Equity Research .. likely meaningfully reduce its equity valuation.) Overall / docs/about-us/responsibility/banking/soundofheaven.info Standard & Poor's Equity Research Methodology. MACRO AND ECONOMIC. ANALYSIS. When conducting bottom-up company analysis, analysts are expected. Equity Research Inapa | 2. F. Analyst: Bárbara Barreto. Source: Bloomberg. A mature company with a highly leveraged story. Inapa is one of the largest.
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and Sell-Side Analysts. JAMES J. VALENTINE, CFA. Best practices for equity research analysts: essentials for buy-side and sell-side ana-. Part 1: Stock Pitches vs. Equity Research Reports. • Part 2: The 4 Main Differences in Research Reports. • Part 3: Sample Reports and the Typical Sections. EQUITY RESEARCH REPORT ON APPLE INC Haohan, Xu JOHNS HOPKINS UNIVERSITY-CAREY BUSINESS SCHOOL International drive, Baltimore.
By Roi Kenneth A Cloma. The cost of revenue included depreciation and amortization expenses already. Revenue In order to better reflect manufacturing costs, cost of revenue was categorized into: Hey Brian Can you please help me with coverage initiated reports on oil companies.
Global Computer Hardware Industry Based on the computer industry report from Bloomberg, the global computer hardware slump is unlikely to end in , mainly due to Open Compute and slowing innovation.
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 , Revenue The cost of revenue included depreciation and amortization expenses already. In order to better reflect manufacturing costs, cost of revenue was categorized into: Apple does not disclose depreciation and amortization separately. Depreciation was computed backwards from year end accumulated depreciation minus year beginning accumulated depreciation.
In the same manner, amortization was calculated from total depreciation amortization- depreciation expenses.
Other investment activities include many types of different variables that were hard to forecast e. Same applied to other non-cash adjustments on the cash flow statement 7. Other non-cash working capital and other non-cash adjustments deviated from historical trends as I reclassified some items in each category.
Dividend policy: Since, Apple has accumulated a huge amount of cash, it is like Apple will increase its dividend payout going forward. Opportunities 1. Apple is widely perceived as a technology innovator and game changer; surprise factors should be included in the valuation. Market expansion: These markets are saturating, and customers may switch to other brands. Emerging markets such as Latin America, China and India provide some room for its future growth.
Apple products were recognized as a product of status, which means Apple can still charge a high premium. Moving forward, Apple will lose its pricing power, and therefore needs to stimulate sales with lower selling price. Risks to the Thesis 1. The greatest risk comes from intensified competition by hardware producers such as Samsung, LG, and software platforms such as Android and Windows. Product cannibalization: Foreign exchange risk: Free Exclusive Report: Hey Brian Can you please help me with coverage initiated reports on oil companies.
I could not find them on the net. I need to them to get equity research experience, after which only I will be able to get into the field.
I searched but reports could not be found even for a price. Do u know how investment bankers design and layout an equity research? And how to create and layout one?
I am a Chinese student and now study in Australia. Is the Morning Star a good resource for research report? And there are new in coming regulation governing the ER reports have to explicitly priced and funds need to pay for the report explicity rather than as a service comes free with brokerage?
It may not be around in years, but it will still be around in another 10 years, though it will be smaller and less relevant. Your email address will not be published.
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