Apple Inc. : Close to USD 700
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09/17/2012 | 12:27pm
Opinion : Bullish above 670 USD
Target price : 750 USD Potential: 8.49%
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NASDAQ
Computer Hardware |
After the victory versus Samsung, the Cupertino based company has achieved a new important target. Apple said today in a statement that pre–orders of its iPhone 5 exceeded 2 million units in one day, more than double of previous model. Most of the orders will be delivered on September 21, Apple said. The iPhone is Apple’s best-selling product, representing 45% of its revenue in the third quarter of 2012. In this period, more than 26 millions units have been sold, with slowing down compared the first two quarters of the year, especially because of the weak demand in Europe. This new model should boost once more the sales in the “old Continent”.
Graphically during 2012 the share has recorded more and more new historic highs. During last month it has been exchanged more than 10 billion dollars per day on the stock (for the same period on the largest French Index has been exchanged 2.4 milliards of euros per day).
The share is trading close to USD 700. Studying the price history graph we can see that every time the share was close to important level showed a slight decline, offering a point of entry for investors. This level could be represented by the area between USD 670 and USD 680.
The target price is difficult to fix because we don’t see limits concerning both financial and technical elements. Anyway we suggest to pay attention every time that the share approaches important levels, and in case of earnings releases, seen the huge expectations of analysts.
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Valuation |
2013e |
2014e |
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PER (Price / EPS)
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11,1x |
10,0x |
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Capitalization / Revenue
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2,44x |
2,22x |
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EV / Revenue
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1,70x |
1,47x |
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EV / EBITDA
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5,35x |
4,71x |
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Yield (DPS / Price)
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2,57% |
2,84% |
| Profitability |
2013e |
2014e |
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Operating Margin (EBIT / Sales)
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28,5% |
28,4% |
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operating laverage (Delta EBIT / Delta Sales)
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- |
0,94x |
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Net Margin (Net Profit / Revenue)
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21,7% |
21,6% |
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ROA (Net Profit / Asset)
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19,4% |
18,5% |
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ROE (Net Profit / Equities)
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27,4% |
25,8% |
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Rate of Dividend
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28,7% |
28,5% |
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