APPLE AAPL JP Morgan - Apple est un secteur d’activité

8/2/2019 APPLE AAPL JP Morgan - Apple est un secteur dactivit

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http://www.macplus.net/magplus/depeche-64629-jp-morgan-apple-est-

un-secteur-d-activite

http://blogs.barrons.com/techtraderdaily/2012/02/24/apple-a-sector-

unto-itself-says-jp-morgan/

Catgorie : Economie - Pour lanalyste de JP. Morgan Mark

Moskowitz : Apple Inc. (AAPL) est le premier stock cyclique mondial, la

6e industrie et le 8e secteur dactivit...

JP Morgan : Apple est un secteur dactivitCatgorie : Economie

iShen /

27 fvrier 2012 06:351 commentaire(s)

Imprimer

Lanalyste de JP. Morgan Mark Moskowitz a eu lide de comparer lavaleur boursire dApple, non pas seulement face ses concurrentsdirects, mais celle de secteurs dactivit entiers comme le mdical,lnergie ou les tlcommunications.

Il ressort de cet exercice quApple se classerait ainsi la 8meplace tous secteurs confondus, grignotant au passage 3,7% de partde march des secteurs dactivit.Plus fort encore, si Apple tait une industrie en elle-mme, comme lapharmaceutique, lassurance ou le logiciel, elle serait comptabiliseaujourdhui la 6me place de ce classement!
http://www.macplus.net/magplus/imprimer.php?id_article=64629http://twitter.com/home?status=JP%20Morgan%A0:%20Apple%20est%20un%20secteur%20d%92activit%E9:%20http://www.macplus.net/magplus/depeche-64629-jp-morgan-apple-est-un-secteur-d-activitehttp://digg.com/submit?phase=2&url=http://www.macplus.net/magplus/depeche-64629-jp-morgan-apple-est-un-secteur-d-activite&title=JP%20Morgan%A0:%20Apple%20est%20un%20secteur%20d%92activit%E9http://myweb2.search.yahoo.com/myresults/bookmarklet?u=http://www.macplus.net/magplus/depeche-64629-jp-morgan-apple-est-un-secteur-d-activite&t=JP%20Morgan%A0:%20Apple%20est%20un%20secteur%20d%92activit%E9http://www.google.com/bookmarks/mark?op=edit&bkmk=http://www.macplus.net/magplus/depeche-64629-jp-morgan-apple-est-un-secteur-d-activite&title=JP%20Morgan%A0:%20Apple%20est%20un%20secteur%20d%92activit%E9http://del.icio.us/post?url=http://www.macplus.net/magplus/depeche-64629-jp-morgan-apple-est-un-secteur-d-activite&title=JP%20Morgan%A0:%20Apple%20est%20un%20secteur%20d%92activit%E9http://www.viadeo.com/shareit/share/?url=http://www.macplus.net/magplus/depeche-64629-jp-morgan-apple-est-un-secteur-d-activite&encoding=UTF8&title=JP%20Morgan%A0:%20Apple%20est%20un%20secteur%20d%92activit%E9http://www.facebook.com/sharer.php?u=http://www.macplus.net/magplus/depeche-64629-jp-morgan-apple-est-un-secteur-d-activite&t=JP%20Morgan%A0:%20Apple%20est%20un%20secteur%20d%92activit%E9mailto:[email protected]://www.macplus.net/magplus/depeches-economiehttp://blogs.barrons.com/techtraderdaily/2012/02/24/apple-a-sector-unto-itself-says-jp-morgan/http://blogs.barrons.com/techtraderdaily/2012/02/24/apple-a-sector-unto-itself-says-jp-morgan/http://www.macplus.net/magplus/depeche-64629-jp-morgan-apple-est-un-secteur-d-activitehttp://www.macplus.net/magplus/depeche-64629-jp-morgan-apple-est-un-secteur-d-activite


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Si lensemble de ces donnes parat seulement thorique, elles ont le

mrite de dmontrer le poids actuel dApple, sachant quil faut garder lesprit que le cours de laction Apple est largement sous-valu;


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plus de 40% des grands fonds possesseurs dactions ne possdentmme pas Apple dans leur portefeuille, alors mme que cest, et detrs loin, la valeur qui a eu la plus forte croissance ces dix derniresannes.

