tag:blogger.com,1999:blog-2991101600248617596.comments2023-11-14T02:15:06.159-06:00Financial AlchemistTurley Mullerhttp://www.blogger.com/profile/01407515956935491747noreply@blogger.comBlogger238125tag:blogger.com,1999:blog-2991101600248617596.post-90152272067911589922019-03-24T14:02:11.148-05:002019-03-24T14:02:11.148-05:00Hey Ankit- I assume Apple is also engaging in open...Hey Ankit- I assume Apple is also engaging in open market purchases in addition to the ASR. The ASR is just quicker, they can retire a huge bulk of shares immediately with the ASR which is not possible with open market purchases. That takes time. Turley Mullerhttps://www.blogger.com/profile/01407515956935491747noreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-37583295944971597072019-03-23T18:48:30.196-05:002019-03-23T18:48:30.196-05:00Hey Turley - good insight on this. Any guess why A...Hey Turley - good insight on this. Any guess why Apple would have taken this route as opposed to just having bought stock on the open market over the past days/weeks?Ankit Guptahttps://www.blogger.com/profile/02258415457971042051noreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-36375848013050189342018-10-17T19:05:59.246-05:002018-10-17T19:05:59.246-05:00@ Anonymous 2/1/14- I used an example where earnin...@ Anonymous 2/1/14- I used an example where earnings yield and interest rate were the same to illustrate that "ex-cash P/E ratios" are misguided. Some were claiming AAPL trades at lets say 17x but ex-cash its P/E is only 14x. My point is that cash contributes to EPS since it earns interest. Years ago it was minimal. Today it's much more. Bottom line is this-- if you subtract the cash out of the share price (or market cap) then you have to adjust the earnings for the loss of the interest income. Turley Mullerhttps://www.blogger.com/profile/01407515956935491747noreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-32979298887104230952014-02-01T12:15:31.407-06:002014-02-01T12:15:31.407-06:00but i think your example is still somewhat wrong.
...but i think your example is still somewhat wrong.<br />because it's right only in case of Earnings Yield and Interest rate for the Cash are same.<br /><br />in first paragraph.<br />you've assumed that Interest rate for the cash as 5% and P/E 20x which is 5% Earnings Yield.<br />what if Interest rate isn't same with Earnings Yield? like 3%?<br />it should be like this.<br /><br />1) $100/$5 = P/E 20x<br />2) $80/$4.4 = P/E 18x<br /><br />Interest income $20*3%=$0.6<br />so EPS without cash is $4.4Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-29547613952042088482012-08-27T08:27:02.283-05:002012-08-27T08:27:02.283-05:00I appreciate your thoughts and blog. Thanks for sh...I appreciate your thoughts and blog. Thanks for sharing. You should write more often ;) Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-26211060286207075042010-10-30T15:59:53.303-05:002010-10-30T15:59:53.303-05:00The antenna issue was covered with giving away fre...The antenna issue was covered with giving away free cases wouldn't be included in warranty expense nTurley Mullerhttps://www.blogger.com/profile/01407515956935491747noreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-23616626733428296062010-10-30T15:54:09.277-05:002010-10-30T15:54:09.277-05:00Any idea why Q4 cost of claims were so high, possi...Any idea why Q4 cost of claims were so high, possibly the antennae fix/refund? Hopefully not IPad. I would assume AAPL is looking to carry a higher reserve going forward and that they expect a big number next quarter also.Unknownhttps://www.blogger.com/profile/18372146516796433565noreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-11631931097580714332010-10-29T08:47:34.022-05:002010-10-29T08:47:34.022-05:00Superb work as always Turley! This is real insight...Superb work as always Turley! This is real insight that makes a significant impact to the body of knowledge.<br /><br />Did we see similar trends during the introductions of other devices? Or, does the sheer scale and number of new products help differentiate what we are seeing today?Ted Cranmorenoreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-63217045637184153932010-10-28T23:50:13.744-05:002010-10-28T23:50:13.744-05:00Turley,
Excellent find. But I think we cant be su...Turley,<br /><br />Excellent find. But I think we cant be sure if the charges to the reserve will bounce back to normal levels. The last qtr is ~85% more than the previous qtr which itself was the highest charge in the last 7 qtrs. So it could be the beginning of a trend. Not sure if it has got to do with the iphone4 teething issues or the ipad.Senith @ finance tutorhttp://www.graduatetutor.com/finance-tutor.phpnoreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-70244970980475175922010-10-28T13:42:14.831-05:002010-10-28T13:42:14.831-05:00I expect we will. I don't think the cost of cl...I expect we will. I don't think the cost of claims, (charges to the reserve) will catch up, thus Apple will have more that sufficient reserves allowing them to book lower warranty expense to earnings in the periods ahead.Turley Mullerhttps://www.blogger.com/profile/01407515956935491747noreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-85319627366382649892010-10-28T13:39:18.129-05:002010-10-28T13:39:18.129-05:00Nice catch!
