14.08.

2013

Company Analysis - Overview

Ticker:

Apple Inc

AAPL UQ

NASDAQ GS: AAPL, Currency: USD

Currency:
Sector: Information Technology

Industry: Computers & Peripherals

Year:

Telephone
1-408-996-1010
Revenue (M)
Website
www.apple.com
No of Employees
Address
1 Infinite Loop Cupertino, CA 95014 United States
Share Price Performance in USD
Price
489.57
1M Return
52 Week High
688.66
6M Return
52 Week Low
380.06
52 Wk Return
52 Wk Beta
1.14
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

156'508
72'800
15.5%
6.3%
-20.6%
-6.4%

IG4
AA+
Aa1
-

Date
Date
Date

9/09
20.1x
11.1x
10.4x
3.8x
5.2x
0.0%

9/10
19.3x
11.8x
11.2x
4.1x
5.6x
0.0%

9/11
14.6x
8.7x
8.3x
3.5x
4.9x
0.0%

9/12
15.1x
9.1x
8.6x
4.0x
5.3x
0.4%

9/13E
12.5x
5.8x
2.6x
3.5x
2.3%

9/14E
11.6x
5.5x
2.5x
3.1x
2.6%

9/15E
10.7x
5.2x
2.3x
2.6x
2.8%

9/09
Gross Margin
40.1
EBITDA Margin
29.1
Operating Margin
27.4
Profit Margin
19.2
Return on Assets
19.7
Return on Equity
30.5
Leverage and Coverage Ratios
9/09
Current Ratio
2.7
Quick Ratio
2.3
EBIT/Interest
Tot Debt/Capital
0.0
Tot Debt/Equity
0.0
Eff Tax Rate %
31.8

9/10
39.4
29.8
28.2
21.5
22.8
35.3

9/11
40.5
32.9
31.2
23.9
27.1
41.7

9/12
43.9
37.4
35.3
26.7
28.5
42.8

9/13E
37.6
32.1
28.5
21.5
18.8
31.0

9/14E
37.0
31.8
27.9
21.0
17.5
28.4

9/15E
35.7
31.2
27.2
19.9
17.5
26.2

9/10
2.0
1.5
0.0
0.0
24.4

9/11
1.6
1.1
0.0
0.0
24.2

9/12
1.5
1.0
0.0
0.0
25.2

23.04.2013
31.03.2004
-

Outlook
Outlook
Outlook

Business Segments in USD

iPhone
iPad
Macintosh
iTunes/Software/Services
iPod
Accessories
Software, service, and other sales

Sales (M)
78692
30945
23221
12890
5615
5145

Geographic Segments in USD

Americas
Europe
Asia-Pacific (Australia & Asia)
Retail (U.S., Canada, Japan, U.K.)
Japan

Sales (M)
57512
36323
33274
18828
10571

7%

4% 3%

STABLE
STABLE
-

Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %

Apple Inc. designs, manufactures, and markets personal computers and related
personal computing and mobile communication devices along with a variety of related
software, services, peripherals, and networking solutions. The Company sells its
products worldwide through its online stores, its retail stores, its direct sales force,
third-party wholesalers, and resellers.

Benchmark:
S&P 500 INDEX (SPX)

8%

12%
37%

15%
50%
21%

20%

23%
iPhone
iPad
Macintosh

Americas
Europe

iTunes/Software/Services

Asia-Pacific (Australia & Asia)

iPod

Retail (U.S., Canada, Japan, U.K.)

Accessories

Japan

Current Capitalization in USD

Common Shares Outstanding (M)
Market Capitalization (M)
Cash and ST Investments (M)
Total Debt (M)
Preferred Equity (M)
LT Investments in Affiliate Companies (M)
Investments (M)
Enterprise Value (M)

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

939.2
444772.9
146620.0
16958.0
0.0
0.0
0.0
315110.9

Company Analysis - Analysts Ratings

Apple Inc

100%

4%
11%

3%
10%

3%
10%

3%
10%

5%

3%

3%

5%

11%

17%

17%

16%

900

4%

4%

4%

5%

18%

21%

21%

18%

800

80%

700
600

60%

40%

500
86%

87%

87%

87%

84%

400
80%

80%

80%

78%

75%

75%

77%

300
200

20%

100
0%

0
aot.12

sept.12

oct.12

nov.12

dc.12

Buy

janv.13

Hold

fvr.13

Sell

Date

Buy

Hold

Sell

31-Jul-13
28-Jun-13
31-May-13
30-Apr-13
29-Mar-13
28-Feb-13
31-Jan-13
31-Dec-12
30-Nov-12
31-Oct-12
28-Sep-12
31-Aug-12

