy Competition in

More information

F-Secure Corporation - Interim report Q3 2011

F-Secure Corporation - Interim report Q3 2011 F-Secure Corporation - Interim report Q3 2011 (Unaudited) October 26, 2011 Kimmo Alkio, President & CEO Protecting the irreplaceable f-secure.com Q3 highlights Good financial performance Total revenues

More information

SolarCity Corporation

SolarCity Corporation : 2/07/2014 Sector: Technology SolarCity Corporation Ticker: SCTY Current Price: $78.50 Recommendation: Outperform Implied Price: $94.78 Key Statistics 52 Week Price Range 50-Day Moving Average $88.35

More information

Neutral Tandem Inc. UNIVERSITY OF OREGON INVESTMENT GROUP RECOMMENDATION: HOLD. December 03, 2010

Neutral Tandem Inc. UNIVERSITY OF OREGON INVESTMENT GROUP RECOMMENDATION: HOLD. December 03, 2010 UNIVERSITY OF OREGON INVESTMENT GROUP December 03, 2010 Technology Neutral Tandem Inc. RECOMMENDATION: HOLD Stock Data Price (52 weeks) $9.87 $14.79 Symbol/Exchange TNDM / NASDAQ Beta.95 Shares Outstanding

More information

TomTom reports first quarter 2012 results

TomTom reports first quarter 2012 results De Ruyterkade 154 1011 AC Amsterdam, The Netherlands corporate.tomtom.com ir@tomtom.com 25 April 2012 TomTom reports first quarter 2012 results Financial headlines - Group revenue of 233 million - Content

More information

Consolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards]

Consolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards] The figures for these Financial Statements are prepared in accordance with the accounting principles based on Japanese law. Accordingly, they do not necessarily match the figures in the Annual Report issued

More information

Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3

Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Siddharth Rajeev, B.Tech, MBA, CFA Analyst November 5, 2015 Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Sector/Industry: E-commerce Market Data (as of November 5, 2015) Current Price $1.15 Fair

More information

COMPANY PROFILE. My recommendation for Paychex is a Buy/Hold.

COMPANY PROFILE. My recommendation for Paychex is a Buy/Hold. Ticker: Sector: PAYX Information Technology Industry: Data Processing & Outsourcing Recommendation: Buy/Hold Pricing Closing Price $27.60 52-wk High $32.88 52-wk Low $24.65 Market Data Market Cap $9.97B

More information

The Tablet Revolution: A Report on Tablet Usage, Tablet Conversation Analysis & How Tablet Users Interact with Search Ads

The Tablet Revolution: A Report on Tablet Usage, Tablet Conversation Analysis & How Tablet Users Interact with Search Ads The Tablet Revolution: A Report on Tablet Usage, Tablet Conversation Analysis & How Tablet Users Interact with Search Ads RISE OF THE TABLET According to Gartner, tablets have sold faster than any other

More information

650-527-5152 650-527-6273 SYMANTEC REPORTS FIRST QUARTER FISCAL YEAR 2016 RESULTS

650-527-5152 650-527-6273 SYMANTEC REPORTS FIRST QUARTER FISCAL YEAR 2016 RESULTS FOR IMMEDIATE RELEASE MEDIA CONTACT: INVESTOR CONTACT: Kristen Batch Sean Hazlett Symantec Corp. Symantec Corp. 650-527-5152 650-527-6273 kristen_batch@symantec.com sean_hazlett@symantec.com SYMANTEC REPORTS

More information

FOSSIL GROUP, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 RESULTS; Fourth Quarter Net Sales of $1.065 Billion; Diluted EPS Increases 12% to $3.

FOSSIL GROUP, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 RESULTS; Fourth Quarter Net Sales of $1.065 Billion; Diluted EPS Increases 12% to $3. FOSSIL GROUP, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 RESULTS; Fourth Quarter Net Sales of $1.065 Billion; Diluted EPS Increases 12% to $3.00 Fiscal Year 2014 Net Sales Increase 8% to $3.510 Billion;

