Observational Notes on AAPL

Journal Entry: 31 Aug 2013

Apple Inc. Capitalization Rate
in millions except shares outstanding

Closing price: $487.22

Shares Outstanding: 908,497,000
Market value of equity: $442,637.91
Debt, fair value: $16,958.00
Cash & Equivalents: 42,606.00
Enterprise Value: $416,989.91

EBITDA less CapEx: $46,197.00

Pre-tax Cap Rate: 11.08%

• published study by Kantar measured a 93% loyalty rate among iPhone owners vs competitors
• iPhone holds a 62.5% share of the U.S. commercial market base
• key growth catalysts are products and new services, opportunities with distributions from carrier relationships, expanding of retail and online stores and overall market expansion
• generated $7.8 billion in cash flow from operations during the quarter and returned $18.8 billion in cash to shareholders through dividends and share repurchases 

I have no positions in the above company mentioned, but may initiate a long position over the next 72 hours.

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