Apple Exploration Report Essay

January 28th, 2013

Apple Inc. Ticker: AAPLExchange: NASDAQ

Great Get at Current Valuation

Jeremy Lin, Expenditure Analyst

(647) 967-6311; jeremy. [email protected] utoronto. ca

Investment Highlights

• Fear of supply chain noises overdone: Decreased 1Q2013 low margin of 38. 6% vs . 1Q2012 gross perimeter of forty-four. 7% as a result of supply constraints with iPhone 4, iPhone 5, and iMac. Refresh of product portfolio typically warrants reduce margins and management has guided source demand equilibrium for its i phone lines in upcoming 1 / 4. • Future infrastructure improvements in The european countries for 4-G compatibility: Europeans operators supposed to spend $15. 25 billion dollars over next 3 years to create 4G systems. Consolidation of existing fragmented LTE sites should boost adoption of iPhone 5 in Europe while 4G functionality is regarded iPhone 5's biggest feature. Apple can start to capture market share in the European region where smaller competition have an border in targeting regional employees. • Potential deal with Chinese suppliers Mobile: The world's major mobile transporter has begun tests its 4-G mobile normal and is supposed to expand to over 100 metropolitan areas covering 35% of China's population. Talks are set up for Apple to leverage China Mobile's 4G capacities which will substantially enhance its business in Cina. TD-LTE technology developed by China and tiawan Mobile provides for cheaper basic stations and faster downloads available for touch screen phone users compared to traditional FD-LTE. • Appealing valuation and cash stability: Current PRICE TO EARNINGS of 12. 4x and ex-cash PRICE TO EARNINGS of ~7x is much lower than 14-16x common high quality technical peers. Product sales in apple iphones and iPads are still elevating at a healthy rate yoy. Apple probably will boost long term dividends and promote buybacks.

Risks

• Slower than predicted adoption of 4G technology in The european countries and Chinese suppliers: Operators in Europe may possibly delay all their upcoming 4-G network growth given the challenging background of the Eurozone crisis and potential fewer sale of sophisticated tech telephones in this...



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