I posted: http://www.asymco.com/2010/...Nice catch! <br />I posted: http://www.asymco.com/2010/10/28/turley-muller-warranty-expense-crimps-apples-margins-in-4q10/<br /><br />I wonder what the chances are that we might see a surprise on the upside in margins this Q.Horace Dediuhttp://www.asymco.comnoreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-77405717187738418132010-08-06T04:06:07.745-05:002010-08-06T04:06:07.745-05:00Is this blog closed now?
If not it could be nice ...Is this blog closed now?<br /><br />If not it could be nice if you did a similar research on Eli Lilly.<br /><br />That company is also a member of the list Dividend Aristocrats but have had the same stock history that Walgreen.<br /><br />BR<br />Sune the SweedAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-38131046567432389992010-07-28T11:09:38.281-05:002010-07-28T11:09:38.281-05:00Would love to see your actual numbers and what gro...Would love to see your actual numbers and what growth you've seen since?Global Paymentshttp://www.globalcollect.comnoreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-6030423477057671692010-06-28T22:28:36.200-05:002010-06-28T22:28:36.200-05:00I have to agree with the previous poster. Are you...I have to agree with the previous poster. Are you still following AAPL?Chrisnoreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-16602204628129484432010-05-16T23:08:55.962-05:002010-05-16T23:08:55.962-05:00very detail breakdown.. but its a pity that you ha...very detail breakdown.. but its a pity that you haven't update your blog. nevertheless, i will come in very often to check it out!<br />cheers..Andyhttp://www.my-dental-implants.comnoreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-20347139817538048172010-03-15T02:10:52.956-05:002010-03-15T02:10:52.956-05:00Excellent article, this blog is great always relev...Excellent article, this blog is great always relevant postings. Congratulations! I'm from Brazil and also do operations on the financeiroDGhttp://www.digitei.comnoreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-63845575486967731312010-02-05T02:03:00.056-06:002010-02-05T02:03:00.056-06:00Thanks for the insight!Thanks for the insight!sfgirlhttp://www.mylifepassport.com/noreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-87000565610917317322010-01-27T03:49:32.373-06:002010-01-27T03:49:32.373-06:00Any comments on the current price 205$ for APPLE? ...Any comments on the current price 205$ for APPLE? I also take LONG view, but current price seems to be too high? what do u think?肥蘇https://www.blogger.com/profile/04116427791854442237noreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-28003074232047644882010-01-26T07:24:44.762-06:002010-01-26T07:24:44.762-06:00Your unit estimates were very close. I think the i...Your unit estimates were very close. I think the international mix was surprising. I had hoped to see 50%. 58% actual has to be a good sign of things to come for Apple.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-64261458896100914562010-01-25T22:45:39.770-06:002010-01-25T22:45:39.770-06:00Amazing job Turley -- you really nailed it!Amazing job Turley -- you really nailed it!Susan Cranstonhttps://www.blogger.com/profile/11844548537743657493noreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-12687886193822856852010-01-06T08:40:53.655-06:002010-01-06T08:40:53.655-06:00Thanks for sharing your point of view and a long d...Thanks for sharing your point of view and a long details analysis about Apple. After reading your analysis it gives me more info and clearer pic on the issue.Horlichttps://www.blogger.com/profile/05713116411954827629noreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-80328802295729843212009-12-12T02:00:19.014-06:002009-12-12T02:00:19.014-06:00Refanel,
Those numbers aren't in the Q's,...Refanel,<br /><br />Those numbers aren't in the Q's, but are in the quarterly press releases. If you go to Apple's IR site, there is archive all press releases and accompanying tables.Turley Mullerhttps://www.blogger.com/profile/01407515956935491747noreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-51718383598263515342009-12-12T01:37:15.085-06:002009-12-12T01:37:15.085-06:00Turley, could you kindly indicate where did you ge...Turley, could you kindly indicate where did you get the following DR breakdown from? I couldn't find them on any of the Ks/Qs:<br /><br />iPhone & ATV = 3518<br />AppleCare = 599<br />other = 736Refanelnoreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-79564911022198820082009-11-25T05:28:30.026-06:002009-11-25T05:28:30.026-06:00The technical challenge of getting an iphone to wo...The technical challenge of getting an iphone to work on the Verizon network are easy; I do foresee some customer confusion with the lack of seamless data/voice transitions. Still, i believe <a href="http://www.bindapple.com" rel="nofollow" rel="nofollow">apple</a> has some tricks up its sleevesAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2991101600248617596.post-27634687195570814082009-11-25T02:13:48.070-06:002009-11-25T02:13:48.070-06:00Minor point on the Verizon comments:
CDMA is also...Minor point on the Verizon comments:<br /><br />CDMA is also used in Asia and South America. There are over 250,000,000 CDMA users in Asia and about 40,000,000 in South America. It's also used here in the US by Sprint.<br /><br />CDMA's numbers are <a href="http://www.cdg.org/worldwide/" rel="nofollow" rel="nofollow">here</a>.Peternoreply@blogger.com