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Bill Maurer

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  • Fighting Apple Is Like Fighting The Fed [View article]
    I'm not arguing that the assets are of lesser value - unless you are factoring in a discount value for the repatriation of cash.
    Nov 13 05:15 PM | Likes Like |Link to Comment
  • Fighting Apple Is Like Fighting The Fed [View article]
    Yes, you can't use foreign cash for your buyback and dividend. IBM tried this a few years ago and the regulatory bodies frowned upon it.

    To use foreign cash, it has to be repatriated to the US, incurring a significant tax bill to the US government.
    Nov 13 04:18 PM | Likes Like |Link to Comment
  • Fighting Apple Is Like Fighting The Fed [View article]
    They actually pay plenty of taxes in the US. They just don't pay taxes on money they don't earn in this country.
    Nov 13 12:32 AM | 2 Likes Like |Link to Comment
  • Fighting Apple Is Like Fighting The Fed [View article]
    regular buyback means shares are purchased in the open market. Accelerated buyback means you have an agreement with institutions, as Apple had an agreement with two of them to deliver shares.
    Nov 12 09:08 AM | 1 Like Like |Link to Comment
  • Fighting Apple Is Like Fighting The Fed [View article]
    Given how much stock they are buying back now, plus the dividend, I doubt you will see $200 billion plus in cash.

    And even if you do, almost all of it will be foreign, unable to be used for dividend, buyback, or a domestic acquisition.
    Nov 12 09:06 AM | Likes Like |Link to Comment
  • Fighting Apple Is Like Fighting The Fed [View article]
    Depends on timing again. If they expand the buyback before the end of 2015, it probably means more debt is coming.

    If they expand it for post-2015, future cash flows may be enough to cover it.

    I doubt you will see repatriation unless tax rules change.
    Nov 12 09:05 AM | Likes Like |Link to Comment
  • Fighting Apple Is Like Fighting The Fed [View article]
    The problem with using an ex-cash model is that you probably should exclude foreign cash, of which Apple's foreign cash is the majority. Since dividends and buybacks can only come from domestic cash, Apple's position isn't as strong as some believe.
    Nov 12 09:04 AM | 1 Like Like |Link to Comment
  • Apple Bears Getting Really Desperate [View article]
    No proof that it will happen? $100 billion over three years? Apparently you have not been watching Apple. Also I don't think you understand how the cash pile works.
    Nov 5 12:01 AM | Likes Like |Link to Comment
  • Apple: Owner Earnings, Owner Earnings Yield And Payback Years [View article]
    It does. The problem, and this really can't be solved because everyone has a different opinion, is what time frame to use. The Apple we knew from 3-5 years ago is vastly different from the one now.

    Intel was also doing much better two years ago, and they've hit a speed bump. So I wish there was a way to do a forward projection, but it's nearly impossible to project balance sheets and stuff like that.
    Nov 4 05:00 PM | Likes Like |Link to Comment
  • Apple: Owner Earnings, Owner Earnings Yield And Payback Years [View article]
    No, I was really only focusing on Apple. Look at the 5 and 10-years too though.

    The 10-year now has a negative year roll off.

    The 5-year now starts in 2009, where there was a tremendous jump from 2008 levels.
    Nov 4 04:24 PM | Likes Like |Link to Comment
  • Apple: Owner Earnings, Owner Earnings Yield And Payback Years [View article]
    In percentage terms, that's a 26% improvement on the OE Yield. I would personally say that is HUGE.
    Nov 4 04:05 PM | 5 Likes Like |Link to Comment
  • Apple: Owner Earnings, Owner Earnings Yield And Payback Years [View article]
    The interesting thing is that Apple will buy back $60 billion over 3 years. Last year, Apple had no buyback, and they've bought back $23 billion this fiscal year.

    On the flip side, Intel's buyback has gone from $4.1 billion to $1.9 billion through the first 9 months of 2012/2013, respectively.
    Nov 4 03:59 PM | Likes Like |Link to Comment
  • Apple: Owner Earnings, Owner Earnings Yield And Payback Years [View article]
    I'm not sure where Apple really is - these numbers are based on year-old information, so take that for what it's worth.

    Take out 2010 for Apple and replace it with 2013 - the numbers are greatly different. Intel also is going through a bad year, so its numbers may be down.
    Nov 4 03:31 PM | 1 Like Like |Link to Comment
  • Apple Bears Getting Really Desperate [View article]
    I get this a lot, so I'll address it again. I'm more of a short-term trader, not a long-term investor. So I will own Apple when I'm looking for a quick move.

    I also try to not invest about what I write about, to avoid any potential conflict of interest. I see the flip side to that argument, but it allows me to write a more unbiased view. Very rarely will I be invested in something I write about, and since I write about Apple the most, usually means I won't be owning it, except on rare occasion.
    Nov 4 03:28 PM | Likes Like |Link to Comment
  • Apple: Owner Earnings, Owner Earnings Yield And Payback Years [View article]
    Good article, although I would have liked to seen the 2013 numbers included since Apple's fiscal year is over. Replacing the 2010 year with 2013 has a HUGE impact on the numbers, especially the 3-year one.
    Nov 4 03:08 PM | 3 Likes Like |Link to Comment
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