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Financial Research Report - Essay Example

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Financial Research Report

The stock’s high – low prices in 52 week range are 385.10 - 575.14 as on 6 December 2013 with closing price at 559.99 (Yahoo! Finance, 2013a). Being a diversified company, there are several competitors to Apple in various product ranges. In smart phones Samsung can be considered as a major competitor. Amazon and Microsoft are its competitors for iPad. Google is a tough competitor in many ways. Android smart phone of Motorola, a Google’s subsidiary competes with iPhone. Cloud service Google Drive can be considered as competition to Apple’s iCloud.   Rationale for investment The important factor influencing the decision to invest in Apple Inc. is its position in market vis-a-vis with its competitors. Gryta (2013) observes “Apple and Samsung devices hold their values reasonably well. BlackBerry and Nokia not so much… Apple’s iOS and Google’s Android are more developed with applications than the more recent operating systems from BlackBerry and Microsoft.” Apple’s ability to charge premium prices for its products in the market indicates its superior technology and brand loyalty. Therefore, stability of the operations in terms of sales and profitability in the future is assured, considering the growth prospects of consumer electronic goods and the development of new markets. Analysis of financial statements for the past three years strengthens our decision to recommend this stock for investment to investors with long term point of view and with low to medium risk preference. Shareholder equity Total stockholders’ equity has consistently increased over three years. This has reflected in increase in net tangible assets. (Annexure – I) 2013 2012 2011 Net Tangible Assets 117,793,000   112,851,000   72,183,000   Total Stockholder Equity 123,549,000   118,210,000   76,615,000   Operational performance Operational performance during the past three years indicates all round growth. (Annexure – II). Net sales at 108249 in 2011 increased to 170910 in 2013. Increase in sales works out to 57.89%. Cost of sales at 64431 in 2011 increased to 106606 in 2013. Increase in cost of sales works out to 65.46%. The reduction in gross margin at 64304 in 2013 compared to 68662 in 2012 is due to increase in cost of sales. This is in line with the overall economic situation in the country/world. However, increase in gross margin at 64304 in 2013 compared to 43818 in 2011 works out to 46.75%. Similarly, there is improvement in net margin from 25922 in 2011 to 37037 in 2013 that works out to 42.88%. Cash flow Cash flow indicates efficiency in cash management. (Annexure – III) 2013 2012 2011 Changes In Accounts Receivables (1,949,000) (6,965,000) (1,791,000) Changes In Liabilities 8,320,000   9,843,000   8,664,000   Changes In Inventories (973,000) (15,000) 275,000   Reduction in accounts receivable indicates efficiency in collections. Liabilities are under control and more or less at the same level in 2013 compared to 2011. Reduction in inventory represents efficiency in materials management. Changes in accounts receivable and inventories should be viewed in the back drop of increased sales over the period. Therefore, positive changes in these cases in spite of increase in sales can be considered as an achievement. Taxation In respect of taxation the company stated, ‘Management believes that an adequate provision has been made for any adjustments that may result from tax examinations’ ...Show more

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Apple Inc: Financial Research Report Introduction Apple Inc. is a manufacturer of personal computers and communication devices. Its product profile include iPhone, iPod, iPad, a multi-purpose mobile device; desktop. The software products include iOS and OS X operating system…
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