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- Apple's FY09 Gross Margin Expectations Are Too Low
- Turley Muller submits: Apple Inc.'s AAPL FY09 gross margin should well-exceed management’s guidance of 30%. There are multiple factors that will support FY09 gross margins. 1) As iPhone’s revenue contribution to total company sales increases, overall gross margins will rise since the iPhone carries a very high GM. 2)...
- External links 2008-10-29
- Apple iPhone's Substantial Impact on Gross Margin
- Turley Muller submits: Margins held steady Q/Q at 36.3% (down 10 bps) versus expectation of ~200 bps of margin contraction due to mounting headwinds. Management issued Q4 GM guidance of 34%, 100 bps higher than Q3 33% GM guidance (which AAPL exceeded by 330 bps). Considering the number of...
- External links 2009-07-29
- Apple: Is a Low Cost iPhone in the Works?
- Turley Muller submits: Apple Inc (nasdaq:AAPL) For some time, many have speculated about an arrival of a $99 iPhone. Some analysts expect a low-cost model with scaled back features, such as 2.5G instead of 3G, no GPS, and possibly a smaller form factor. While I believe a lower iPhone...
- External links 2009-03-05
- Snapshot: Apple's Cash Growth
- Turley Muller submits: Apple Inc AAPL $91.21- Here's a quick snapshot of Apple's cash holdings over the past 9 quarters. In the case of Apple, it's extremely important to focus on cash flow opposed to accounting [GAAP] income due to the massive build of deferred revenue on its balance...
- External links 2009-02-23
- Authentidate: Investors Unaware of Stock's Significant Opportunity
- Turley Muller submits: Authentidate Holding Corp ADAT $0.27- Authentidate is attractively positioned to benefit from the expected flood of spending aimed at modernizing healthcare IT. Remote patient monitoring, also known as telehealth, is one area where Authentidate stands to capitalize due to its unique and superior product solution. Patient...
- External links 2009-02-06
- Apple's FY09 EPS Estimate Is Too Low
- Turley Muller submits: Apple Inc AAPL- Apple’s FY09 EPS estimate continues to be revised downward and now stands at $5.08, a level Apple should easily exceed. The consensus FY09 estimate represents a 5.2% decline from FY08 $5.36 EPS, although revenues are forecasted to increase 11.8%, or $3.8B to $36.3B....
- External links 2009-01-11
- Recession Presents Challenge to Apple's Mac That Competes on Features, Not Price
- Turley Muller submits: MAC DEMAND CONCERNS: For past couple months, Wall Street’s concern du-jour for Apple AAPL has been Mac demand. No PC / consumer electronics firm is immune to this economic downturn, but many analysts believe there is substantial downside risk for Mac sales. Analysts claim the...
- External links 2008-12-21
- Apple: Calculating Q4 Gross Margin for the iPhone
- Turley Muller submits: APPLE INC (Nasdaq:AAPL) According to my calculations, deferred revenue booked from Q4 iPhone sales carries a 55.5% gross margin. Gross margin on the deferred revenue [DR] booked from the first generation model averages about 29%. The average gross margin for total booked DR is 47.8%.I derived...
- External links 2008-11-27
- Analyzing Apple's iPod Business
- Turley Muller submits: Slowing iPod sales growth has been one of the chief concerns among Apple Inc. AAPL investors because the iPod has historically been a major contributor to Apple’s overall revenue growth. The concern stems from the belief that the PMP market is becoming saturated. With...
- External links 2008-11-09
- An Alternative Perspective on Apple's iPod Growth
- Turley Muller submits: Apple Inc. AAPL analysts and the media have regularly cited slowing iPod sales as a major headwind for Apple shares. The iPod has been a major force in Apple’s total sales growth since it has been such a large percentage of Apple’s overall revenue. A common...
- External links 2008-11-04
- Apple's Current Valuation Is Still Reasonable
- Turley Muller submits: Apple Inc. (NASDAQ:AAPL) $162.83- Despite Apple shares rising more than 100% from its 2009 low of $78, the stock still appears to be attractively valued especially as a long-term holding. Using cash-flow and non-GAAP earnings, AAPL trades at less than 15x on a trailing 12-month basis. Since...
- External links 2009-08-12
Additional Resources
- Apple & Google: A Detailed Comparison
- Turley Muller submits: I have been coming across many comparisons between Apple AAPL and Google GOOG lately, especially given that Apple’s market cap surpassed Google’s last week. A recent example is Felix Salmon, who doesn’t think Apple should be worth more than Google as he argues in “Apple vs Google.” Mark Krieger compares...
- External links 2008-08-19
- Understanding Valuation Multiples With Respect to Cash
- Turley Muller submits: A common mistake people often make refers to how a firm’s cash stockpile is treated in the valuation process. Specifically, Investors err when they subtract cash from market value before calculating an earnings multiple that includes interest income. P/E multiples are calculated using EPS, or net...
- External links 2008-08-26
- Apple's 3G iPhone: Q4 Sales Estimates Are Encouraging
- Turley Muller submits: Apple Inc. AAPL $152.65 - Apple introduced the new 3G iPhone model on July 11th, and sales thus far look to be impressive. Using the OS market share data from Net Applications and the IMEI tracking data from the Mac Observer’s Apple Finance Board, iPhone sales...
- External links 2008-09-12
- iPhone Sales Drastically Surpass Q4 Consensus; Apple Reaches 10m Goal
- Andy Zaky submits: This article was co-authored by Seeking Alpha contributor Turley Muller. by Turley Muller
- External links 2008-10-06
- Apple's iPhones: 10 Million and Counting?
- Joel West submits: Seeking Alpha authors Andy Zaky and Turley Muller estimate that 9 months into 2008, Apple has already surpassed Steve Jobs’ widely quoted (and oft-ridiculed) projection of selling 10 million iPhones this year. In particular, they calculate that Apple sold 7-7.5 million units in Q3, the final...
- External links 2008-10-10
- Apple's 60% iPhone Margins Subsidize Mac Product Line
- As I've mentioned before, there's been a steadily decreasing average net sale for Apple's Mac units over at least the last seven quarters. But an analysis by Turley Muller at the Financial Alchemist blog via AppleInsider might explain why: iPhones margins are so high that Apple can afford to drop...
- Blog posts 2009-07-30
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