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1 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT Apple Inc. – Financial Research Project Name Course Tutor Date 2 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT Table of Contents Introduction 3 Background and Industry 3 Financial Performance Analysis 4 Financial Ratio Analysis 6 Return on Equity – DuPont Analysis 10 Financial Analysis 12 Stock Performance 13 Market Ratios 14 Historical Stock Prices 15 Required Return 16 Recommendation 17 References 18 3 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT Introduction High Technology Corporation (HTC) is an established manufacturer of a line of electronic components in an international market. HTC is currently looking to undergo a longterm commitment with another company (Microsoft Corporation). The Chief Executive Officer has some concerns that the offer from the Microsoft Corporation due to the fallout of other companies in the industry in general. As a result, it is required that the Assistant to the Chief Financial Officer of HTC prepare a report looking into the financials of the Microsoft Corporation to see if a long-term commitment is the best option for the High Technology Corporation (HTC). Background Information Apple (AAPL: NASDAQ GS) was founded in April 1976 by twenty six year old Steve Wozniak, and twenty one year old Steve Jobs. Apple initially started off as a laptop company; but, it's grown into an awfully labyrinthine company that focuses on more than simply computers. Apple Inc. is a multinational corporation in the US that styles, manufactures, and markets personal computers, software, networking solutions, and peripherals, together with a line of moveable digital music players. Additionally, Apple joined the phone business in 2007 with the iPhone, which has additionally been a tremendous success. The company's merchandise is oversubscribed on-line, through third-party wholesalers, and through its own chain of stores. Apple owns around one hundred twenty five retail stores within the US, it also has stores in; North America, Japan, and also the UK. Apple could be a trade goods company, and so evaluating its worth needs understanding its merchandise and shoppers. This could be terribly troublesome as a result of Apple competes with many various corporations throughout the various industries it takes half in. 4 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT Technology is constantly changing, which means that competitors are constantly entering and exiting the market. Due to the rapid rate at which technology changes, the technology industry could be considered one that is volatile. As a result, the finances of Apple Inc. will need to be looked at in detail and compared to a competitor within the same industry. Financial Performance Analysis In order to look at the financial performance of Apple Inc., it will be compared to the financials of the Microsoft cooperation over the course of the last three years. The main categories that will be examined are revenue, net income, current assets, current liabilities, working capital and inventory. Below are the financials side by side for the years of 2014, 2015 and 2016. 1 2014 Microsoft Corporation1 Apple Inc.2 Revenue 86.7 B 183.2 B Net Income 22.1 B 39.5 B Current Assets 114.2 B 68.5 B Current Liabilities3 45.6 B 63.4 B Working Capital 68.6 B 5.1 B Inventories 2.7 B 2.1 B All information gathered for the Microsoft Corporation for the year 2014 was taken from CNN Money. All information gathered for Apple, Inc. for the year 2014 was taken from CNN Money. 3 The current liabilities for each company for 2014 were taken from Yahoo! Finance. 2 5 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT In 2014, it is clear that Apple, Inc. had more in revenue than the Microsoft Corporation. However, the number of current assets of the Microsoft Corporation is higher than Apple and the number of liabilities is lower. This leads Microsoft’s working capital to be significantly higher than Apple. The amount of inventory on hand at Microsoft is also higher. Therefore, Apple Inc. had higher revenue; hence it’s clear to see that Apple Inc. is a stable and growing company. 