Valuation by vu0HD60

VIEWS: 50 PAGES: 47

									Revenue Forecast
Historical Revenue Trends (AAPL)
       Historical Year             Historical Revenue   Historical Growth Rate


           2007-09-29                     $24,578
           2008-09-27                     $37,491
           2009-09-26                     $42,905              14.44%
           2010-09-25                     $65,225              52.02%


Revenue Growth Forecast - 5 Year
           Future Year            Forecasted Revenue    Forecasted Growth Rate


        Future Year 1                     $78,270              20.00%
        Future Year 2                     $93,924              20.00%
        Future Year 3                     $108,013             15.00%
        Future Year 4                     $118,814             10.00%
        Future Year 5                     $130,695             10.00%




Free Cash Flow Forecasts
Assumptions
EBIT (Operating) Margin                                        28.00%
Tax Rate                                                       30.00%
(Depreciation + Amortization) Intensity                         1.57%
Capital Expenditure Intensity                                   3.32%
Annual Increase/Decreasing in Working Capital                  $998.00


(FCF) Free Cash Flow Forecast (In Millions)
                                                                Year 1
Revenue                                                           $78,270.00


EBIT (Operating) Margin                                             28.00%
EBIT                                                              $21,915.60


Less: Taxes                                                        $6,574.68
Net Operating Earnings                                            $15,340.92


(Dep. + Amort) Intensity                                             1.57%
Plus: Depreciation & Amortization                                  $1,228.84


Capital Expenditure Intensity                                        3.32%
Less: Capital Expenditures                                         $2,598.56


Plus/Less: Change in Working Capital                                $998.00


Free Cash Flow                                                    $14,969.20


Discounted Cash Flow Valuation
Assumptions                                             Notes
                                                        The Discount Rate is the rate used to present value future cash flow
Discount Rate                              8.00%        additional risk that future cash flows might not materialize. The rate
                                                        as a default if you are unsure.

                                                        The Terminal Growth Rate is the expected long term growth rate of
Terminal Growth Rate                       2.00%        an industry or business to grow at a faster rate than the overall eco
                                                        4% as this is the historical growth of real GDP.


Discounted Cash Flow Valuation (AAPL)
          Future Year                  Free Cash Flow           Present Value


              1                         $14,969.20                $13,860.37
              2                         $17,763.43                $15,229.28
              3                         $20,278.25                $16,097.53
              4                         $22,206.27                $16,322.27
              5                         $24,327.10                $16,556.62
              5+                        $413,560.72              $281,462.48
Total Value of the Company                            $359,528.55


On-Balance Sheet Adjustments
Plus: Cash & Short Term Investments                   $25,620.00
Plus: Non Operating Assets                             $2,263.00
Less: Long Term Debt                                     $0.00
Less: Current Portion - Long Term Debt                   $0.00
Less: Capital Leases                                     $0.00
Less: Minority Interest                                  $0.00
Less: Preferred Shares                                   $0.00
Off-Balance Sheet Adjustments
Less: Capitalized Operating Leases                       $0.00
Plus/Less: Pension Plan Over/Under Funded                $0.00
Less: Warrents / Stock Options                           $0.00


Total Adjustments                                     $27,883.00
Total Value of Equity                                 $387,411.55


Number of Shares Outstanding                            915.97


Fundamental Value Per Share                            $422.95
Current Market Price                                   $338.08
Recommendation (AAPL)                                    BUY


Valuation Sensitivity Analysis
EBIT Margin vs. Discount Rate Valuation Sensitivity
EBIT Margin                              28.00%
Discount Rate                            8.00%                      <---
Value Per Share                          $422.95        6.00%
                                         25.00%        $559.65
              <--- EBIT Margin




                                         26.00%        $582.05
                                         27.00%        $604.44
<--- EBIT Margin
                   28.00%   $626.84
                   29.00%   $649.23
                   30.00%   $671.62
                   31.00%   $694.02
                                                   Revenue Forecast
  $140,000

  $120,000

  $100,000

    $80,000

    $60,000

    $40,000

    $20,000

         $0
                                                                       Future Year 1



                                                                                          Future Year 2



                                                                                                          Future Year 3



                                                                                                                          Future Year 4



                                                                                                                                                   Future Year 5
                   2007-09-29



                                2008-09-27



                                             2009-09-26



                                                          2010-09-25




Historical Average EBIT Margin is 23.92%
Historical Average Tax Rate is 29.49%
Historical Average (Depreciation + Amortization) Intensity is 1.48%
Historical Average Capital Expenditure Intensity is 3.32%
Historical Average Change in Working Capital is $998



