Saturday, April 20, 2013

AAPL: Apple (AAPL) only looks cheap if it maintains...

10:51 AM Apple (AAPL) only looks cheap if it maintains its profit margins (35.3% in 2012), writes The Brooklyn Investor. Slapping Samsung's mobile operating margin of 18% on Apple's $181B in expected revenue this year then giving it a 10 multiple and adding back cash yields a value of $370/share. Margins might not decline right away (and revenues may increase to offset), but Apple bulls are fighting the powerful historical tendency (particularly for Apple) of excess margins getting competed away. Read comments

AAPL price at time of publication: $390.53. Check AAPL price now »

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