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David Zanoni

 
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  • Apple Is Worth Much More On A Discounted Cash Flow Basis [View article]
    John Heil,

    Great points - you have a good understanding of Apple as an investment.
    Oct 13, 2014. 09:46 PM | 1 Like Like |Link to Comment
  • Apple Is Worth Much More On A Discounted Cash Flow Basis [View article]
    Stewartij and Esekla,

    Thank you for following up on the details. I don't like to use a WACC in my DCF - instead I typically use 9% as the discount rate as the minimum annual long-term return that we as investors want to beat.

    FCF = free cash flow = operating cash flow minus CapEx

    I'm using a long-term growth rate of 3% for years 11 and beyond.

    Of course DCF analysis is somewhat subjective based on whoever is doing the calculations, but I don't think that I used any figures that are too far fetched. Ultimately, the direction of the stock will be contingent upon sales and the quarterly earnings reports going forward.
    Oct 13, 2014. 09:16 PM | 5 Likes Like |Link to Comment
  • Apple Is Worth Much More On A Discounted Cash Flow Basis [View article]
    Gary J,

    I also talked about the strength of the initial orders for the iPhone 6 & 6 Plus - that is important and it was addressed in the article.
    Oct 13, 2014. 08:49 PM | 2 Likes Like |Link to Comment
  • Apple Is Worth Much More On A Discounted Cash Flow Basis [View article]
    NorthPoint,

    Saying that the competition is smarter is not necessarily accurate. Who is smarter? Samsung? Are they smarter because they introduced a large phone and a smart watch before Apple? Samsung is experiencing declining earnings for this year and most likely next year, while Apple is expected to post earnings increases. These are businesses and Apple is more successful at achieving positive earnings results than any of its hardware competitors.
    Oct 13, 2014. 08:44 PM | 2 Likes Like |Link to Comment
  • Apple Is Worth Much More On A Discounted Cash Flow Basis [View article]
    NV_Gary,

    What I mean that the stock still has some catching up to do is exactly because it is currently not trading much higher than where it was back in 2012 adjusted for the stock split. I think that the stock overshot to the downside and that it should be trading much higher. Strong gains should come when the actual sales figures are reported for the current quarter.
    Oct 13, 2014. 08:35 PM | 5 Likes Like |Link to Comment
  • Apple Has Peaked: The Warning Signs Are Multiplying [View article]
    And here we are, a few years later. The stock price would be $717.50 if the split didn't take place. That's higher than the previous peak. New innovations are on the way!
    Aug 29, 2014. 07:50 PM | Likes Like |Link to Comment
  • Look At What's Happening To Apple's Gross Margin Now [View article]
    If Beats was a publicly traded company, I would have included a note about it in the article. The margins must be high, but I didn't want to speculate on exactly how high. I didn't see any concrete figures for the actual Beats margin.
    May 16, 2014. 07:36 PM | Likes Like |Link to Comment
  • Look At What's Happening To Apple's Gross Margin Now [View article]
    littup,

    Who said that that Apple's gross margin is in a downward trend? I said that the GM is in a new uptrend and the chart supports that. (3rd paragraph)
    May 16, 2014. 03:15 PM | 1 Like Like |Link to Comment
  • Look At What's Happening To Apple's Gross Margin Now [View article]
    Glenway,

    I like your forward thinking perspective on technology. It gets us thinking about what could be coming next.
    May 16, 2014. 08:43 AM | Likes Like |Link to Comment
  • Impact On Apple If 2% - 4% Of China Mobile Customers Buy An iPhone [View article]
    luke472,

    I agree that the saturation argument is weak. Many Apple users upgrade to newer models, so even if there appears to be a high saturation point, there is also a large opportunity for upgrades from those same users.
    Jan 4, 2014. 02:29 PM | 2 Likes Like |Link to Comment
  • Impact On Apple If 2% - 4% Of China Mobile Customers Buy An iPhone [View article]
    Insider selling is a common practice on a regular basis to balance their personal portfolios, to pay for homes, their kids college tuition, to setup and fund charitable funds, etc. Insider selling is not always a clear indicator of a company reaching its peak.
    Jan 4, 2014. 09:56 AM | 2 Likes Like |Link to Comment
  • Impact On Apple If 2% - 4% Of China Mobile Customers Buy An iPhone [View article]
    J-S-OZ,

    Thank you for sharing your perspective - it looks like you have a realistic viewpoint.
    Jan 3, 2014. 07:34 PM | Likes Like |Link to Comment
  • Impact On Apple If 2% - 4% Of China Mobile Customers Buy An iPhone [View article]
    Nigel,

    For the 7% CHL user growth rate, I looked at the year-over-year growth rates from the China Mobile website: http://bit.ly/15zHj6h
    Jan 3, 2014. 01:25 PM | 3 Likes Like |Link to Comment
  • Impact On Apple If 2% - 4% Of China Mobile Customers Buy An iPhone [View article]
    Nigel,

    Stock splits aren't as common as they were in the 90s. Most retail investors are more sophisticated these days w/ plenty of valuation information on the web. Although I wouldn't mind seeing Apple split the stock, it is really just psychology more than anything else.
    Jan 3, 2014. 12:43 PM | 4 Likes Like |Link to Comment
  • Should Apple Buy Back Shares Or Increase Dividends? [View article]
    I like rnsmith's idea - do both - increase the dividend and increase the stock buyback. The stock might be out of fashion at the moment, but it is valued well for any new positive innovations.
    Apr 15, 2013. 09:27 AM | 1 Like Like |Link to Comment
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