Interactive Buyside Research Template

Company Name: [ Apple, Inc. ]

($ in millio ns, except per share data)

Target Price & Recommendation

Ticker Recommendation Current Share Price Price Target Upside/Dow nside Timeframe $ $ AAPL BUY -

Trading Stats
52-Week High 52-Week Low Beta Short Interest $ 0.0%

% of Current NA NA

NA 6 Months

Enterprise Value & Valuation

Current Share Price Shares Outstanding Equity Value Net Debt Min Int & Other Enterprise Value $ $ LTM P/E P / Fw d 1 EPS P / Fw d 2 EPS EV / LTM EBITDA EV / Fw d 1 EBITDA EV / Fw d 2 EBITDA $ (1) NA $ NA $ NA $ NA $ NA $ NA $ Price / Book Value PEG Ratio Dividend Yield NA NA 0.00%

(1 Wall Street co nsensus, if available )

Thesis Overview
Guidelines: Summarize core thesis in a brief paragraph o What is catalyst or value driver? o Timeframe for idea? [ Body text here ]

Company Overview
Guidelines: Overview of the Company o What does it sell? o Geographic focus? o Key segments? [ Body text here ]

Interactive Buyside Research Template

Market Overview
Guidelines: What markets does the Company operate in? o How big is the market? o Market share of the company? o Is it growing (at what rate)? Competitive environment? o Who are the other players? o Where does it sit in the cost and pricing stack? o Trading levels of public competitors? Porters 5 Forces o Intensity of competitive rivalry? o Threat of new competitors? o Threat of substitute Products? o Bargaining power of customers? o Bargaining power of suppliers? [ Body text here ]

Overview of Catalyst(s) or Key Value Driver(s) (i.e., Investment Highlights)

Guidelines: List catalyst(s) that makes this a compelling investment opportunity What is the Street expecting and why do you have a different opinion? [ Body text here ]

Interactive Buyside Research Template

Financial Overview
($ in millio ns)

FY end Dec 31, Operational Stats [Driver #1] [Driver #2] Financial Stats Sum m ary P&L [Segment 1] % Growth [Segment 2] % Growth Total Revenue % Growth COGS % of Sales Gross Profit Gross Margin % Operating Income % of Sales Adj EPS EPS Growth %

2009

2010

2011

LTM

$ $ $

$ $ $

$ $ $

$ $ $

Sum m ary Cash Flow EBITDA M argin % Cash Interest Cash Taxes Change in WC Capital Expenditures Other Free Cash Flow as % Sales

$ $

$ -

$ -

$ -

Balance Sheet Data Cash & Equivalents Total Debt Net Debt / EBITDA

$ $

$ $

$ $