More information

RESEARCH IN MOTION REPORTS YEAR-END AND FOURTH QUARTER RESULTS FOR FISCAL 2012

RESEARCH IN MOTION REPORTS YEAR-END AND FOURTH QUARTER RESULTS FOR FISCAL 2012 FOR IMMEDIATE RELEASE March 29, 2012 RESEARCH IN MOTION REPORTS YEAR-END AND FOURTH QUARTER RESULTS FOR FISCAL 2012 Waterloo, ON Research In Motion Limited (RIM) (Nasdaq: RIMM; TSX: RIM), a world leader

More information

TiVo Incorporated (tivo) Memo

TiVo Incorporated (tivo) Memo Name: Vivek Vakil College/School: Commerce Year: 3rd Important Company Financial Data Current Stock Price $10.02 10-Day AVG. Volume 10.7 Million Market Cap $1.2 Billion 52 Week High $18.93 P/E N/A 52 Week

More information

Apps Across America. ACT The App Association. The Economics and Ecosystem of the Mobile App Market. July 18, 2012. 202.331.

Apps Across America. ACT The App Association. The Economics and Ecosystem of the Mobile App Market. July 18, 2012. 202.331. Apps Across America The Economics and Ecosystem of the Mobile App Market July 18, 2012 ACT The App Association 1401 K Street NW Suite 502 Washington, DC 20005 202.331.2130 @ACTonline ACTonline.org /actonline

More information

Market Capitalization $721.6 Billion. Source: S&P Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years

Market Capitalization $721.6 Billion. Source: S&P Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY May 10, 2015 BUY RATING SINCE 04/13/2009 TARGET PRICE $164.40 BUSINESS DESCRIPTION Apple Inc. designs, manufactures, and markets mobile communication

More information

Mobile Advertising Marketplace Report

Mobile Advertising Marketplace Report Mobile Advertising Marketplace Report Q1 2013 Executive Summary At the end of Q1 2013 there was greater momentum and demand than at the end of Q4 2012. Improved insights into users mobile behavior and

More information

Cell Phone Operating Systems

Cell Phone Operating Systems Cell Phone Operating Systems The first smartphone was the IBM Simon and was designed in 1992. The phone themselves have changed. The most important changes are in the Operating System (OS) Operating Systems

More information

South Korea Information and Communication Industry

South Korea Information and Communication Industry South Korea Information and Communication Industry Compiled by: Swiss Business Hub Korea Seoul, August 2011 Korea s ICT industry is divided into the ICT equipment, telecommunications services and software

More information

Second Quarter Results of Operations

Second Quarter Results of Operations PRESS RELEASE Besi Posts Strong Q2 and H1-15 Results. Significant Expansion of Net Cash Position vs. 14 Duiven, the Netherlands, July 23, - BE Semiconductor Industries N.V. (the Company" or "Besi") (Euronext

More information

Intel Reports Second-Quarter Results

Intel Reports Second-Quarter Results Intel Corporation 2200 Mission College Blvd. Santa Clara, CA 95054-1549 CONTACTS: Mark Henninger Amy Kircos Investor Relations Media Relations 408-653-9944 480-552-8803 mark.h.henninger@intel.com amy.kircos@intel.com

More information

RESEARCH IN MOTION REPORTS YEAR-END AND FOURTH QUARTER RESULTS FOR FISCAL 2010

RESEARCH IN MOTION REPORTS YEAR-END AND FOURTH QUARTER RESULTS FOR FISCAL 2010 FOR IMMEDIATE RELEASE March 31, 2010 RESEARCH IN MOTION REPORTS YEAR-END AND FOURTH QUARTER RESULTS FOR FISCAL 2010 Waterloo, ON Research In Motion Limited (RIM) (Nasdaq: RIMM; TSX: RIM), a world leader

More information

AT&T Investor Update. 2Q12 Earnings Conference Call July 24, 2012

AT&T Investor Update. 2Q12 Earnings Conference Call July 24, 2012 AT&T Investor Update Earnings Conference Call July 24, 2012 2012 AT&T Intellectual Property. All rights reserved. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual

More information

BLACKBERRY REPORTS THIRD QUARTER RESULTS FOR FISCAL 2014

BLACKBERRY REPORTS THIRD QUARTER RESULTS FOR FISCAL 2014 NEWS RELEASE FOR IMMEDIATE RELEASE December 20, 2013 BLACKBERRY REPORTS THIRD QUARTER RESULTS FOR FISCAL 2014 Waterloo, ON BlackBerry Limited (NASDAQ: BBRY; TSX: BB), a global leader in wireless innovation,

