Apple Inc.
Expecting Stronger Q2, Despite Weak Q1
Published: 2/9/2023
Author: Sid Rajeev, B.Tech, CFA, MBA
*See important disclosures at the bottom of this reportSector: Technology | Industry: Consumer Electronics
Ticker Symbols:
AAPL - NASDAQ 🔹
AAPL.NE - CNQ 🔹
Rating and Key Data
Metrics | Value |
---|---|
Current Price | US $151.73 |
Fair Value | US $168.2 |
Risk | 2 |
Week Range | US $1$24-$180 |
Shares O/S (M) | 16 |
Market Cap. (M) | US $2 |
Current Yield (%) | .06 |
P/E (forward) | 23 |
P/B | N/A |
Highlights
Q1-FY2023 (quarter ended December 2022) revenue and EPS were down 6% and 10% YoY, respectively. Revenue was 4% lower than our forecast, while EPS was 6% lower. Although revenue from iPad sales and Services were up YoY, iPhone and Mac sales fell significantly.
Q1 revenue was impacted by lower demand, a strong US$, reduced production at the company’s largest manufacturing facility in China (due to COVID-19 lockdowns), and weak global PC and smartphone sales (down 28% and 18%, respectively, in the quarter ended December 2022).
Rating and Key Data
Metrics | Value |
---|---|
Current Price | US $151.73 |
Fair Value | US $168.2 |
Risk | 2 |
Week Range | US $1$24-$180 |
Shares O/S (M) | 16 |
Market Cap. (M) | US $2 |
Current Yield (%) | .06 |
P/E (forward) | 23 |
P/B | N/A |