Apple Inc. : equity valuation

Detalhes bibliográficos
Autor(a) principal: Alexandre, Gonçalo Lopes
Data de Publicação: 2016
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.14/20198
Resumo: This dissertation presents a valuation of Apple Inc., an American company that sits amongst the largest companies in the world, in market capitalization terms. Although it started as a computer company, back in 1976, nowadays it is best known for its smartphone flagship – the iPhone, introduced in 2007, it revolutionized the entire mobile phone industry. Today, the iPhone represents about 66% of total sales, however there are other products in Apple’s product line that are considered by a large number of people to be the best in its category, such as the MacBook, the iMac, the iPad, the apple watch and others. In this Equity valuation of Apple, I decided to use three different methods: the Discounted Cash Flow method, the Dividend Discount Model and Relative Valuation. Since all valuation models have their own assumptions and corresponding advantages and disadvantages, each of these approaches achieved different results, however I believe the most accurate was the one provided by the Discounted Cash Flow model, through which I obtained a target price of $196 per share. In order to better evaluate the valuation performed, another valuation of Apple was considered as a comparison research, to understand different assumptions and why I should have or have not made different assumptions in my valuation. The other research used was the Goldman Sachs research report.
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spelling Apple Inc. : equity valuationDomínio/Área Científica::Ciências Sociais::Economia e GestãoThis dissertation presents a valuation of Apple Inc., an American company that sits amongst the largest companies in the world, in market capitalization terms. Although it started as a computer company, back in 1976, nowadays it is best known for its smartphone flagship – the iPhone, introduced in 2007, it revolutionized the entire mobile phone industry. Today, the iPhone represents about 66% of total sales, however there are other products in Apple’s product line that are considered by a large number of people to be the best in its category, such as the MacBook, the iMac, the iPad, the apple watch and others. In this Equity valuation of Apple, I decided to use three different methods: the Discounted Cash Flow method, the Dividend Discount Model and Relative Valuation. Since all valuation models have their own assumptions and corresponding advantages and disadvantages, each of these approaches achieved different results, however I believe the most accurate was the one provided by the Discounted Cash Flow model, through which I obtained a target price of $196 per share. In order to better evaluate the valuation performed, another valuation of Apple was considered as a comparison research, to understand different assumptions and why I should have or have not made different assumptions in my valuation. The other research used was the Goldman Sachs research report.Martins, José Carlos TudelaVeritati - Repositório Institucional da Universidade Católica PortuguesaAlexandre, Gonçalo Lopes2016-06-16T09:05:22Z2016-05-1920162016-05-19T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/20198TID:201181991enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:25:59Zoai:repositorio.ucp.pt:10400.14/20198Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:16:41.333023Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Apple Inc. : equity valuation
title Apple Inc. : equity valuation
spellingShingle Apple Inc. : equity valuation
Alexandre, Gonçalo Lopes
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short Apple Inc. : equity valuation
title_full Apple Inc. : equity valuation
title_fullStr Apple Inc. : equity valuation
title_full_unstemmed Apple Inc. : equity valuation
title_sort Apple Inc. : equity valuation
author Alexandre, Gonçalo Lopes
author_facet Alexandre, Gonçalo Lopes
author_role author
dc.contributor.none.fl_str_mv Martins, José Carlos Tudela
Veritati - Repositório Institucional da Universidade Católica Portuguesa
dc.contributor.author.fl_str_mv Alexandre, Gonçalo Lopes
dc.subject.por.fl_str_mv Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description This dissertation presents a valuation of Apple Inc., an American company that sits amongst the largest companies in the world, in market capitalization terms. Although it started as a computer company, back in 1976, nowadays it is best known for its smartphone flagship – the iPhone, introduced in 2007, it revolutionized the entire mobile phone industry. Today, the iPhone represents about 66% of total sales, however there are other products in Apple’s product line that are considered by a large number of people to be the best in its category, such as the MacBook, the iMac, the iPad, the apple watch and others. In this Equity valuation of Apple, I decided to use three different methods: the Discounted Cash Flow method, the Dividend Discount Model and Relative Valuation. Since all valuation models have their own assumptions and corresponding advantages and disadvantages, each of these approaches achieved different results, however I believe the most accurate was the one provided by the Discounted Cash Flow model, through which I obtained a target price of $196 per share. In order to better evaluate the valuation performed, another valuation of Apple was considered as a comparison research, to understand different assumptions and why I should have or have not made different assumptions in my valuation. The other research used was the Goldman Sachs research report.
publishDate 2016
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