Apple (AAPL: $181.61) up 0.6% after an upgrade this week; +$1.04 [0.6%] 09 June 2023

NEWS BITES - NORTH AMERICA

www.buysellsignals.com

Apple Inc.'s (NASDAQ: AAPL $181.61) stock price is up 0.6% after an upgrade in the past week. It was upgraded by the analyst at Wells Fargo & Company.

Compared with the NASDAQ-100 Index which rose 43.8 points (0.3%) in the day, the relative price increase was 0.2%.

There were 34,730,000 shares worth $6.3 billion traded today. The volume was 0.5 times the average daily trading volume of 73.5 million shares.

APPLE (AAPL) Stock Dashboard [traded in US Dollars, USD] End-of-Day

ExchangeNASDAQ [BATS, Nasdaq, NYSE ARCA, NSX]SectorTechnology
Jun 09, 2023$181.61Independent RatingsRanked 3 in Fortune 500; Ranked 7 in Just Capital; Ranked 7 in Forbes 2000
EPS (FY2022)$6.15Market Cap$2,873 billion
AAPL P/EStock 29.5; Sector 32Shares Outstanding15,821,946,000
AAPL Dividend Yield % (TTM)Stock 0.5; Sector 0.4Institutional Ownership9,633,147,842
DPS (past 12 months)90c% of shares outstanding60.9%
EPS Growth (Q2 2023 vs Q1 2022)-19.0%AAPL in IndicesNASDAQ-100 [of 100 stocks]
Ave Daily Volume73,525,326 sharesPV$1000 (1 yr)$1,288*
52-Week Price Range124.40 - 184.95

*If You Invested $1,000 in Apple a year ago, This is How Much You Would Have Today: $1,288. USD1000 would have bought 7.1 shares (@the then price of 141.79) worth $1,281 @181.61 today. Dividends reinvested are worth $8.

INDEX

SECTION 1 RECENT NEWS AND RESEARCH

SECTION 2 INSTITUTIONAL OWNERSHIP UPDATED AFTER LAST SEC FILING Q1/2023 REPORTED ON MAY 18

SECTION 3 TODAY'S BULLISH SIGNALS

SECTION 4 ONGOING BULLISH PARAMETERS

SECTION 5 TODAY'S BEARISH SIGNALS

SECTION 6 ONGOING BEARISH PARAMETERS

SECTION 7 CORPORATE PROFILE AND INDEPENDENT RATINGS

APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER

APPENDIX II OTHER LISTINGS AND STOCK IDENTIFIERS

GLOSSARY

SECTION 1 RECENT NEWS AND RESEARCH

Financial News

Quarterly Report (Q2/2023):

Release Date: May 05, 2023

Quarterly Report Analysis Q2 2023: Apple reports 19% sequential fall in Quarterly Net Profit

Apple (NASDAQ:AAPL), announced net profit of $24.2b for the quarter-ended 01 April 2023 [Q2/2023], down 19% from the previous quarter [Q1/2022] and down 3.4% from the year-earlier period [Q2/2022].

Sequential comparison and comparison with previous corresponding quarter:

QuarterlyApr 01, 2023Dec 31, 2022Mar 26, 2022Change %Change %
Description$ m$ m$ mQ-on-Q [sequential comparison] Y-on-Y [Quarter vs previous corresponding quarter]
Total Revenue94,836117,15497,278Down 19.1Down 2.5
EBIT28,38235,62330,139Down 20.3Down 5.8
Pre Tax Profit/(Loss)28,38235,62330,139Down 20.3Down 5.8
Profit/(Loss) after Tax24,16029,99825,010Down 19.5Down 3.4
Net Assets62,15856,72767,399Up 9.6Down 7.8

Tweets Posted By Timothy D. Cook, CEO of Apple

(@tim_cook) Followers 13M

- Tue Jun 06, 2023

The new MacBook Air is the world's best - and thinnest - 15-inch laptop. It's in a class all its own!

- Mon Jun 05, 2023

WWDC is always one of my favorite moments of the year - and this one is going to be our best ever! Tune in for our special event at 10 a.m. PT

- Wed May 31, 2023

Congratulations to this year's WWDC Swift Student Challenge winners! I am so impressed with the way you've blended creativity and coding skills to develop innovative apps that are uniquely yours.

