The Apple iPhone idis 619 Capstone Assignment By

Exhibit III (E) 2: Apple’s Valuation using Comparable Analysis

Download 7.3 Mb. Page 14/53 Date 20.10.2016 Size 7.3 Mb. #5075

Exhibit III (E) 2: Apple’s Valuation using Comparable Analysis Comparable Analysis: Source: Yahoo Finance, Value Line PALM RIMM CREAF SNDK DELL GTW NAPS CNET MSFT AVERAGE AAPL VALUE ($M) Shares outstanding (M) 102.09 185.70 83.39 210.85 2230.00 317.75 45.00 149.80 9790.00 862 Price (on 02/16/07) 16.09 138.82 6.50 40.13 24.39 1.94 3.94 9.27 28.74   84.83 Market Value of Equity ($M) 1642.63 25778.87 542.04 8461.41 54389.70 616.44 177.30 1388.65 281364.60 73112.43 Long-term Debt ($M) 0.00 6.90 192.00 1150.00 504.00 300.00 0.00 139.10 0.00 0.00 Cash & cash equivalents ($M) 518.41 893.45 234.41 2810.00 8070.00 490.73 80.90 61.70 26400.00   11870.00 Enterprise Value ($M) 1124.22 24892.32 499.63 6801.41 46823.70 425.71 96.40 1466.05 254964.60 61242.43 Sales ($M) 1540.00 2670.00 1120.00 3260.00 57880.00 3980.00 108.73 387.69 46060.00 20680.00 EBITDA ($M) 133.86 843.34 (0.41) 792.63 4430.00 8.88 (35.16) 66.71 17940.00 3440.00 Book Value/Share ($) 9.85 12.37 5.28 22.59 1.38 0.69 2.02 1.77 3.75 13.05 Book value of Equity ($M) 1005.38 2296.74 439.88 4763.73 3077.40 218.61 90.68 265.30 36683.13 11249.13 EPS ($) 15.08 14.38 13.43 15.46 25.96 12.53 2.42 2.59 4.70   23.99 Enterprise Value/Sales 0.73 9.32 0.45 2.09 0.81 0.11 0.89 3.78 5.54 2.63 2.96 54,469 Enterprise Value/EBITDA 8.40 29.52 (1227.58) 8.58 10.57 47.94 (2.74) 21.98 14.21 20.66 17.80 71,056 Market Value/Book Value 1.63 11.22 1.23 1.78 17.67 2.82 1.96 5.23 7.67 5.69 6.50 64,020 Price/EPS 1.07 9.66 0.48 2.60 0.94 0.15 1.63 3.58 6.11 2.91 3.54 60,241 VALUATION (averages) ENTERPRISE $ 62,762 M EQUITY $ 62,130 M Adjustments: CURRENT PERFORMANCE PALM RIMM SNDK DELL GTW NAPS CNET MSFT Median AAPL Diff Adjustment REVENUE (TTM) 1,540 2,670 3,260 57,880 3,980 109 388 46,060 2,965 20,680 597.5%   PROFIT MARGIN (TTM) 5.61% 17.43% 6.1% 5.1% 0.2% -30.10% 2.02% 25.86% 5.36% 11.74% 119.2%   OPERATING MARGIN (TTM) 6.85% 27.22% 17.1% 6.9% -0.5% -36.3% 3.15% 36.20% 6.85% 14.63% 113.6% 5% EPS 0.82 2.45 0.96 1.28 0.08 -0.76 0.05 1.17 0.89 2.76 210.1%   EXPECTED GROWTH     Revenue Forecast '07 1570 3030 4120 57640 4150 109 432.31 50550 3,575 24290   Revenue Forecast '08 1770 4320 4910 59960 4290 150 478.94 56430 4,305 30560   EPS Forecast '07 0.64 3.34 1.19 1.15 0.10 (0.93) 0.16 1.47 0.90 3.21   EPS Forecast '08 0.72 4.59 2.53 1.30 0.12 (0.67) 0.25 1.70 1.01 3.78   REVENUE Growth '07 (YOY) 1.95% 13.48% 26.38% -0.41% 4.27% 0.02% 11.51% 9.75% 7.01% 17.46% 149.0%   Revenue Growth '08 (YOY) 12.74% 42.57% 19.17% 4.02% 3.37% 37.66% 10.79% 11.63% 12.19% 25.81% 111.8% 10% EPS Growth '07 -22.0% 36.3% 24.0% -10.2% 25.0% 22.4% 220.0% 25.6% 24.48% 16.30% -33.4% -5% EPS Growth '08 12.5% 37.4% 112.6% 13.0% 20.0% -28.0% 56.3% 15.6% 17.82% 17.76% -0.4% -5% 0% Note : Creative (CREAF) has been excluded from the calculations for adjustments since the full information on its revenue forecast for 2007 and 2008 is not available. Final Valuation: VALUATION BY COMPARABLES ADJUSTMENT ADJUSTED VALUATION ENTERPRISE VALUE $ 62,762 M 5% $ 62,762 M EQUITY VALUE $ 62,130 M 5% $ 62,130 M Directory: groups groups -> What is ascaa? groups -> Tiger Leaps Progress Update from Tenafly High School March 28, 2012 English groups -> Personal Data: Name : Prasanna. S educational Qualification groups -> Traffic alert and Collision Avoidance System or tcas groups -> 1980s Type Card Master List from Standard Catalog 1980 Burger King Phillies groups -> Lima Site 85 Personnel List groups -> General knowledge groups -> Kenneth pomeranz the great himalayan watershed groups -> Christina Maria Bergqvist Download 7.3 Mb. Share with your friends: