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This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document.
The quarter itself was strong: • Revenue: $109.42B, beating expectations of $108.65B • EPS: $2.02, beating expectations of $1.89 • iPhone revenue: +22% Y/Y, its best growth in years The guidance may be what sold off: • September quarter revenue guided to 9%-11% growth, a slowdown from Q3's 16% • Gross margin guided down to 47%-48% from the 50.1% just reported • Services missed expectations, and Greater China came in below estimates Apple came into the print at 35x forward earnings, well above its 5-year average of 28, and up 22% YTD. At that valuation, a beat wasn't enough. Source: WOLF
The program, called Upgrade, is a partnership with Klarna, a provider of buy now, pay later loans, that will be offered at Apple’s physical retail stores as well as its online store. After passing a soft credit check, customers will be offered a one- or two-year lease on an iPhone. There will be a similar option for an Apple Watch, or a two- or three-year lease available for Macs and iPads. Source: CNBC
Apple's EV/EBITDA Ratio: 31x 10-year average: 19x Apple's Price to Sales Ratio: 11x 10-year average: 6x $AAPL Source: Charlie Bilello
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