Apple Inc (NAS:AAPL) 03/13/2020 3:15AM EST GuruFocus

Price: $ 248.23 (0.00%) Market Cap: $ 1.09 T Enterprise Value: $1.09 T Stock PDF
Financial Strength : 6/10 Profitability & Growth : 10/10 Valuation Ratios Valuation Box
vs vs
vs vs vs vs industry history
industry history industry history
P/E(ttm) 19.61
Cash to Debt 0.99 Operating margin (%) 24.71
Forward P/E N/A
Equity to Asset 0.26 Net-margin (%) 21.49
PE(NRI) 19.61
Interest Coverage 19.06 ROE (%) 57.50
F-Score:
P/B 12.16
ROA (%) 16.75
7
P/S 4.22
Z-Score: ROC (Joel Greenblatt) (%) 187.04
4.47 PFCF 17.57
Revenue Growth (3Y)(%) 12.60
M-Score: POCF 15.36
-2.67 EBITDA Growth (3Y)(%) 9.70
EV-to-EBIT 15.27
WACC vs 7.69% EPS Growth (3Y)(%) 12.70
ROIC 48.13% PEG 1.92
WACC
ROIC Shiller P/E 29.32

Current Ratio 1.60

Quick Ratio 1.56

Days Inventory 9.42

Days Sales Outstanding 28.59

Warning Signs Quarterly Revenues Company Description

Apple designs a wide variety of consumer electronic devices, including smartphones (iPhone), tablets (iPad), PCs
Long-Term Debt: Issuing new Mar Jun Sep Dec Full Year
(Mac), smartwatches (Apple Watch), and TV boxes (Apple TV), among others. The iPhone makes up the majority of
debt 2016 50,557 42,358 46,852 78,351 218,118 Apple's total revenue. In addition, Apple offers its customers a variety of services such as Apple Music, iCloud, Apple
2017 52,896 45,408 52,579 88,293 239,176 Care, Apple TV+, Apple Arcade, Apple Card, and Apple Pay, among others. Apple's products run internally
Stock buyback: Poor developed software and semiconductors, and the firm is well known for its integration of hardware, software and
2018 61,137 53,265 62,900 84,310 261,612 services. Apple's products are distributed online as well as through company-owned stores and third-party retailers.
buyback track record
2019 58,015 53,809 64,040 91,819 267,683 The company generates about 40% of its revenue from the Americas, with the remainder earned internationally....
(Read More)
Insider Sell: Insider Selling 2020
Competitors: XKRX:005930 , TSE:6758 , SZSE:000333 , SZSE:000651 , HKSE:01810 , TSE:6752 , TSE:6971 ,
Quarterly Earnings per Share SHSE:600690, SZSE:000100, SZSE:002241, XKRX:003550, XKRX:066570, HKSE:01169, TSE:6753, OSTO:ELUX
A, SZSE:000050, TSE:6952, XKRX:034220, SZSE:002925, BOM:500238
Good Signs Mar Jun Sep Dec Full Year
Piotroski F-Score: High 2016 1.90 1.42 1.67 3.36 8.35 Insider Trades
2017 2.10 1.67 2.07 3.89 9.73
Revenue per Share: 2018 2.73 2.34 2.91 4.18 12.16
Consistent growth 2019 2.46 2.18 3.03 4.99 12.66
2020
DCF Quarterly Dividends Per Share
EPS without NRI: $12.66 Mar Jun Sep Dec Full Year
Growth Rate in the next 10 2016 0.52 0.57 0.57 0.57 2.23
years: 20% 2017 0.57 0.63 0.63 0.63 2.46
Terminal Growth Rate for 10 2018 0.63 0.73 0.73 0.73 2.82
years: 4% 2019 0.73 0.77 0.77 0.77 3.04
Fair Value: $360.41 2020

Growth Rate
Reverse DCF
Annual Rates(per share) 10-Y 5-Y 12-M
Expected eps Growth Rate:
Revenue Growth (%) 21.70 12.40 9.90
14.35%
EBITDA Growth (%) 22.40 10.20 5.50
Free Cash Flow Growth (%) 21.30 7.10 11.10
Book Value Growth (%) 14.10 1.70 -18.10
EPS Growth (%) 21.60 11.90 4.10

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 Per Share Data

Sep04 Sep05 Sep06 Sep07 Sep08 Sep09 Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 TTM Fiscal Period
Revenue per Share
1.53 2.32 3.14 3.95 5.94 6.76 10.08 16.51 23.65 26.21 29.86 40.34 39.21 43.65 53.12 55.96 58.82
0.10 0.30 0.44 0.76 1.40 1.97 3.00 5.49 8.92 8.75 10.10 14.59 13.33 14.58 17.41 17.61 18.29 EBITDA per Share