2015 Microsoft Corporation4 Apple Inc.5 Revenue 93.0 B 231.3 B Net Income 12.2 B 53.4 B Current Assets 124.7 B 89.4 B Current Liabilities6 49.6 B 80.6 B Working Capital 75.1 B 8.8 B Inventories 2.9 B 2.3 B In 2015, the two companies followed the same trends. Apple blew Microsoft out of the water in revenue earned. However, Apple Inc. held a lower amount of assets and a higher amount of liabilities than Microsoft. The working capital for Apple Inc. was still strong it had increased by (3.7 billion) than the year before. From 2014 to 2015, Apple managed to increase their inventory from 2.1 billion to 2.3 billion. The revenue for both Microsoft and Apple increased significantly from 2014 to 2015 by 6.3 billion and 48.1 billion, respectively. 4 All information gathered for the Microsoft Corporation for the year 2015 was taken from CNN Money. All information gathered for Apple, Inc. for the year 2015 was taken from CNN Money. 6 The current liabilities for each company in 2015 were taken from Yahoo! Finance. 5 6 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT 2016 Microsoft Corporation7 Apple Inc.8 Revenue 84.7 B 214.2 B Net Income 16.8 B 45.7 B Current Assets 139.7 B 106.9 B Current Liabilities9 59.3 B 79 B Working Capital 80.4 B 27.9 B Inventories 2.3 B 2.1 B In 2016, the revenue for both Microsoft and Apple decreased by 8.3 billion and 17.1 billion, respectively. While Microsoft increased their net income by 4.6 billion Apple’s witnessed a decrease of 7.7 billion. Throughout 2016, Microsoft managed to keep their assets higher and liabilities lower than Apple, which resulted in a higher working capital for Microsoft. The inventories for both companies decreased in 2016, with Microsoft’s decreasing from 2.9 billion to 2.3 billion. In order to effectively compare these two companies, it is important that we look at key financial ratios over the past three years. As a result, the compiled totals will be needed and are presented below, numbers per billion. Please note that the inventories total is not presented, as this number represents the amount of inventory that was remaining as ‘un-sold’ at the end of each year. 7 All information gathered for the Microsoft Corporation for the year 2016 was taken from CNN Money. All information gathered for Apple, Inc. for the year 2016 was taken from CNN Money. 9 The current liabilities for each company in 2016 were taken from Yahoo! Finance 8 7 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT Microsoft Revenue Net Income Current Assets 2014 2015 2016 Total: Apple Total: Working Capital 86.7 93 84.7 22.1 12.2 16.8 114.2 124.7 139.7 45.6 49.6 59.3 68.6 75.1 80.4 264.4 51.1 378.6 154.5 224.1 Current Liabilities Working Capital Revenue Net Income Current Assets 2014 2015 2016 Current Liabilities 183.2 231.3 214.2 39.5 53.4 45.7 68.5 89.4 106.9 63.4 80.6 79 5.1 8.8 27.9 628.7 138.6 264.8 223 41.8 Financial Ratio Analysis One can compare numbers between two competitors as often as they would like; however, it is equally important to compare ratios as it is to compare numbers. Apple and Microsoft are two completely different companies when it comes to its financials. Apple creates more revenue, but also has more liabilities. The ratios that will be calculated researched and presented are basic earning power10, day’s sales in inventory11, day’s payables outstanding12, current ratio13, quick ratio14 and net working capital-to-sales ratio15. While this is a large number of ratios, by comparing these ratios with the totals 2015 and 2016 of both companies, one will be able to determine how well a company is doing financially. 10 The basic earning power ratio is the ratio of earnings before tax and interest to total assets. The days’ sales in inventory ratio are the ratio of the amount of inventory on hand to the average day’s cost of goods sold. 12 The day’s payables outstanding ratio is the ratio of accounts payable to the average day’s purchases. 13 The current ratio is the ratio of current assets to current liabilities. 14 The quick ratio is also known as the acid-test ratio. The quick ratio is the ratio of current assets to current liabilities; however, inventory is excluded because it is the least liquid of current asset accounts (Drake, Fabozzi, 2009). 15 The net working capital-to-sales ratio is exactly what the name entails, the ratio of net working capital to sales. 