As part of our process, we perform a rigorous discounted cash-flow methodology that dives into the true intrinsic worth of companies. In Apple’s (AAPL) case, we think the firm is significantly undervalued. This article is the only one that showcases the value of Apple through a robust three-stage discounted cash flow model. We think the company is fairly valued at $744 per share, representing 60%+ upside from today’s levels based on our point fair value estimate. However, as we’ll outline below, as Apple continues to generate cash (it continues to create value), we expect its intrinsic value to approach $1,000 in the next three years (well $955 by our current estimates).

At Valuentum, we think a comprehensive analysis of a firm’s discounted cash-flow valuation, relative valuation versus industry peers, as well as an assessment of technical and momentum indicators is the best way to identify the most attractive stocks at the best time to buy. This process culminates in what we call our Valuentum Buying Index, which ranks stocks on a scale from 1 to 10, with 10 being the best. Essentially, we’re looking for firms that overlap investment methodologies, thereby revealing the greatest interest by investors (we like firms that fall in the center of the diagram below). Valuentum followers know that more interest = more buying = higher stock price.

If a company is undervalued both on a DCF and on a relative valuation basis and is showing improvement in technical and momentum indicators, it scores high on our scale. Apple posts a VBI score of 3 on our scale, reflecting our “undervalued” DCF assessment of the firm, its neutral relative valuation vs. peers, and bearish technicals. We compare Apple to peers Dell (DELL), IBM (IBM), and Hewlett-Packard (HPQ).

Investment Highlights

Apple earns a ValueCreation™ rating of Excellent, the highest possible mark on our scale. The firm has been generating economic value for shareholders for the past few years, a track record we view very positively. Return on invested capital (excluding goodwill) has averaged 304.6% during the past three years.
Apple’s traditional computers continue to gain market share, particularly in the U.S., and particularly with younger consumers. The company’s execution remains top notch, and it should continue to take market share in that segment.
Apple has an excellent combination of strong free cash flow generation and low financial leverage. We expect the firm’s free cash flow margin to average about 24.5% in coming years, and the firm had no debt as of last quarter.
Apple continues to impress. The firm’s rollout of the new iPhone 5 should propel the firm’s fundamentals ever higher. Though we’re not expecting another blockbuster hit (Apple TV, etc.) in our valuation model, we wouldn’t be surprised if Apple delivers another one from its pipeline.
Apple’s $137.1 billion cash hoard is more than some of the market capitalizations of the largest companies in the S&P 500. This amounts to roughly $145 per share, making relative value comparisons vs. peers much more attractive.
Business Quality

Economic Profit Analysis

The best measure of a firm’s ability to create value for shareholders is expressed by comparing its return on invested capital (ROIC) with its weighted average cost of capital (WACC). The gap or difference between ROIC and WACC is called the firm’s economic profit spread. Apple’s three-year historical return on invested capital (without goodwill) is 304.6%, which is above the estimate of its cost of capital of 10.8%. As such, we assign the firm a ValueCreation™ rating of Excellent. In the chart below, we show the probable path of ROIC in the years ahead based on the estimated volatility of key drivers behind the measure. The solid grey line reflects the most likely outcome, in our opinion, and represents the scenario that results in our fair value estimate.

Cash Flow Analysis

Firms that generate a free cash flow margin (free cash flow divided by total revenue) above 5% are usually considered cash cows. Apple’s free cash flow margin has averaged about 26.5% during the past three years. As such, we think the firm’s cash flow generation is relatively strong. The free cash flow measure shown above is derived by taking cash flow from operations less capital expenditures and differs from enterprise free cash flow (FCFF), which we use in deriving our fair value estimate for the company. At Apple, cash flow from operations increased about 173% from levels registered two years ago, while capital expenditures expanded about 343% over the same time period.

Valuation Analysis

Our discounted cash flow model indicates that Apple’s shares are worth between $566.00-$922.00 each. The margin of safety around our fair value estimate is driven by the firm’s MEDIUM ValueRisk™ rating, which is derived from the historical volatility of key valuation drivers. The estimated fair value of $744 per share represents a price-to-earnings (P/E) ratio of about 16.9 times last year’s earnings and an implied EV/EBITDA multiple of about 11.5 times last year’s EBITDA. Our model reflects a compound annual revenue growth rate of 10.5% during the next five years, a pace that is lower than the firm’s three-year historical compound annual growth rate of 53.9%. Our model reflects a five-year projected average operating margin of 31.6%, which is above Apple’s trailing three-year average. Beyond year five, we assume free cash flow will grow at an annual rate of 2% for the next 15 years and 3% in perpetuity. For Apple, we use a 10.8% weighted average cost of capital to discount future free cash flows.

