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36	member 10/07/11 10:31AM Pretty Funny in Retrospect
I read today that Cook has 1 million shares that vest between 2016 and 2021. But thats nothing compared to the "worst compensation package of all time"! http://www.macobserver.com/columns/thebackpage/2001/20010618.shtml view available tags
34	member 10/06/11 11:27AM RE: RE: RIP Steven Jobs 33
Torico, I sincerely hope you held onto this stock the whole time and are now retired and sipping a vodka soda somewhere in the Carribean. 1 view available tags
32	member 10/05/11 10:07PM RIP Steven Jobs
1 view available tags
31	member 12/07/10 5:12PM I think a sell around here might make some sense
1 view available tags
29	member 5/07/03 4:43PM Thanks
VIC did not agree with you. view available tags
28	member 5/07/03 4:27PM very nice timing
Your timing was as good as mine was bad! Congratulations. view available tags
27	member 5/07/03 11:06AM Target Price
As I said. Target was 19.70 ~ 20 (to make it simple) As stated I don't know how to value music yet. Couple of problems with the music valuation. 1) Its created a surge in... login to read the rest view available tags
26	member 5/06/03 6:45PM Target Price?
Torico, You mentioned in your write-up a target price of $19. Is that still your target? My initial target is $18.60 and above that it would be around $25, but to get there we would need... login to read the rest view available tags
25	member 5/06/03 3:56PM Margins on IPOD are small
Margins on song sales are huge.Its all incremental view available tags
24	member 5/06/03 3:09PM PC II
oops posted too quickly... Forget about what apple makes on the music for apple customers. The big market is the pc users. Look at the ipod sales over the past week (see apple pr).... login to read the rest view available tags
23	member 5/06/03 3:07PM PC
Apple 5% of market. Wait till the pc version comes out in 6 months. -- doob view available tags
22	member 5/06/03 2:52PM I thought the stock was worth
I don't know how to value music yet. Total back of the envelope though: 4 mln songs per month at 30 cents with an 80% margin gives gross profit of 11 mln yearly. Take out tax... login to read the rest view available tags
21	member 5/06/03 2:19PM congrats - looks like you bott
take the money and run or are you holding? view available tags
20	member 5/06/03 11:38AM Regarding the Merrill Reiterat
I spoke to the guy last week. He would not know value if there was a stack of 100s 10 inches thick laying in front of him!! view available tags
19	member 5/05/03 3:56PM iTunes for PC
Word is apple is working on iTunes for PC. They are currently hiring several PC software engineers for an "iTunes for PC" project. Could be huge... -- doob view available tags
18	member 5/05/03 10:15AM 1 million songs sold in the fi
Not too shabby. I'd hate to have to put a valuation on this thing if it becomes the legal Napster. view available tags
17	member 5/05/03 9:57AM iTunes Music Store Sells over
This is a huge success and the stock is up on the news. I have used the service and agree that they really did get it right. They also announced that they sold over 110,000... login to read the rest view available tags
16	member 4/29/03 5:35PM To me, there does not seem to
To me, there does not seem to be a lot to get excited about. Your downside is limited to the cash on the books and if they crank out a blockbuster product at some... login to read the rest view available tags
15	member 4/28/03 1:14PM Beaten to the Punch
Nice write-up. I was working on writing up Apple as well but have been too busy with other work to get it done. I agree with your analysis. I believe Apple is... login to read the rest view available tags
14	member 4/28/03 8:22AM Jobs/Education
Jobs is getting paid too much and the board here is clearly a bunch of cronies because they essentially let him exchnage his WAY out of the money puts for shares at the current price... login to read the rest view available tags
13	member 4/27/03 10:41AM Education market
What % of apple's sales come from the education market? My concern here is that most governments are cutting back on their budget, and similarly, spending on computer will be curtailed. In this type of view available tags
12	member 4/25/03 5:28PM Universal
I doubt AAPL will buy Universal Music in its entirety. But it wouldn't surprise me to see them take a 20% stake for $1B or some such nonsense. view available tags
11	member 4/25/03 1:52PM Shareholder Value
I've owned this stock in the past and I believe you are correct in many respects about the values and the products. Unfortunately as others have posted, there is a huge issue here of... login to read the rest view available tags
10	member 4/25/03 12:14PM Jobs compensation
Have you focused on Jobs' option restructuring in March? It was truly outrageous. To refresh your memory, Jobs held options on 27.5 million shares (20mm struck at $43.59 and 7.5mm struck at $18.30).... login to read the rest view available tags
9	member 4/25/03 12:03PM Re 12.50
I think thats why i own them along witht the shares... view available tags
8	member 4/25/03 8:06AM 12.50 puts
Actually, I had shorted those puts last summer and bought them back earlier this month when I started feeling uncertain about Apple's future. The floor on the stock gets much lower if they trade much view available tags
7	member 4/24/03 11:13PM TEV / FCF, real estate, cost s
Are you subtracting net cash from TEV, yet including interest expense in your FCF calculation? If so, I think you are miscalculating the TEV / FCF multiple of 3-4x. I agree that the company looks cheap... login to read the rest view available tags
6	member 4/24/03 10:31PM 12.50 put
The may 12.50 put is really cheap. I didn't mind trading off a bit of return for the insurance against a jobs blunder... I think thats how you have to trade it,... login to read the rest view available tags
5	member 4/24/03 6:43PM why I exited Apple
I recently closed out my bullish position in Apple. What concerned me was how carefully worded their press release was. As I recall, it said Apple has not made an offer to buy Vivendi Music.... login to read the rest view available tags
4	member 4/24/03 5:17PM Processors etc...
We agree, the processor situation is rapidly being address. About the potential V deal, which if pursued would be more like a V disease for apple. Apple has a history of floating insane rumors to... login to read the rest view available tags

			2021	2022
Price:	33.29	EPS	1.96	2.21
Shares Out. (in M):	86	P/E	17	15
Market Cap (in $M):	2,846	P/FCF	17	15
Net Debt (in $M):	475	EBIT	285	296
TEV (in $M):	3,321	TEV/EBIT	11.4	10.4

Description

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