- Thu May 25, 2023

Throughout her extraordinary life, Tina Turner broke barriers, redefined music, and inspired the world to dance. She was an icon, a transcendent talent, and she will be missed.

- Sun May 21, 2023

We created Apple TV+ to tell stories that make a difference, and "Killers of the Flower Moon" does just that. Thank you to the Osage Nation, Martin Scorsese and all involved in telling this important story. And thank you to the Cannes Film Festival for an unforgettable night!

Please view more stories in DATA DOWNLOAD CENTER

Stock Buzz

Other Publishers Buzz in the past week

JunHeadlinePublisher
Fri 09Apple Inc. [AAPL] Principal Accounting Officer makes an insider purchase of 4,092 shares worth 0.71 million.knoxdaily
Fri 09Apple, Epic Games ask U.S. appeals court to reconsider its antitrust rulingThe Globe and Mail
Fri 09Apple unveils mixed reality headset, Apple Vision Pro, at WWDC 2023Yahoo News Australia
Fri 09Apple (AAPL) Outpaces Stock Market Gains: What You Should KnowYAHOO!Finance
Fri 09Unlocking Growth Opportunity In Apple Inc. (NASDAQ: AAPL)stocksregister

Analyst Recommendations: Past Five weeks

2023BrokeragePast RatingCurrent RatingPrev TargetPrice Target
Jun 05Evercore ISI-Outperform190210
May 22Loop CapitalBuyHold-180
May 17Fundamental Research-Buy-183.86
May 05KeyCorp-Overweight177180
May 05Atlantic Securities-Overweight180200

Press Releases and Corporate Wire

May 09: Apple quarterly dividends up 4.3% sequentially from previous quarter

Apple today announced a quarterly dividend of 24.0c per share for Q2/2023; up 4.3% sequentially from the previous quarter (Q1/2023) dividend of 23.0c. The ex-dividend date is Friday, May 12, 2023 and the record date is Monday, May 15, 2023 and it is payable on Thursday, May 18. Total dividends per share paid in the 12 months ended May 09 were 69.0c.

April 01: Apple: File SEC Form 10-Q - Management's Discussion and Analysis 10-Q

Management's Discussion and Analysis of Financial Condition and Results of Operations

This section and other parts of this Quarterly Report on Form 10-Q ("Form 10-Q") contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. For example, statements in this Form 10-Q regarding the potential future impact of macroeconomic conditions on the Company's business and results of operations are forward-looking statements. Forward-looking statements can also be identified by words such as "future," "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "will," "would," "could," "can," "may," and similar terms. Forward-looking statements are not guarantees of future performance and the Company's actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended September 24, 2022 (the "2022 Form 10-K") under the heading "Risk Factors." The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law.

Unless otherwise stated, all information presented herein is based on the Company's fiscal calendar, and references to particular years, quarters, months or periods refer to the Company's fiscal years ended in September and the associated quarters, months and periods of those fiscal years. Each of the terms the "Company" and "Apple" as used herein refers collectively to Apple Inc.

Ranking

Tue Apr 18, 2023

Timothy D. Cook, Apple CEO, ranked top 20% in NASDAQ CEO Scorecard

Timothy D. Cook's performance as Chief Executive Officer of Apple is ranked in the top 20% by Net Profit growth of NASDAQ listed companies for FY2022. Compared with FY2021, Net profit growth for Apple in FY2022 was 5%. Among 1981 NASDAQ listed companies that have released FY2022 Annual Reports so far, Apple was ranked 409 by growth in net profit.

Apple issued 1432 new patents in the past quarter

Apple (AAPL) has been issued 1432 new patents by the USPTO & EPO.

This corresponds to an average of 477 patents a month, up 60.1% from an average of 298 patents per month in 2022.

To view details, click on link shown in the DATA & ARCHIVE DOWNLOAD CENTER.

SECTION 2 INSTITUTIONAL OWNERSHIP UPDATED AFTER LAST SEC FILING Q1/2023 REPORTED ON MAY 18

Institutional Ownership as at Mar 31, 2023

2.1 Top 5 Institutional Ownership of Apple as at March 31, 2023

As at March 31, 2023, 3633 Institutions (Funds) held investments in shares of Apple. Institutions increased their holdings to 60.9% of issued capital, up from 58.9% as at Dec 31. The largest shareholder was Vanguard Group Inc. with 8% of Apple. The second largest shareholder was State Street Corporation with 7%.