Margin of Safety Analysis

Our discounted cash flow process values each firm on the basis of the present value of all future free cash flows. Although we estimate the firm’s fair value at about $744 per share, every company has a range of probable fair values that’s created by the uncertainty of key valuation drivers (like future revenue or earnings, for example). After all, if the future was known with certainty, we wouldn’t see much volatility in the markets as stocks would trade precisely at their known fair values. Our ValueRisk™ rating sets the margin of safety or the fair value range we assign to each stock. In the graph below, we show this probable range of fair values for Apple. We think the firm is attractive below $566 per share (the green line), but quite expensive above $922 per share (the red line). The prices that fall along the yellow line, which includes our fair value estimate, represent a reasonable valuation for the firm, in our opinion.

Future Path of Fair Value

We estimate Apple’s fair value at this point in time to be about $744 per share. As time passes, however, companies generate cash flow and pay out cash to shareholders in the form of dividends. The chart below compares the firm’s current share price with the path of Apple’s expected equity value per share over the next three years, assuming our long-term projections prove accurate. The range between the resulting downside fair value and upside fair value in year three represents our best estimate of the value of the firm’s shares three years hence. This range of potential outcomes is also subject to change over time, should our views on the firm’s future cash flow potential change. The expected fair value of $955 per share in year three represents our existing fair value per share of $744 increased at an annual rate of the firm’s cost of equity less its dividend yield. The upside and downside ranges are derived in the same way, but from the upper and lower bounds of our fair value estimate range.

Source: Seeking Alpha | January 29, 2013 | By: Valuentum

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On February 14, 2013, at the Golden Gate Bridge in San Francisco, Landon Cooper and the Miles 2 Give organization will set out on a journey to run across the U.S. Landon will average 21 miles per day, for 150 straight days, until reaching his final destination of Ocean City, MD in mid-July. Why would anyone want to run across the country? Well, for Landon it’s to honor a fallen friend and to help raise funding for Sarcoma Cancer research. As he describes it, this journey is the “pursuit to give and inspire”. He decided to make the cross country run over 150 consecutive days, because it’s symbolic of the battle that cancer patients and their families and friends have to endure.

“Cancer patients and their families don’t have the option to clock out from their battle, so I won’t either. There will be many dark days on this journey, and I’m sure I will hurt and feel very tired at times, but giving up won’t be an option. Those patients and their families can’t give up. We can’t give up in our pursuit to find a cure. So I won’t give up, and I won’t be clocking out as I wage my battle against this disease”

Along the way, Landon will visit hospitals, schools, cancer patients and those who have been affected by this disease, town mayors, radio stations, news stations, and anyone who will listen to his message. Long story short, this is an extremely powerful story. Landon is on a mission, and Sloy, Dahl & Holst, Inc. is honored and proud to stand behind him on his journey.

Please take an opportunity to visit the Miles 2 Give website at http://www.miles2give.org, to learn more about Landon, this amazing story, and how you can join the wave of love, courage and inspiration that follows Landon on his journey.

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A lot has been said and written about Apple’s (AAPL) Q1 report. My goal is to approach earnings reports and price targets from an objective, fundamental, value perspective, instead of from the emotional and breathless direction so many investors and stock market writers use.

So, first, Q1 was hardly a “bad” quarter. Revenue rose 18% as reported, and when adjusted for weeks (last year had an extra week), revenue was up 27%, about in line with the last few quarters. Gross margins dipped to 38.6%, well below Apple’s 40%+ numbers for the past 3 years. This should be little surprise – Apple’s markets have grown quite crowded, with many competing devices being sold at cost. So maintaining a decent normalized growth in profits isn’t too bad. And let’s not forget Apple’s absurd $137 billion in cash and debt-free balance sheet, because a lot of “investors” ignore it.

All that said, I was disappointed in the quarter. And not for the reasons being popularized in the media. I believe Apple shot itself in the foot by refreshing virtually its entire product line right before the holidays.