77%
75%
75%
78%
80%
80%
80%
84%
87%
87%
87%
86%

18%
21%
21%
18%
16%
17%
17%
11%
10%
10%
10%
11%

5%
4%
4%
4%
5%
3%
3%
5%
3%
3%
3%
4%

mars.13

Price

avr.13

mai.13

juin.13

juil.13

Target Price

Date
14-Aug-13
13-Aug-13
12-Aug-13
9-Aug-13
8-Aug-13
7-Aug-13
6-Aug-13
5-Aug-13
2-Aug-13
1-Aug-13
31-Jul-13
30-Jul-13
29-Jul-13
26-Jul-13
25-Jul-13
24-Jul-13
23-Jul-13
22-Jul-13
19-Jul-13
18-Jul-13
17-Jul-13
16-Jul-13
15-Jul-13
12-Jul-13
11-Jul-13
10-Jul-13
9-Jul-13
8-Jul-13
5-Jul-13
4-Jul-13

Brokers' Target Price

800
700
600
500
400
300
200
100
0
S&P Capital IQ
Needham & Co
Sanford C. Bernstein & Co
ISI Group
Wells Fargo Securities, LLC
Piper Jaffray
Barclays
Susquehanna Financial Group
ACI Research
Cross Research
EVA Dimensions
Jefferies
Avondale Partners LLC
Nomura
Edward Jones
Raymond James
Daiwa Securities Co. Ltd.
Canaccord Genuity Corp
Stifel
Evercore Partners
Lazard Capital Markets
Morgan Stanley
BMO Capital Markets
Societe Generale
Deutsche Bank
ABG Sundal Collier
Goldman Sachs
RBC Capital Markets
Argus Research Corp
Credit Suisse
Hilliard Lyons
JPMorgan
Janney Montgomery Scott LLC
Ameriprise Advisor Services,
Pacific Crest Securities
Robert W. Baird & Co
William Blair & Co
FBR Capital Markets
Independent Research GmbH
Hamburger Sparkasse
Oppenheimer & Co
BGC Partners
Mizuho Securities USA Inc
Cowen and Company
JMP Securities
Atlantic Equities LLP
Telsey Advisory Group
Wedge Partners
Scotia Capital
BTIG LLC
Exane BNP Paribas
FBN Securities
Berenberg Bank
Monness, Crespi, Hardt & Co
Oracle Investment Research
Accountability Research Corp
UBS
Creative Global Investments
Tigress Financial Partners
IBT Securities Co Ltd
Hudson Square Research
Makor Capital
Jih Sun Securities
Phillip Securities

Buy and Sell Recommendations vs Price and Target Price

Price

Broker Recommendation

Target price in USD

Price Target Price

Broker

Analyst

489.57
489.57
467.36
454.45
461.01
461.93
462.20
466.37
459.51
453.76
449.53
450.35
444.85
438.10
435.62
437.72
416.24
423.51
422.21
428.86
427.49
427.47
424.64
423.71
424.44
417.97
419.35
412.33
414.68
418.04

S&P Capital IQ
Needham & Co
Sanford C. Bernstein & Co
ISI Group
Wells Fargo Securities, LLC
Piper Jaffray
Barclays
Susquehanna Financial Group
ACI Research
Cross Research
EVA Dimensions
Jefferies
Avondale Partners LLC
Nomura
Edward Jones
Raymond James
Daiwa Securities Co. Ltd.
Canaccord Genuity Corp
Stifel
Evercore Partners
Lazard Capital Markets
Morgan Stanley
BMO Capital Markets
Societe Generale
Deutsche Bank
ABG Sundal Collier
Goldman Sachs
RBC Capital Markets
Argus Research Corp
Credit Suisse

SCOTT H KESSLER
CHARLES WOLF
TONI SACCONAGHI
BRIAN MARSHALL
MAYNARD UM
EUGENE E MUNSTER
BENJAMIN A REITZES
CHRISTOPHER CASO
EDWARD A ZABITSKY
SHANNON S CROSS
ANDREW S ZAMFOTIS
PETER J MISEK
JOHN F BRIGHT
STUART JEFFREY
WILLIAM C KREHER
TAVIS C MCCOURT
YOKO YAMADA
T MICHAEL WALKLEY
AARON C RAKERS
ROBERT CIHRA
EDWARD PARKER
KATHRYN HUBERTY
KEITH F BACHMAN
ANDY PERKINS
CHRISTOPHER WHITMORE
PER LINDBERG
WILLIAM C SHOPE JR
AMIT DARYANANI
JAMES KELLEHER
KULBINDER GARCHA

517.83
517.83
517.83
520.33
520.33
520.33
520.33
528.15
533.76
533.76
532.78
532.35
532.35
532.35
532.62
529.86
529.35
528.39
527.27
527.27
527.27
531.41
531.41
531.41
531.41
531.41
531.41
531.71
531.71
531.71