More information

Forward Looking Statement

Forward Looking Statement Forward Looking Statement This presentation contains forward-looking statements which are statements that refer to expectations and plans for the future and include, without limitation, statements regarding

More information

How Apple s Corporate Strategy Drives High Growth. Blue Ocean Strategic Moves from ipod to ipad

How Apple s Corporate Strategy Drives High Growth. Blue Ocean Strategic Moves from ipod to ipad How Apple s Corporate Strategy Drives High Growth Blue Ocean Strategic Moves from ipod to ipad 1996 the Apple debacle Market Cap (US $ billion, 06/02/2011) Walmart GE Oracle IBM Google Microso6 Apple Exxon

More information

EMC 2 (EMC) Analyst: Saheb Saini Fall 2013. Recommendation: SELL Target Price until (06/30/2015): $24.51

EMC 2 (EMC) Analyst: Saheb Saini Fall 2013. Recommendation: SELL Target Price until (06/30/2015): $24.51 Recommendation: SELL Target Price until (06/30/2015): $24.51 1. Reason for Recommendation: Over the past three years, EMC has recorded higher revenue growth each year, and this will likely continue in

More information

Forward Looking Statement

Forward Looking Statement Forward Looking Statement This presentation contains forward-looking statements which are statements that refer to expectations and plans for the future and include, without limitation, statements regarding

More information

Net income in the second quarter was 1.281 billion, compared to 538 million in the previous quarter and 578 million in the same quarter a year ago.

Net income in the second quarter was 1.281 billion, compared to 538 million in the previous quarter and 578 million in the same quarter a year ago. Press Presse Prensa For the business and financial press Munich/Erfurt, April 25, 2002 Siemens in the second quarter (January 1 to March 31) of fiscal 2002 Net income in the second quarter was 1.281 billion,

More information

Nokia Conference Call Third Quarter 2004 Financial Results. Jorma Ollila Chairman and CEO Rick Simonson Senior Vice President and CFO

Nokia Conference Call Third Quarter 2004 Financial Results. Jorma Ollila Chairman and CEO Rick Simonson Senior Vice President and CFO Nokia Conference Call Third Quarter 2004 Financial Results Jorma Ollila Chairman and CEO Rick Simonson Senior Vice President and CFO Ulla James Vice President, Investor Relations October 14, 2004 15.00

More information

Financial Translation. Pierre Courduroux Senior Vice President and Chief Financial Officer

Financial Translation. Pierre Courduroux Senior Vice President and Chief Financial Officer Financial Translation Pierre Courduroux Senior Vice President and Chief Financial Officer Forward-Looking Statements Certain statements contained in this presentation are forward-looking statements, such

More information

Microsoft Cloud Strength Highlights Second Quarter Results

Microsoft Cloud Strength Highlights Second Quarter Results Microsoft Cloud Strength Highlights Second Quarter Results Commercial cloud annualized revenue run rate exceeds $9.4 billion; Windows 10 active on over 200 million devices REDMOND, Wash. January 28, 2016

More information

Project Cash Flows. IAG PUC-Rio. Disney - Pinocchio. Disney - Pinocchio. Disney executives were analyzing the release of Pinocchio in video format.

Project Cash Flows. IAG PUC-Rio. Disney - Pinocchio. Disney - Pinocchio. Disney executives were analyzing the release of Pinocchio in video format. IAG PUC-Rio Project Cash Flows 1984 Disney executives were analyzing the release of Pinocchio in video format. Prof. Luiz Brandão 2015 2 BRANDÃO Disney - Pinocchio First released in 1939, Pinocchio was

More information

COMPANY CONTACTS: Jay S. Hennick Founder & CEO. D. Scott Patterson President & COO (416) 960-9500

COMPANY CONTACTS: Jay S. Hennick Founder & CEO. D. Scott Patterson President & COO (416) 960-9500 COMPANY CONTACTS: Jay S. Hennick Founder & CEO D. Scott Patterson President & COO John B. Friedrichsen Senior Vice President & CFO (416) 960-9500 FOR IMMEDIATE RELEASE FirstService Reports Record Fourth