First, a quick recap. Apple introduced the iPhone 5 and new iPods in late September. It followed with a massive event in October to introduce new thin iMacs, a 13″ Retina Macbook Pro, the iPad 4th gen, and the iPad mini. So virtually all of its product lines had new models ramping up production for the holidays. Tim Cook mentioned on the conference call that Apple was supply constrained on the iPhone 5, iPhone 4 (?!), iPad mini, and new iMacs for virtually the entire quarter. So, by its own admission, Apple missed a lot of potential sales.

No problem, right, the company will just get those sales in Q2? Well, no – that’s not how consumer electronics works. When customers are buying a holiday gift, and can’t find an iPad mini or iPhone 5, they don’t and can’t always wait. Instead, they may switch to a Kindle Fire, or trade down to an iPhone 4S or 4. Given Apple’s Q2 guidance – which is now supposed to be accurate – year-over-year sales growth is only going to be about 7%. This indicates that the company missed a lot of sales in Q1 that are not coming back.

That’s a big concern. Tim Cook made his bones as a highly renowned operations manager. This is what he’s supposed to be good at. But we’re getting some concerning red flags here. The hiring and subsequent firing of former retail head John Browett was an embarrassment (retail same store sales were up only 2% in the quarter, another concern). Cook still hasn’t hired a replacement. Firing Scott Forstall was another big risk, but we’ll see how that goes. And now some poor planning and execution on new product launches.

All this said, Apple’s valuation right now is comical. Its EBIT/EV earnings yield is 18.1%, which is far higher than stagnant, declining competitors like Hewlett-Packard (HPQ) (16%) or Dell (DELL) (12%). That’s just funny. Also, explain to me again why “investors” love Amazon (AMZN), a company that is barely profitable yet continues to trade at nose-bleed valuations?

Consider also the litany of potential upside catalysts. It has been 3 years since the first iPad – do investors really believe Apple has nothing big up its sleeve within the next few years? The launch timing and supply issues are eminently fixable. Apple began buying back stock for the first time in recent memory last quarter and has a ton of capital to accelerate that program, given the current valuation.

And then there’s the fact that iPhone picked up significant market share last quarter…

No, this is not a dying company. It is one going through a bit of a self-inflicted rough patch and increased competition. I’ll ding the sell early target a bit, but I still see Apple as an excellent Magic Formula choice at current prices. Our target is $700.

Source: Seeking Alpha January 27, 2013

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Thanks to a rare earnings miss in its fiscal first quarter, Apple shares are falling nearly 11% in after-hours trading, to $458, after rising almost 2% Wednesday before the close. Investors were disappointed in particular that iPhone sales weren’t stronger and that Apple’s second-quarter forecast came in lower than analysts expected.

During the analyst call, CEO Tim Cook took pains to point out that the results were “extraordinary” and that Apple would continue to focus on producing industry-leading products. “No technology company has ever reported these kinds of results,” he said in opening remarks. “We’re unwilling to cut corners. This will always be the driving force behind Apple. … Everyone here is laser-focused on creating an unprecedented customer experience.”
Still, as the earnings call proceeded, investors grew even more bearish, as shares that initially were down 4% continued to fall in extended trading. Update Thursday, Jan. 24: And they didn’t feel any better after sleeping on it. The morning after, shares are down almost 12%.

Given the company’s and the stock’s incredible run in recent years, a pullback may be inevitable. But there are several reasons to think that Apple could do better this year than the skeptics currently believe:

* Its financial guidance may be purposely conservative: I’m not sure even Apple cares to manipulate its stock price to create a buying opportunity, as some analysts seem to believe. But it is customarily conservative. The difference may be that at a time when doubts about Apple’s prospects are rising and the stock is already off 30% from its peak, investors may be inclined to believe lowball estimates and punish Apple for them.

What’s more, this quarter and going forward, Apple is changing how it presents forecasts, moving from a point prediction that it was comfortable it could meet (and which it almost always beat, by the way) to a range that it’s comfortable it will hit. One analyst on the call, at least, was struggling to understand how to interpret the change, and Apple CFO Peter Oppenheimer didn’t offer much help, which may make analysts themselves more conservative.

Competitive concerns aren’t unfounded, and no company hits home runs every time. But it wouldn’t be surprising to see Apple outdo its own dampened expectations once again.

