分析预测苹果销售收入会达到3.4万亿美元，市值10万亿美元？# Stock
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The analyst sees the potential for Apple to quadruple its total addressable
market (TAM) over the next five years. "While the largest opportunities - TV
and Autos - are further out, we see Apple expanding its total addressable
market (TAM) near-term with Watch and Services, like Apple Pay and streaming
music. In total, we see a $3.4T TAM by 2020, up from just under $1T today,"
she said. "We view the success of Apple Watch as key to convincing
investors of this platform / TAM expansion story and related multiple re-
rating."
The analyst argues the current valuation doesn't reflect platform multiple.
"Our new Base Case price target increases from $133 to $160," the analyst
states. "This assumes 18x (previously 15x) price to CY15 earnings of $8.86 (
unchanged), which is in-line with large-cap technology platforms such as
Microsoft, Google, Facebook and Oracle. Our Bull Case increases from $150 to
$190. This assumes 19x (previously 18x) price to CY15 earnings of $10 (also
unchanged), which is in-line with large-cap platform companies across
industries. We note that Apple margins, earnings growth, and yield are on
par to better than platform peers.
market (TAM) over the next five years. "While the largest opportunities - TV
and Autos - are further out, we see Apple expanding its total addressable
market (TAM) near-term with Watch and Services, like Apple Pay and streaming
music. In total, we see a $3.4T TAM by 2020, up from just under $1T today,"
she said. "We view the success of Apple Watch as key to convincing
investors of this platform / TAM expansion story and related multiple re-
rating."
The analyst argues the current valuation doesn't reflect platform multiple.
"Our new Base Case price target increases from $133 to $160," the analyst
states. "This assumes 18x (previously 15x) price to CY15 earnings of $8.86 (
unchanged), which is in-line with large-cap technology platforms such as
Microsoft, Google, Facebook and Oracle. Our Bull Case increases from $150 to
$190. This assumes 19x (previously 18x) price to CY15 earnings of $10 (also
unchanged), which is in-line with large-cap platform companies across
industries. We note that Apple margins, earnings growth, and yield are on
par to better than platform peers.