*Note: Minimum Core Shareholding is computed on the basis of SEC filings over the last 12 quarters (3 years). A higher % of shareholding above the minimum core holding may be indicative of a potential positioning by an active institution to overweight.

Apple Top 3 Index Funds (in desc order of Shares) hold 20.6% [second last column shows % above minimum core shareholding; last column shows percentile rank by AUM (Assets Under Management) among 6696 Funds]. Please download the spreadsheet to view full list of 2096 Index Funds holding 32.8% of Apple as at March 31, 2023.

FundShares% of TotalValue $% above Core*Percentile rank
Vanguard Group Inc. (0000102909)1,309,785,3628215.7 B6100
Blackrock Inc. (0001364742)1,035,008,9397170.4 B1100
Berkshire Hathaway Inc. (0001067983)915,560,3826150.8 B3100
% Held by Top 3 Institutional shareholders3,260,354,68320.6536.9 B--

Apple Top 2 Active Funds (in desc order of Shares) hold 9.2% [second last column shows % above minimum core shareholding; last column shows percentile rank by AUM (Assets Under Management) among 6696 Funds]. Please download the spreadsheet to view full list of 1538 Active Funds holding 21.2% of Apple as at March 31, 2023.

FundShares% of TotalValue $% above Core*Percentile rank
State Street Corporation (0000093751)1,163,139,1797191.5 B98100
Geode Capital Management, LLC (0001214717)285,171,112247 B15100
% Held by Top 2 Institutional shareholders1,448,310,2919.2238.5 B--

2.2 Institutional ownership of AAPL at Mar 31: TFO-TDC top increase of 86,750%

As at March 31, 2023, 1042 institutions or 28.2% of AAPL's institutional shareholders had increased their holding of shares in Apple from December 31. The top increase was by TFO-TDC which increased its holding by 5,205 shares, or 86,750.0% to 5,211 shares.

Top 5 Increases [March 31, 2023 vs December 31, 2022]

Value is shown in the table below at March 31 AAPL share price of $164.67.

Institution (CIK)SharesValue, $% increase
TFO-TDC, LLC (0001698750)5,205769,15586,750.0
Providence Capital Advisors, LLC (0001730814)15,595,3782.3 B16,740.1
Summit Wealth Group, LLC (0001802865)6,949,6591 B16,252.3
Harbor Capital Advisors, Inc. (0001039128)74,68211 M13,804.4
Simplex Trading, LLC (0001488542)277,13741 M1,539.7
Total22,902,0613.4 billion-

2.3 Institutional ownership of AAPL at March 31, 2023: Vanguard Group Inc. top increase by worth

Top 5 Increases by worth [March 31, 2023 vs December 31, 2022]

Value is shown in the table below at March 31 AAPL share price of $164.67.

Institution (CIK)SharesWorth Change, $
Vanguard Group Inc. (0000102909)31,534,8244.7 B
Providence Capital Advisors, LLC (0001730814)15,595,3782.3 B
Bank of America Corp, DE (0000070858)15,426,1222.3 B
Summit Wealth Group, LLC (0001802865)6,949,6591 B
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt (0001694217)5,291,150781.9 M
Total74,797,13311.1 billion

2.4 Institutional ownership of AAPL at Mar 31: Okabena Investment Services top decrease of 100%

1488 Institutional shareholders decreased their holdings in Q1/2023. The top decrease was Okabena Investment Services who reduced their shareholding in Apple by 17,456 shares (99.9%) from 17,466 as at December 31 to 10 as at March 31.

Top 5 Decreases [March 31, 2023 vs December 31, 2022]

Value is shown in the table below at March 31 AAPL share price of $164.67.

Institution (CIK)SharesValue, $% Decreases
Okabena Investment Services INC (0001157519)17,456(2.6 M)-99.9
Washington Trust (0001079736)659,901(97.5 M)-99.9
Sheets Smith Wealth Management (0001157436)80,788(11.9 M)-99.8
Cottage Street Advisors LLC (0001665302)4,964,253(733.6 M)-98.9
MILLER WEALTH ADVISORS, LLC (0001908158)230,401(34 M)-97.4
Total5,952,799(879.7 million)-

2.5 Institutional ownership of AAPL at Mar 31: Tiger Global Management top new shareholder

An analysis conducted after the mid - quarter deadline of May 14 for Q1 SEC filings by 6646 institutions shows that there were 5 new institutional shareholders. Tiger Global Management (1167483) was the largest new shareholder with 851,000 shares valued at $140.1 million as at March 31.