* Recent reports that Apple has reduced orders to suppliers, assumed to indicate that the company expected sales growth to ease, look iffy. Cook himself said it would be “good to question the accuracy” of such reports. He also said that any order changes could be due to other factors than anticipation of slower sales, such as better manufacturing yields.
* New products look promising: Despite expectations that the iPhone 5 could mark a peak for smartphone sales and therefore for Apple, it’s quite possible that new products–perhaps aimed at the world masses who can’t afford an existing iPhone–could delay a decline. Indeed, there are various reports of a cheaper iPhone for emerging markets.

And that’s just the start. Analysts expect several new iPhones, including one with a bigger screen–one of the chief shortfalls vs. Android devices–for the next holiday season. Cook noted during the call that the iPhone 5 does feature a larger screen size, but not surprisingly provided no clues to whether Apple might produce an iPhone with an even larger screen.

There will likely be a new iPad mini, perhaps with a Retina display. Not least, rumors continue to swirl about an Apple television, and while I’m doubtful that even if it does materialize it will mean significant sales this year, even a new Apple TV device with better integration with live TV and cable would create a lot of excitement.

Not least, it’s clear that Apple is willing to come out with products that will replace its own if necessary, such as iPads supplanting personal computers. “I see cannibalization as a huge opportunity,” Cook said on the call. And clearly more products will continue to come, perhaps even at an accelerated pace. “We’re working on some incredible stuff,” Cook said on the call, for what it’s worth. “We feel great about what we have in store.” Added Oppenheimer, “We feel very confident in our new product pipeline.”

* Apple’s ecosystem of standards-setting products, third-party apps, and retail stores still present a fearsome competitive advantage. Apple said on the call that it will continue to invest heavily in retail stores, which no other rival has. And that operation has a new chief who replaced one that Cook himself had appointed just nine months earlier, so Apple stores clearly remain a big priority–and thus a big competitive edge.

* Tim Cook isn’t Steve Jobs, but he’s no idiot either: Another reason some investors seem down on Apple’s shares is that some analysts aren’t sure Cook can keep the juggernaut going without Jobs’ famous reality distortion enhancement field. No one was better than Jobs at making sure Apple products were elegant packages with magnetic appeal, and even when they fell short of rival products, he was adept at deflecting criticism.

Cook has been criticized for failing here, either with clear mistakes such as letting a faulty maps app through, or simply by not coming up with an iPhone or other product deemed as exciting as previous models. Some say this kind of thing wouldn’t have happened under Jobs, and even that Cook should be fired.

That assessment seems both early and harsh, especially since Jobs didn’t do everything right either. Apple’s size and the scope of its manufacturing needs means that a strong operations chief like Cook is essential. And if his more creative folks such as Jony Ives, senior VP of industrial design, can continue carry on the design and product conception brilliance of Jobs, that could continue to keep Apple humming.

Nothing’s guaranteed, even for Apple. And who knows what the company’s share price really should be? Analysts are cutting estimates and target prices. S&P Capital IQ’s Scott Kessler, for instance, cut his 12-month target price from $665 to $600, but he’s retaining his strong buy rating. “Despite results we see as disappointing, we view AAPL as having strong franchises and growth opportunities,” he wrote in a note to investors. Indeed, despite today’s rampant doubts, it seems premature to assume Apple’s long run is over.

Source: Forbes Tech Robert Hof 1/23/2013 @ 6:22PM

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Bank stocks offer some of the best opportunities for investors in years, with Bank of America and others poised to post double-digit gains in the year ahead, well-known analyst Meredith Whitney told CNBC on Tuesday.

“There’s an incredible growth opportunity within the financials, particularly Bank of America, Citigroup, Discover Financial—and there are others,” Whitney told “Closing Bell”. “I think the underlying support is housing is close to bottom, so that is a great headwind relief for banks…They’ve come a long way.”

The main catalyst comes in March when the Federal Reserve is expected to approve banks’ plans to return more capital to shareholders through dividends and stock buybacks in March, Whitney said.

Conservatively, that approval could allow BofA to quadruple its dividend, Whitney said.

Long bearish on the industry, Meredith Whitney turned more positive on the group Monday and upgraded Bank of America along with Citigroup and Discover.

Whitney is not expecting much in terms of revenue growth next year. Instead, “those who can execute the best and be leaders and show how they can improve real profitability by right-sizing their businesses will outperform,” she said.