11 8 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT 2015 2016 Current Assets Current Liabilities Microsoft 124.7 49.6 Apple 89.4 80.6 Current Assets Current Liabilities Microsoft 139.7 59.3 Apple 106.9 79.0 Current Ratio 2.51 1.11 Current Ratio 2.36 1.35 Current Assets Inventory Current Liabilities Microsoft 124.7 2.9 49.6 Apple 89.4 2.3 80.6 Current Assets Inventory Current Liabilities Microsoft 139.7 2.25 59.3 Apple 106.9 2.1 79 Quick Ratio 2.46 1.08 Quick Ratio 2.32 1.33 EBIT Total Assets Microsoft 18.5 174.4 Apple 72.5 290.3 EBIT Total Assets Microsoft 19.75 193.69 Apple 61.37 321.68 Basic Earning Power 0.106 0.250 Basic Earning Power 0.102 0.191 According to Pamela Drake and Frank Fabozzi, the current ratio is important to determining a firm’s liquidity. More specifically, the current ratio “describes a firm’s ability to meet or cover its current liabilities using its current assets” (Drake, Fabozzi, 2009). From 2015 to 2016, the current ratio for Apple Inc. increased by 0.24 while Microsoft’s decreased by 0.20. Microsoft’s decreased slightly due to the increased number of assets and liabilities that were incurred during 2016, while Apple increased their assets while slightly decreasing their liabilities. The quick ratio is similar to the current ratio except inventory, which is the least liquid of current assets, is excluded. According to Investopedia, “the quick ratio is more conservative than the current ratio…the ratio derives its name presumably from the fact that assets such as cash and marketable securities are quick sources of cash” (Investopedia, n.d.). However, trying to convert inventory to cash is a harder task than using marketable securities to pay bills. Therefore, it is 9 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT helpful to see what both the quick and current ratios are for each company. Even though there is a slight difference between a current ratio and a quick ratio, the results are the same for 2015 and 2016. Apple’s quick ratio increased by 0.25 while Microsoft’s decreased slightly by 0.14. Basic earning power represents a business’ ability to generate long-term profit from operations. Apple’s basic earning power decreased by 0.04 while Microsoft’s basic earning power from 2015 to 2016 only decreased by 0.004. 2015 # Inventory On-Hand Cost of Goods Sold Average Days COGS 2016 Microsoft Apple 2.9 2.3 27.1 131.0 0.0742 0.3589 # Inventory On-Hand Cost of Goods Sold Average Days COGS Microsoft Apple 2.25 2.13 26.2 121.0 0.0718 0.33151 Days Sales in Inventory 39.06 6.41 Days Sales in Inventory 31.35 6.43 Accounts Payable COGS Depreciation Average Day's Purchases Microsoft 12.38 27.1 17.6 0.026 Apple 60.67 131.0 11.3 0.328 Accounts Payable COGS Depreciation Average Day's Purchases Microsoft 13.06 26.2 6.6 0.054 Apple 59.3 121.0 10.5 0.303 Days Payable Outstanding 475.65 185 Days Payable Outstanding 243.21 195.878 Net working Capital Sales Microsoft 75.1 93.0 Apple 8.8 231.3 Net working Capital Sales Microsoft 80.4 84.7 Apple 27.9 214.2 Net working Capital to Sales 0.807527 0.03805 Net working Capital to Sales 0.949233 0.13025 Day’s sales in inventory are used to represent the number of days it takes to sell the company’s inventory on hand. This is one of the numbers where there is significant difference between Apple and Microsoft. In 2015, it took Microsoft an average of 40 days to sell the amount of inventory they have on hand. In 2016, this number decreased to 31.35 days. However, Apple has a significantly lower amount; the average is close to 6.5 days for both 2015 and 2017. 10 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT This is an interesting number because the inventory amounts for both companies are in the two billions. Therefore, Apple has a much lower inventory turnover period than Microsoft. Days payable outstanding represents the number of days that it takes for a company to “pay out cash for a purchase” (Drake, Fabozzi, 2009). In other words, this number represents how long it takes a company to pay their suppliers for the product or pieces to create the product. In 2015, Microsoft was paying its supplies at an outstanding 475.65 days on average while Apple was paying theirs in 185 days. The number of days for Microsoft