0.07 0.27 0.40 0.71 1.32 1.85 2.84 5.22 8.43 7.71 8.80 12.64 11.42 12.65 15.23 14.91 15.67 EBIT per Share

0.05 0.22 0.32 0.56 0.97 1.30 2.16 3.95 6.31 5.68 6.45 9.22 8.31 9.21 11.91 11.89 12.66 Earnings per Share (diluted)

0.05 0.22 0.32 0.56 0.97 1.30 2.16 3.95 6.31 5.68 6.45 9.22 8.31 9.21 11.91 11.89 12.66 eps without NRI

0.11 0.31 0.29 0.77 1.35 1.37 2.59 5.21 6.86 7.31 8.48 12.17 9.78 9.67 12.82 11.93 13.01 Owner Earnings per Share (TTM)

0.14 0.38 0.25 0.72 1.33 1.41 2.55 4.59 6.26 6.84 8.15 12.05 9.73 9.86 12.82 12.67 14.13 Free Cashflow per Share

-- -- -- -- -- -- -- -- 0.38 1.63 1.81 1.98 2.18 2.40 2.72 3.00 3.04 Dividends per Share

0.93 1.27 1.67 2.38 3.58 5.02 7.45 11.78 17.98 19.63 19.02 21.40 24.03 26.15 22.53 20.37 20.42 Book Value per Share

0.91 1.25 1.64 2.33 3.50 4.95 7.29 11.10 17.17 18.71 17.52 19.78 22.42 26.15 22.53 20.37 20.42 Tangible Book per Share

-- -- -- -- -- -- -- -- -- 2.69 6.02 11.53 16.31 22.57 24.08 24.32 24.70 Total Debt per Share

2.77 7.66 11.00 21.92 16.24 26.48 40.54 54.47 95.30 68.11 101 110 113 154 226 224 248 Month End Stock Price

Ratios
Sep04 Sep05 Sep06 Sep07 Sep08 Sep09 Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 TTM Fiscal Period
5.72 21.24 22.85 28.51 33.23 30.54 35.28 41.67 42.84 30.64 33.61 46.25 36.90 36.87 49.36 55.92 57.50 Return on Equity %

3.58 13.57 13.85 16.43 19.89 19.68 22.84 27.06 28.54 19.34 18.01 20.45 14.93 13.87 16.07 15.69 16.75 Return on Assets %

54.22 216 234 283 388 434 476 545 480 314 289 340 254 218 203 176 187 Return on Capital %

-- -- -- -- -- 192 91.58 70.31 59.17 38.28 34.98 39.76 30.79 28.60 35.00 42.43 48.13 Return on Invested Capital %

11.75 11.00 16.42 17.83 21.36 12.23 10.85 7.09 6.82 6.08 8.54 8.20 9.99 9.74 9.88 7.67 7.69 Weighted Average Cost Of Capital (WACC) %

1.97 -- -- -- -- -- -- -- -- 1.60 1.47 1.47 1.92 2.29 2.82 3.21 3.14 Effective Interest Rate on Debt %

27.26 29.01 28.98 33.17 35.20 40.14 39.38 40.48 43.87 37.62 38.59 40.06 39.08 38.47 38.34 37.82 37.95 Gross Margin %

4.06 11.79 12.70 17.93 22.21 27.36 28.19 31.22 35.30 28.67 28.72 30.48 27.84 26.76 26.69 24.57 24.71 Operating Margin %

3.21 9.53 10.30 14.22 16.32 19.19 21.48 23.95 26.67 21.67 21.61 22.85 21.19 21.09 22.41 21.24 21.49 Net Margin %

9.16 16.33 7.95 18.24 22.40 20.85 25.26 27.79 26.49 26.09 27.30 29.86 24.81 22.59 24.14 22.64 23.90 FCF Margin %

-- -- -- -- -- -- -- -- -- 0.14 0.32 0.54 0.68 0.86 1.07 1.19 1.21 Debt to Equity

0.63 0.65 0.58 0.57 0.62 0.67 0.64 0.66 0.67 0.60 0.48 0.41 0.40 0.36 0.29 0.27 0.26 Total Equity to Total Asset

-- -- -- -- -- -- -- -- -- 0.08 0.15 0.22 0.27 0.31 0.31 0.32 0.32 Total Debt to Total Asset

30.37 41.32 38.98 38.32 42.90 41.17 41.87 45.75 46.96 33.57 32.15 35.86 27.54 25.30 27.49 27.94 29.58 Gross Profit to Total Asset %

