APPLIED MATERIALS INC AMAT
August 27, 2020 - 3:59pm EST by
member
| 2020 | 2021 | ||||||
| Price: | 62.13 | EPS | 3.79 | 4.62 | |||
| Shares Out. (in M): | 922 | P/E | 16.4 | 13.4 | |||
| Market Cap (in $M): | 58,823 | P/FCF | 19.7 | 15.4 | |||
| Net Debt (in $M): | 950 | EBIT | 4,477 | 5,023 | |||
| TEV (in $M): | 59,773 | TEV/EBIT | 13.3 | 11.9 | |||
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| 163 | |
Until recently, when Apple stock was still trading in the low $100s and at single-digit multiples, we were buying current product categories at a discount and were not paying for future product categories.
At today’s price... login to read the rest | |
| 159 | |
perhaps because amazon's shareholders don't care about financials? :-) | |
| 155 | |
they could do acquisitions that could drive service revenue that would then drive device sales. Exclusive content is one area. They acquire content assets and then produce content available exclusively through their ecosystem. Amazon is... login to read the rest | |
| 153 | |
i wonder how the market would react if apple bought
1) tesla 2) nflx 3) TWX
i think using the services idea is interesting, however one worry is that it is still tied to hardware sales to... login to read the rest | |
| 149 | |
I hope that you are wrong. For one, I have a difficult time believing that Apple will sit idly by while Amazon, Google, Comcast, Verizon, and AT&T all build OTT video businesses. There are ways... login to read the rest | |
| 148 | |
Should not say "strip out", rather, "add to that". Sorry. | |
| 144 | |
They'll buyback their stock with all that cash, egged on by Einhorn and Icahn. Since I believe their share price is expensive, it will only make matters worse. | |
| 143 | |
Biffins-I will ask my question again. Do you think Apple is going to sit idly by with $200b in cash and watch the business decline as you predict ? Maybe the answer is yes. But... login to read the rest | |
| 139 | |
R&D expenditure? Apple spends less on R&D as % of sales then pretty much any major tech company out there.
Part of the bear thesis is that none of the new products will work. Apple car,... login to read the rest | |
| 137 | |
How do you discount the possibility that Apple uses some of the $217B in cash ? I know 90% of it us overseas. But there is still an unprecedented amount of buying power. There is... login to read the rest | |
| 122 | |
cuyler,
As usual, you missed the important point. The real "killer app" news that Apple released today is that you're going to be able to swap out the wristband on the new Apple Watch.
No wonder Tim | |
| 105 | |
Paul - agree, and the author makes a similar anecdotal comment:
Yes, tablets have sold in large numbers, but rather than being a constant companion, like we envisioned, most tablets today sit idle on coffee tables... login to read the rest | |
| 104 | |
maybe sales haven't peaked as much as there is not real incentive to buy anew - so the cycle of replacement isn't as high. I know my PCs gets harder use and I upgrade for... login to read the rest | |
| 103 | |
Very interesting and bearish article ("Our Love Affair With The Tablet Is Over") regarding tablets from someone who should know (a partner at Andreesen Horowitz and former Netflix executive).
Key section:
What I realize now is that it... login to read the rest | |
| 102 | |
Correction - the liability was at Sep-30 not Dec-31.
surf1680 - to your point I see they had an unrecognized deferred tax liability of $13.8bn,
up from $8.0bn the year before. If they had recognized it, it | |
| 101 | |
It looks to me as if they are taking a deferred tax liability for unrepatriated foreign earnings.
When I go back over the last few years and trace the change in their deferred tax liability balance... login to read the rest | |
| 100 | |
Snarfy, they are holding the cash for "indefinite reinvestment" oversees. They do not create a deferred tax liability and they have no tax expense on their income statement from this.
Here is a great explanation:
http://www.pwc.com/us/en/tax-accounting-services/assets/deferred-taxes-foreign-earnings.pdf
(just... login to read the rest | |
| 99 | |
I think it's more accurate to say they have high quality accounting earnings because they are burdened by higher book taxes than they are actually paying in cash. It's their FCF and balance sheet cash... login to read the rest | |
| 96 | |
Got it. So when the short interest reaches THIRTY SEVEN BILLION DOLLARS, at that point you'll consider the bearish view to be part of the consensus. There are only something like 85 companies in the... login to read the rest | |
| 94 | |
That giant sucking sound you hear is a product release information vacuum, a gigantic Russell index shift, and window-dressing at mid-year by growth investors who can't bear to listen to their LP's talk about why... login to read the rest | |
| 91 | |
Okay, so some undetermined amount of Apple stock is short for pure market hedges. How high would the short interest have to be for you to consider the company-specific short view to be widely held? | |
| 89 | |
>$9 billion worth of stock is short. Do any other companies have such high short interest in terms of dollars? | |
| 70 | |
YCOMB has it right. Three other elements not raised are the importance of
(1) Carrier subsidies = compare $200 iPhone vs. $150 Galaxy S4; then compare $3000 Mac vs. $1500 PC
(2) Nature of the buyer =... login to read the rest | |
| 69 | |
aagold, look at YCOMBINATOR's remarks in Message #10. | |
| 68 | |
Biffens,
If what you say is true, how do you explain what happened to Apple after they invented the Macintosh in the 1980's? Eventually Microsoft came up with a "cheap knockoff" that was perceived to be... login to read the rest | |
| 66 | |
Apple's lowest income statement tax rate over the last 10 fiscal years was 24.2% in FY2011.
It looks as if this is more of a cash tax issue than an income statement issue, so
perhaps EPS will | |
| 65 | |
What is AAPL worth if Congress cracks down on their tax avoidance schemes? Hits a) normalized EPS b) ability to use the pile of cash.
http://www.nytimes.com/2013/05/21/business/apple-avoided-billions-in-taxes-congressional-panel-says.html?hp&_r=0 | |
| 64 | |
... whenever I see something like this it really scares me:
http://finance.yahoo.com/news/infosonics-introduces-verykool-s758-smartphone-140000846.html
This company, InfoSonics (IFON), has been written up on VIC before. It has a market cap of $7.5M, is a net/net, and used to be a... login to read the rest | |
| 62 | |
Thanks for coming back - those are all good points are really useful.
All the best | |
| 60 | |
Was just wondering - obviously you have been right in this one so far so was hoping to get your take - any particular thoughts on the interims? Past the point of maximum pain and | |