decreased down to 243 days in 2016. This is a number that more research needs to be conducted in order to see which number is a trend. If Microsoft is taking 475 days to pay their suppliers, this could be a red flag to HTC. Hence they should consider Apple for the job. The last ratio to look at is net working capital to sales. The net working capital to sales ratio is one more way to look at a company’s ability to pay short-term obligations. According to Pamela Drake and Frank Fabozzi, “this ratio tells us the ‘cushion’ available to meet short-term obligations” (Drake, Fabozzi, 2009). Microsoft’s net working capital to sales in 2015 was .807 or 80.7 percent, which is very high compared to Apple’s 0.038 or 3.8 percent. In 2016, Apples ratio increase to 13percent as well as Microsoft’s ratio which increased to 0.949 or 94.9 percent. Return on Equity – DuPont Analysis While financial ratios are important to calculate, it is also important to determine the net profit margin16, total assets17, turnover equity multiplier18 and return on equity19. 16 The net profit margin is calculated by the ratio of net income to revenue. 11 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT 2015 Net Income Revenue Net Profit Margin Microsoft 12.19 93.58 2016 Apple 53.39 233.7 0.130263 0.228455 Microsoft 174.47 Apple 290.34 Microsoft Total Assets 174.47 Shareholders Equity 80.08 Apple 290.34 119.35 Total Assets Equity Multiplier 2.178696 2.432677 Net Income Revenue Net Profit Margin Microsoft 16.79 52.54 Apple 45.68 215.64 0.319566 0.211835 Microsoft 193.69 Apple 321.68 Microsoft Total Assets 193.69 Shareholders Equity 71.99 Apple 321.68 128.25 Total Assets Equity Multiplier Net Income Revenue Total Assets Shareholders Equity Microsoft 12.19 93.58 174.47 80.08 Apple 53.39 233.7 290.34 119.35 Net Income Revenue Total Assets Shareholders Equity Return on Equity 0.152223 0.44734 Return on Equity 2.690513 2.508226 Microsoft 16.79 52.54 193.69 71.99 Apple 45.68 215.64 321.68 128.25 0.233227 0.356179 Net profit margin is a number that is used to show a business’ net income that comes from each dollar of revenue. In 2015, Apple’s net profit margin was 22.8 percent, while Microsoft’s had a lower net profit margin of 13 percent. In 2016 Microsoft’s net profit margin increased by 18.9 percent while Apple’s margin fell by 1.7 percent. The total number of assets that a company possesses helps to show how ‘liquid’ a company may be. If the company gets into financial trouble, it is possible for the company to sell off their assets to create additional money to pay off their liabilities. According to the balance sheets, both Microsoft and Apple’s assets increased from 2015 to 2016. Apple increased their assets by 30 billion while Microsoft increased their assets by 20 billion. 17 Total assets are given on the balance sheet of both companies. The turnover equity multiplier is the ratio of total assets to shareholders’ equity. 19 Return on equity is the ratio of net income to the book value of shareholders’ equity. 18 12 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT The equity multiplier shows, “how a company finances its assets” (Drake, Fabozzi, 2009). From 2015 to 2016, the equity multiplier of both Apple and Microsoft increased by 0.078 and 0.52, respectively. According to Steven Nickolas, “a lower equity multiplier indicates a company has lower financial leverage...a company uses less debt to finance its assets” (Nickolas, 2015). Therefore, in 2015, Apple used more debt to finance its assets than Microsoft. However, in 2016, Microsoft’s equity multiplier increased making Apple the company to use less debt to finance its assets. Return on equity can be calculated multiple different ways depending on how a company wishes to break down their financials. In the calculation listed above, it was completed by the following: ROE = (Net Income/Revenue) x (Revenue/Total Assets) x (Total Assets/Shareholders’ Equity). The return on equity gives management an idea of the net income that is returned to shareholders’ equity. From 2015 to 2016, Apples’ return on equity decreased, while Microsoft’s return on equity increased. In order for management to continue to increase the return on equity, Apple should focus on increasing profit margins and asset turnover and increasing their financial leverage. Financial Analysis While looking at the financials of a company, it is also important to look at capital spending20 and beta values21. Looking at the financials of a company’s previous year gives a good idea about performance; however, these two metrics will give an idea of how a company is doing today. The capital spending of each company in 2015 and 2016 is in the table below. 