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Recommendation
strong buy
buy
outperform
strong buy
outperform
overweight
overweight
neutral
short sell
buy
overweight
hold
market outperform
neutral
hold
strong buy
neutral
buy
buy
overweight
buy
Overwt/In-Line
outperform
buy
buy
hold
Buy/Cautious
outperform
buy
outperform

Target

Date

550.00
595.00
600.00
600.00

13-Aug-13
12-Aug-13
12-Aug-13
12-Aug-13
12-Aug-13
12-Aug-13
7-Aug-13
6-Aug-13
5-Aug-13
4-Aug-13
3-Aug-13
2-Aug-13
2-Aug-13
1-Aug-13
31-Jul-13
31-Jul-13
31-Jul-13
30-Jul-13
29-Jul-13
29-Jul-13
29-Jul-13
28-Jul-13
24-Jul-13
24-Jul-13
24-Jul-13
24-Jul-13
24-Jul-13
24-Jul-13
24-Jul-13
24-Jul-13

655.00
525.00
440.00
270.00
540.00
450.00
600.00
420.00
600.00
475.00
530.00
540.00
550.00
500.00
540.00
480.00
500.00
480.00
400.00
530.00
475.00
540.00
525.00

14.08.2013

Apple Inc

Company Analysis - Ownership

Ownership Type

Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership

939.2
100.0%
21.0
2.24%
2.00
66.62%
33.33%
0.05%

33%

67%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in USD

Top 20 Owners:
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
NORTHERN TRUST CORPO
INVESCO LTD
BANK OF NEW YORK MEL
T ROWE PRICE ASSOCIA
JANUS CAPITAL MANAGE
JP MORGAN
GOLDMAN SACHS GROUP
SUSQUEHANNA INTERNAT
UBS
NORGES BANK
MORGAN STANLEY
TIAA CREF INVESTMENT
CAPITAL GROUP COMPAN
BANK OF AMERICA CORP
GEODE CAPITAL MANAGE
WELLS FARGO

Geographic Ownership

Geographic Ownership Distribution

0%

United States
Britain
Canada
Germany
Japan
Switzerland
Norway
Others

83.18%
4.20%
2.33%
1.72%
1.61%
1.51%
1.30%
4.15%

Institutional Ownership Distribution

Investment Advisor
Hedge Fund Manager
Pension Fund (Erisa)
Bank
Others

86.45%
4.25%
4.06%
2.08%
3.16%

2%
2%

2%

2% 1% 4%

4%

83%

United States

Britain

Canada

Germany

Japan

Switzerland

Norway

Others

TOP 20 ALL

Position
47'052'241
44'504'335
37'673'595
34'747'682
13'976'334
12'585'656
12'372'947
11'659'713
10'717'061
10'113'111
8'808'076
8'667'987
8'229'329
7'531'087
7'243'095
6'616'945
6'599'619
6'577'462
6'507'309
6'213'321

Position Change
-2'232'575
1'256'511
119'542
-6'409'599
127'619
-283'191
-189'644
-11'939'192
562'009
-3'639'890
2'446'421
-3'391'234
-392'363
0
149'878
-702'827
-1'050'711
1'630'609
149'259
-737'726

Market Value
23'035'365'626
21'787'987'286
18'443'861'904
17'011'422'677
6'842'393'836
6'161'559'608
6'057'423'663
5'708'245'693
5'246'751'554
4'951'075'752
4'312'169'767
4'243'586'396
4'028'832'599
3'686'994'263
3'546'002'019
3'239'457'764
3'230'975'474
3'220'128'071
3'185'783'267
3'041'855'562

% of Ownership
5.18%
4.90%
4.15%
3.82%
1.54%
1.39%
1.36%
1.28%
1.18%
1.11%
0.97%
0.95%
0.91%
0.83%
0.80%
0.73%
0.73%
0.72%
0.72%
0.68%

Report Date

Holder Name

Position

Position Change

Market Value

% of Ownership

Report Date

LEVINSON ARTHUR D
GORE JR ALBERT ARNOLD
COOK TIMOTHY DONALD
MANSFIELD ROBERT J
SCHILLER PHILIP W

164'199
61'961
52'467
49'543
37'558

387
387
38'609
13'949
37'172

80'386'904
30'334'247
25'686'269
24'254'767
18'387'270

12.08.2013
30.06.2013
13.08.2013
31.03.2013
30.06.2013
13.08.2013
30.06.2013
31.03.2013
31.03.2013
30.06.2013
31.03.2013
30.06.2013
31.07.2013
31.12.2012
30.06.2013
30.06.2013
30.06.2013
31.03.2013
31.03.2013
30.06.2013

Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG

01.02.2013
01.02.2013
21.06.2013
21.06.2013
21.06.2013

Form 4
Form 4
Form 4
Form 4
Form 4

Top 5 Insiders:

0.02%
0.01%
0.01%
0.01%
0.00%

Source

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Institutional Ownership

Country
UNITED STATES
UNITED STATES
UNITED STATES
BRITAIN
UNITED STATES

2%
4%

3%

4%

UNITED STATES
UNITED STATES
UNITED STATES

87%

UNITED STATES
UNITED STATES
NORWAY
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES

Investment Advisor

Hedge Fund Manager

Bank

Others

Pension Fund (Erisa)

Company Analysis - Financials I/IV

Apple Inc
Financial information is in USD (M)
Periodicity:

Fiscal Year

Equivalent Estimates
9/02

9/03

9/04

9/05

9/06

9/07

9/08

9/09

9/10

9/11

9/12

9/13E

9/14E

9/15E

Revenue
- Cost of Goods Sold

5'742
4'139

6'207
4'499

8'279
6'020

13'931
9'889

19'315
13'717

24'578
16'426

37'491
24'294

42'905
25'683

65'225
39'541

108'249
64'431

156'508
87'846

169'615

180'397

193'586

Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)

1'603
1'557
446

1'708
1'683
471

2'259
1'910
489

4'042
2'399
535

5'598
3'145
712

8'152
3'745
782

13'197
4'870
1'109

17'222
5'482
1'333

25'684
7'299
1'782

43'818
10'028
2'429

68'662
13'421
3'381

63'699

66'770

69'093

46
11

25
8

2'453
0
0
-365

4'407
0
0
-599

8'327
0
0
-620

11'740
0
0
-326

18'385
0
0
-155

33'790
0
0
-415

55'241
0
0
-522

50'347

52'704

-75

1'643
0
0
-165

48'319

-52

349
3
0
-37

Pretax Income
- Income Tax Expense

87
22

92
24

383
107

1'808
480

2'818
829

5'006
1'511

8'947
2'828

12'066
3'831

18'540
4'527

34'205
8'283

55'763
14'030

49'460

51'038

52'067

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests

65

68
-1

276
0
0

1'328
0
0

1'989
0
0

3'495
0
0

6'119
0
0

8'235
0
0

14'013
0
0

25'922
0
0

41'733
0
0

36'514
39.08
11.45
0.29

37'844
42.22
12.61
0.30

38'461
45.84
13.57
0.30

54'479

57'315

60'391

Income Statement

Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)

Diluted EPS Before XO Items

0.09

0.10

0.36

1.55

2.27

3.93

6.78

9.08

15.15

27.68

44.15

Net Income Adjusted*

EPS Adjusted
Dividends Per Share
Payout Ratio %

118
0.17
0.00

74
0.11
0.00
0.0

290
0.38
0.00
0.0

1'335
1.56
0.00
0.0

1'993
2.27
0.00
0.0

3'496
3.93
0.00
0.0

4'834
5.36
0.00
0.0

5'704
6.29
0.00
0.0

14'013
15.15
0.00
0.0

25'922
27.68
0.00
0.0

41'733
44.15
2.65
5.9

Total Shares Outstanding

Diluted Shares Outstanding

718
724

733
727

783
775

835
857

855
878

872
889

888
902

900
907

916
925

929
937

939
945

EBITDA

164

138

499

1'822

2'678

4'734

8'823

12'474

19'412

35'604

58'518

*Net income excludes extraordinary gains and losses and one-time charges.

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials II/IV

Periodicity:

9/02

9/03

9/04

9/05

9/06

9/07

9/08

9/09

9/10

9/11

9/12

Total Current Assets

+ Cash & Near Cash Items
+ Short Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets

5388
2'252
2'085
565
45
441

5887
3'396
1'170
766
56
499

7055
2'969
2'495
774
101
716

10300
3'491
4'770
895
165
979

14509
6'392
3'718
1'252
270
2'877

21701
9'352
6'034
1'637
346
4'332

30006
11'875
10'236
2'422
509
4'964

31555
5'263
18'201
3'361
455
4'275

41678
11'261
14'359
5'510
1'051
9'497

44988
9'815
16'137
5'369
776
12'891

57653
10'746
18'383
10'930
791
16'803

Total Long-Term Assets

+ Long Term Investments
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets
+ Other Long Term Assets