Top 5 New shareholders as at March 31, 2023

Value is shown at price of March 31, 2023 (in desc order of Shares)

Value is shown in the table below at March 31 AAPL share price of $164.67.

Institution (CIK)SharesValue, $
Tiger Global Management LLC (0001167483)851,000140.1 M
Greenwood Capital Associates LLC (0001161822)155,38725.6 M
Canandaigua National Bank & Trust Co (0001074266)149,20724.6 M
Perpetual Ltd (0001647273)82,52313.6 M
Center Lake Capital Management, LLC (0001771673)75,00012.4 M
Total1,313,117216.2 million

2.6 Institutional ownership of AAPL at Mar 31: Norges Bank top exit

An analysis conducted after the mid - quarter deadline of May 14 for 20231 SEC filings by 6646 institutions shows that there were 5 exits. Norges Bank was the largest exit with 167,374,278 shares valued at 21.7 B as at March 31.

Institution (CIK)SharesValue, $
Norges Bank (0001374170)167,374,27821.7 B
Bank of Montreal, CAN (0000927971)22,739,2352.9 B
Putnam Investments LLC (0001421578)16,972,7202.2 B
STRS Ohio (0000820478)7,107,688920.8 M
Claraphi Advisory Network, LLC (0001724134)6,755,482875.2 M
Total220,949,40328.6 billion

Please view detailed Institutional Shareholders - Categorised and Complete List in DATA & ARCHIVE DOWNLOAD CENTER

SECTION 3 TODAY'S BULLISH SIGNALS

3.1 Relative Value Indicators: Undervaluation compared with sector averages

Price/Earnings of 29.5 < Technology sector (of 151 stocks) avg of 32.0:

- The price-to-earnings ratio of 29.5 indicates undervaluation compared with sector average of 32.0 and market average of 35.4.

3.2 Relative Value Indicators: Undervaluation compared with Index averages and bond yield

- Earnings yield of 3.4% is more attractive compared with the NASDAQ average earning yield of 2.8%.

- The earnings yield of 3.4% is below the 10-year bond yield of 3.8%.

(All figures in %)

Earnings Yield3.4
NASDAQ avg2.8
Dividend Yield0.5
Bond Yield3.8

SectorDividend Yield %
Top 50 BCGStock: 0.5; Sector: 0.4undervalued

3.3 Rank in the top 9% by Relative Valuation in the NASDAQ market

DescriptionValueRank
EV/EBITDA24.2In Top 9%

3.4 Rank in the top 25% by Price Performance in the NASDAQ market

DescriptionValueRank
Rel Strength 6 mo80In Top 21%
PV1000 [1 yr] $1,288In Top 23%
Price/MAP501.07In Top 25%

3.5 Uptrend

Price/Moving Average Price of 1.19 and positive MACD:

- The Price/MAP 200 for Apple is 1.19. Being higher than 1 is a bullish indicator. The stock is trading above both its MAPs and the 50-day MAP of $170.17 is higher than the 200-day MAP of $152.30, a second bullish indicator. The 200-day MAP has increased to $152.30, a third bullish indicator.

- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 178.23 minus the 26-day EMA of 175.08 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are rising, another bullish signal.

- The price to 50-day EMAP ratio is 1.1, a bullish indicator. In the past 50 days this ratio has exceeded 1.1, six times suggesting further upside. The 50-day EMAP has increased to $170.26. An increase is another bullish indicator.

Past Quarter:

- In the last three months the stock has hit a new 52-week high six times, pointing to an uptrend.

- The shares had their best quarter in seven quarters since the quarter ended September 09, 2021.

The Best 3 weeks in the past quarter

In the past quarter the week beginning Monday March 13 saw the highest weekly rise of 4.4% for a relative price increase of -1.4%.

Mon-FriChange %NASDAQ-100 Index Change %Vol Ind [1 is avg]
Mar 13-174.45.81
Mar 20-243.420.9
May 29-Jun 023.11.71

Relative Strength (6 months) 80 percentile:

- The stock has a 6-month relative strength of 80 in the NASDAQ market of 3,088 stocks, 4 units and 2 preference stocks indicating it has outperformed 80% of the market.

