Seeking Alpha

Boris Marjanovic

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  • Apple Is Significantly Undervalued [View article]
    An 11% earnings yield is attractive even if we see no growth. This stock is cheap no matter how you look at it! Growth would just be icing on the cake.
    Mar 12 03:24 PM | 2 Likes Like |Link to Comment
  • Apple Is Significantly Undervalued [View article]
    My formula is good because its simple. No precision required (unlike a DCF model). Precision is simply not possible contrary to what most academics believe. It gives you an "approximate" answer. If you use a large margin of safety you will do very well over the long run. Also, unlike most models, it takes into account a company's capital structure. That's why a company with a low P/E can be expensive even if it has a high growth rate.
    Mar 12 03:20 PM | Likes Like |Link to Comment
  • Apple Does Not Have $137 Billion In Cash [View article]
    Apple is super cheap, be patient it will pay off. If you cannot handle the short-term volatility use put options to hedge your position.
    Mar 4 11:23 PM | 2 Likes Like |Link to Comment
  • Apple Does Not Have $137 Billion In Cash [View article]
    This is like me writing an article called: "Apple does not only make iPhones." Its pointless, everyone knows this already.
    Mar 4 11:16 PM | 3 Likes Like |Link to Comment
  • Apple Does Not Have $137 Billion In Cash [View article]
    This is one of the most ridiculous articles I have read in a long time. Please take a look at the 10k and see what "long-term investments" are composed of. Reply here when you get the answer. Apple could easily liquidate its long-term investments and turn them into cash.
    Mar 4 10:33 PM | 23 Likes Like |Link to Comment
  • Apple Trading At 2.56x 2016 Cash Flow [View article]
    People, you must realize that Apples market cap is over $500 billion! Large institutions already own most of the shares. Even if Apple is cheap, its very difficult to move the stock without institutions investing $10's of billions at a time. That's one bad thing about being so large, in my opinion. If Apple had a smaller market cap, I can almost guarantee it would have a much higher price/earnings ratio.
    Dec 11 01:37 PM | 1 Like Like |Link to Comment
  • Apple Trading At 2.56x 2016 Cash Flow [View article]
    Its no secret it leaked out.
    Dec 11 12:44 AM | Likes Like |Link to Comment
  • Apple Trading At 2.56x 2016 Cash Flow [View article]
    I have also talked to some people in China and they told me that Apple products really aren't as popular as they are here. People there prefer Samsung products, according to them.
    Dec 10 10:50 PM | 1 Like Like |Link to Comment
  • Apple Trading At 2.56x 2016 Cash Flow [View article]
    Apple has already said they are coming out with an iPhone 5s in June of 2013. This is getting old, in my opinion. Once upon a time this company came out with new and innovative products now its just the same old thing every few months. I personaly wont buy the 5s, I will wait for the 13s to come out in a few years lol.
    Dec 10 10:44 PM | Likes Like |Link to Comment
  • Apple Trading At 2.56x 2016 Cash Flow [View article]
    I have a feeling Apple will eventually turn into something like HP by making a ton of worthless acquisitions just to fuel growth.
    Dec 10 10:40 PM | Likes Like |Link to Comment
  • Apple Trading At 2.56x 2016 Cash Flow [View article]
    Good that you mentioned that, I seem to have forgotten about it. We also need to include acquisitions in there as well.
    Dec 10 10:38 PM | Likes Like |Link to Comment
  • Apple Trading At 2.56x 2016 Cash Flow [View article]
    Buffett never models or forecasts and yet he is the greatest investor of all time. The purpose of the margin of safety is to render a forecast unnecessary.
    Dec 10 10:34 PM | Likes Like |Link to Comment
  • Apple Trading At 2.56x 2016 Cash Flow [View article]
    I agree, this is not a very good article. The guy obviously knows nothing about business valuation or even basic discounted cash flow valuation.
    Dec 10 10:21 PM | Likes Like |Link to Comment
  • Apple Trading At 2.56x 2016 Cash Flow [View article]
    "Apple generated $50.9 billion in cash flow." Why aren't you subtracting CAPEX? Is Apple developing some kind of new technology that will allow it not to have to spend money on CAPEX in the future? Using “cash flow from operation” from the cash flow statement without taking into account CAPEX (tangible and intangible) is not much better than valuing a company using EBITDA. I also suggest you subtract stock based compensation expense, which is close to $2 billion and rising.
    Dec 10 10:18 PM | 3 Likes Like |Link to Comment
More on AAPL by Boris Marjanovic
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