1.11 1.42 1.35 1.16 1.22 1.03 1.06 1.13 1.07 0.89 0.83 0.90 0.71 0.66 0.72 0.74 0.78 Asset Turnover

-- -- -- -- -- -- -- -- 0.06 0.29 0.28 0.22 0.26 0.26 0.23 0.25 0.24 Dividend Payout Ratio

34.12 23.45 23.66 24.31 23.58 28.59 30.83 18.10 25.49 27.98 34.86 26.31 26.67 28.46 31.86 32.16 28.59 Days Sales Outstanding

87.95 65.66 90.21 110 82.93 79.60 111 82.89 87.98 76.58 98.18 92.47 104 114 125 104 99.13 Days Accounts Payable

4.76 4.91 5.79 6.84 6.42 6.85 6.95 5.17 3.26 4.37 6.30 5.81 6.22 9.04 9.82 9.09 9.42 Days Inventory

-49.07 -37.30 -60.76 -79.29 -52.93 -44.16 -73.13 -59.62 -59.23 -44.23 -57.02 -60.35 -70.72 -76.99 -82.89 -63.06 -61.12 Cash Conversion Cycle

76.71 74.35 63.07 53.33 56.83 53.28 52.51 70.53 112 83.45 57.94 62.82 58.64 40.37 37.17 40.13 38.76 Inventory Turnover

0.73 0.71 0.71 0.67 0.65 0.60 0.61 0.60 0.56 0.62 0.61 0.60 0.61 0.62 0.62 0.62 0.62 COGS to Revenue

0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.02 Inventory to Revenue

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 Income Statement

Sep04 Sep05 Sep06 Sep07 Sep08 Sep09 Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 TTM Fiscal Period
8,279 13,931 19,315 24,578 37,491 42,905 65,225 108,249 156,508 170,910 182,795 233,715 215,639 229,234 265,595 260,174 267,683 Revenue
6,022 9,889 13,717 16,426 24,294 25,683 39,541 64,431 87,846 106,606 112,258 140,089 131,376 141,048 163,756 161,782 166,105 Cost of Goods Sold
2,257 4,042 5,598 8,152 13,197 17,222 25,684 43,818 68,662 64,304 70,537 93,626 84,263 88,186 101,839 98,392 101,578 Gross Profit
27.26 29.01 28.98 33.17 35.20 40.14 39.38 40.48 43.87 37.62 38.59 40.06 39.08 38.47 38.34 37.82 37.95 Gross Margin %
1,430 1,864 2,433 2,963 3,761 4,149 5,517 7,599 10,040 10,830 11,993 14,329 14,194 15,261 16,705 18,245 18,659 Selling, General, & Admin.
Expense
491 535 712 782 1,109 1,333 1,782 2,429 3,381 4,475 6,041 8,067 10,045 11,581 14,236 16,217 16,766 Research & Development
336 1,643 2,453 4,407 8,327 11,740 18,385 33,790 55,241 48,999 52,503 71,230 60,024 61,344 70,898 63,930 66,153 Operating Income
4.06 11.79 12.70 17.93 22.21 27.36 28.19 31.22 35.30 28.67 28.72 30.48 27.84 26.76 26.69 24.57 24.71 Operating Margin %

64.00 183 394 647 653 407 311 519 1,088 1,616 1,795 2,921 3,999 5,201 5,686 4,961 4,699 Interest Income
-3.00 -- -- -- -- -- -- -- -- -136 -384 -733 -1,456 -2,323 -3,240 -3,576 -3,471 Interest Expense
61.00 183 394 647 653 407 311 519 1,088 1,480 1,411 2,188 2,543 2,878 2,446 1,385 1,228 Net Interest Income
-27.00 -18.00 -29.00 -48.00 -33.00 -81.00 -156 -104 -566 -324 -431 -903 -1,195 -133 -441 422 368 Other Income (Expense)

370 1,808 2,818 5,006 8,947 12,066 18,540 34,205 55,763 50,155 53,483 72,515 61,372 64,089 72,903 65,737 67,749 Pre-Tax Income
-104 -480 -829 -1,511 -2,828 -3,831 -4,527 -8,283 -14,030 -13,118 -13,973 -19,121 -15,685 -15,738 -13,372 -10,481 -10,222 Tax Provision
28.11 26.55 29.42 30.18 31.61 31.75 24.42 24.22 25.16 26.15 26.13 26.37 25.56 24.56 18.34 15.94 15.09 Tax Rate %
266 1,328 1,989 3,495 6,119 8,235 14,013 25,922 41,733 37,037 39,510 53,394 45,687 48,351 59,531 55,256 57,527 Net Income (Continuing
Operations)
266 1,328 1,989 3,495 6,119 8,235 14,013 25,922 41,733 37,037 39,510 53,394 45,687 48,351 59,531 55,256 57,527 Net Income
3.21 9.53 10.30 14.22 16.32 19.19 21.48 23.95 26.67 21.67 21.61 22.85 21.19 21.09 22.41 21.24 21.49 Net Margin %