          Year 2                             Year 3                                    Year 4                                             Year 5
                        $93,924.00                    $108,012.60                    $118,813.86                    $130,695.25


                          28.00%                         28.00%                         28.00%                         28.00%
                        $26,298.72                     $30,243.53                     $33,267.88                     $36,594.67


                        $7,889.62                      $9,073.06                       $9,980.36                     $10,978.40
                        $18,409.10                     $21,170.47                     $23,287.52                     $25,616.27


                           1.57%                          1.57%                          1.57%                          1.57%
                        $1,474.61                      $1,695.80                       $1,865.38                      $2,051.92


                           3.32%                          3.32%                          3.32%                          3.32%
                        $3,118.28                      $3,586.02                       $3,944.62                      $4,339.08


                         $998.00                        $998.00                         $998.00                        $998.00


                        $17,763.43                     $20,278.25                     $22,206.27                     $24,327.10




 s the rate used to present value future cash flows of a business. The riskier the business, the higher the discount rate to reflect the
 future cash flows might not materialize. The rate should theoretically be the "Weighted Average Cost of Capital" or "WACC". Use 8%
are unsure.

th Rate is the expected long term growth rate of the industry that the business operates in, in perpituity. In theory it is impossible for
ness to grow at a faster rate than the overall economy measured by GDP growth in the long run. Given that, it is safe to use around 2%-
torical growth of real GDP.




                        Reference


               Free Cash Flow Forecast
               Free Cash Flow Forecast
               Free Cash Flow Forecast
               Free Cash Flow Forecast
               Free Cash Flow Forecast
               Terminal Value Perpetuity
Balance Sheet
Balance Sheet
Balance Sheet
Balance Sheet
Balance Sheet
Balance Sheet
Balance Sheet


Calculations Sheet
2008 Annual Report
Calculations Sheet




Balance Sheet




                     <--- Discount Rate --->
          7.00%               8.00%            9.00%     10.00%
         $451.08              $378.77          $327.19   $288.55
         $468.87              $393.50          $339.73   $299.46
         $486.66              $408.22          $352.27   $310.36
$504.45   $422.95   $364.81   $321.27
$522.24   $437.68   $377.35   $332.17
$540.04   $452.41   $389.89   $343.08
$557.83   $467.14   $402.44   $353.98
Select A Stock To Value
Enter Stock Ticker Symbol -->                   AAPL
Enter Stock Exchange Name -->                  NASDAQ



Stock Exchange Reference
Exchange Name                     Short Form

Canadian Venture Exchange (CVE)   CVE
NASDAQ Stock Exchange (NASDAQ)    NASDAQ
New York Stock Exchange (NYSE)    NYSE
Toronto Stock Exchange (TSE)      TSE
          Hint

 Get Stock Ticker Symbols
and Exchange Names From
      Google Finance
                  Historical Prices For AAPL
   Date      Open       High       Low      Close      Volume
 8-Apr-11   $339.92    $340.15   $333.95   $335.06   13,483,331
 7-Apr-11   $338.10    $340.43   $336.03   $338.08   13,337,360
 6-Apr-11   $341.22    $343.90   $337.14   $338.04   14,376,383                 $365.00
 5-Apr-11   $336.99    $343.90   $336.00   $338.89   17,248,687
 4-Apr-11   $344.31    $344.60   $338.40   $341.19   16,431,506                 $360.00
 1-Apr-11   $351.11    $351.59   $343.30   $344.56   14,952,200
                                                                                $355.00
31-Mar-11   $346.36    $349.80   $346.06   $348.51    9,798,858
30-Mar-11   $350.64    $350.88   $347.44   $348.63   11,764,467                 $350.00
29-Mar-11   $347.66    $350.96   $346.06   $350.96   12,603,565