SECTION 4 ONGOING BULLISH PARAMETERS

4.1 Past four-years

- Apple rose for a fourth consecutive year. In the past four years it has risen $135.49 (293.8%).

4.2 Rank in the top 1% by Size in the NASDAQ market

DescriptionValueRank
Ave daily Turnover$6.3 billionIn Top 1%
Annual Revenue$394.3 billionIn Top 1%
MCap$2,873 billionIn Top 1%

4.3 Rank in the top 19% by Performance in the NASDAQ market

DescriptionValueRank
Net Profit Margin %25.3In Top 19%
EBITDA Margin %30.2In Top 19%

4.4 Rank in the top 3% by Productivity in the NASDAQ market

DescriptionValueRank
Return on Assets [ROA] %28.3In Top 3%

4.5 Present Value of $1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PV$1000 > 1,208

PV$1,0003 mo ago1 yr ago3 yrs ago
AAPL.NASDAQ$1,209$1,288$2,260
Technology sector$1,205$1,179$1,573
NASDAQ-100 Index$1,223$1,184$1,458

4.6 The Best Periods [1 Yr, 3 Yrs] with Price Change % > 28

3-Year price change of 121.9% for Apple outperformed the change of 46.7% in the NASDAQ-100 Index for a relative price change of 75.2%.

Price Change %Year3 Years
Apple28.1121.9
Technology sector13.856.7
NASDAQ-100 Index15.246.7

4.7 Stock vs Index (Annual Percentage Change)

December 31Last price in USD Annual ReturnReturn of S&P 500 Index
2022129.7-26.4-19.4
2021176.334.626.9
2020130.982.316.3
201971.889.028.9
201838.0--6.2

Over 5 years Apple is up a total 241.4% at an annualized rate of 35.9% compared to the Index being up 72.8% at an annualized rate of 14.7%.

Apple has outperformed the S&P 500 Index in 3 of the past 5

years: 2021, 2020, 2019.

4.8 Buybacks and 3-Years Decrease of 12.2% in Total Shares on Issue

In the past 3 years total shares on issue have decreased by 2.3 billion (12.2%) from 18.5 billion to 16.2 billion. Buybacks have averaged 563.8 million shares [3.1%] per financial year. Based on a dynamic start date of 3 years ago, there has been no rise in issued capital over the last 3 years. A reduction in total shares on issue is a favourable indicator in Joseph Piotroski's 9 indicators.

Period EndingTotal Shares on IssueFYBuybacksBuyback %
Sep 24, 202216,215,963,0002022485,309,0002.9%
Sep 25, 202116,701,272,0002021650,847,0003.8%
Sep 26, 202017,352,119,00020201,119,217,0006.1%
Sep 28, 201918,471,336,0002019--
Total2,255,373,000
Average per FY563,843,250

4.9 Growth in annual dividends per share and earnings per share

- Apple sees dividend rise for a tenth consecutive year

Apple reported dividends per share of 93.0c in the past year, up 4.5% from the previous year. This is the tenth consecutive dividend increase. In the past 10 years average annual compound growth rate of dividends was 9.0%.

- EPS growth [FY2022 vs FY2021] of 8.5%:

FYEPS ($)Growth %
20226.158.5
20215.6771.3

4.10 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 22.7%

TSR %1 yr3 yrs5 yrs10 yrs20 yrs30 yrs
AAPL.NASDAQ28.930.93330.139.122.8

4.11 Low Debt to Equity (%)

The debt to equity ratio of 19.7% is under a safe benchmark figure of 50%. However, it has deteriorated in the past three years.

YearsDebt to Equity (%)
Sep 202219.7
Sep 20219.51
Sep 20207.65
Sep 20196.61
Sep 201811.17

4.12 A 61.3% Decrease in Insider Selling

In the past 5 years a total of 6,524,085 Apple shares worth $1.2 billion were sold by insiders. Based on a dynamic start date of 5 years ago, insider selling has averaged 1,304,817 shares per year. In the past year, insiders sold 1,195,479 shares, a decrease of 61.3% from the previous year.

YearNo. of SharesValue, $
Jun 09, 20231,195,479187,008,585
1 Yr ago3,086,749461,133,251
2 Yrs ago867,606202,042,772
3 Yrs ago584,715130,430,190
4 Yrs ago789,536170,726,217
Total6,524,0851,151,341,015

4.13 Increased Volume, up 127% in 5 years

In the past five years, Average Daily Volume of Trading (ADVT) has increased 127.3% to 73.5 million shares.

Avg. Daily Volume Traded 12 months ended Jun 09, million shares

YearADVT
202373.5
202288.4
202199.2
202033.3
201932.4

4.14 Increased VWAP, up 230% in 5 years

In the past five years Volume Weighted Average Price (VWAP) has increased by 229.6% to $150.74.

Past five years, 12 months ended Jun 09 (USD)

YearHigh PriceVWAPLow Price
2023184.95150.74124.4
2022181.36155.26124.48
2021142.95115.281.63
202084.8363.9446.16
201955.9845.7434.16

4.15 Increased share turnover, up 87% in 5 years

In the past five years, average daily share turnover has increased 87.3% to $11.1 billion. This suggests increased liquidity.

Past five years, 12 months ended Jun 09 (USD billion)

YearAverage Daily Turnover
202311.1
202213.9
202114.7
20208.6
20195.9

4.16 Satisfies one criterion of Benjamin Graham

-"Total debt less than tangible book value"; total debt of USD10 billion is less than tangible book value of USD50.7 billion.-"Total debt equal or less than twice the net quick liquidation value"; total debt of USD10 billion is 0.1 times the net liquidation value of USD125.42 billion.-"Earnings growth over the most recent ten years of 7% compounded - that is a doubling of earnings in a five-year period"; the earnings per share have more than doubled in the last 5 years.

4.17 Satisfies 7 out of 9 criteria of Joseph Piotroski [pass mark 5]:

- Positive net income.

- Positive operating cashflow.

- Return on Assets improvement [from 27% to 28.3%].

- Good quality of earnings [operating cashflow exceeds net income].

- Reduction in total shares on issue.

- Improvement in gross margin [from 41.8% to 43.3%].

- Improvement in asset turnover [growth in revenue of 2.2% exceeded growth in assets of 0.5%].

But does not meet the following 2 criteria of Joseph Piotroski:

- Improvement in long-term debt to total assets.

- Improvement in current ratio.

4.18 Year-over-year (%) Change in Dividend:

Quarterly dividend for Q2/2023 was 24.0c, up 4.3% sequentially from 23.0c in Q1/2023. The year-on-year change was up 4.3% from 23.0c in the previous corresponding period Q2/2022.

QuarterQ2/2022Q1/2023Q2/2023
Dividend ($ Cents)23.023.024.0

SECTION 5 TODAY'S BEARISH SIGNALS

5.1 Relative Value Indicators: Overvaluation compared with sector averages

SectorP/EDividend Yield %
Forbes 2000Stock: 29.5; Sector: 15.3Stock: 0.5; Sector: 1.0overvalued
Fortune 500Stock: 29.5; Sector: 21.9Stock: 0.5; Sector: 0.5overvalued
Top 50 BCGStock: 29.5; Sector: 23.7overvalued
Just CapitalStock: 29.5; Sector: 24.1Stock: 0.5; Sector: 0.5overvalued

5.2 Rank in the bottom 11% by Relative Valuation in the NASDAQ market

DescriptionValueRank
Price to Sales7.3In Bottom 11%
Price/Earnings/Growth3.49In Bottom 7%
Dividend Yield %0.5%In Bottom 7%

5.3 Other Bearish Signals

MCap/Total Assets:

- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 8.1. Compared with the rest of the market the stock is overvalued and ranks in the bottom 4% of stocks by value of Q Ratio.

SECTION 6 ONGOING BEARISH PARAMETERS

6.1 Rank in the bottom 16% by Growth in the NASDAQ market

DescriptionValueRank
EPS Growth %8.5In Bottom 16%

6.2 Sequential EPS growth [Q2/2023 vs Q1/2022] of -19.0%:

The most recent quarter (Q2/2023) showed a decline of 19.0% in sequential growth of Quarterly EPS.
Quarterly ReportEPS ($)Growth %
Q2/20231.53-19.0
Q1/20221.8946.5

6.3 P/E/G > 1

The price earnings ratio of 29.5 divided by trailing twelve months eps growth of 8.5% corresponds to P/E/G of 3.5 times.

EPS Growth (%)8.47
P/E/G3.49
P/E29.53

6.4 % Growth in EPS & RPS

EPS growth: Sequential EPS growth (Q2 2023 vs Q1 2022) was down 19.0% and PCP EPS growth (Q2 2023 vs Q2 2022) was down 0.6%. FY EPS growth (FY2022 vs FY2021) was up 8.5%.

RPS growth: Sequential growth in Revenue per share (Q2 2023 vs Q1 2022) was down 18.3% and PCP growth in Revenue per share (Q2 2023 vs Q2 2022) was up 1.2%. FY growth in Revenue per share (FY2022 vs FY2021) was up 11.4%.

(All figures in %)

Sequential growth in EPS (Q2 2023 vs Q1 2022)-19.0
Sequential growth in RPS (Q2 2023 vs Q1 2022)-18.3
PCP growth in EPS (Q2 2023 vs Q2 2022)-0.6
PCP growth in RPS (Q2 2023 vs Q2 2022)1.2
FY growth in EPS (FY2022 vs FY2021)8.5
FY growth in RPS (FY2022 vs FY2021)11.4

6.5 Quarterly Trend in Revenue, Net Profit and Net Profit Margin:

- Revenue and Net Profit growth have shown signs of deterioration in recent quarters. [All figures in %]

Qtr-endedRevenue GrowthNet Profit GrowthNet Profit Margin
Apr 23 [Q2 vs Q1]-19.1-19.525.5
Dec 22 [Q1 vs Q4]3044.825.6

SECTION 7 CORPORATE PROFILE AND INDEPENDENT RATINGS

7.1 Activities

Apple Inc. designs, manufactures, and markets personal computers, portable digital music players, and mobile communication devices and sells a variety of related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, and third-party wholesalers, resellers, and value-added resellers. It is the NASDAQ's largest Technology company by market capitalisation.

In FY 2022, the top earner of Revenue was iPhone [52.1%] followed by Services [19.8%] at Rank 2 , Wearables Home and Accessories [10.5%] at Rank 3 , Mac [10.2%] at Rank 4 and iPad [7.4%] at Rank 5. In FY 2022, revenue growth was highest in Services [14.2%] followed by Mac [14.2%] at Rank 2 , Wearables Home and Accessories [7.5%] at Rank 3 and iPhone [7%] at Rank 4. In FY 2022, the top regional earner of Revenue was Americas [43%] followed by Europe [24.1%] at Rank 2 , Greater China [18.8%] at Rank 3 , Rest of Asia Pacific [7.4%] at Rank 4 and Japan [6.6%] at Rank 5. In FY 2022, revenue growth was highest in Rest of Asia Pacific [11.5%] followed by Americas [10.7%] at Rank 2 , Greater China [8.5%] at Rank 3 and Europe [6.5%] at Rank 4.

7.2 Independent Ratings and Relative Value Indicators

+ Fortune 500:

Apple Inc. is a new entrant in the Fortune list of Top 500 Global companies by Revenues in 2022, ranked 3.

+ Just Capital:

It was ranked 7 in the Just Capital annual list of top 100 ESG stocks for 2022; it was ranked 1 in the Technology Hardware sector.

+ Top 50 BCG:

It was ranked 1 in Boston Consulting Group's list of Top 50 Most Innovative Companies 2021; unchanged over a year from the same rank 1 in 2020.

+ Good Jobs First:

It received aggregate subsidies of $820.7 million from US federal, state and local awards in 2020. It was ranked 57 by aggregate subsidy values in the Good Jobs First list of Top 100 Parent companies in 2020.

+ Carbon Disclosure Project (CDP):

It is one of 181 companies selected by the Carbon Disclosure Project (CDP) in their A List 2019. The CDP names the world's most pioneering companies leading on environmental transparency and performance.

+ Industryweek 1000:

It is a new entrant in the Industry Week list of the world's largest 1000 manufacturers by Revenues in 2016, ranked 7.

+ Newsweek 500:

It was ranked 26 by Newsweek and Corporate Knights Capital in the World's 500 Greenest Companies 2016. It had outstanding scores of 15% in Carbon productivity, 11.7% in Water productivity and 11.3% in Waste productivity.