Whitney also said in the interview that Dodd-Frank is an outside influence on bank profitability and other “buzz kills” like Basel III, changes to proprietary trading and new credit card rules are priced into the stocks.

Bank layoffs have also only just begun, she said. “We’re still encouraging banks to get smaller, leaner and more efficient.”

She sees 35 percent upside for Bank of America. “It’s hard to find upside like that in any sector,” she said.

Source: CNBC Published: Tuesday, 18 Dec 2012 | 3:40 PM ET

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Apple (NASDAQ:AAPL) rose 31 percent in the last calendar year to be one of the best-performing stocks of 2012 and outperform the broad Nasdaq by almost twice the growth. Incredibly, though, by the time the euphoria of the launch of the iPhone 5 in September turned into the very real worry of fiscal cliff-related capital gains tax rise in December, the company’s bears were out in full force.

Apple fell a little under 25 percent in the last three and a half months of the year, leaving some to wonder if they should make it part of their portfolio in 2013. Investing in Apple is serious business considering its high share price, so here are five arguments that support buying the iPhone maker’s stock:

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1) Looking at Long-Term Delight

Who cares if there are a few challenges for the stock in the short term? Long term, Apple “offers a compelling combination of attractive growth, reasonable price, and significant future option value,” according to Bernstein Research analyst Toni Sacconaghi. The analyst, who has an Outperform rating on Apple shares and a $750 price target, explained that the iPhone maker was slowly turning into a high-quality consumer company that is known for its premium brand and high customer repurchase intention, juts like Nike (NYSE:NKE) or Ralph Lauren (NYSE:RL). These repeat customers will add much-needed stability to the company’s financials, the analyst added. By 2015, Sacconaghi said, Apple will have a “pristine balance sheet” and will be generating a “mind-boggling ~$50 billion a year in cash.”

If Sacconaghi is to be believed, run for Apple while you can. Read what else the analyst had to say here.

Source: By Aabha Rathee

January 07, 2013 Wall St. Cheat Sheet

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Apple (NASDAQ:AAPL) is not part of the Consumer Electronics Show, but it’s clearly not far from the minds that are focusing on the annual tech gala. According to Insider Monkey, Topeka Capital analyst Brian White told CNBC on Monday that data from the CES gave him even more reason to be bullish on the iPhone maker. White has a $1,111 price target on Apple, which happens to be more than 50 percent higher than Wall Street’s average of $740.

“Last year, [the CES] had forecast growth of 4 percent in consumer electronics … For the coming year, they expect a 4 percent growth … and really the two areas of growth are going to be tablets — 25 percent — and smartphones — 22 percent.”

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This scenario, the analyst said, played right into the hands of Apple, which may additionally be looking at growth from the arrival of multiple new kinds of iPhones in the middle of this year.

“I think, you know, maybe it won’t be an iPhone mini right out of the bat, but I think a different form factor of iPhone we’ll see sometime in June … I think you’ll see a smaller, and a bigger; so you might see a premium iPhone, and a cheaper iPhone. One of the thing you’ll see at CES this week, are as what we call, the embarrassingly large smartphones … I’m seeing this trend in Asia and I think that’s something Apple has to address.”

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In short, according to White, upcoming new products in industries that are poised for sustained growth give Apple a leg-up over other companies.

Source:By Aabha Rathee | Wall St. Cheat Sheet

January 07, 2013

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Apple will speed up its product upgrade cycle in 2013, giving the company’s beaten down stock a big boost, market experts told CNBC on Monday.

“We’re on the cusp of an enormous product upgrade cycle and we think Apple’s earnings are going to be dynamite in the fourth quarter,” said Channing Smith, Portfolio Manager at Capital Advisers Growth Fund, on CNBC’s “Squawk on the Street”.
Smith said he expects Apple’s stock to grow 20 percent over the next few years and that he expects Apple to return to its all time highs, which it reached in September when its stock hit $702.10.

Since then, fickle investors have shaved more than a quarter from the tech giant’s market capitalization, partly in fear that Apple might be losing its ability to innovate and stave off its competition.

“If you think Apple’s franchise is in trouble, then you sell the stock. We don’t think that’s the case,” Smith said.

“We think there is tremendous growth in these categories, and that earnings are going to surprise on the upside come January when we hear the earnings report,” he added.