0.05 0.23 0.34 0.58 0.99 1.32 2.20 4.01 6.38 5.72 6.49 9.28 8.35 9.27 12.01 11.97 12.76 EPS (Basic)
0.05 0.22 0.32 0.56 0.97 1.30 2.16 3.95 6.31 5.68 6.45 9.22 8.31 9.21 11.91 11.89 12.66 EPS (Diluted)
5,423 5,998 6,143 6,225 6,315 6,349 6,473 6,557 6,617 6,522 6,123 5,793 5,500 5,252 5,000 4,649 4,455 Shares Outstanding (Diluted
Average)
150 179 225 327 496 734 1,027 1,814 3,277 6,757 7,946 11,257 10,505 10,157 10,903 12,547 11,968 Depreciation, Depletion and
Amortization
523 1,822 2,678 4,734 8,823 12,474 19,412 36,019 59,040 57,048 61,813 84,505 73,333 76,569 87,046 81,860 83,188 EBITDA

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 Balance Sheet

Sep04 Sep05 Sep06 Sep07 Sep08 Sep09 Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 TTM Fiscal Period
2,969 3,491 6,392 9,352 11,875 5,263 11,261 9,815 10,746 14,259 13,844 21,120 20,484 20,289 25,913 48,844 39,771 Cash And Cash Equivalents
2,495 4,770 3,718 6,034 10,236 18,201 14,359 16,137 18,383 26,287 11,233 20,481 46,671 53,892 40,388 51,713 67,391 Marketable Securities
5,464 8,261 10,110 15,386 22,111 23,464 25,620 25,952 29,129 40,546 25,077 41,601 67,155 74,181 66,301 100,557 107,162 Cash, Cash Equivalents,
Marketable Securities
774 895 1,252 1,637 2,422 3,361 5,510 5,369 10,930 13,102 17,460 16,849 15,754 17,874 23,186 22,926 20,970 Accounts Receivable
-- -- -- -- -- -- -- -- 124 683 -- -- -- -- -- -- -- Inventories, Raw Materials &
Components
-- -- -- -- -- -- -- -- 667 1,081 -- -- -- -- -- -- -- Inventories, Finished Goods
101 165 270 346 509 455 1,051 776 -- -- 2,111 2,349 2,132 4,855 3,956 4,106 4,097 Inventories, Other
101 165 270 346 509 455 1,051 776 791 1,764 2,111 2,349 2,132 4,855 3,956 4,106 4,097 Total Inventories
440 562 1,284 2,195 2,682 2,579 5,083 6,543 9,041 10,335 14,124 15,085 8,283 13,936 12,087 12,352 12,026 Other Current Assets

