APPLE COMENTARIOS inglés -español

Apple had about $ 137 billion of hard currency at the terminal of Dec 2012. Over the past few old ages. the Company had been extremely successful with the launch of the iPhone 3G in 2008. and which was followed by the launch of iPad in 2010. The Company enjoyed high profitableness. and was able to maintain its costs at a lower limit. The gross border on the iPhone was between 49 % and 58 % from October 2010 to March 2012. and the gross border on the iPad was between 23 % and 32 % in the same clip period. Apple’s capital construction included no debt ; hence. there was no escape of hard currency for doing involvement payments.

However. in malice of the successes of Apple. the Company’s stock monetary value had been dunking since making its high point in September 2012. There was increased competition in the phone and tablet industries due to entry of Android powered devices. Stockholders were besides worried that Apple was stashing big sums of hard currency. and was non returning it to the stockholders. The general consensus among investors was that Apple had no new groundbreaking undertakings to be launched. I think that the shareholders’ perceptual experience of the deficiency of meaningful investing chances and that the Company was stashing big sums of hard currency ( which the investors can non swear what it could be used for ) led to the price reduction in the portion monetary value. which was besides reflected in its low PE multiple.

Tim Cook. CEO of Apple. nevertheless. claimed that hard currency was non being hoarded because stockholders would see the return of hard currency as a bad mark. Rather. as Steve Jobs had stressed before hard currency was being held for the more strategic chances ( such as R & A ; D. M & A ; A etc. ) that may look down the route. Another issue with the big sum of hard currency retentions was that Apple had offshore operations in a big figure of states. The bulk of Apple’s hard currency – about 69 % or $ 94 billion – was held up in Ireland and other offshore locations that had a low revenue enhancement rate. Repatriating any of that hard currency for paying dividends or portion redemptions would pull a repatriation revenue enhancement that is equal to the difference between the US rate and the local. foreign revenue enhancement rates. A ground for the high sum of offshore hard currency was that 61 % of Apple’s grosss came from offshore locations.

Apple tenía alrededor de $ 137 mil millones de dólares en divisas en la terminal de diciembre de 2012. En las últimas edades. La compañía había tenido un gran éxito con el lanzamiento del iPhone 3G en 2008. A esto le siguió el lanzamiento del iPad en 2010. La compañía disfrutó de una gran rentabilidad. y fue capaz de mantener sus costos en un límite inferior. La frontera bruta en el iPhone se ubicó entre el 49% y el 58% desde octubre de 2010 hasta marzo de 2012. La frontera bruta en el iPad se ubicó entre el 23% y el 32% en el mismo período. La construcción de capital de Apple no incluía deuda; por lo tanto. No había escape de la moneda fuerte para hacer pagos de participación.

Sin embargo. En malicia de los éxitos de Apple. el valor monetario de las acciones de la Compañía había estado disminuyendo desde su punto más alto en septiembre de 2012. Hubo una mayor competencia en las industrias de teléfonos y tabletas debido a la entrada de dispositivos con Android. Los accionistas además estaban preocupados de que Apple estuviera escondiendo grandes sumas de divisas. Y no fue devolviéndolo a los accionistas. El consenso general entre los inversionistas fue que Apple no tenía nuevos emprendimientos innovadores para ser lanzados. Creo que la experiencia perceptiva de los accionistas de la deficiencia de oportunidades de inversión significativas y que la Compañía estaba escondiendo grandes sumas de divisas (que los inversionistas no pueden jurar para qué podrían utilizar) condujo a la reducción del precio en la porción del valor monetario. . Lo que además se reflejaba en su bajo PE múltiple.

Tim Cook. CEO de Apple. sin embargo. afirmó que la moneda fuerte no se estaba acumulando porque los accionistas verían el retorno de la moneda dura como una mala nota. Más bien. como Steve Jobs había subrayado antes de que se mantuviera la moneda fuerte para las oportunidades más estratégicas (como R & A; D. M & A; A, etc.) que pueden mirar hacia abajo en la ruta. Otro problema con la gran suma de las retenciones de divisas es que Apple tenía operaciones offshore en una gran figura de estados. La mayor parte de la moneda fuerte de Apple, alrededor del 69% o $ 94 mil millones, se retuvo en Irlanda y en otros lugares en el extranjero que tenían una tasa de mejora de ingresos baja. Repatriar cualquiera de esa moneda fuerte para pagar dividendos o reembolsos de porciones generaría una mejora en los ingresos de repatriación que es igual a la diferencia entre la tasa de EE. UU. Y la local. Tasas de mejora de los ingresos extranjeros. Un motivo para la alta suma de divisas en alta mar era que el 61% de los ingresos brutos de Apple provenían de ubicaciones en el extranjero.

In March 2012. Apple announced a quarterly dividend of $ 2. 65 per portion and a portion repurchase program of $ 10 billion. However. the stock monetary value continued to fall. David Einhorn. president of Greenlight Capital. suggested that Apple should publish ageless preferable stock that would pay $ . 50 quarterly dividend ( or $ 2 annually ) based upon a face value of $ 50 for each portion of the preferable stock. His statement was that publishing preferable stock did non necessitate repatriation of seaward hard currency as the dividend could be paid from FCF. Each preferable stock could unlock $ 32 per portion in value.

There are several ways in which Apple could cover with the varied picks that it is confronting. I believe that alternatively of presenting a new type of capital such as preferable stock. Apple can steadily increase its dividend one-fourth by one-fourth. This will pull new type of investors to the stock i. e. those that seek regular income such as pension financess. retired persons etc. Increasing dividend would besides signal that the Company is confident of its hereafter growing programs because dividends are slightly “sticky” . A new type of investor along with greater assurance that Apple might project through its committedness to increase dividends might take to a encouragement in the portion monetary value. If Apple feels that it needs to return hard currency right now instead than demoing its committedness for the hereafter. it can speed up its portion redemption program.

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