                                                                  Stock Price
28-Mar-11   $353.15    $354.32   $350.44   $350.44   11,048,201                 $345.00
25-Mar-11   $348.07    $352.06   $347.02   $351.54   16,041,828
24-Mar-11   $341.85    $346.00   $338.86   $344.97   14,453,960                 $340.00
23-Mar-11   $339.28    $340.22   $335.95   $339.19   13,321,214
                                                                                $335.00
22-Mar-11   $342.56    $342.62   $339.14   $341.20   11,651,166
21-Mar-11   $335.99    $339.74   $335.26   $339.30   14,621,080                 $330.00
18-Mar-11   $337.13    $338.20   $330.00   $330.67   26,900,372
17-Mar-11   $336.83    $339.61   $330.66   $334.64   23,550,711                 $325.00
16-Mar-11   $342.00    $343.00   $326.26   $330.01   41,312,518
15-Mar-11   $342.10    $347.84   $340.10   $345.43   25,735,619                 $320.00
14-Mar-11   $353.18    $356.48   $351.31   $353.56   15,587,670
                                                                                $315.00
11-Mar-11   $345.33    $352.32   $345.00   $351.99   16,824,288
10-Mar-11   $349.12    $349.77   $344.90   $346.67   18,138,865
 9-Mar-11   $354.69    $354.76   $350.60   $352.47   16,192,719
 8-Mar-11   $354.91    $357.40   $352.25   $355.76   12,725,565
 7-Mar-11   $361.40    $361.67   $351.31   $355.36   19,504,307
 4-Mar-11   $360.07    $360.29   $357.75   $360.00   16,188,069
 3-Mar-11   $357.19    $359.79   $355.92   $359.56   17,885,252
 2-Mar-11   $349.96    $354.35   $348.40   $352.12   21,521,027
 1-Mar-11   $355.47    $355.72   $347.68   $349.31   16,290,309
28-Feb-11   $351.24    $355.05   $351.12   $353.21   14,395,497
                   00
                        00
                             00
                                  00
                                       00
                                            00
                                                 00
                                                      00
                                                           00
                                                                00
                                                                     00
       28-Feb-11

        2-Mar-11

        4-Mar-11

        6-Mar-11

        8-Mar-11

       10-Mar-11

       12-Mar-11

       14-Mar-11

       16-Mar-11

       18-Mar-11




Date
       20-Mar-11

       22-Mar-11
                                                                          Historical Price Trend




       24-Mar-11

       26-Mar-11

       28-Mar-11

       30-Mar-11

        1-Apr-11
3-Apr-11

5-Apr-11

7-Apr-11
                                                    Financial Ratio Analysis
                                          2010-09-25     2009-09-26   2008-09-27

Profitability Ratios

Gross Margin                               39.38%                      35.20%
Operating Margin (EBIT Margin)             28.19%          27.36%      22.21%
Profit Margin                              21.48%          19.19%      16.32%

Return on Assets                           22.84%          19.68%      19.89%
Return on Equity                           35.28%          30.54%      33.23%
Return on Capital Employed                 29.32%          26.03%      27.44%

Leverage Ratios

Debt Ratio                                 0.00%           0.00%       0.00%
Debt/Equity Ratio                          57.32%          50.13%      62.22%
Capitalization Ratio                       0.00%           0.00%       0.00%

EBIT Interest Coverage                     #DIV/0!         #DIV/0!     #DIV/0!
EBITDA Interest Coverage                   #DIV/0!         #DIV/0!     #DIV/0!

Liquidity Ratios

Current Ratio                                2.01           2.74         2.64
Quick Ratio                                  1.96           2.70         2.60
Cash Ratio                                   1.24           2.04         1.95

Growth Ratios

Revenue Growth                             52.02%          14.44%      52.54%
Earnings Growth                            70.16%          34.58%      75.08%
EPS Growth                                 66.85%          33.92%      72.52%

Dividend Ratios

Payout Ratio                                0.00%          0.00%        0.00%

Other Ratios

(Depreciation + Amortization) Intensity    1.57%           1.71%       1.32%
CAPEX Intensity                            3.25%           2.83%       3.20%
Change in Working Capital                  $1,212           -$586      $2,045
Effective Tax Rate                         24.42%          31.75%      31.61%
ysis
       2007-09-29   Average     Trend




        33.17%      36.97%    Increasing
        17.93%      23.92%    Increasing
        14.22%      17.80%    Increasing

        13.79%      19.05%    Increasing
        24.05%      30.77%    Increasing
        24.05%      26.71%    Increasing




        0.00%       0.00%     Increasing
        74.42%      61.02%    Decreasing
        0.00%       0.00%     Increasing

        #DIV/0!     #DIV/0!    #DIV/0!
        #DIV/0!     #DIV/0!    #DIV/0!




