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Apple Inc. (AAPL) $94.72 U.S. Dollar | Bmrk/Ind: FactSet ­ Country / Electronic Technology ­SEC As of: 23 Jul '14 Profile Key Items Sector Industry Mkt Cap (B) EV (B) Sales (B) Trading Information Valuation 5Y Trend Current vs. Ind vs. Bmrk Electronic Technology Computer Processing Hardware $571.1 $546.7 $177.7 Current Price $94.72 P/E (LTM) 15.3 0.9 0.9 52 Wk Range $59.82 ­ 97.10 P/E (NTM) 13.8 0.9 0.8 Apple, Inc. designs, manufactures, and markets mobile communication and media devices, personal Avg Daily Vol (3m) 64.07 (M) P/Sales 3.2 1.6 2.0 computers, portable digital music players, and sells a variety of related software, services, peripherals, networking solutions, and third­party digital content and applications. Its products and services include iPhone, Short Int (% of P/Bk 4.8 1.4 3.4 1.9% iPad, iPod, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and Float) P/CF 10.2 0.9 1.0 OS X operating systems, iCloud, and accessories, service and support offerings. The company also sells and Key Statistics EV/EBITDA 9.2 0.9 0.9 delivers digital content and applications through the iTunes Store, App Store, iBooks Store, and Mac App Store. Mkt Value (B) $571.1 EV/Sales 3.1 1.5 1.2 It sells its products worldwide through its retail stores, online stores, and direct sales force and third­party cellular network carriers, wholesalers, retailers, and value­added resellers to the consumer and also sells third­ Ent Value (B) $546.7 party iPhone, iPad, Mac and iPod compatible products, including application software, and accessories, through Shares Out (M) 6,030 Profitability (%) 10Y Trend LTM Ind Bmrk its online and retail stores. The company was founded by Steven Paul Jobs, Steve Wozniak and Ronald Gerald Dividend (Ann) $1.88 Gross Margin 37.5 33.3 30.4 Wayne on April 1, 1976 and is headquartered in Cupertino, CA. Div Yld 2.0% EBITDA Margin 32.4 19.9 17.2 EBIT Margin 28.1 14.9 12.0 Net Margin 21.5 11.1 8.2 $94.72 Estimates EPS (FY0) $5.68 ROE 29.5 17.9 13.5 YTD 18.2% EPS (FY1) $6.31 3M 24.7% EPS (FY2) $6.97 Growth (%) 10Y Trend LTM Ind Bmrk 1Y 55.5% Beta 0.26 Coverage 51 Analysts Sales 3.8 2.3 3.3 FY1 PE 15.0x Target Price $102.49 EBITDA ­0.8 4.3 4.3 LT Growth Rate 12.2% EBIT ­5.5 3.8 5.8 Avg Rating Overweight (1.32) EPS (Dil) ­0.1 8.5 5.2 Price & Volume StreetAccount News 22 JUL '14 11:55 P.M. (ET) Apple target raised to $105 from $96 at ISI Group 22 JUL '14 11:30 P.M. (ET) Apple CEO Tim Cook: "[Declining iPad sales aren't] something that worries us" ­ WSJ 22 JUL '14 8:27 P.M. (ET) WSJ's Heard on the Street column says Apple is speculative proposition 22 JUL '14 4:34 P.M. (ET) StreetAccount