7,055 10,300 14,509 21,956 30,006 31,555 41,678 44,988 57,653 73,286 68,531 89,378 106,869 128,645 131,339 162,819 163,231 Total Current Assets
-- -- -- -- 2,379 10,528 25,391 55,618 92,122 106,215 130,162 164,065 170,430 194,714 170,799 105,341 99,899 Investments And Advances
351 361 626 762 810 955 1,471 2,059 2,439 3,309 4,863 6,956 10,185 13,587 16,216 17,085 17,754 Land And Improvements
501 551 689 1,060 1,613 2,047 3,733 7,110 15,984 21,242 29,639 37,038 44,543 54,210 65,982 69,797 70,841 Machinery, Furniture, Equipment
1,298 1,481 2,075 2,841 3,747 4,667 7,234 11,768 21,887 28,519 39,015 49,257 61,245 75,076 90,403 95,957 97,990 Gross Property, Plant and
Equipment
-591 -664 -794 -1,009 -1,292 -1,713 -2,466 -3,991 -6,435 -11,922 -18,391 -26,786 -34,235 -41,293 -49,099 -58,579 -60,959 Accumulated Depreciation
707 817 1,281 1,832 2,455 2,954 4,768 7,777 15,452 16,597 20,624 22,471 27,010 33,783 41,304 37,378 37,031 Property, Plant and Equipment
97.00 96.00 177 337 492 453 1,083 4,432 5,359 5,756 8,758 9,009 8,620 -- -- -- -- Intangible Assets
80.00 69.00 38.00 38.00 207 206 741 896 1,135 1,577 4,616 5,116 5,414 -- -- -- -- Goodwill
191 303 1,238 1,222 839 2,011 2,263 3,556 5,478 5,146 3,764 5,422 8,757 18,177 22,283 32,978 40,457 Other Long Term Assets
8,050 11,516 17,205 25,347 36,171 47,501 75,183 116,371 176,064 207,000 231,839 290,345 321,686 375,319 365,725 338,516 340,618 Total Assets
1,451 1,779 3,390 4,970 5,520 5,601 12,015 14,632 21,175 22,367 30,196 35,490 37,294 44,242 55,888 46,236 45,111 Accounts Payable
-- 196 388 488 506 430 210 1,140 1,535 1,200 -- -- -- -- -- -- -- Total Tax Payable
1,703 2,384 4,360 5,976 7,026 6,967 13,382 17,610 25,258 27,825 48,649 60,671 59,321 44,242 55,888 46,236 45,111 Accounts Payable & Accrued
Expense
-- -- -- -- -- -- -- -- -- -- 6,308 10,999 11,605 18,473 20,748 16,240 15,214 Current Portion of Long-Term
Debt
342 501 718 1,391 1,617 2,053 2,984 4,091 5,953 7,435 8,491 8,940 8,080 7,548 5,966 5,522 5,573 Current Deferred Revenue
342 527 1,042 1,936 2,298 2,278 3,647 6,129 7,445 8,697 8,491 8,940 8,080 7,548 5,966 5,522 5,573 DeferredTaxAndRevenue
606 576 1,041 1,368 2,037 2,261 3,693 4,231 5,839 7,136 -- -- -- 30,551 33,327 37,720 36,263 Other Current Liabilities
2,651 3,487 6,443 9,280 11,361 11,506 20,722 27,970 38,542 43,658 63,448 80,610 79,006 100,814 115,929 105,718 102,161 Total Current Liabilities
-- -- -- -- -- -- -- -- -- 16,960 28,987 53,329 75,427 97,207 93,735 91,807 93,078 Long-Term Debt
-- -- -- -- -- -- -- -- -- 16,960 28,987 53,329 75,427 97,207 93,735 91,807 93,078 Long-Term Debt & Capital Lease
Obligation
-- -- -- -- -- -- -- -- -- 0.14 0.32 0.54 0.68 0.86 1.07 1.19 1.21 Debt to Equity

315 589 764 1,468 768 853 5,439 9,845 16,495 19,114 23,290 27,686 28,949 34,340 -- -- -- NonCurrent Deferred Liabilities
8.00 12.00 14.00 67.00 1,745 3,502 1,231 1,941 2,817 3,719 4,567 9,365 10,055 8,911 48,914 50,503 55,848 Other Long-Term Liabilities
2,974 4,088 7,221 10,815 13,874 15,861 27,392 39,756 57,854 83,451 120,292 170,990 193,437 241,272 258,578 248,028 251,087 Total Liabilities
2,514 3,564 4,355 5,368 7,177 8,210 10,668 13,331 16,422 19,764 23,313 27,416 31,251 35,867 40,201 45,174 45,972 Common Stock
2,670 3,925 5,607 9,101 15,129 23,353 37,169 62,841 101,289 104,256 87,152 92,284 96,364 98,330 70,400 45,898 43,977 Retained Earnings
-15.00 -- 22.00 63.00 -9.00 77.00 -46.00 443 499 -471 1,082 -345 634 -150 -3,454 -584 -418 Accumulated other
comprehensive income (loss)
5,076 7,428 9,984 14,532 22,297 31,640 47,791 76,615 118,210 123,549 111,547 119,355 128,249 134,047 107,147 90,488 89,531 Total Equity
0.63 0.65 0.58 0.57 0.62 0.67 0.64 0.66 0.67 0.60 0.48 0.41 0.40 0.36 0.29 0.27 0.26 Total Equity to Total Asset