The coming launch of an iPad 5 and a new iPad mini will also help drive Apple’s stock back up, Smith said.

According to Smith, digital devices will likely “triple over the next couple of years. The iPhone category should grow 25 to 30 percent, so we want Apple’s to focus on these products, maintain market share and grow these product categories, and we think that is enough,” he said.

Spurred by consumers holding off on purchasing an iPhone because they are waiting for the latest version, Apple will bump up its product upgrade cycle for the iPhone to a six month cycle instead of a 12 month cycle, said Eric Jackson, Ironfire Capital founder and managing director. (Read More: Tablet, Smartphone Activations Soared This Christmas )

Along with shorter upgrade cycles, Jackson said he also expects Apple to introduce some new products in 2013. That includes an iTV slated for November, and possibly even an iCar system, which would control navigation and entertainment in automobiles. (Read More: Three New Apple Patents Hint at the Future of Gadgets )

“I think Apple always vacilates between the two extremes of fear and greed, and right now I think we are kind of hitting that max fear point, with people all worried about margins and what the future products will be,” Jackson said.

What will eventually help Apple, Jackson added was the day that “people get greedy again, and when people realize that the current product portfolio…[is] going to be much bigger than expected.”

Source:Published: Monday, 31 Dec 2012 | 12:38 PM ET By: Cadie Thompson
Technology Editor, CNBC.com

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Bank stocks offer some of the best opportunities for investors in years, with Bank of America and others poised to post double-digit gains in the year ahead, well-known analyst Meredith Whitney told CNBC on Tuesday.

“There’s an incredible growth opportunity within the financials, particularly Bank of America, Citigroup, Discover Financial—and there are others,” Whitney told “Closing Bell”. “I think the underlying support is housing is close to bottom, so that is a great headwind relief for banks…They’ve come a long way.”
The main catalyst comes in March when the Federal Reserve is expected to approve banks’ plans to return more capital to shareholders through dividends and stock buybacks in March, Whitney said.

Conservatively, that approval could allow BofA to quadruple its dividend, Whitney said.

Long bearish on the industry, Meredith Whitney turned more positive on the group Monday and upgraded Bank of America along with Citigroup and Discover.

Whitney is not expecting much in terms of revenue growth next year. Instead, “those who can execute the best and be leaders and show how they can improve real profitability by right-sizing their businesses will outperform,” she said.

Whitney also said in the interview that Dodd-Frank is an outside influence on bank profitability and other “buzz kills” like Basel III, changes to proprietary trading and new credit card rules are priced into the stocks.

Bank layoffs have also only just begun, she said. “We’re still encouraging banks to get smaller, leaner and more efficient.”

She sees 35 percent upside for Bank of America. “It’s hard to find upside like that in any sector,” she said.

Source:Published: Tuesday, 18 Dec 2012 | 3:40 PM ET | CNBC | Justin Menza

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Apple (NASDAQ:AAPL) is well on its way to making enterprise a viable success area for itself and it may be receiving between 5 million to 10 million annual iPad sales from the sector, according to Raymond James analyst Tavis McCourt.

McCourt made his assertions using data provided by tech distributors ScanSource (NASDAQ:SCSC) and Tech Data (NASDAQ:TECD), which said that 12 percent of its business now came from Apple. “We estimate that this likely equates to about two million iPads per year,” McCourt said, according to Barron’s. “If we presume other distributors are having similar success, then enterprise distribution may account for 5-10 million iPads annually, which we view as impressive as this does not include [bring your own device] iPads brought into the enterprise.”

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According to the analyst, Tech Data indicated that Apple was “deliberately expanding its authorized resellers for Macs and iPads in a bid to further penetrate enterprise markets.”

However, iPad sales in the enterprise sector were still incremental to Microsoft (NASDAQ:MSFT) Windows-based PCs rather than being cannibalistic.

Apple chief executive Tim Cook has been very vocal about the company’s enterprise ambitions and said recently that almost every company in the Fortune 500 was currently testing iPads. “In the office the iPad is showing up more and more and doing more and more things,” Cook said. “The iPad has become an indispensable tool worldwide to help employees across the industries do their jobs more effectively.”

Don’t Miss: Will Congress Listen to Apple & Co.?

Source: By Aabha Rathee | More Articles

December 12, 2012

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