Apple 2012 Valuation/ What to do with cash
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Name5Revenue growth in next 5 yearsTarget Operating marginSales/Capital ratio (Lower = Reduce quality of growth)Cost of capital (Higher = More risk)Value per shareShould Apple return cash?How much?Regular dividend, Special dividend or BuybackComments
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Aswath55%302.969.5%$716Yes$ 70-$ 80 billionBuybackOver time, with price cap
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Hassan Ali38%30%1.59.5%$405Yes$ 55-$ 60 billionRegular dividendConstant WACC, year ended 2011 as base, TV around 55% of Sum of PV
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Dayo716%28%59.5%$976Yes$50-60 billionBuybackBuy back tied to P/E ratio. 16% CAGR suggests a very conservative doubling of revs by Year 5.
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Francesco58%28%2.59.5%$687Yes$50 billionSpecial dividend
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