report?” This is a very common question and a possible case study task if you're interviewing with equity research groups. – so we're going to answer it here. Investors should consider this report Equity Research /assets/corporate/ docs/about-us/responsibility/banking/mtn-i.info EQUITY RESEARCH REPORT ON APPLE INC Haohan, Xu JOHNS HOPKINS UNIVERSITY-CAREY BUSINESS SCHOOL International drive, Baltimore.
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Equity Research Report: Free Sample Reports, Tutorials, and Explanations of How What's in an Equity Research Report? . Stock Pitches – Slides [PDF]. Common industry points; Covering all the areas in equity research report. Sample equity research reports: Equity research report PDF; Start Your Successful. Meristem Equity Research Report(ASL).pdf. DOWNLOAD THIS REPORT, Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In .
You can also use the words—outperform, underperform, neutral or accumulate based on your valuation. Usually, there are templates available in your company and you need to write the report using these templates.
Target price You need to mention target price based on your valuation along with recommendation. Investment rationale Write clearly your investment rationale. Key ratio analysis Include important ratio analysis of the company and week high-low share price on a stock exchange.
Intrinsic and relative valuation Perform DCF analysis and relative valuation. Reasoning for recommendation Write a proper reasoning for your recommendation.
For example—Why to buy the stock or why not to buy the stock. So, your reasoning has to be strong.
Legal matters If the company is battling any case, write what could be its effects on the stock price. Page 1 of 12 Source: Bloomberg, L. Company 10K Retail U.
Recent years incremental growth came from emerging markets, but it will likely plateau in a few years. Pressure from customers: Apple has seen it is becoming increasing difficult to charge customers a high premium especially when other products are increasingly comparable in terms of hardware quality. Threats from other operating systems such as Android, as we can observe from the chart below, sales of Android smartphones increased fivefold from 2Q11 to 3Q Though IOS smartphone also increased steadily.
In summary, Apple is Consequently, computer hardware manufactures pricing power diminishes and growth outlook remain austere.
Tablets are becoming more popular as a substitute for PCs and will grow at the expense of the PCs.
Another trend in this industry is decreasing in average selling price ASP , primarily due to intensified competition and lower manufacturing costs. Apple is a market leader in this industry with a dominating position in a set of large, growing and profitable markets.
The sell price of its PCs will decrease in the future, as a continuation of past trends. Its PC, iPad and iPad Mini remain strong in terms of market share and pricing power, as shown from the below table.
Historical results also suggested strong correlation. As discussed above, the global IT hardware industry is fostering intense competition because of commoditization of the smartphone sector. The gross margin ratio Valuation Fundamentals , Page 9 of 12 Other Assumptions: 1.
The cost of revenue included depreciation and amortization expenses already. Apple does not disclose depreciation and amortization separately.