Metrics Recap ­ Apple Q3 Earnings 22 JUL '14 4:31 P.M. (ET) Apple reports Q3 EPS $1.28 vs FactSet $1.23 21 JUL '14 8:48 P.M. (ET) Apple's initial production run for iPhone 6 is 70­80M units ­ WSJ 21 JUL '14 3:27 P.M. (ET) StreetAccount Consensus Metrics Preview ­ Apple Q3 Earnings ©2014 FactSet Research Systems, Inc. 1 of 9 Apple Inc. (AAPL) $94.72 U.S. Dollar | Bmrk/Ind: FactSet ­ Country / Electronic Technology ­SEC As of: 23 Jul '14 Key Estimates Corporate Information Earnings FY 13 FY 14E FY 15E Q3 14 Q4 14E Q1 15E Q2 15E Management Board Timothy Donald Cook, 53 Arthur D. Levinson, 64 EPS ­ GAAP 5.68 6.31 6.97 1.28 1.33 2.32 1.77 Chief Executive Officer & Director Chairman Growth (%) ­10.0 11.1 10.5 19.9 12.5 12.2 6.5 Jeffrey E. Williams, 50 Timothy Donald Cook, 53 EPS ­ Non GAAP 5.68 6.32 6.95 1.26 1.30 2.31 1.74 Senior Vice President­Operations Chief Executive Officer & Director Growth (%) ­10.0 11.3 10.0 18.0 10.3 11.6 4.7 Luca Maestri, 50 Millard S. Drexler, 69 Income Statement (B) FY 13 FY 14E FY 15E Q3 14 Q4 14E Q1 15E Q2 15E Chief Financial Officer & Senior Vice President Independent Director Sales 170.9 181.4 196.8 37.4 40.4 62.4 49.2 D. Bruce Sewell, 55 Al A. Gore, 65 Growth (%) 9.2 6.1 8.5 6.0 7.7 8.3 7.7 Secretary, Senior Vice President & General Counsel Independent Director EBITDA 55.8 60.1 65.0 12.2 12.8 21.6 16.4 Paul Deneve Andrea Jung, 55 Growth (%) ­4.7 7.8 8.2 12.2 8.2 10.2 5.8 Vice President Independent Director Gary Wipfler Ronald D. Sugar, 65 Operating Income 49.0 51.6 54.6 10.1 10.5 18.5 13.9 Treasurer & Vice President Independent Director Growth (%) ­11.3 5.2 6.0 9.5 5.1 6.1 1.9 Net Income 37.0 38.9 41.3 7.7 8.0 13.9 10.5 Growth (%) ­11.3 5.1 6.2 12.3 6.2 6.2 2.2 1 Infinite Loop Christina Caballero Fiscal Year September Per Share FY 13 FY 14E FY 15E Q3 14 Q4 14E Q1 15E Q2 15E Cupertino, California Investor Relations Contact Exchange NASDAQ Dividends per Share 1.63 1.83 1.97 0.47 0.47 0.47 0.47 95014­2083 [email protected] ISIN US0378331005 Cash Flow per Share 8.20 8.70 9.19 1.55 1.89 3.36 2.10 United States apple.com CUSIP 037833100 Free Cash Flow per Share 6.98 7.63 7.91 0.98 1.45 3.37 1.32 Employees (2013) 80,300 SEDOL 2046251 Book Value per Share 19.14 20.55 22.85 19.98 19.93 20.98 21.31 Ownership Summary Top Holders ­ Institutions and Insiders FLOAT 99.9% Institutions Position (000) % O/S % Port 3M Chg (000) Mkt Value (USD) Shares Out 6,029,666,816 The Vanguard Group, Inc. 327,008 5.4 2.0 17,950 30,718,777,344 Short Interest 112,308,792 SSgA Funds Management, Inc. 249,162 4.1 2.4 ­18,211 23,405,985,792 BlackRock Fund Advisors 237,188 3.9 1.8 4,534 22,281,156,608 Fidelity Management & Research Co. 165,848 2.8 1.9 ­21,263 15,579,569,152 Northern Trust Investments, Inc. 89,734 1.5 2.4 ­1,936 8,429,509,632 INSIDER 0.1% Inst. Ownership 62.6% Invesco PowerShares Capital Managemen... 