More information

TripAdvisor Reports Fourth Quarter and Full Year 2013 Financial Results

TripAdvisor Reports Fourth Quarter and Full Year 2013 Financial Results TripAdvisor Reports Fourth Quarter and Full Year 2013 Financial Results NEWTON, MA, February 11, 2014 -- TripAdvisor, Inc. (NASDAQ: TRIP), the world s largest travel website*, today announced financial

More information

ADP REPORTS FOURTH QUARTER AND FISCAL 2011 RESULTS; PROVIDES FISCAL 2012 GUIDANCE

ADP REPORTS FOURTH QUARTER AND FISCAL 2011 RESULTS; PROVIDES FISCAL 2012 GUIDANCE FOR IMMEDIATE RELEASE ADP REPORTS FOURTH QUARTER AND FISCAL 2011 RESULTS; PROVIDES FISCAL 2012 GUIDANCE For the Year, Revenues Rise 11%, 6% Organic; EPS from Continuing Operations up 6% (excluding certain

More information

Mobile Device Management and Security Glossary

Mobile Device Management and Security Glossary Mobile Device Management and Security Glossary February, 2011 MOBILE OS ActiveSync Exchange ActiveSync (EAS) is a Microsoft technology that allows mobile users to access their Microsoft Exchange mailboxes

More information

RESEARCH IN MOTION REPORTS SECOND QUARTER RESULTS

RESEARCH IN MOTION REPORTS SECOND QUARTER RESULTS FOR IMMEDIATE RELEASE September 16, RESEARCH IN MOTION REPORTS SECOND QUARTER RESULTS Waterloo, ON Research In Motion Limited (RIM) (Nasdaq: RIMM; TSX: RIM), a world leader in the mobile communications

More information

Strength in Microsoft Cloud Highlights Q3 Results

Strength in Microsoft Cloud Highlights Q3 Results Strength in Microsoft Cloud Highlights Q3 Results Increasing usage of Microsoft Azure, Office 365, Bing and Xbox Live contributes to Q3 growth REDMOND, Wash. April 23, 2015 Microsoft Corp. today announced

More information

Report on App, Platform and Device Preferences from the Leader in Secure Mobility

Report on App, Platform and Device Preferences from the Leader in Secure Mobility RESEARCH REPORT GOOD TECHNOLOGY TM MOBILITY INDEX REPORT Q3 2014 Report on App, Platform and Device Preferences from the Leader in Secure Mobility This report is part of the Good Technology TM Mobility

More information

Mobile Devices. & Behaviour. How devices and operating systems influence the mcommerce journey. tradedoubler.com

Mobile Devices. & Behaviour. How devices and operating systems influence the mcommerce journey. tradedoubler.com Mobile Devices & Behaviour How devices and operating systems influence the mcommerce journey Know your phone: the key to effective mobile commerce Mobile consumers are not created equal. If advertisers

More information

Klöckner & Co SE. Q3 2014 Results

Klöckner & Co SE. Q3 2014 Results Klöckner & Co SE A Leading Multi Metal Distributor Gisbert Rühl CEO Q3 2014 Results Press Telephone Conference November 6, 2014 Disclaimer This presentation contains forward-looking statements which reflect

More information

W.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9

W.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9 W.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9 News Release GRAINGER REPORTS RESULTS FOR THE 2015 FIRST QUARTER Revises 2015 Guidance Quarterly Summary Sales of $2.4 billion, up 2 percent Operating

More information

I am Takeshi Okazaki, Group Senior Vice President and CFO at Fast Retailing.

I am Takeshi Okazaki, Group Senior Vice President and CFO at Fast Retailing. I am Takeshi Okazaki, Group Senior Vice President and CFO at Fast Retailing. I would like to run through Fast Retailing Group s business performance over the full business year through end August 2013,

More information

Getting Started with iphone SDK, Android and others: Mobile Application Development Create your Mobile Applications Best Practices Guide

Getting Started with iphone SDK, Android and others: Mobile Application Development Create your Mobile Applications Best Practices Guide Getting Started with iphone SDK, Android and others: Mobile Application Development Create your Mobile Applications Best Practices Guide Copyright 2008 Mobile Application Development 100 Success Secrets

More information

BlackBerry Reports Strong Software Revenue and Positive Cash Flow for the Fiscal 2016 First Quarter

