Thursday, May 4, 2023

Fiscal 2Q 2023 Final Estimates

As of today's opening price of $164.89, AAPL trades at a 23.2x multiple on my NTM EPS estimate (22.6x when excluding NTM net cash and dividends).

Capital return program update (my expectations):
$90-100b added to buyback authorization
$41.7b remained as of Dec and about $17-20b as of April
Quarterly dividend raised 13% to 26 cents


Detailed estimates:

3mo ending Mar23  Rev$B   GM%  $EPS
----------------  -----  ----  ----
Analysts consens   93.0     -  1.43
My estimates       96.1  44.8  1.54 (15.87b shares)