910
39
1'057
436
621
250

928
0
1'174
505
669
259

995
0
1'298
591
707
288

1'216
0
1'481
664
817
399

2'696
0
2'075
794
1'281
1'415

3'177
0
2'841
1'009
1'832
1'345

6'165
2'379
3'747
1'292
2'455
1'331

15'946
10'528
4'667
1'713
2'954
2'464

33'505
25'391
7'234
2'466
4'768
3'346

71'383
55'618
11'768
3'991
7'777
7'988

118'411
92'122
21'887
6'435
15'452
10'837

Total Current Liabilities

+ Accounts Payable
+ Short Term Borrowings
+ Other Short Term Liabilities

1'658
911
747

2'357
1'154
304
899

2'680
1'451
0
1'229

3'487
1'779
0
1'708

6'471
3'390
0
3'081

9'106
4'970
0
4'136

11'361
5'520
0
5'841

11'506
5'601
0
5'905

20'722
12'015
0
8'707

27'970
14'632
0
13'338

38'542
21'175
0
17'367

545
316
229

235
0
235

294
0
294

601
0
601

750
0
750

1'241
0
1'241

2'513
0
2'513

4'355
0
4'355

6'670
0
6'670

11'786
0
11'786

19'312
0
19'312

Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity

2'203
0
0
1'826
2'269

2'592
0
0
1'926
2'297

2'974
0
0
2'514
2'562

4'088
0
0
3'564
3'864

7'221
0
0
4'355
5'629

10'347
0
0
5'368
9'163

13'874
0
0
7'177
15'120

15'861
0
0
8'210
23'430

27'392
0
0
10'668
37'123

39'756
0
0
13'331
63'284

57'854
0
0
16'422
101'788

Total Shareholders Equity

4'095

4'223

5'076

7'428

9'984

14'531

22'297

31'640

47'791

76'615

118'210

Total Liabilities & Equity

6'298

6'815

8'050

11'516

17'205

24'878

36'171

47'501

75'183

116'371

176'064

5.70
5.54

5.76
5.61

6.48
6.36

8.90
8.78

11.67
11.47

16.66
16.18

25.10
24.47

35.16
34.54

52.18
50.99

82.45
77.68

125.86
120.16

9/13E

9/14E

9/15E

138.33

157.93

191.61

Balance Sheet

Total Long Term Liabilities

+ Long Term Borrowings
+ Other Long Term Borrowings

Book Value Per Share

Tangible Book Value Per Share

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials III/IV

Periodicity:

9/02

9/03

9/04

9/05

9/06

9/07

9/08

9/09

9/10

9/11

9/12

9/13E

9/14E

9/15E

65
118
-2
-92

69
113
110
-3

276
150
440
68

1'328
179
1'035
-7

1'989
225
483
-477

3'495
327
1'328
320

6'119
496
2'889
92

8'235
734
713
477

14'013
1'027
3'001
554

25'922
1'814
5'690
4'103

41'733
3'277
8'359
-2'513

36'596

38'094

38'945

Cash From Operating Activities

+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities

89
0
-174

289
0
-164

934
0
-176

2'535
0
-260
0
-2'296

10'159
0
-1'144
-101
0
-16'189

18'595
0
-2'005
-18
0
-11'831

37'529
0
-4'260
0
0
-36'159

50'856
0
-8'295
0
0
-39'932

-9'844

5
-1'317

9'596
0
-1'091
-38
0
-7'060

-9'602

992

5'470
0
-735
-17
0
-2'497

-9'028

-78

2'220
0
-657
-25
0
1'039

Cash From Investing Activities

+ Dividends Paid
+ Change in Short Term Borrowings
+ Increase in Long Term Borrowings
+ Decrease in Long Term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities

-252
0
0
0
0
105

828
0
0
0
0
53
-26

-1'488
0
0
0
-300
427

-2'556
0
0
0
0
543

357
0
0
0
0
679
-355
0

-3'249
0
0
0
0
742
0
-3

-8'189
0
0
0
0
1'240
0
-124

-17'434
0
0
0
0
745
0
-82

-13'854
0
0
0
0
1'663
0
-406

-40'419
0
0
0
0
1'964
0
-520

-48'227
-2'488
0
0
0
2'016
0
-1'226

40'071

38'225

39'867

Cash Flows
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital

Cash From Financing Activities

105

27

127

543

324

739

1'116

663

1'257

1'444

-1'698

Net Changes in Cash

-58

1'144

-427

522

2'901

2'960

2'523

-6'612

5'998

-1'446

931

Free Cash Flow (CFO-CAPEX)

-85

125

758

2'275

1'563

4'735

8'505

9'015

16'590

33'269

42'561

-77
-85
-0.12

131
125
0.17

760
458
1.02

2'275
2'275
2.81

1'563
1'563
1.85

4'735
4'735
5.48

8'505
8'505
9.65

9'015
9'015
10.10

16'590
16'590
18.24

33'269
33'269
36.00

42'561
42'561
45.53

Free Cash Flow To Firm

Free Cash Flow To Equity
Free Cash Flow per Share

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials IV/IV

Periodicity:

