Financial Statement Analysis Homework

Financial Statement Analysis

For the company Apple Computer (symbol: AAPL), please complete Parts 1 through 4, being sure to provide the numbers used to compute all Ratios in the same manner presented in the AMD Example shown in class, using the Excel template provided under the Week 7 Module. Note that Apple’s most recent fiscal year, FY 2020, ended September 30, 2020.

The data sources to be used are provided directly below Part 4.

Part 1 Financial Health. For each of the fiscal years 2016 to 2020:

Calculate the Net Profit Margin.

a. Is the 5-year trend improving, deteriorating or flat?

b. How does the 2020 Net Margin compare with the historic average

S&P500 Net Margin – is it better or worse? Please cite the

benchmark provided in class.

2) Calculate Free Cash Flow.

a. Is the trend improving, deteriorating or flat?

b. Does the 2020 Free Cash Flow seem particularly good, particularly

bad or neutral? Why?

3) For just 2020, calculate Net Cash (Debt) position.

a. Does this figure seem particularly good, particularly bad or neutral?


4) From your DuPont project, please comment on whether the company’s

2020 ROE is better or worse than the historic average S&P500 ROE.

Please cite the benchmark provided in class.

Part 2 Risk

1) From your DuPont Project, please comment on whether the company’s 2020 Debt to Capital Ratio is better or worse than the benchmark figure provided in class. Please cite the benchmark.

Part 3 Valuation.

1) Please provide the company’s 5-year projected annual EPS growth


a. How does this rate compare to the historic average annual EPS growth rate of the S&P500? Please cite the benchmark provided in class.

2) Calculate the 2021 Estimated Price-Earnings Ratio.

a. How does this ratio compare to the 2021 Estimated Price-Earnings Ratio for the S&P500? Please cite the figure provided in class.

3) Compute the Relative P/E vs. the S&P500.

a. Is this what you would expect? Why or why not?

Part 4 Conclusion.

1) Would you buy the stock at this price? Please explain why or why

not based on key findings from your DuPont analysis, as well as the current analysis.

Data Sources

Please use to obtain the required Income Statement, Balance Sheet and Cash Flow data provided in the company’s 10-K’s.

In the 2020 10-K, you should be able to get 5 years of historical data for some of the major financial statement line items (such as Revenue and Net Income) under the section called “Selected Financial Data.”

· For the data not provided in Selected Financial Data, please use the 2020 and 2017 10-K’s.

Please use to obtain the

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