20 Capital spending refers to the amount that a company spends on research, development and engineering. This information for each company was gathered from Marketwatch. 21 The beta of a company is used to determine the risk a consumer is taking to invest within the company. The lower the beta, the lower the risk and reward for the investor. The beta values for each company were taken from Yahoo Finance. 13 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT Research & Development 2015 2016 Microsoft Corporation 12.05 B 11.99 B Apple, Inc. 8.07 B 10.05 B Capital spending consists of the amount of money a company spends on research and development. This is an important figure to examine as it helps to show the direction that a company is moving towards; if research and development is low, the company is not spending as much money investing into the future. However, if research and development is high, it means that the company is healthy (because they have enough money to spend in this category) and they are looking to see what products (or services) they can offer in the future. Interestingly enough, Apple has spent a considerable amount of money on research and development in 2016, even though they have a higher amount of revenue. This is not the case for Microsoft which spent more money on research and development, this could be contributed to the fact that Microsoft is looking into launching the next ‘big product’ or that they may be trying to compete with Apple’s technology. Beta 2016 Microsoft Corporation 1.39 Apple, Inc. 1.36 The beta of a company helps an investor see the risk involved within a specific company. The beta for both Microsoft and Apple are listed in the chart above. The betas for both companies are fairly close; which as a company looking to commit to a long-term deal with 14 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT Apple is a good thing. Looking at these betas, a consumer or investor can assume that the risk for both of these companies is pretty similar. However, the beta for Microsoft is slightly higher, which means that there is a slightly higher risk, hence Apple deem more favorable. According to Ben McClure, “ by definition, the market has a beta of 1.0…stocks that swing more than the market over time has a beta above 1.0” (McClure, 2017). Therefore, since Microsoft’s beta is above 1.0, it is more volatile than the market as it changes more frequently, however, the beta for Microsoft and Apple are still reasonable meaning that both of these companies are slightly risk. Stock Performance In addition, the company’s revenue growth (19.0) is extremely higher than the industry (6.5) as well. Remarkably, the company’s debt to equity in the most recent quarter is very close to the industry average of 29.5 and is has continued to deteriorate since 2014, which shows that the company has been conservative with borrowing. Overall, Apple had a tough year in 2016, many ups and downs. Stocks were down in the beginning of the year in 2016 but eventually picked up towards the end. The ending quarter of last year, Apple improved earnings per share by 20.3% compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. In 2014 fiscal year, the company had increased its bottom line by earning $6.43 versus $5.66 in the prior year. However, despite its growing revenue, the company underperformed as compared with the industry average of 13.8%. Since the same quarter one year prior, revenues rose by 12.4%. Growth in the company's revenue appears to have helped boost the earnings per share. Apple Inc.’s gross profit margin ranged around 42.68% which is considered to be strong. It has increased from the same quarter the previous year. Along with this, the net profit margin of 20.10% is above that of the industry 15 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT average. Also, Apple's dividend has been sustainable and the dividend payout ratio has averaged 30% since bringing its dividend back. Market Ratios The market ratios that will be looked at are P/E22, price to sales23, price to book24, dividend yield25 and price to cash flow26. Each of these market ratios are in the chart below. Market Ratios P/E Price to Sales Price to Book Dividend Yield Price to Cash Flow Microsoft 30.3 4.84 6.99 2.43% 12.30 Apple 16.45 2.89 4.69 1.67% 9.42 The P/E ratio27 for Microsoft is 13.85 higher than Apple. This could be due to either a lower earnings per share and higher market value per share or it could be due a higher market value per share and earnings per share than Apple. Interestingly enough, all of the remaining numbers are higher than Apple, even though we saw earlier that Apple had higher revenue (sales) and a higher net income. For Microsoft, this means that the performance on the stock market is good and the company’s performance is positive for any investors. The price to sales ratio for Microsoft in 2016 was 4.84 compared to Apple’s 2.89. Even though Microsoft’s sales were lower than Apple, the ratio is higher since Microsoft’s stock price is higher to their sales than Apple. For the price to book ratio, Microsoft again beats Apple 6.99 22 P/E ratio for each company was taken from Marketwatch. Price to sales ratio for each company was taken from Marketwatch 24 Price to book ratio for each company was taken from Marketwatch. 25 Dividend yield for each company was taken from CNN Money. 26 Price to cash flow ratio for each company was taken from Marketwatch. 27 P/E ratio is the ratio of price to per-share earnings 23 16 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT to 4.69, respectively. The dividend yield for Microsoft and Apple is 2.43% and 1.67%, respectively. This means that stockholders for Microsoft are earning more money per dividend than Apple. The price to cash flow yield is 12.30 and 9.42 for Microsoft and Apple, respectively. Overall, the stockholders of both Microsoft and Apple are receiving an adequate return on their investments. Historical Stock Prices While the market ratios give an idea of how a company is doing at a moment in time, looking at historical stock prices can give an idea of how well a company has been doing in the past and whether they are trending up or down. Yesterday's Quote 2/21/2017 Open High Microsoft $ 64.61 $ 64.95 Apple $ 136.23 $ 136.75 Historical Quotes 2/19/2016 Open Low $ Closing Volume 64.45 $ 64.49 20.66 M $ 135.98 $ 136.70 24.51 M High Low Closing Volume Microsoft $ 51.97 $ 52.28 $ 51.53 $ 51.82 33.56 M Apple $ 96.00 $ 96.76 $ 95.80 $ 96.04 35.37 M Historical Quotes 2/19/2015 Open High Microsoft $ 43.18 $ 43.53 Apple $ 128.48 $ 129.03 Historical Quotes 2/19/2014 Open Low $ Closing Volume 43.05 $ 43.50 27.60 M $ 128.33 $ 128.45 37.36 M High Low Closing Volume Microsoft $ 37.22 $ 37.75 $ 37.21 $ 37.52 29.79 M Apple $ 77.82 $ 78.13 $ 76.34 $ 76.77 78.55M 17 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT Looking at the historical quotes28 from the past three years, we can see that Microsoft’s stock has steadily increased from year to year. However, Microsoft’s competitor, Apple, has increased, decreased and increased again. While the market is always unpredictable, Microsoft has done a good job on the stock market and has consistently performed for their stockholders. From the outside looking in, Microsoft’s historical stock data looks promising for the future. One could expect Microsoft’s stock to continue to steadily increase. Required Return The required return for a company can be determined by using the risk-free rate of interest, the market risk premium and the beta of the specific company. As of February 22nd, 2017, the risk-free rate of interest on a ten year bond is 2.38 (Yahoo! Finance, 2017). The market risk premium29 is listed as 5.43%. To calculate the required return, the CAPM model needs to be used and the formula is: Krf + B(Km - Krf) or Current yield plus Beta times market risk premium. As previously gathered, the beta for Microsoft is 1.39 and Apple is 1.36. The calculation of the required rates for both Microsoft and Apple are below. 