9/02

9/03

9/04

9/05

9/06

9/07

9/08

9/09

9/10

9/11

9/12

9/13E

9/14E

9/15E

Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield

81.8x
27.5x
7.7x
0.9x
1.3x
0.0%

108.9x
133.0x
24.1x
1.2x
1.8x
0.0%

48.4x
26.2x
18.3x
1.7x
2.9x
0.0%

34.3x
22.0x
19.8x
3.1x
6.0x
0.0%

33.9x
22.7x
20.8x
3.4x
6.6x
0.0%

39.1x
26.9x
25.0x
5.4x
9.2x
0.0%

18.9x
10.7x
10.1x
3.0x
5.1x
0.0%

20.1x
11.1x
10.4x
3.8x
5.2x
0.0%

19.3x
11.8x
11.2x
4.1x
5.6x
0.0%

14.6x
8.7x
8.3x
3.5x
4.9x
0.0%

15.1x
9.1x
8.6x
4.0x
5.3x
0.4%

12.5x

11.6x

10.7x

5.8x
2.6x
3.5x
2.3%

5.5x
2.5x
3.1x
2.6%

5.2x
2.3x
2.6x
2.8%

Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity

27.9%
2.9%
0.8%
1.1%
1.1%
1.6%

27.5%
2.2%
0.4%
1.1%
1.1%
1.7%

27.3%
6.0%
4.2%
3.3%
3.7%
5.9%

29.0%
13.1%
11.8%
9.5%
13.6%
21.2%

29.0%
13.9%
12.7%
10.3%
13.9%
22.8%

33.2%
19.3%
17.9%
14.2%
16.6%
28.5%

35.2%
23.5%
22.2%
16.3%
20.0%
33.2%

40.1%
29.1%
27.4%
19.2%
19.7%
30.5%

39.4%
29.8%
28.2%
21.5%
22.8%
35.3%

40.5%
32.9%
31.2%
23.9%
27.1%
41.7%

43.9%
37.4%
35.3%
26.7%
28.5%
42.8%

37.6%
32.1%
28.5%
21.5%
18.8%
31.0%

37.0%
31.8%
27.9%
21.0%
17.5%
28.4%

35.7%
31.2%
27.2%
19.9%
17.5%
26.2%

3.25
2.96
4.18
0.07
0.08

2.50
2.26
3.13
0.07
0.07

2.63
2.33
116.33
0.00
0.00

2.95
2.63

2.24
1.76

2.38
1.87

2.64
2.16

2.74
2.33

2.01
1.50

1.61
1.12

1.50
1.04

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

0.93
11.14
4.88
147.82

0.95
9.33
4.37
89.09

1.11
10.75
4.66
76.69

1.42
16.69
6.16
74.35

1.35
17.99
5.35
63.07

1.17
17.01
3.95
53.33

1.23
18.47
4.66
56.83

1.03
14.84
4.61
53.28

1.06
14.71
4.56
52.51

1.13
19.90
4.82
70.53

1.07
19.20
4.91
112.12

25.3%

26.1%

27.9%

26.5%

29.4%

30.2%

31.6%

31.8%

24.4%

24.2%

25.2%

Ratio Analysis

Leverage & Coverage Ratios

Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital
Tot Debt/Equity
Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
Effective Tax Rate

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Peers Comparision

APPLE INC
Latest Fiscal Year:

09/2012
705.07
21.09.2012
385.10
19.04.2013
7'033'538

52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume

HEWLETTPACKARD
10/2012
27.78
02.08.2013
11.35
20.11.2012
17'998'360

BLACKBERRY LTD

DELL INC

IBM

GOOGLE INC-CL A

02/2013
18.53
25.01.2013
6.10
24.09.2012
21'860'636

01/2013
14.64
25.03.2013
8.69
16.11.2012
7'857'064

12/2012
215.90
15.03.2013
184.78
15.11.2012
3'542'932

12/2012
928.00
15.07.2013
636.00
16.11.2012
1'420'462

NOKIA OYJ

CISCO SYSTEMS

12/2012
3.64
24.01.2013
1.81
06.09.2012
1'310'244

07/2012
26.49
07.08.2013
16.68
09.11.2012
36'465'993

MICROSOFT CORP

ERICSSON LM-B

SAMSUNG
ELECTRON

06/2013
36.43
16.07.2013
26.26
05.12.2012
39'473'018

12/2012
86.40
14.03.2013
56.60
16.11.2012
642'797

12/2012
1'584'000.00
03.01.2013
1'173'000.00
27.08.2012
259'973

SEAGATE
TECHNOLO

YAHOO! INC

ADOBE SYS INC

SANDISK CORP

06/2013
47.82
22.07.2013
24.90
30.11.2012
2'142'685

12/2012
29.83
18.07.2013
14.59
31.08.2012
14'894'340

11/2012
48.63
12.07.2013
31.00
31.08.2012
1'960'256

12/2012
63.97
22.07.2013
38.47
20.11.2012
3'710'948

Current Price (8/dd/yy)