69,779 1.2 8.1 ­1,808 6,554,971,648 North American 22.5% T. Rowe Price Associates, Inc. 58,791 1.0 1.1 ­16,263 5,522,747,904 Non­North American 8.6% Icahn Associates Corp. 52,761 0.9 14.9 19,646 4,956,301,312 Inst Ownership as % of Float 62.7% Geode Capital Management LLC 47,996 0.8 2.6 189 4,508,689,408 Top 10 Inst. Holders 22.3% Norges Bank Investment Management 46,857 0.8 0.8 ­5,946 4,401,691,648 TIAA­CREF Investment Management LLC 44,375 0.7 2.1 ­2,011 4,168,526,848 Capital Research & Management Co. (Gl... 43,827 0.7 1.0 20,853 4,117,041,664 Insiders Position (000) % O/S % Port 3M Chg (000) Mkt Value (USD) NET POSITION CHANGE ­149,845,248 Wellcome Trust Ltd. (Direct Investments) 3,395 0.1 6.3 175 318,922,912 Total (2717) 3,777,236,224 LEVINSON ARTHUR D 1,153 0.0 99.3 0 108,300,960 New (160) 21,824,024 Increase (1084) 204,719,360 COOK TIMOTHY DONALD 612 0.0 100.0 0 57,452,812 Decrease (1129) ­339,092,736 GORE ALBERT ARNOLD 438 0.0 100.0 0 41,113,436 Soldout (152) ­37,295,896 FEDERIGHI CRAIG 293 0.0 100.0 4 27,480,634 ©2014 FactSet Research Systems, Inc. 2 of 9 Apple Inc. (AAPL) $94.72 U.S. Dollar | Bmrk/Ind: FactSet ­ Country / Electronic Technology ­SEC As of: 23 Jul '14 Segments Snapshot ­ Quarterly (B) Targets & Ratings Jun '14 YoY % % of Sales Sep '14E YoY % 3Y Trend Sales 37.4 6.0 100.0 40.4 7.7 iPhone 19.8 8.8 52.8 21.3 9.1 iPad 5.9 ­7.6 15.7 6.3 2.2 Mac 5.5 13.2 14.8 5.8 3.0 iTunes/Software/Services 4.5 12.4 12.0 4.8 13.0 Accessories 1.3 12.4 3.5 1.4 5.5 iPod 0.4 ­39.7 1.2 0.3 ­40.3 Software, Service & Co ­ ­ ­ ­ ­ LOW MEAN HIGH 51.43 ­45.70% 102.49 8.20% 135.00 42.53% Peripherals & Hardware ­ ­ ­ ­ ­ Music Related Product ­ ­ ­ ­ ­ Mac Laptops ­ ­ ­ ­ ­ * Only 10 out of 11 segments shown. See all... Estimate Growth ­ Quarterly Surprise History ­ Quarterly EPS Q4 '13 Q4 '14E Growth (YoY%) 1.18 1.33 12.5% Period After Event Mean Surp Amt Surp (%) Period After Event Mean Surp Amt Surp (%) Sales (B) Q4 '13 Q4 '14E Growth (YoY%) Q4 '14 E 1.33 Q4 '14 E 40.4 37.5 40.4 7.7% Q3 '14 1.28 1.23 0.05 3.9 Q3 '14 37.4 38.0 ­0.6 ­1.6 Q2 '14 1.66 1.46 0.20 13.7 Q2 '14 45.6 43.7 2.0 4.5 Q1 '14 2.07 2.01 0.06 2.9 Q1 '14 57.6 57.5 0.1 0.2 Q4 '13 1.18 1.13 0.05 4.0 Q4 '13 37.5 36.9 0.5 1.4 Q3 '13 1.07 1.04 0.03 2.5 Q3 '13 35.3 35.0 0.3 0.9 Q2 '13 1.44 1.42 0.02 1.2 Q2 '13 43.6 42.3 1.3 3.1 Q1 '13 1.97 1.92 0.05 2.5 Q1 '13 54.5 54.9 ­0.4 ­0.8 Q4 '12 1.24 1.25 ­0.02 ­1.2 Q4 '12 36.0 35.7 0.3 0.8 ©2014 FactSet Research Systems, Inc.

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