BlackBerry Reports Strong Software Revenue and Positive Cash Flow for the Fiscal 2016 First Quarter FOR IMMEDIATE RELEASE June 23, BlackBerry Reports Strong Software Revenue and Positive Cash Flow for the Fiscal 2016 First Quarter Waterloo, ON BlackBerry Limited (NASDAQ: BBRY; TSX: BB), a global leader

More information

An insight report by Kantar Worldpanel ComTech THE SMARTPHONE PURCHASE EXPERIENCE

An insight report by Kantar Worldpanel ComTech THE SMARTPHONE PURCHASE EXPERIENCE An insight report by Kantar Worldpanel ComTech THE SMARTPHONE PURCHASE EXPERIENCE THE SMARTPHONE PURCHASE EXPERIENCE Introduction As the smartphone market heads towards maturity across the globe, future

More information

Sell. Ticker: VZ. Sector: Technology. Industry: Telecommunications. Recommendation: Sell. Data

Sell. Ticker: VZ. Sector: Technology. Industry: Telecommunications. Recommendation: Sell. Data Ticker: VZ Sector: Technology Industry: Telecommunications Recommendation: Sell Data Price: 28.93 (2.14.10) 52-wk high: 34.13 52-wk low: 26.10 Market Cap: 82.05 Billion Avg. Trading Volume: 22.77 M EPS

More information

China Telecom Corporation Limited. Edited Transcript of 2012 Annual Results Analyst Presentation

China Telecom Corporation Limited. Edited Transcript of 2012 Annual Results Analyst Presentation China Telecom Corporation Limited Edited Transcript of 2012 Annual Results Analyst Presentation Speaker: Mr. Wang Xiaochu, Chairman and CEO Good afternoon, ladies and gentlemen. I am very pleased to meet

More information

I would like to introduce Mr. Gary Lai, IR Officer. Gary, you may begin.

I would like to introduce Mr. Gary Lai, IR Officer. Gary, you may begin. Operator: Welcome everyone to 4Q10 conference call. All lines have been placed on mute to prevent background noise. After the presentation, there will be a question and answer session. Please follow the

More information

CANON REPORTS RESULTS FOR FISCAL 1999

CANON REPORTS RESULTS FOR FISCAL 1999 February 14, 2000 CANON REPORTS RESULTS FOR FISCAL 1999 1. CONSOLIDATED RESULTS Millions of yen (except per share amounts) Actual Projected 1999 1998 Change(%) 2000 Change(%) Net sales 2,622,265 2,826,269-7.2

More information

Introduction. Now, I ll turn the call over to Mark Loughridge.

Introduction. Now, I ll turn the call over to Mark Loughridge. Introduction Thank you. This is Patricia Murphy, Vice President of Investor Relations for IBM. I m here with Mark Loughridge, IBM s Senior Vice President and CFO, Finance and Enterprise Transformation.

More information

Hosted Desktop for Business

Hosted Desktop for Business Your complete guide to Hosted Desktop Hosted Desktop for Business 1 Doc V1.0 Jan 2014 Table of Contents Hosted Desk- 3 Hosted Desktops today... 4 What is a hosted desktop? 4 How does it work? 6 How easy

More information

Performant Financial Corporation

Performant Financial Corporation Financial Performant Financial Corporation Ticker: PFMT Current Price: $8.73 Recommendation: Hold Price Target: $9.59 Investment Thesis Key Statistics 52 Week Price Range $7.11-$12.47 5-Day Moving Average

More information

Net Sales. Cost of Sales, Selling, General & Administrative Expenses, and Operating Income

Net Sales. Cost of Sales, Selling, General & Administrative Expenses, and Operating Income Net Sales In the fiscal year ending March 31, 2002 (fiscal 2001), the Fujitsu Group faced a difficult global economic environment, with the impact of the slowdown in the U.S. economy reverberating throughout

More information

An insight report by Kantar Worldpanel Comtech MOBILE TRENDS THAT MATTER TOMORROW

An insight report by Kantar Worldpanel Comtech MOBILE TRENDS THAT MATTER TOMORROW An insight report by Kantar Worldpanel Comtech MOBILE TRENDS THAT MATTER TOMORROW A GLANCE BACK AT 2013 AND WHAT THE YEAR AHEAD MAY BRING 2013 was a year of significant change for the global mobile industry.

More information