489.57

27.30

11.32

13.72

188.42

881.25

3.15

26.32

32.23

80.35

1'300'000.00

41.17

28.34

47.14

58.38

52-Week High % Change

-30.6%
27.1%
939.2

-1.7%
140.5%
1'963.0

-38.9%
85.6%
524.2

-6.3%
57.9%
1'738.0

-12.7%
2.0%
1'117.4

-5.0%
38.6%
330.0

-13.5%
74.2%
3'711.0

-0.6%
57.8%
5'298.0

-11.5%
22.7%
8'328.0

-7.0%
42.0%
3'220.3

-17.9%
10.8%
130.8

-13.9%
65.3%
359.4

-5.0%
94.2%
1'115.2

-3.1%
52.1%
494.1

-8.7%
51.8%
241.4

444'773

52'649

5'933

24'093

206'400

293'650

11'797

140'666

268'411

264'632

191'489'136

14'690

28'916

23'677

14'034

121'251.0

28'436.0
397.0
11'301.0

2'654.0

9'085.0
21.0
12'777.0

33'269.0
124.0
11'129.0

5'537.0
49'557.0

5'549.0
1'386.0
9'494.0

16'328.0
15.0
48'716.0

15'600.0
77'022.0

28'667.0
1'600.0
76'708.0

3'111'874.0
119'467.0
16'911'345.0

2'777.0
11.0
2'188.0

45.4
6'022.4

1'509.8
3'538.4

1'696.6
(4.3)
5'711.4

9'283
Valuation

109'536

206'989

227'847

173'605'546

15'290

24'175

21'337

9'486

46'061.0
47'880.0
48'607.4
51'262.5
1.7x
1.6x
2.2x
2.1x
12'971.0
13'483.0
15'927.6
16'614.8
6.1x
5.8x
6.8x
6.4x
1.60
1.62
2.01
2.12
16.2x
16.2x
13.1x
12.4x
6.6%
5.5%
18.4%
5.1%
28.2%
32.8%
32.4%

77'849.0
77'849.0
81'946.1
87'327.7
2.9x
2.9x
2.2x
2.2x
30'519.0
30'519.0
31'800.9
35'118.9
7.4x
7.4x
5.8x
5.5x
2.71
2.73
2.78
3.06
11.8x
11.8x
11.6x
10.5x
5.6%
5.5%
(1.3%)
4.5%
39.2%
38.8%
40.2%

227'779.0
228'849.0
229'946.6
239'635.1
0.9x
0.9x
1.0x
0.9x
32'078.0
23'074.0
27'433.7
32'884.1
6.7x
9.3x
8.2x
6.5x
-0.50
4.43
5.66
18.1x
14.2x
0.4%
2.9%
4.4%
0.2%
10.1%
11.9%
13.7%

141'206'377.0
142'613'501.0
1.3x
1.3x
27'701'730.0
29'207'034.0
6.6x
6.2x
116'409.73
117'469.00
11.1x
10.9x
16.9%
17.1%
45.9%
16.3%
20.5%
-

14'351.0
14'351.0
14'102.2
13'997.9
1.2x
1.2x
1.0x
1.0x
2'966.0
2'968.0
3'003.1
2'940.5
5.6x
5.6x
4.9x
4.9x
4.81
4.79
5.33
5.81
8.6x
8.6x
7.7x
7.1x
(3.9%)
7.0%
(24.5%)
5.1%
20.7%
21.3%
21.0%

4'986.6
4'823.2
4'581.7
4'730.2
4.4x
4.6x
5.5x
5.2x
1'457.1
1'425.6
1'597.2
1'667.2
15.1x
15.4x
15.9x
14.7x
0.92
1.02
1.46
1.66
27.7x
27.7x
19.4x
17.1x
0.0%
(8.3%)
(1.1%)
1.5%
29.6%
34.9%
35.2%

4'403.7
4'252.4
4'108.6
4'435.1
4.4x
4.5x
5.1x
4.6x
1'477.0
1'133.1
1'188.4
1'362.6
13.0x
17.0x
17.8x
14.9x
1.62
1.13
1.45
1.72
41.7x
41.7x
32.5x
27.4x
4.4%
4.3%
0.7%
4.7%
26.6%
28.9%
30.7%

5'052.5
5'631.7
6'054.3
6'650.5
2.0x
1.8x
2.0x
1.7x
1'113.3
1'522.4
1'972.5
2'105.8
9.1x
6.7x
6.1x
5.5x
1.67
2.88
4.76
5.28
20.3x
20.3x
12.3x
11.1x
(10.8%)
17.1%
(38.4%)
15.6%
27.0%
32.6%
31.7%

