Financials Apple Inc. Sao Paulo

Equities

AAPL34

BRAAPLBDR004

Phones & Handheld Devices

Market Closed - Sao Paulo Other stock markets 21:11:00 07/05/2024 BST			5-day change	1st Jan Change
46.35 ^BRL	+7.87%		+4.27%	-0.98%

12:25am	S&P 500, Dow end slightly up despite Disney drag	RE
05-07	News Highlights : Top Global Markets News of the Day - Tuesday at 5 PM ET	DJ

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,012,161	1,980,645	2,339,018	2,220,978	2,676,737	2,796,937	-	-
Enterprise Value (EV) ¹	914,310	1,901,251	2,273,221	2,171,938	2,625,726	2,746,087	2,741,018	2,729,418
P/E ratio	18.8 x	35.3 x	25.2 x	22.6 x	27.9 x	27.7 x	25.4 x	22.9 x
Yield	1.34%	0.69%	0.6%	0.65%	0.55%	0.54%	0.57%	0.59%
Capitalization / Revenue	3.89 x	7.22 x	6.39 x	5.63 x	6.98 x	7.23 x	6.81 x	6.38 x
EV / Revenue	3.51 x	6.93 x	6.21 x	5.51 x	6.85 x	7.09 x	6.67 x	6.22 x
EV / EBITDA	12 x	24.6 x	18.9 x	16.6 x	20.9 x	20.7 x	19.7 x	18.1 x
EV / FCF	15.5 x	25.9 x	24.5 x	19.5 x	26.4 x	25.2 x	23 x	21.1 x
FCF Yield	6.44%	3.86%	4.09%	5.13%	3.79%	3.97%	4.34%	4.75%
Price to Book	11 x	31.5 x	36.8 x	43.5 x	42.8 x	42.1 x	38.4 x	28.4 x
Nbr of stocks (in thousands)	18,076,720	17,102,536	16,530,166	16,070,752	15,634,232	15,334,082	-	-
Reference price ²	55.99	115.8	141.5	138.2	171.2	182.4	182.4	182.4
Announcement Date	30/10/19	29/10/20	28/10/21	27/10/22	02/11/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	260,174	274,515	365,817	394,328	383,285	387,119	410,687	438,681
EBITDA ¹	76,477	77,344	120,233	130,541	125,820	132,659	139,342	151,114
EBIT ¹	63,930	66,288	108,949	119,437	114,301	120,421	127,957	137,224
Operating Margin	24.57%	24.15%	29.78%	30.29%	29.82%	31.11%	31.16%	31.28%
Earnings before Tax (EBT) ¹	65,737	67,091	109,207	119,103	113,736	120,334	127,333	136,049
Net income ¹	55,256	57,411	94,680	99,803	96,995	101,178	107,706	115,581
Net margin	21.24%	20.91%	25.88%	25.31%	25.31%	26.14%	26.23%	26.35%
EPS ²	2.972	3.280	5.610	6.110	6.130	6.576	7.184	7.948
Free Cash Flow ¹	58,896	73,365	92,953	111,443	99,584	108,997	119,068	129,645
FCF margin	22.64%	26.73%	25.41%	28.26%	25.98%	28.16%	28.99%	29.55%
FCF Conversion (EBITDA)	77.01%	94.86%	77.31%	85.37%	79.15%	82.16%	85.45%	85.79%
FCF Conversion (Net income)	106.59%	127.79%	98.18%	111.66%	102.67%	107.73%	110.55%	112.17%
Dividend per Share ²	0.7500	0.7950	0.8500	0.9000	0.9400	0.9896	1.034	1.068
Announcement Date	30/10/19	29/10/20	28/10/21	27/10/22	02/11/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	123,945	97,278	82,959	90,146	117,154	94,836	81,797	89,498	119,575	90,753	83,670	92,332	124,530	96,082	88,700
EBITDA ¹	44,185	32,716	25,881	27,759	38,932	31,216	26,050	29,622	43,221	30,736	27,315	31,042	43,390	31,913	28,263
EBIT ¹	41,488	29,979	23,076	24,894	36,016	28,318	22,998	26,969	40,373	27,900	24,239	27,764	41,629	29,666	26,173
Operating Margin	33.47%	30.82%	27.82%	27.62%	30.74%	29.86%	28.12%	30.13%	33.76%	30.74%	28.97%	30.07%	33.43%	30.88%	29.51%
Earnings before Tax (EBT) ¹	41,241	30,139	23,066	24,657	35,623	28,382	22,733	26,998	40,323	28,058	24,191	27,723	41,110	29,566	26,120
Net income ¹	34,630	25,010	19,442	20,721	29,998	24,160	19,881	22,956	33,916	23,636	20,334	23,337	34,657	24,791	21,936
Net margin	27.94%	25.71%	23.44%	22.99%	25.61%	25.48%	24.31%	25.65%	28.36%	26.04%	24.3%	25.28%	27.83%	25.8%	24.73%
EPS ²	2.100	1.520	1.200	1.290	1.880	1.520	1.260	1.460	2.180	1.530	1.321	1.532	2.312	1.662	1.470
Dividend per Share ²	0.2200	0.2200	0.2300	0.2300	0.2300	0.2300	0.2400	0.2400	0.2400	-	0.2500	0.2500	0.2500	0.2550	0.2633
Announcement Date	27/01/22	28/04/22	28/07/22	27/10/22	02/02/23	04/05/23	03/08/23	02/11/23	01/02/24	02/05/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	97,851	79,394	65,797	49,040	51,011	50,850	55,918	67,518
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	58,896	73,365	92,953	111,443	99,584	108,997	119,068	129,645
ROE (net income / shareholders' equity)	55.9%	73.7%	147%	175%	172%	161%	169%	206%
ROA (Net income/ Total Assets)	15.7%	17.3%	28.1%	28.4%	27.5%	29.4%	30.1%	36.3%
Assets ¹	352,119	331,203	337,445	351,879	352,669	343,824	358,000	318,063
Book Value Per Share ²	5.090	3.680	3.840	3.180	4.000	4.330	4.740	6.410
Cash Flow per Share ²	3.730	4.600	6.170	7.480	6.990	8.060	8.730	9.790
Capex ¹	10,495	7,309	11,085	10,708	10,959	9,793	10,796	11,275
Capex / Sales	4.03%	2.66%	3.03%	2.72%	2.86%	2.53%	2.63%	2.57%
Announcement Date	30/10/19	29/10/20	28/10/21	27/10/22	02/11/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Apple Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

182.4 USD

Average target price

204.1 USD

Spread / Average Target

+11.91%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Phones & Smart Phones

	1st Jan change	Capi.
XIAOMI CORPORATION	+21.28%	57.7B
SHENZHEN TRANSSION HOLDINGS CO., LTD.	+1.48%	16B
WINGTECH TECHNOLOGY CO.,LTD	-23.33%	5.56B
ITI LIMITED	-3.71%	3.36B
REEDER TEKNOLOJI SANAYI VE TICARET ANONIM SIRKETI	+100.93%	1.25B
FIH MOBILE LIMITED	+40.98%	918M
SPROCOMM INTELLIGENCE LIMITED	+12.75%	368M
RTX A/S	+37.68%	116M
COOLPAD GROUP LIMITED	-50.00%	115M

Phones & Smart Phones