Lancienne domination de Microsoft et surtout le refus dadmettre queles temps ont chang depuis les annes 90 sont les principalescauses estimes de cette dsaffection relative, ce qui na pasempch la capitalisation boursire dApple datteindre les sommets.Sans cette mise lcart, Moskowitz estime que la valeur de lactiontournerait autour des 650 dollars aujourdhui, sur les seules bases desrsultats conomiques et des perspectives de croissance delentreprise fruitire.

On remarque aussi la vue de ces chiffres que les conomiessatellites celles dApple ne sont jamais prises en compte: la ventedaccessoires est un march lui seul, les bnfices engendrs par ladistribution des apps englobe les 3/4 des revenus du secteur et la

supply chain gravitant autour dApple compose un ensembleconomique puissant.

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FEBRUARY 24, 2012, 9:56 A.M. ET

Apple: A Sector Unto Itself, Says JPMorgan

EmailPrint

By Tiernan Ray

JP Morgan hardware analyst Mark Moskowitz this morning teams upwith the folks at the firms portfolio strategy confab to discuss Apple(AAPL) as a cyclical sector unto itself. Not a cyclical company, but asector.

Moskowitzs colleague, portfolio strategist Thomas Lee, offers upsome observations on how massive Apple is relative to the Standard &
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Poors 500 Index, how under-owned it is by funds, and how it isrelatively undervalued:

AAPL carries greater weight than most industries and several sectors.At 3.7% of the S&P 500, AAPL carries a larger weight in the index than

Basic Materials, Utilities, and Telecom Services (see Figure 7) andwould be the 6th largest industry (GICS Level 3). YTD, AAPL hasaccounted for 11 of the 104-point move in the S&P 500. In other words,as a stock, AAPL is more important than most industries and manysectors. The stock remains underowned institutionally. Of the 282mutual funds indexed to the Russell 1000, a surprising 40% do nothave AAPL as a top 10 holding this despite the fact that AAPL is thelargest stock in the Russell 1000. AAPL at current valuation isundervalued on absolute P/E (12.0x vs. 12.7x S&P 500), its relative P/E (94% vs. historical avg of 164%), or PEG ratio. By our ests, moving

to historical avg adds 24- 38 points to the S&P 500 in short, showingAAPL is important to our Cyclical call.

The report is in part prompted, no doubt, by the observations this weekof how influential Apple is on the S&P, made by S&Ps own indexveteran Howard Silverblatt, and written up on Tuesday by mycolleague Brendan Conway.

Moskowitz and Lee are hosting a conference call this morning at 10am, Eastern time.

In a companion note, Moskowitz this morning writes that he seessubstantial appreciation potential from current levels for Apple sharesgiven that the company continues to disrupt the tech playing field.

With its optimized smartphone, tablet, and notebook PC form factors,complemented by its iTunes/App Store ecosystem, the companysingle-handily has disrupted the technology playing field. The supplychain has been impacted, and there also has been a splintering of theWintel and Android-based camps. As a result, we expect many industryparticipants to be left scrambling to restore relevance in the next few

years.

Moskowitz notes the company has low penetration rates, includingjust 19% share of smartphones, 5% share of PCs/

Apple shares this morning are up $3.57, or 0.7%, at $519.96.

Moskowitz and Lee offer a few tables of com parables to size howApple ranks relative to cyclical stocks, industries, and sectors:
http://blogs.barrons.com/focusonfunds/2012/02/21/sp-500-apple-and-the-499/


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iPad, iPhone, PC, smartphone

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APPLE AAPL JP Morgan - Apple est un secteur d’activité

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