28 29 The historical data information for each of these companies was retrieved from Marketwatch. The market rate premium was gathered from the S&P 500 year-to-date percentage on 2/22/17. 18 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT Required Return Microsoft Corp Krf 2.38% B 1.39 Km 5.43% = 2.38 + 1.39(5.43-2.38) = 6.6195 % Required Return Microsoft Corp Krf 2.38% B 1.36 Km 5.43% = 2.38 + 1.36(5.43-2.38) = 6.528 % According to Yahoo! Finance, the 52-week change for Apple was 41.10% and for Microsoft was 22.49% (Yahoo! Finance, 2017). Compared to the required rate of return that was calculated above, (6.528% and 6.6195%, respectively) both of these stocks are severely undervalued. The investors are earning a higher than fair return on both of these companies and it is reasonable for investors to buy money in both of these stocks due to the higher than required return. Recommendation As the assistant to the Chief Financial Officer of the High Technology Corporation (HTC), it was required to examine the complete financials of Apple Inc. and compare them to an industry competitor (Microsoft). As a result of analysis of these financials, it would be beneficial for HTC to partake in a long-term commitment with Apple. Apple has doe the revenue and income of Apple, all signs point to growth within Apple Inc. They have a healthy working capital that allows them to spend quite a bit of money on research and development, which shows that they are working towards the future. The stock performance for Apple has been steady for the past few years and shows signs of improving. Overall, the market of technology looks strong and with technology changing every day, Apple is prepared to meet or exceed the 19 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT market. As a result, a long-term commitment with Apple Inc. would be beneficial to HTC and could result in further growth of either company. 20 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT References CNN Money. (2017). Apple Inc (NASQAQ: AAPL). Retrieved from: http://money.cnn.com/quote/quote.html?symb=AAPL CNN Money. (2017). Microsoft Corp (NASQAQ: MFST). Retrieved from: http://money.cnn.com/quote/quote.html?symb=MSFT Drake, P., Fabozzi, F. (2009). Financial ratio analysis. Finance: financial markets, business finance, and asset management. Retrieved from: http://library.books24x7.com.ezproxy.umuc.edu/assetviewer.aspx?site=VGX8U&bookID =31876&chunkid=321421978&rowid=5&refid=VGX8U Investopedia. (n.d.). Quick Ratio. Retrieved from: http://www.investopedia.com/terms/q/quickratio.asp Marketwatch. (2017). Apple Inc. NASDAQ: AAPL. Retrieved from: http://www.marketwatch.com/investing/Stock/AAPL/financials Marketwatch. (2017). Microsoft Corp. NASDAQ: MSFT. Retrieved from: http://www.marketwatch.com/investing/Stock/MSFT/financials McClure, B. (2017). Beta: know the risk. Investopedia. Retrieved from: http://www.investopedia.com/articles/stocks/04/113004.asp Microsoft (n.d.). About Microsoft. Retrieved from: https://www.microsoft.com/en-us/about/ 21 Running Head; APPLE INC. – FINANCIAL RESEARCH PROJECT Nickolas, S. (2015). Which is better: a high or low equity multiplier? Investopedia. Retrieved from: http://www.investopedia.com/ask/answers/042115/which-better-high-or-lowequity-multiplier.asp Yahoo! Finance. (2017). Apple Inc. (AAPL). Retrieved from: http://finance.yahoo.com/quote/AAPL/?p=AAPL Yahoo! Finance. (2017). Microsoft Corporation (MSFT). Retrieved from: http://finance.yahoo.com/quote/MSFT?p=MSFT
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Anglo Saxon culture and Heroic Code
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Anglo Saxon culture and Heroic Code
Cultural beliefs and values are individually acquired throughout one’s life lifetime.
Culture is ways by which different group’s views on life. This hold true to Anglo-Saxon cultures
in the “Battle of Maldon” and in the Anglo Saxon- chronicle of Germania. In some respect,
Beowulf in his work is seen to represent the Anglo-Saxon values and epitomes. For instance, in
the poetry, it is seen how high loyalty is when it comes to having to fight for something one
cherishes. This essay critically analyses and help explain similarity and differences in both the
epic poem
In the epic poem by Beowulf,...


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