31.8%
24.1%
1.205x
-2.310x
21.763x

19.8%
16.5%
0.511x
-2.013x
71.140x

20.9%
17.2%
1.148x
-1.661x
18.499x

2.9%
2.9%
0.063x
-0.616x
205.298x

79.5%
44.2%
0.936x
0.198x
13.860x

0.0%
0.0%
0.000x
-3.360x
-

22.7%
18.5%
1.346x
-2.065x
21.886x

23.4%
18.9%
0.532x
-2.985x
9.300x

A+
10.02.2006
A1
10.02.2006

AAA
22.09.2008
Aaa
11.05.2009

BBB+
15.06.2007
A3
10.06.2011

A+
08.08.2013
A1
14.07.2005

BB+
07.03.2011
-

NR
18.04.2008
-

BBB+
25.01.2010
Baa1
25.01.2010

BB
20.12.2011
-

52-Week Low % Change

Total Common Shares (M)

Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents

Enterprise Value
Total Revenue

EV/Total Revenue

EBITDA

EV/EBITDA

EPS

P/E

Revenue Growth
EBITDA Growth
EBITDA Margin

315'111
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
1 Year
5 Year
1 Year
5 Year
LTM
CY+1
CY+2

20'457

230'292

242'643

156'508.0
169'404.0
169'614.9
180'396.7
1.5x
1.4x
2.0x
1.8x
58'518.0
55'868.0
54'479.1
57'314.9
3.9x
4.1x
6.3x
5.7x
44.15
40.04
39.08
42.22
12.2x
12.2x
12.5x
11.6x
44.6%
39.1%
64.4%
65.4%
33.0%
32.1%
31.8%

120'357.0
115'569.0
111'382.5
109'330.2
0.4x
0.5x
0.6x
0.5x
14'384.0
13'639.0
14'182.5
14'036.0
3.7x
3.9x
4.5x
4.3x
0.31
0.09
3.56
3.68
292.2x
292.2x
7.7x
7.4x
(5.4%)
(0.2%)
(12.1%)
3.7%
11.8%
12.7%
12.8%

66'599

11'073.0
11'349.0
12'148.5
10'524.8
0.4x
0.4x
0.3x
0.3x
1'018.0
1'063.0
923.2
481.4
4.4x
4.2x
3.9x
7.3x
-0.29
-0.10
(0.57)
(0.79)
(39.9%)
11.8%
(69.8%)
(11.9%)
9.4%
7.6%
4.6%

2'906

56'940.0
56'592.0
56'641.2
56'976.1
0.3x
0.3x
0.3x
0.3x
4'156.0
3'633.0
3'128.4
3'516.6
4.7x
5.4x
6.0x
5.1x
1.48
1.22
0.98
1.16
11.2x
11.2x
13.9x
11.8x
(8.3%)
(1.6%)
(22.6%)
0.1%
6.4%
5.5%
6.2%

104'507.0
102'383.0
102'356.0
104'648.5
2.2x
2.3x
2.3x
2.2x
25'119.0
23'949.0
27'556.7
29'474.3
9.3x
9.7x
8.4x
7.7x
15.24
15.11
16.72
18.29
12.5x
12.5x
11.3x
10.3x
(2.3%)
(1.1%)
0.1%
6.1%
23.4%
26.9%
28.2%

50'175.0
56'594.0
46'833.3
54'817.6
4.8x
4.3x
5.0x
4.2x
15'722.0
16'440.0
21'183.4
25'213.7
15.4x
14.7x
11.1x
9.1x
33.53
34.08
43.26
50.81
25.9x
25.9x
20.4x
17.3x
32.4%
21.8%
15.7%
21.0%
29.0%
45.2%
46.0%

0.0%
0.0%
0.304x
-2.321x
-

126.7%
55.5%
1.964x
0.994x
16.420x

0.0%
0.0%
0.000x
-2.657x
-

85.1%
45.9%
1.995x
-1.007x
-

176.4%
63.7%
1.425x
0.992x
52.660x

7.7%
7.2%
0.303x
-3.103x
187.167x

AA+
23.04.2013
Aa1
23.04.2013

BBB+
30.11.2011
Baa1
28.11.2012

BBB *20.05.2013
Baa1 *05.02.2013

AA30.05.2012
Aa3
23.11.2010

AA
19.11.2012
Aa2
16.05.2011

30'176.0
26'827.0
25'123.9
25'487.3
0.3x
0.3x
0.4x
0.4x
(977.0)
700.0
1'485.9
1'856.7
-8.2x
11.5x
7.0x
5.5x
-0.34
0.02
0.13
137.0x
24.8x
(21.9%)
(14.8%)
2.6%
5.9%
7.3%

Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense

68.8%
37.0%
7.694x
-5.254x
-3.701x

Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date

B+
05.07.2013
Ba3 *03.07.2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |