PDF PDF

APPLE INC (AAPL-O)
DETAILED STOCK REPORT
Technology Equipment / Computers, Phones & Electr. / Computer Hardware
Report Date: February 9, 2015

Last Close
Avg Daily Vol
52-Week High
Trailing PE
Annual Div
ROE
LTG Forecast
1-Mo Return
118.93 (USD)
65.2M
120.51
16.0
1.88
35.1%
12.8%
11.9%
February 6, 2015
NASDAQ Exchange
Market Cap
52-Week Low
Forward PE
Dividend Yield
Annual Rev
Inst Own
3-Mo Return
692.7B
73.05
13.8
1.6%
199.8B
62.2%
9.4%
AVERAGE SCORE
Score Averages
POSITIVE OUTLOOK: AAPL is currently among

an exclusive group of 201 stocks awarded our
highest score of 10.
Computers, Phones & Electr. Group: 4.6

Technology Equipment Sector: 5.2
Average Score Trend (4-Week Moving Avg)

Positive
Neutral
Negative
FEB-2012
FEB-2013
FEB-2014
FEB-2015
HIGHLIGHTS
Mega Market Cap: 6.6

S&P 500 Index: 6.6
Peers
-6M
-3M
-1M
-1W
AAPL
10
10
Current
10
WDC
HPQ
EMC
STX
1Y Trend
THOMSON REUTERS I/B/E/S MEAN
- The score for APPLE INC last changed from 9 to 10 on

02/01/15.
- The recent change in the Average Score was due to an
improvement in the Fundamental, Price Momentum, and
Relative Valuation component scores.
Buy
Mean recommendation from all analysts covering

the company on a standardized 5-point scale.
49 Analysts
Sell
Reduce
Hold
Buy
Strong
Buy
PRICE AND VOLUME CHARTS

1-Year Return: 62.4%
5-Year Return: 325.9%
BUSINESS SUMMARY
Apple Inc. designs, manufactures and markets mobile communication and media devices, personal computers and portable digital music players and
sells a variety of related software, services, peripherals, networking solutions and third-party digital content and applications. The Company's products
and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating
systems, iCloud and a variety of accessory, service and support offerings. The Company offers a range of mobile communication and media devices,
personal computing products and portable digital music players, as well as a variety of related software, services, peripherals, networking solutions and
third-party hardware and software products. The Company's primary products include iPhone, iPad, Mac, iPod, iTunes, Mac App Store, iCloud,
Operating System Software, Application Software and Other Application Software.
Page 1 of 12
2015 Thomson Reuters. All rights reserved.
APPLE INC (AAPL-O)
INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of six widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, Price Momentum and Insider Trading. A simple average of the underlying component ratings is
normally distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated
differently using alternative methodologies and the importance of individual factors varies across industries, market capitalization and
investment styles. Additional criteria should always be used to evaluate a stock.
Earnings
Fundamental
Relative Valuation
Risk
Price Momentum
Insider Trading
OPTIMIZED SCORE
Historically, companies with an optimized score
of 6 have tended to perform in-line with the
market over the following 12-month period.
As an alternative approach to equally weighting each of the six factors, independent

research firm, Verus Analytics, conducted a backtest to empirically determine the
optimal factor blend. Results and weighting vary across four different market
capitalization categories. For large cap stocks, price momentum and insider trading
historically provided the most explanatory power among the six factors and are
weighted heavily in the current optimized score. Among the small cap universe, the
earnings and fundamental factors joined with insider trading and price momentum to
explain returns.
PEER ANALYSIS
Currency in USD
PRICE MOMENTUM
Average
Score Ticker
VALUATION
FUNDAMENTAL
ANALYSTS
Price
(02/06/15)
1-Mo
Return
3-Mo
Return
1-Yr
Return
Market
Cap
Trailing
PE
Forward
PE
Dividend
Yield
Net
Margin
LTG I/B/E/S
Forecast Mean
# of
Analysts
10
AAPL
118.93
11.9%
9.4%
62.4%
692.7B
16.0
13.8
1.6%
24.2%
12.8% Buy
49
HPQ
37.95
-3.4%
5.0%
33.2%
69.4B
14.5
9.6
1.7%
4.7%
4.9% Buy
29
EMC
27.35
-4.6%
-6.7%
13.2%
55.7B
20.9
13.7
1.7%
16.3%
9.6% Buy
40
WDC
103.40
-2.9%
5.7%
24.1%
24.0B
15.8
11.9
1.9%
11.8%
8.4% Buy
25
STX
59.94
-6.1%
-4.1%
21.9%
19.7B
9.9
12.0
3.6%
25.2%
6.2% Buy
26
SNDK
77.48
-18.8%
-17.1%
10.3%
17.1B
18.3
14.5
1.6%
11.6%
16.8% Buy
38
NTAP
38.87
-2.1%
-10.0%
-6.8%
12.1B
20.5
12.6
1.7%
10.4%
11.2% Hold
36
DDD
28.49
-5.5%
-18.4%
-56.0%
3.2B
135.7
29.7
--
1.8%
21.3% Hold
24
SSYS
61.37
-19.7%
-42.3%
-45.3%
3.1B
--
31.0
--
-15.4%
21.6% Buy
26
SNX
77.31
9.1%
9.5%
40.5%
3.1B
16.8
11.3
0.7%
1.5%
12.6% Buy
SYNA
77.22
27.8%
21.5%
37.6%
2.8B
79.6
11.2
--
4.3%
18.0% Buy
17
Average
64.39
-1.3%
-4.3%
12.3%
82.1B
34.8
15.6
1.8%
8.8%
13.0% Buy
29
5.6
PEER COMPANIES
HPQ
EMC
WDC
STX
SNDK
HEWLETT-PACKARD COMPANY
EMC CORPORATION
WESTERN DIGITAL
SEAGATE TECHNOLOGY
SANDISK CORPORATION
Page 2 of 12
NTAP
DDD
SSYS
SNX
SYNA
NETAPP INCORPORATION
3D SYSTEMS CORPORATION
STRATASYS LTD
SYNNEX CORP
SYNAPTICS INCORPORATED
APPLE INC (AAPL-O)
EARNINGS
Currency in USD
Earnings Score Averages
POSITIVE OUTLOOK: Strong earnings with

recent analyst upgrades or a history of
surpassing consensus estimates.

Earnings Score Trend (4-Week Moving Avg)

Positive
Neutral
Negative
FEB-2012
FEB-2013
FEB-2014
FEB-2015

S&P 500 Index: 6.2
Peers
-6M
-3M
-1M
-1W
AAPL
10
10
Current
10
WDC
10
10
HPQ
STX
EMC
1Y Trend
EARNINGS INDICATORS
Earnings Surprises
Estimate Revisions
Recommendation Changes
(33.3% weight)
(33.3% weight)
(33.3% weight)
AAPL
WDC
STX
AAPL
WDC
HPQ
HPQ
EMC
WDC
AAPL
EMC
EMC
STX
STX
HPQ
Last 4 Quarters
# Positive Surprises (> 2%)
# Negative Surprises (< -2%)
# In-Line (within 2%)
Avg Surprise
Last 4 Weeks
4
0
0
11.1%
# Up Revisions
# Down Revisions
Avg Up Revisions
Avg Down Revisions
HIGHLIGHTS
- AAPL currently has an Earnings Rating of 10, which is significantly
more bullish than the Computer Hardware Industry average of 6.1.
AAPL scores a bullish 7 or greater for two of three component ratings:
Earnings Surprise (10) and Estimate Revision (10).
- On 01/27/15, the company announced quarterly earnings of 3.06 per
share, a positive surprise of 17.5% above the consensus 2.60. Over
the past 4 quarters, the company has reported 4 positive (>2%), 0
negative(<-2%), and 0 in-line (within 2%) surprises. The average
surprise for this time period has been 11.1%.
- AAPL's current quarter consensus estimate has increased over the
past 90 days from 1.98 to 2.10, a rise of 6.1%. Consensus estimates
for the Computer Hardware Industry have moved an average 0.0%
during the same time period.
Page 3 of 12
Last 120 Days

30
5
61.2%
-10.2%
# Broker Upgrades
# Broker Downgrades
1
1
PRICE TARGET
The chart indicates where analysts predict the stock price will be within
the next 12 months, as compared to the current price.
160
140
118.93
MEAN
120
Mean
133.00
High
160.00
Low
100
Target vs. Current
80.00
60.00
12-Month Price Target
HIGH
# of Analysts
LOW
Current Price
Price Target
60.00
11.8%
41
APPLE INC (AAPL-O)
EARNINGS PER SHARE

Actuals
Estimates
6.000
Earnings per share (EPS) is calculated

by dividing a company's earnings by the
number of shares outstanding. Analysts
tend to interpret a pattern of increasing
earnings as a sign of strength and flat
or falling earnings as a sign of
weakness.
5.000
Quarterly
03-15
06-15
4.000
Mean
2.099
1.648
High
2.310
1.840
Low
1.890
1.400
39
38
3.060
3.000
2.000
1.000
The charts provide a comparison

between a company's actual and
estimated EPS, including the high and
low forecasts.
1.660
03-14
1.280
1.420
06-14
09-14
Actuals
HIGH
MEAN
LOW
12-14
03-15
# of Analysts
06-15
Estimates
14.00
12.00
10.00
HIGH
MEAN
8.00
LOW
6.45
5.68
2013
2014
2015
MEAN ESTIMATE TREND
Current
30 Days Ago
90 Days Ago
% Change (90 Days)
2015
2016
Mean
8.574
9.137
High
9.150
10.020
Low
8.120
7.670
46
46
# of Analysts
6.00
4.00
Annual
2016
ANALYST RECOMMENDATIONS
Q
03-15
Q
06-15
Y
2015
Y
2016
2.099
1.993
1.979
6.1%
1.648
8.574
9.137
131.00
1.574
7.803
8.587
122.00
1.561
7.715
8.499
116.00
5.6%
11.1%
7.5%
12.9%
Next Expected Report Date: 04/21/15
Thomson Reuters I/B/E/S Mean: Buy (49 Analysts)
Price
Target
Strong Buy
14
Buy
25
Hold
Reduce
Sell
EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a
surprise, it is often followed by more of the same surprise type.
Surprise Summary (Last 12 Quarters)
Surprise Type
Positive Quarters (> 2%)
Negative Quarters (< -2%)
In-Line Quarters (within 2%)
Amount
Percent
9
1
2
75.0%
8.3%
16.7%
Surprise Detail (Last 6 Periods)

Surprise
Type
Announce
Date
Period End
Date
Actual
EPS
Mean
EPS
Surprise
(%)
POSITIVE
POSITIVE
POSITIVE
POSITIVE
POSITIVE
POSITIVE
01/27/15
10/20/14
07/22/14
04/23/14
01/27/14
10/28/13
12/31/14
09/30/14
06/30/14
03/31/14
12/31/13
09/30/13
3.060
1.420
1.280
1.660
2.071
1.180
2.604
1.305
1.231
1.456
2.010
1.137
17.5%
8.8%
4.0%
14.0%
3.0%
3.8%
ANNUAL REVENUE
A pattern of increasing sales in
conjunction with a rising EPS may
influence a buy recommendation, while
flat or falling sales and faltering
earnings may explain a sell
recommendation. A rising EPS with flat
or falling sales may result from
increased cost efficiency and margins,
rather than market expansion. This
chart shows the sales forecast trend of
all analysts and the highest and lowest
projections for the current and next
fiscal year.
Page 4 of 12
Actuals
Estimates
260B
HIGH
240B
MEAN
220B
200B
180B
160B
182.8B
LOW
170.9B
2015
2016
Mean
225.1B
233.5B
High
236.3B
257.3B
Low
216.1B
192.8B
23.1%
27.7%
41
44
Forecasted Growth
# of Analysts
2013
2014
2015
2016
APPLE INC (AAPL-O)
FUNDAMENTAL
Fundamental Score Averages
NEUTRAL OUTLOOK: Fundamentals relatively

in-line with the market.

Fundamental Score Trend
Q1
2014
Q2
2014
Q3
2014
Q4
2014
HPQ
Peers
Positive

S&P 500 Index: 6.7
Current
STX
Neutral
EMC
Negative
WDC
10
10
AAPL
10
10
10
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2012
2013
2014
3Y Trend
FUNDAMENTAL INDICATORS
Profitability
Debt
Earnings Quality
Dividend
(25% weight)
(25% weight)
(25% weight)
(25% weight)
AAPL
STX
HPQ
WDC
EMC
AAPL
STX
HPQ
WDC
STX
WDC
EMC
HPQ
EMC
AAPL
Revenue Growth
For year over year
ending 12/14
Gross Margin
For trailing 4 qtrs
ending 12/14
Return on Equity
For trailing 4 qtrs
ending 12/14
Net Margin
For trailing 4 qtrs
ending 12/14
14.8% Current Ratio

For year over year
ending 12/14
39.9% Debt-to-Capital
For trailing 4 qtrs
ending 09/14
35.1% Interest Funding
For trailing 4 qtrs
ending 12/14
24.2% Interest Coverage
For trailing 4 qtrs
ending 12/14
AAPL
1.1 Days Sales in Inv.

For period ending
09/14
20.6% Days Sales in Rec.
For period ending
09/14
0.6%
187.4
HPQ
EMC
WDC
STX
6.8 Div. Growth Rate

For year over year
ending 12/14
47.8 Dividend Funding
For trailing 4 qtrs
ending 12/14
Dividend Coverage
For trailing 4 qtrs
ending 09/14
Current Div. Yield
For trailing 4 qtrs
ending 02/15
9.5%
15.7%
4.7
1.6%
HIGHLIGHTS
- AAPL's Fundamental Rating declined significantly over the last quarter
from a bullish 10 to a relatively neutral 6. The average Fundamental
Rating for its Computer Hardware Industry is 5.1 and the S&P 500
COMPOSITE average is 6.7.
- The company's days sales in inventory has been lower than its
Industry average for each of the past five years.
- The company's current ratio has been lower than its Industry average
for each of the past five years.
Page 5 of 12
- Of the 50 firms within the Computer Hardware Industry, APPLE INC is

among the 16 companies that pay a dividend. The stock's dividend
yield is currently 1.6%.
- The company's net margin has been higher than its Industry average
for each of the past five years.
APPLE INC (AAPL-O)
RELATIVE VALUATION
Relative Valuation Score Averages
POSITIVE OUTLOOK: Multiples significantly

below the market or the stock's historic norms.

Relative Valuation Score Trend (4-Week Moving Avg)

Positive
Neutral
Negative
FEB-2012
FEB-2013
FEB-2014
FEB-2015

S&P 500 Index: 5.0
Peers
-6M
-3M
-1M
-1W
AAPL
Current
8
WDC
EMC
HPQ
STX
1Y Trend
RELATIVE VALUATION INDICATORS

Forward PEG
Trailing PE
Forward PE
(50% weight)
(25% weight)
(25% weight)
HPQ
AAPL
EMC
STX
WDC
STX
AAPL
WDC
EMC
HPQ
AAPL
HPQ
WDC
EMC
STX
Forward PEG
1.1 Trailing PE
16.0
Forward PE
13.8
5-Yr Average
0.7 5-Yr Average
16.2
5-Yr Average
13.1
Rel. to 5-Yr Avg.
48% Premium Rel. to 5-Yr Avg.
S&P 500 Index

Rel. To S&P 500
2.1 S&P 500 Index

47% Discount Rel. To S&P 500
0.9% Discount
25.5
Rel. to 5-Yr Avg.

S&P 500 Index
37% Discount Rel. To S&P 500
6% Premium
21.6
36% Discount
HIGHLIGHTS
- Compared to the Computer Hardware Industry, AAPL is currently
trading at a significant discount based on Trailing P/E, Forward P/E,
and Forward PEG.
- AAPL's Trailing P/E of 16.0 represents a 0.9% Discount to its 5-year
average of 16.2.
- AAPL currently has a Valuation Rating of 8 which is significantly above
the S&P 500 COMPOSITE index average rating of 5.0.
Page 6 of 12
- AAPL's Forward PEG of 1.1 represents a 48% Premium to its 5-year

average of 0.7. If the Forward PEG returned to historical form, the
stock would trade at 80.34.
- AAPL's Forward P/E of 13.8 represents a 6% Premium to its 5-year
average of 13.1.
APPLE INC (AAPL-O)
PRICE TO SALES
TRAILING PE
The most recent week's close price divided by the revenue per share.
Price to Sales:
5-Year Average:
S&P 500 Index Average:
Computer Hardware Industry Average:
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
3.5
3.5
2.9
2.2
2011
2012
2013
2014
FORWARD PE
2011
2012
2013
2014
FORWARD PEG
Forward PE:
5-Year Average:
The Forward P/E divided by the five-year forecasted growth rate.

13.8
13.1
21.6
24.1
Forward PEG:
5-Year Average:
2.0
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
5-Yr Average
2010
16.0
16.2
25.5
32.4
5-Yr Average
2010
The most recent week's close price divided by the sum of the four
upcoming quarterly consensus estimates.
20
18
16
14
12
10
8
6
4
2
0
Trailing PE:
5-Year Average:
120
108
96
84
72
60
48
36
24
12
0
5-Yr Average
2010
The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
2011
2012
Page 7 of 12
2013
2014
5-Yr Average
2010
2011
2012
2013
2014
1.1
0.7
2.1
1.5
APPLE INC (AAPL-O)
RISK
Risk Score Averages
POSITIVE OUTLOOK: Consistent return patterns

(low volatility).

Risk Score Trend (4-Week Moving Avg)

Positive
Neutral
Negative
FEB-2012
FEB-2013
FEB-2014
FEB-2015
Peers

S&P 500 Index: 8.4
-6M
-3M
-1M
-1W
EMC
10
10
10
10
Current
10
AAPL
10
10
10
HPQ
WDC
STX
1Y Trend
RISK INDICATORS
Magnitude Of Returns
Volatility
Beta (1-year)
Correlation
(25% weight)
(25% weight)
(25% weight)
(25% weight)
AAPL
EMC
AAPL
EMC
HPQ
WDC
HPQ
WDC
STX
STX
EMC
HPQ
STX
AAPL
EMC
HPQ
WDC
AAPL
WDC
STX
Daily Returns (Last 90 Days)

Best
5.7%
Worst
-3.5%
Monthly Returns (Last 60 Months)
Best
18.8%
Worst
-14.4%
Standard Deviation
Last 90 Days
1.74
Last 60 Months
7.19
Intra-Day Swing (Last 90 Days)
Last 90 Days Avg
2.2%
Last 90 Days Largest
7.0%
HIGHLIGHTS
- AAPL currently has a Risk Rating of 9 while the S&P 500
COMPOSITE index has an average rating of 8.4.
- On days when the market is up, AAPL tends to lag the S&P
500 COMPOSITE index. On days when the market is down, the
stock generally performs in-line with the S&P 500 COMPOSITE
index.
- In both short-term and long-term periods, AAPL has shown
high correlation (>=0.4) with the S&P 500 COMPOSITE index.
Thus, this stock would provide only low levels of diversification
to a portfolio similar to the broader market.
- Over the past 90 days, AAPL shares have been more volatile
than the overall market, as the stock's daily price fluctuations
have exceeded that of 72% of S&P 500 COMPOSITE index
firms.
Page 8 of 12
Beta vs. S&P 500

Positive Days Only
Negative Days Only
Beta vs. Group
Positive Days Only
Negative Days Only
0.93
0.71
0.91
0.49
0.59
0.54
Correlation vs. S&P 500

Last 90 Days
Last 60 Months
Correlation vs. Group
Last 90 Days
Last 60 Months
58%
44%
58%
62%
RISK ANALYSIS
Last 90 Days
Worst
#
# Largest
Daily Days Days Intra-Day
Return
Up Down
Swing
Last 60 Months
Best
Worst
Monthly Monthly
Return
Return
Peers
Best
Daily
Return
AAPL
5.7%
-3.5%
31
30
7.0%
18.8%
-14.4%
EMC
4.8%
-3.2%
32
30
7.9%
19.6%
-15.5%
HPQ
4.1%
-4.3%
33
28
5.2%
22.0%
-26.0%
STX
4.0%
-7.7%
32
30
6.3%
57.2%
-23.8%
WDC
4.1%
-4.8%
31
28
5.4%
30.5%
-19.1%
S&P 500
2.4%
-1.8%
32
29
2.4%
10.8%
-8.2%
APPLE INC (AAPL-O)
PRICE MOMENTUM
Currency in USD
Price Momentum Score Averages
POSITIVE OUTLOOK: Strong recent relative

price performance or entering historically
favorable seasonal period.

Price Momentum Score Trend (4-Week Moving Avg)

Positive
Neutral
Negative
FEB-2012
FEB-2013
FEB-2014
FEB-2015

S&P 500 Index: 6.4
Peers
-6M
-3M
-1M
-1W
AAPL
10
10
10
Current
10
WDC
10
HPQ
10
STX
10
10
EMC
10
1Y Trend
PRICE MOMENTUM INDICATORS

Relative Strength
Seasonality
(70% weight)
(30% weight)
AAPL
AAPL
STX
WDC
EMC
HPQ
HPQ
WDC
STX
EMC
Relative Strength Indicator (scale 1-100, 100 is best)

AAPL
Industry Avg
Last 1 Month
59
50
Last 3 Months
58
51
Last 6 Months
58
51
Average Monthly Return (Last 10 Years)

FEB
MAR
APR
Company Avg
2.6%
5.3%
6.5%
Industry Avg
1.1%
1.8%
2.6%
Industry Rank
46 of 117
93 of 117
74 of 116
PRICE PERFORMANCE
Daily close prices are used to calculate the
performance of the stock as compared to a
relevant index over five time periods.
11.9%
1-Month
AAPL
NASDAQ 100
Close Price (02/06/15)
118.93
4229
52-Week High
120.51
4338
52-Week Low
73.05
3447
- On 02/06/15, AAPL closed at 118.93, 1.3% below its 52-week

high and 62.8% above its 52-week low.
- AAPL shares are currently trading 6.0% above their 50-day
moving average of 112.20, and 16.8% above their 200-day
moving average of 101.79.
- The NASDAQ 100 is currently 2.5% below its 52-week high
and 22.7% above its 52-week low.
2.9%
9.4%
3-Month
1-Year
NASDAQ 100
1.5%
1.9%
1-Week
YTD
AAPL
1.6%
7.7%
-0.2%
62.4%
20.9%
Page 9 of 12
APPLE INC (AAPL-O)
INSIDER TRADING
Currency in USD
Insider Trading Score Averages
NEGATIVE OUTLOOK: Recent or longer-term

trend of selling by company insiders.

Insider Score Trend (4-Week Moving Avg)

Positive
Neutral
Negative
FEB-2012
FEB-2013
FEB-2014
FEB-2015

S&P 500 Index: 4.1
Peers
-6M
-3M
-1M
-1W
AAPL
Current
3
EMC
HPQ
STX
WDC
1Y Trend
INSIDER TRADING INDICATORS

Short-Term Insider
(70% weight)
Long-Term Insider
(30% weight)
AAPL
HPQ
AAPL
EMC
STX
HPQ
WDC
Name
Federighi, Craig M
Riccio, Daniel J Jr
EMC
STX
WDC
Most Recent Buys and Sells (Last 90 days)

Role
Tran Date
Tran Type
O
11/21/14 - 11/24/14
S
O
11/20/14
S
HIGHLIGHTS
MONTHLY BUYS AND SELLS
- AAPL currently has an Insider Rating of 3, which is significantly more

bearish than the Computers Phones & Electr Industry Group average
of 5.21.
- Executives at APPLE INC have not purchased or sold any shares thus
far this quarter. Over the past five years, the average purchase and
sell totals for Q1 have been $0 and $31,803,024, respectively.
160
TOP INSTITUTIONAL HOLDERS

Inst.
Type
Inv Mgmt
Inv Mgmt
Inv Mgmt
Inv Mgmt
Inv Mgmt
Excludes
derivative
and option
exercises
0
80
SELLS
M A M
TOP EXECUTIVE HOLDERS

%
O/S
5.6%
4.2%
3.9%
2.8%
1.0%
Shares
Held
327M
242M
226M
164M
60.1M
Reported
Date
09/30/14
09/30/14
09/30/14
09/30/14
09/30/14
Updated daily as of 02/08/15
Page 10 of 12
$ Market Value - Millions
BUYS
80
160
Institution
The Vanguard Group Inc
State Street Global
BlackRock Institutional
Fidelity Management
Wellington Management
Insider Summary (Last 6 Months)

Total Shares Acquired
340,395
Total Shares Disposed
289,365
Net Shares
51,030
Sector Average
-40,571
Shares
81,543
3,804
Insider Name
Levinson, Arthur D
Gore, Albert A Jr
Mansfield, Robert L
Federighi, Craig M
Ahrendts, Angela J Couch
Role
D
D
O
O
O
Direct
Shares
1.14M
0.44M
0.35M
0.24M
55,531
Value
121M
46.4M
36.8M
25.1M
5.89M
Reported
Date
08/12/14
01/31/14
06/21/13
11/24/14
05/30/14
Updated monthly as of 01/18/15
APPLE INC (AAPL-O)
DETAILED STOCK REPORT TIPS

The Thomson Reuters Stock Report is a comprehensive, company-specific analysis
that includes a proprietary Stock Rating along with underlying component indicators
and supportive data elements. The report is updated daily, although some of the
data elements and the ratings are updated weekly.
Average Score
The Average Score combines a quantitative analysis of six widely-used investment
decision making tools - Earnings, Fundamental, Relative Valuation, Risk, Price
Momentum, and Insider Trading. First, a simple average of the six underlying
component ratings is calculated. Then, a normal distribution is used to rank each
stock across the market on a scale of 1 to 10, with 10 being most favorable. A
score of 8 to 10 is considered positive, 4 to 7 is neutral, and 1 to 3 is negative. These
six factors may be evaluated differently using alternative methodologies, and the
importance of individual factors varies across groups, market capitalization and
investment styles. Additional criteria should always be used to evaluate a stock.
A company must have sufficient data available for at least four of the six component
indicators in order to receive an overall Average Score. Approximately 85% of the
stocks within the coverage universe meet the criteria to generate a score.
Optimized Score
As an alternative to the average score, the Stock Report includes an Optimized Score
generated by independent research firm, Verus Analytics. It uses the same six
component ratings, but rather than equally weighting each of the factors, the
weighting varies by market capitalization of the underlying security based on
backtesting research. These scores are also updated weekly and distributed
normally on a 1 to 10 scale, with 10 being best. The variable size is assigned
monthly by ranking the market capitalization and assigning the appropriate category
as follows:
Large
Mid
Small
Micro
Top 5.55%
Next 13.87%
Next 34.68%
Remaining 45.9%
Indicator Components
The six indicators that comprise the stock rating are displayed. Like the stock rating,
the component rating scale is 1 to 10, with 10 being best. A company will receive
an NR for No Rating if the required data elements or criteria are not met. A
detailed section for each component is included in the report.
Indicator Trends
Within each component section, historical score trends are displayed, typically using
a 4-week moving average over a timeframe of the past three years. The dotted
orange line indicates the average of the scores over those three years. The most
recent occurrence of the best and worst scores are also displayed on the chart in
grey boxes to put the current score into historical context.
Next to the trend chart for the company, current score averages are included, along
with peer company comparisons of values from 6 months ago, 3 months ago, 1
month ago, the most recent value from 1 week ago, and the current score. The four
closest industry peers are presented based on similar market capitalization.
Peer Analysis
The Thomson Reuters Business Classification (TRBC) system is used for
industry comparisons. It is designed to track and display the primary business of
a corporation by grouping together correlated companies that offer products and
services into similar end markets. The system includes 10 Economic Sectors, 28
Business Sectors, 54 Industry Groups, and 136 Industries.
The Peer Analysis section of the report compares the company to its ten closest
peers. The peers are selected from the industry based on similar market
capitalization. The peer listing may have fewer than ten companies if there are
fewer than ten companies classified within that industry.
Highlights
The Thomson Reuters proprietary automated text-generation system creates
highlights summarizing the most noteworthy data. The bullets will vary by company
and will change from week to week as different criteria are met.
Earnings
The Earnings Rating is based on a combination of three factors: earnings surprises,
estimate revisions, and recommendation changes. Each factor is equally weighted.
Then, equal deciles are used to rank each stock across the market on a scale of 1
to 10, with 10 being most favorable. A stock needs to have at least two of the three
earnings factors in order to receive a score.
Page 11 of 12
Earnings Surprises - The number of positive and negative surprises within the
last 4 quarters.
Estimate Revisions - The number of up and down revisions and the average
percentage change of those revisions within a 4 week period.

Recommendation Changes - The number of broker upgrades and downgrades in
the last 120 days.

Price Target
The price target is based on the predictions of analysts covering the stock and
shows the high, low and mean price expected within the next 12 months.
Earnings Per Share
The quarterly and annual earnings per share are presented when available, along
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
years (actual) and the next 2 years (estimated).
Mean Estimate Trend
The mean estimates show how the consensus has changed over the past 30 days
and 90 days for the upcoming two quarters and two years. The percentage change
is calculated for the company as a means for comparison by measuring the
difference between the current consensus estimate and that of 90 days ago.
Analyst Recommendations
The Thomson Reuters I/B/E/S Mean is the mean recommendation of all analysts
covering the stock. The recommendations are presented on a five-point
standardized scale: strong buy, buy, hold, reduce, and sell.
Earnings Surprises
The surprise summary includes the total number of quarters (and percentage) in
the past 12 quarters in which earnings surprises were positive, negative, or inline. In order to be recognized as a positive or negative surprise, the percent
must be greater than 2% above or 2% below the consensus, respectively.
The surprise detail section includes a listing of the company's quarterly earnings
reported for the most recent 6 quarters. The consensus analyst estimate is
provided to determine if the actual earnings report represented a positive
surprise, negative surprise, or in-line result.
Fundamental
The Fundamental Rating is based on a combination of four factors: profitability,
debt, earnings quality, and dividend. Companies that do not pay a dividend are not
penalized. Each factor is equally weighted. Then, equal deciles are used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least three of the four fundamental factors present for a
given fiscal quarter in order to receive a score.
Profitability is comprised of four data elements.
- Revenue Growth: (Net Sales Previous Net Sales) / Previous Net Sales
- Gross Margin: Gross Profit / Net Sales
- Return on Equity: Net Income / Total Equity
- Net Margin: Net Profit / Net Sales
Debt is comprised of four data elements.
- Current Ratio: Current Assets / Current Liabilities
- Debt-to-Capital: Total Debt / Total Capital
- Interest Funding: Interest Expense / Operating Cash Flow
- Interest Coverage: (Pre-Tax Income + Interest Expense) / Interest Expense
Earnings Quality is comprised of two data elements.
- Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
- Days Sales in Receivables: 365 / (Net Sales (Revenues) / Receivables)
Dividend is comprised of four data elements. The company must have a current
dividend yield.
- Dividend Growth Rate: (Dividends per Share Previous Dividends per Share)
/ Previous Dividends per Share
- Dividend Funding: Dividends / Operating Cash Flow
- Dividend Coverage: (Pre-Tax Income + Interest Expense) / (Interest Expense
+ Dividends)
- Dividend Yield: Annual Dividends per Share / Current Market Price per Share
Indicator Trend
The fundamental indicator trend displays quarterly scores over the past three years.
The best and worst scores over that timeframe can be easily determined from the
values shown on the chart for each quarter.
APPLE INC (AAPL-O)

Relative Valuation
The Relative Valuation Rating is based on a combination of three factors: Forward
PEG (50% weight), Trailing P/E (25% weight), and Forward P/E (25% weight). After
the weightings are considered to combine individual factors, equal deciles are used
to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. These common valuation metrics are evaluated against the overall
market, the index, and the company's own historic 5-year averages. A stock needs
to have at least one of the three relative valuation factors in order to receive a score.
Trailing P/E: Close Price / Most Recent 4 Quarters of Earnings
Forward P/E: Close Price/ Upcoming 4 Quarters of Earnings
Forward PEG: Forward P/E / Long-Term Forecasted Growth Rate
Valuation Averages
Negative values are excluded when calculating the averages. A maximum value of
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on
Forward PEG, and a maximum value of 20 is placed on Price to Sales when
calculating the averages. Higher values are rounded down to the maximum for the
averages.
Valuation Multiples
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and
Price to Sales for the company and the S&P 500 index average. In addition, a
comparison of the current companys values to its 5-year average and an industry
average are presented. A discount occurs when the companys ratio is valued more
favorably (lower) than that to which it is compared.
Risk
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the
least risky stocks. It is derived by looking at a series of long-term (5-year) and
short-term (90-day) stock performance measures including volatility, magnitude of
returns, beta, and correlation. Each factor is equally weighted. Then, equal deciles
are used to rank each stock across the market. A stock needs to have at least two
of the four risk factors in order to receive a score.
Magnitude of Returns The best / worst daily returns in the past 90 days and the
best / worst monthly returns in the past 60 months.

Volatility The standard deviation of the stock price over the last 90 days and
Long-Term Insider Looks at buying, selling and option exercise decisions over
the past six months relative to other stocks within the same business sector. The
net shares are presented alongside the business sector average as a means of
comparison.
Monthly Buys and Sells
The total market value of open-market buying and selling is displayed by month in
the chart for easy comparison. Transactions by trusts and corporations are
excluded, along with buys greater than $10 million and sales greater than $50
million. Transactions for the exercise of derivatives and option exercises are
excluded from the totals.
Institutional Holders
The top five institutional holders of the company are listed in descending order,
based on their total share holdings. Possible values for the institution type include
Brokerage, Funds, Inv Mgmt, or Strategic.
Executive Holders
The top five executive insiders of the company are listed in descending order, based
on their total direct common share holdings (options are not considered). Indirect
holdings are excluded, as the owner may not actually have investment discretion
over these shares. This table is updated monthly. Insiders who have not filed any
transactions or holdings over the past two years are excluded as this may indicate
that the individual is no longer associated with the company. Additionally, direct
shares held must be greater than 1,000 to be considered.
Insider Roles
AF - Affiliate
B - Beneficial Owner
CB - Chairman
CEO - Chief Executive Officer
CFO - Chief Financial Officer
CM - Committee Member
CO - Chief Operating Officer
CT - Chief Technology Officer
D - Director
EVP - Exec Vice President
GC - General Counsel
O - Officer
OH - Other
P - President
R - Retired
SH - Shareholder
SVP - Senior Vice President
T - Trustee
TR - Treasurer
VC - Vice Chairman
VP - Vice President
last 60 months, along with the average and largest intra-day stock swing.
Beta Measures the tendency of a securitys returns to respond to swings in the
market, based on the beta of the company versus the relevant index.
Correlation Determines how closely the returns of the stock and the relevant
index move together, measured over the last 90 days and last 60 months.
Risk Analysis
Price analysis for the company and the S&P 500 is provided over two time periods.
Daily analysis is provided for the last 90 days, whereas monthly statistics are used
for the last 60 months.
Price Momentum
The Price Momentum Rating is based on a combination of two technical
performance factors: relative strength (70% weight) and seasonality (30% weight).
After the weightings are considered to combine individual factors, equal deciles are
used to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. A stock needs to have data for the relative strength factor in order to
receive a score.
Relative Strength The relative strength of the company for the last 1 month, 3
months, and 6 months on a scale of 1 to 100.

Seasonality The average monthly return (price performance) for the current
month and next 2 months for the company and industry, over the past 10 years.
A lower industry rank indicates a higher return.
Price Performance
Daily close prices are used to calculate the price performance of the stock. The
performance of the S&P 500 is also displayed as a means of comparison.
Insider Trading
The Insider Trading Rating is based on short-term (60% weight) and long-term (40%
weight) legal insider trading behavior. After the weightings are considered to
combine individual factors, a function similar to a normal distribution is used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least one of the two insider trading factors in order to receive
a score.
Short-Term Insider Uses insider buy and sell transactions within the past 90
days. This factor is based on the Thomson Reuters quantitative insider trading
model that considers the insider's role, consensus, number of shares, market
capitalization of the company, and the historic stock performance following trades
by the given insider.
Page 12 of 12
DISCLAIMER
All information in this report is assumed to be accurate to the best of our ability.
Past performance is not a guarantee of future results. The information contained in
this report is not to be construed as advice and should not be confused as any sort
of advice. Investors should consider this report as only a single factor in making
their investment decision.

PDF PDF

Transféré par

Informations du document

Description originale:

Titre original

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

PDF PDF

Transféré par

Droits d'auteur :

Formats disponibles

APPLE INC (AAPL-O)

DETAILED STOCK REPORT

Technology Equipment / Computers, Phones & Electr. / Computer Hardware

Report Date: February 9, 2015

Avg Daily Vol

POSITIVE OUTLOOK: AAPL is currently among

Computers, Phones & Electr. Group: 4.6

Average Score Trend (4-Week Moving Avg)

Mega Market Cap: 6.6

THOMSON REUTERS I/B/E/S MEAN

- The score for APPLE INC last changed from 9 to 10 on

Mean recommendation from all analysts covering

PRICE AND VOLUME CHARTS

5-Year Return: 325.9%

APPLE INC (AAPL-O)

DETAILED STOCK REPORT

Technology Equipment / Computers, Phones & Electr. / Computer Hardware

Report Date: February 9, 2015

As an alternative approach to equally weighting each of the six factors, independent

APPLE INC (AAPL-O)

DETAILED STOCK REPORT

Technology Equipment / Computers, Phones & Electr. / Computer Hardware

Report Date: February 9, 2015

POSITIVE OUTLOOK: Strong earnings with

Computers, Phones & Electr. Group: 5.8

Earnings Score Trend (4-Week Moving Avg)

Mega Market Cap: 6.1

Last 120 Days

Target vs. Current

12-Month Price Target

APPLE INC (AAPL-O)

DETAILED STOCK REPORT

Technology Equipment / Computers, Phones & Electr. / Computer Hardware

Report Date: February 9, 2015

EARNINGS PER SHARE

Earnings per share (EPS) is calculated

The charts provide a comparison

MEAN ESTIMATE TREND

Thomson Reuters I/B/E/S Mean: Buy (49 Analysts)

Surprise Detail (Last 6 Periods)

APPLE INC (AAPL-O)

DETAILED STOCK REPORT

Technology Equipment / Computers, Phones & Electr. / Computer Hardware

Report Date: February 9, 2015

NEUTRAL OUTLOOK: Fundamentals relatively

Computers, Phones & Electr. Group: 5.0

Fundamental Score Trend

Mega Market Cap: 6.7

14.8% Current Ratio

1.1 Days Sales in Inv.

6.8 Div. Growth Rate

- Of the 50 firms within the Computer Hardware Industry, APPLE INC is

APPLE INC (AAPL-O)

DETAILED STOCK REPORT

Technology Equipment / Computers, Phones & Electr. / Computer Hardware

Report Date: February 9, 2015

POSITIVE OUTLOOK: Multiples significantly

Computers, Phones & Electr. Group: 5.6

Relative Valuation Score Trend (4-Week Moving Avg)

Mega Market Cap: 5.1

RELATIVE VALUATION INDICATORS

0.7 5-Yr Average