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 Cashflow Statement

Sep04 Sep05 Sep06 Sep07 Sep08 Sep09 Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 TTM Fiscal Period
266 1,328 1,989 3,495 6,119 8,235 14,013 25,922 41,733 37,037 39,510 53,394 45,687 48,351 59,531 55,256 57,527 Net Income
266 1,328 1,989 3,495 6,119 8,235 14,013 25,922 41,733 37,037 39,510 53,394 45,687 48,351 59,531 55,256 57,527 Net Income From Continuing
Operations
150 179 225 327 496 734 1,027 1,814 3,277 6,757 7,946 11,257 10,505 10,157 10,903 12,547 11,968 Depreciation, Depletion and
Amortization
-8.00 -121 -357 -385 -675 -353 -4,860 -1,791 -6,965 -1,949 -6,452 -3,318 476 -6,347 -13,332 3,176 -2,942 Change In Receivables
-45.00 -64.00 -105 -76.00 -163 54.00 -596 275 -15.00 -973 -76.00 -238 217 -2,723 828 -289 759 Change In Inventory
297 328 1,611 1,494 596 92.00 6,307 2,515 4,467 2,340 5,938 5,001 2,117 8,966 9,175 -1,923 5,489 Change In Payables And
Accrued Expense
368 492 -225 1,321 2,045 -586 1,236 5,757 -299 6,478 7,047 11,262 405 -4,923 34,694 -3,488 -1,015 Change In Working Capital
19.00 50.00 53.00 73.00 398 1,040 1,440 2,868 4,405 1,141 2,347 1,382 4,938 5,966 -32,590 -340 -742 Change In DeferredTax
46.00 49.00 163 242 516 710 879 1,168 1,740 2,253 2,863 3,586 4,210 4,840 5,340 6,068 6,219 Stock Based Compensation
85.00 437 15.00 12.00 22.00 26.00 -- -- -- -- -- 385 486 -166 -444 -652 -740 Cash Flow from Others
934 2,535 2,220 5,470 9,596 10,159 18,595 37,529 50,856 53,666 59,713 81,266 66,231 64,225 77,434 69,391 73,217 Cash Flow from Operations
-176 -260 -657 -735 -1,091 -1,144 -2,005 -4,260 -8,295 -8,165 -9,571 -11,247 -12,734 -12,451 -13,313 -10,495 -9,247 Purchase Of Property, Plant,
Equipment
-- -- -- -- -220 -- -638 -244 -350 -496 -3,765 -343 -297 -329 -721 -624 -1,415 Purchase Of Business
-- -- 40.00 -- -- -- -- -- -- -- -- -- -- -- -- -- -- Sale Of Business
-3,270 -11,470 -7,280 -11,736 -23,003 -46,825 -57,793 -102,317 -151,232 -148,489 -217,138 -166,402 -143,816 -160,007 -73,227 -40,631 -70,620 Purchase Of Investment
1,947 9,195 8,312 9,424 16,243 30,678 46,718 69,853 112,805 124,447 208,111 121,985 111,794 126,465 104,072 98,724 108,818 Sale Of Investment
-- -- -28.00 -251 -108 -69.00 -116 -3,192 -1,107 -911 -242 -241 -814 -344 -- -- -- Net Intangibles Purchase And
Sale
11.00 -21.00 -30.00 49.00 -10.00 -74.00 -20.00 -259 -48.00 -160 26.00 -26.00 -110 220 -745 -1,078 -1,152 Cash From Other Investing
Activities
-1,488 -2,556 357 -3,249 -8,189 -17,434 -13,854 -40,419 -48,227 -33,774 -22,579 -56,274 -45,977 -46,446 16,066 45,896 26,384 Cash Flow from Investing
427 543 318 365 483 475 912 831 665 530 730 543 495 555 669 781 783 Issuance of Stock
-- -- -355 -3.00 -- -- -- -- -- -22,860 -45,000 -35,253 -29,722 -32,900 -72,738 -66,897 -78,807 Repurchase of Stock
-300 -- -- -- -- -- -- -- -- 16,896 18,266 29,305 22,057 29,014 432 -7,819 -7,594 Net Issuance of Debt
-- -- -- -- -- -- -- -- -2,488 -10,564 -11,126 -11,561 -12,150 -12,769 -13,712 -14,119 -14,090 Cash Flow for Dividends
-- -- 6.00 374 633 188 345 613 125 -381 -419 -750 -1,570 -1,874 -2,527 -2,922 -2,999 Other Financing
127 543 324 739 1,116 663 1,257 1,444 -1,698 -16,379 -37,549 -17,716 -20,890 -17,974 -87,876 -90,976 -102,707 Cash Flow from Financing
-427 522 2,901 2,960 2,523 -6,612 5,998 -1,446 931 3,513 -415 7,276 -636 -195 5,624 24,311 -3,106 Net Change in Cash
-176 -260 -685 -986 -1,199 -1,213 -2,121 -7,452 -9,402 -9,076 -9,247 Capital Expenditure
-9,813 -11,488 -12,734 -12,451 -13,313 -10,495
758 2,275 1,535 4,484 8,397 8,946 16,474 30,077 41,454 44,590 49,900 69,778 53,497 51,774 64,121 58,896 63,970 Free Cash Flow