+ PwC 100:

It was ranked 1 by MCap as at March 31, 2015 by PwC in the Top 100 Global companies; an improvement over 6 years from rank 33 as at March 31, 2009.

+ Citi Top 50:

It was ranked in Citi's Top 50 global cash cows with reinvest-to-payout ratio of 0.28.

+ PwC Top100 Software Leaders:

It is the 28th largest by revenue and largest by MCap among the PwC Global Software Leaders.

7.3 Contact Details

Websitehttp://www.apple.com
Physical Address1 Infinite Loop,Cupertino,CA,95014
Phone+1 408 996-1010
Fax+1 408 974-2483
Emailinvestor_relations@apple.com

7.4 U.S. Industry & Sector [of 413 stocks]

Classification LevelName of Sector
Economic SectorTechnology

7.5 North American Industry Classification System [NAICS]

Code: 334220

Industry Title: Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing

+ ANNEXURE

APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER

AAPL: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA:

+ PRICE VOLUME - 5-YEAR HISTORY

+ FINANCIALS - 10-YEAR HISTORY [INCLUDING Q2/2023]:

+ INSTITUTIONAL SHAREHOLDERS - CATEGORISED AND COMPLETE LIST OF 3697 INSTITUTIONS AS AT Mar 31, 2023:

+ PEER COMPARISON - STOCK IN TECHNOLOGY SECTOR AND STOCK IN INDICES

+ PATENTS - CATEGORISED LIST OF 5-YEAR HISTORY OF 15699 :

AAPL: LINKS IN HTML TO FURTHER INFORMATION:

+ NEWS ARCHIVES - AAPL PAST 4 YEARS IN HTML:

+ STOCK BUZZ IN HTML

+ PRICE VOLUME CHARTS IN HTML

+ SEC FILINGS

+ TWEETS

+ NOTES to ACCOUNTS

+ INSIDER OWNERSHIP AND SELLING IN THE PAST 10 YEARS

+ BOARD OF DIRECTORS

APPENDIX II OTHER LISTINGS AND STOCK IDENTIFIERS

II.1 Primary Exchange and Other Listings: Trading Currency and Volume

ExchangeTickerCurrencyLastADVTVol % of TotalToday's VI
NasdaqAAPLUSD181.6173,525,31899.80.5
XetraAPCEUR166.3618,8030.23.4
Total100.00

1 USD= 0.9277 EUR

ADVT= Avg. Daily Volume of Trading; VI= Volume Index (1 is avg)

II.2 Stock Identifiers

ISIN: US0378331005

PermID: 4295905573

Central Index Key (CIK): 320193

CUSIP: 037833100

RIC: AAPL.O

GLOSSARY

ADVT: Average Daily Volume of shares Traded

Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Capital Gain/Loss from n Years Ago to n-1 Years Ago: Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Current Ratio: Current Assets/Current Liabilities (times)

Debt/Equity: Net Debt/Net Assets %

Dividend Yield: Dividend Per Share/Share Price (%)

Earnings Yield: Earnings Per Share/Share Price (%)

Income during the n years (3/2/1): Dividends received during the Period

Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods

PCP: Previous Corresponding Period

PV1000: Present value of 1000 invested 1 year/'n' years ago

Price Close/Moving Avg Price: Latest Price/Moving Average Price

Price/Earnings: Share Price/Earnings Per Share (times)

Price/NTA: Closing Share Price/Net Tangible Assets Per Share (times)

Price/Sales: Share Price/Sales Per Share (times)

Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index

Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.

Return on Assets: Net Profit/Total Assets (%)

Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)

TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend

TTM: Trailing 12 Months

Total Liabilities/Total Assets: Total Liabilities/Total Assets

Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period

Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.

Disclaimer: While this document is based on information sources which are considered reliable, it has been prepared without consideration of your specific investment objectives, financial situation or needs, so you should carry out your own analysis or seek professional investment advice before an investment decision is made. The document contains unbiased, independent equities data and analysis from Jupiter International (Australia) Pty Ltd trading as BuySellSignals (AFS Licence 222756), who provide round the clock analysis on every stock, every sector, every market, every day. BuySellSignals is not a broker, and does not have executing, corporate advisory or investment banking functions. Jupiter International (Australia) Pty Ltd, its directors, employees and contractors do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate.

Data for the BuySellSignals algorithms is drawn from annual reports, company websites and similar sources of publicly available data. It should be used as a guide only.

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