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 Valuation Ratios

Sep04 Sep05 Sep06 Sep07 Sep08 Sep09 Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 TTM Fiscal Period
56.20 34.37 33.77 38.94 16.74 22.83 18.73 13.78 15.11 12.02 15.67 11.99 13.67 16.75 19.02 18.90 19.61 PE Ratio(TTM)

24.30 24.79 37.93 28.36 11.99 19.33 15.66 10.45 13.89 9.32 11.88 9.07 11.56 15.94 17.60 18.77 19.09 Price to Owner Earnings
(TTM)

2.99 6.03 6.59 9.21 4.53 5.27 5.44 4.62 5.30 3.47 5.30 5.16 4.70 5.89 10.02 11.00 12.16 Price to Book

3.05 6.11 6.72 9.43 4.63 5.35 5.56 4.91 5.55 3.64 5.75 5.58 5.04 5.89 10.02 11.00 12.16 Price to Tangible Book

20.07 20.16 44.00 30.44 12.22 18.79 15.93 11.87 15.20 10.02 12.45 9.20 11.66 15.69 17.67 17.71 17.57 Price-to-Free-Cash-Flow
Ratio

16.29 18.11 30.47 24.97 10.69 16.55 14.11 9.52 12.39 8.32 10.38 7.90 9.41 12.64 14.62 15.03 15.36 Price-to-Operating-Cash-
Flow Ratio

1.82 3.29 3.50 5.55 2.74 3.92 4.02 3.30 4.03 2.60 3.38 2.74 2.89 3.54 4.26 4.01 4.22 PS Ratio

-- 1.46 0.40 0.33 0.16 0.32 0.31 0.22 0.23 0.22 0.39 0.41 0.78 1.25 1.50 2.19 1.92 PEG Ratio

1.17 2.62 2.89 4.82 2.11 3.34 3.59 3.03 3.82 2.37 3.29 2.73 2.89 3.63 4.22 3.85 4.06 EV-to-Revenue

18.06 19.99 20.82 25.02 8.95 11.49 12.07 9.12 10.17 7.10 9.73 7.55 8.50 10.86 12.88 12.25 13.07 EV-to-EBITDA

25.04 22.16 22.73 26.88 9.48 12.21 12.74 9.60 10.77 8.06 11.16 8.71 9.92 12.52 14.73 14.47 15.27 EV-to-EBIT

3.99 4.51 4.40 3.72 10.55 8.19 7.85 10.42 9.29 12.41 8.96 11.48 10.08 7.99 6.79 6.91 6.55 Return on Capital %

-20.41 21.35 21.39 21.32 23.31 22.99 22.99 23.75 23.27 26.21 25.43 26.65 24.83 19.24 17.24 13.60 12.47 Forward Rate of Return

-- 1,410 159 131 61.85 73.40 72.27 55.13 58.00 30.59 34.62 28.95 24.35 27.32 33.02 27.90 29.32 Shiller PE Ratio

-- -- -- -- -- -- -- -- 0.40 2.39 1.80 1.80 1.93 1.56 1.20 1.34 1.23 Dividend Yield %

Valuation and Quality

Sep04 Sep05 Sep06 Sep07 Sep08 Sep09 Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 TTM Fiscal Period
Market Cap
15,180 44,774 65,855 133,850 101,054 166,788 259,934 354,324 626,546 428,718 591,016 615,336 603,254 790,050 1,073,391 995,152 1,086,125
9,716 36,513 55,745 118,464 78,943 143,324 234,314 328,372 597,417 405,132 601,234 638,063 623,131 831,549 1,121,573 1,002,642 1,087,255 Enterprise Value

2.77 7.66 11.00 21.92 16.24 26.48 40.54 54.47 95.30 68.11 101 110 113 154 226 224 248 Month End Stock Price

0.45 0.71 0.48 0.75 1.32 1.21 -0.28 -2.12 -4.37 -6.82 -16.23 -23.19 -23.67 -32.60 -40.44 -33.19 -32.83 Net Cash (per share)

0.74 1.06 1.22 1.82 2.59 2.49 2.23 0.80 -0.03 -1.61 -8.82 -14.63 -16.22 -21.97 -26.76 -19.18 -20.04 Net Current Asset Value
(per share)

0.57 0.84 0.66 0.98 1.66 1.64 0.45 -1.44 -3.06 -5.12 -13.82 -20.72 -21.25 -29.51 -36.36 -28.86 -28.77 Net-Net Working Capital
(per share)

1.34 2.10 3.13 5.45 9.68 14.17 21.92 35.65 55.24 73.89 94.35 127 152 163 187 187 214 Projected FCF (per share)

1.47 2.65 4.15 5.88 13.34 18.51 29.97 57.37 86.83 96.17 110 152 144 155 189 203 214 Median PS (per share)

-- 5.24 8.14 14.07 24.25 29.00 54.11 98.82 158 142 161 230 144 123 151 102 96.34 Peter Lynch Fair Value
(per share)

1.00 2.50 3.46 5.42 8.74 12.02 18.83 31.42 49.37 48.90 50.43 64.06 64.74 73.61 77.71 73.81 76.27 Graham Number (per
share)
1.19 1.69 2.58 4.21 7.00 9.70 13.55 19.08 29.20 40.23 48.55 61.56 72.41 71.98 84.28 108 114 Earnings Power Value
(EPV)
5.36 9.49 8.15 10.15 7.43 9.25 8.40 8.18 9.37 5.59 5.06 4.28 3.71 3.62 4.22 4.24 4.47 Altman Z-Score

7.00 8.00 5.00 7.00 8.00 6.00 6.00 7.00 6.00 5.00 5.00 8.00 5.00 4.00 6.00 6.00 7.00 Piotroski F-Score

-2.78 -2.62 -1.67 -2.72 -2.18 -1.67 -2.06 -2.51 -1.89 -2.76 -2.69 -2.97 -2.83 -2.57 -2.48 -2.82 -2.67 Beneish M-Score

-0.06 -0.10 -0.01 -0.05 0.01 0.23 0.47 0.67 0.77 0.57 0.59 0.61 0.51 0.55 0.41 0.27 0.27 Scaled Net Operating
Assets

10.19 11.71 -3.42 5.03 13.03 32.65 12.33 24.76 22.21 8.28 1.02 9.78 7.91 8.15 -9.29 -17.73 -12.35 Sloan Ratio (%)

2.66 2.95 2.25 2.37 2.64 2.74 2.01 1.61 1.50 1.68 1.08 1.11 1.35 1.28 1.13 1.54 1.60 Current Ratio

2.62 2.91 2.21 2.33 2.60 2.70 1.96 1.58 1.48 1.64 1.05 1.08 1.33 1.23 1.10 1.50 1.56 Quick Ratio

2.77 7.69 12.23 22.07 28.55 26.59 41.76 59.06 100 95.92 103 133 123 164 228 232 328 Highest Stock Price

1.41 2.74 7.04 10.46 15.04 11.17 25.84 39.81 51.94 55.79 68.71 96.26 90.34 106 153 142 170 Lowest Stock Price

-6.74 -6.66 -2.42 -2.00 -1.90 -1.22 -1.80 -1.45 -1.07 4.26 6.80 4.90 4.35 3.93 7.24 6.56 7.31 Shares Buyback Ratio (%)

25.16 52.13 35.34 25.57 50.38 13.83 49.10 63.85 43.25 10.81 13.92 35.13 -2.82 11.34 21.69 5.36 9.91 YoY Rev. per Sh. Growth
(%)
278 356 46.45 73.13 72.52 33.92 66.85 82.71 59.57 -9.98 13.56 42.95 -9.87 10.83 29.32 -0.17 4.11 YoY EPS Growth (%)

256 217 43.42 74.31 83.82 40.66 52.62 83.19 62.40 -1.95 15.41 44.48 -8.60 9.35 19.40 1.14 5.48 YoY EBITDA Growth (%)

-22.63 23.53 83.45 119 102 71.50 60.72 62.00 64.64 53.55 40.65 28.90 17.46 13.40 12.72 8.62 10.20 EBITDA 5-Y Growth (%)

5,202 5,659 5,908 6,052 6,171 6,251 6,366 6,470 6,544 6,477 6,086 5,753 5,471 5,217 4,955 4,618 4,415 Shares Outstanding (Basic
Average)

5,480 5,845 5,987 6,106 6,223 6,299 6,412 6,505 6,574 6,294 5,866 5,579 5,336 5,126 4,755 4,443 4,375 Shares Outstanding (EOP)

1.29 1.11 1.96 2.21 2.92 1.49 1.39 0.86 0.86 0.58 1.04 1.09 1.55 1.39 1.27 1.10 1.22 Beta

12/03/04 12/01/05 12/29/06 11/15/07 11/05/08 10/27/09 10/27/10 10/26/11 10/31/12 10/30/13 10/27/14 10/28/15 10/26/16 11/03/17 11/05/18 10/31/19 Filing Date

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12/29/06 11/15/07 11/05/08 01/25/10 10/27/10 10/27/10 10/31/12 10/30/13 10/27/14 10/28/15 10/26/16 11/03/17 11/05/18 10/31/19 10/31/19 10/31/19 Restated Filing Date

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