          2.37       2.44     Decreasing
          2.33       2.40     Decreasing
          1.66       1.72     Decreasing




                    39.67%    Increasing
                    59.94%    Increasing
                    57.76%    Increasing




         0.00%      0.00%     Increasing




        1.33%       1.48%     Increasing
        4.01%       3.32%     Decreasing
        $1,321       $998     Increasing
        30.18%      29.49%    Decreasing
                                                                Income Statement - A
In Millions of USD (except for per share items)    52 weeks ending 2010-09-25
Revenue                                                     $65,225
Other Revenue, Total                                           $0
Total Revenue                                               $65,225
Cost of Revenue, Total                                      $39,541
Gross Profit                                                $25,684
Selling/General/Admin. Expenses, Total                      $5,517
Research & Development                                      $1,782
Depreciation/Amortization                                      $0
Interest Expense(Income) - Net Operating                       $0
Unusual Expense (Income)                                       $0
Other Operating Expenses, Total                                $0
Total Operating Expense                                     $46,840
Operating Income                                            $18,385
Interest Income(Expense), Net Non-Operating                    $0
Gain (Loss) on Sale of Assets                                  $0
Other, Net                                                   -$156
Income Before Tax                                           $18,540
Income After Tax                                            $14,013
Minority Interest                                              $0
Equity In Affiliates                                           $0
Net Income Before Extra. Items                              $14,013
Accounting Change                                              $0
Discontinued Operations                                        $0
Extraordinary Item                                             $0
Net Income                                                  $14,013
Preferred Dividends                                            $0
Income Available to Common Excl. Extra Items                $14,013
Income Available to Common Incl. Extra Items                $14,013
Basic Weighted Average Shares                                  $0
Basic EPS Excluding Extraordinary Items                        $0
Basic EPS Including Extraordinary Items                        $0
Dilution Adjustment                                            $0
Diluted Weighted Average Shares                               $925
Diluted EPS Excluding Extraordinary Items                     $15
Diluted EPS Including Extraordinary Items                      $0
Dividends per Share - Common Stock Primary Issue               $0
Gross Dividends - Common Stock                                 $0
Net Income after Stock Based Comp. Expense                     $0
Basic EPS after Stock Based Comp. Expense                      $0
Diluted EPS after Stock Based Comp. Expense                    $0
Depreciation, Supplemental                                     $0
Total Special Items                         $0
Normalized Income Before Taxes              $0
Effect of Special Items on Income Taxes     $0
Income Taxes Ex. Impact of Special Items    $0
Normalized Income After Taxes               $0
Normalized Income Avail to Common           $0
Basic Normalized EPS                        $0
Diluted Normalized EPS                     $15
Diluted Normalized EPS                      $3
ome Statement - Annual
        52 weeks ending 2009-09-26   52 weeks ending 2008-09-27
                 $42,905                      $37,491
                   $0                           $0
                 $42,905                      $37,491
                 $42,905                      $24,294
                 $17,222                      $13,197
                 $4,149                       $3,761
                 $1,333                       $1,109
                   $0                           $0
                   $0                           $0
                   $0                           $0
                   $0                           $0
                 $31,165                      $29,164
                 $11,740                      $8,327
                   $0                           $0
                   $0                           $0
                  -$81                         -$33
                 $12,066                      $8,947
                 $8,235                       $6,119
                   $0                           $0
                   $0                           $0
                 $8,235                       $6,119
                   $0                           $0
                   $0                           $0
                   $0                           $0
                 $8,235                       $6,119
                   $0                           $0
                 $8,235                       $6,119
                 $8,235                       $6,119
                   $0                           $0
                   $0                           $0
                   $0                           $0
                   $0                           $0
                  $907                         $902
                   $9                           $7
                   $0                           $0
                   $0                           $0
                   $0                           $0
                   $0                           $0
                   $0                           $0
                   $0                           $0
                   $0                           $0
$0   $0
$0   $0
$0   $0
$0   $0
$0   $0
$0   $0
$0   $0
$9   $7
$3   $2
52 weeks ending 2007-09-29
         $24,578
           $0
         $24,578
         $16,426
         $8,152
         $2,963
          $782
           $0
           $0
           $0
           $0
         $20,171
         $4,407
           $0
           $0
          -$48
         $5,006
         $3,495
           $0
           $0
         $3,495
           $0
           $0
           $0
         $3,495
           $0
         $3,495
         $3,495
           $0
           $0
           $0
           $0
          $889
           $4
           $0
           $0
           $0
           $0
           $0
           $0
           $0
$0
$0
$0
$0
$0
$0
$0
$4
$1
                                                                                Income S
In Millions of USD (except for per share items)    13 weeks ending 2010-12-25
Revenue                                                     $26,741
Other Revenue, Total                                          $0
Total Revenue                                               $26,741
Cost of Revenue, Total                                      $16,443
Gross Profit                                                $10,298
Selling/General/Admin. Expenses, Total                      $1,896
Research & Development                                       $575
Depreciation/Amortization                                     $0
Interest Expense(Income) - Net Operating                      $0
Unusual Expense (Income)                                      $0
Other Operating Expenses, Total                               $0
Total Operating Expense                                     $18,914
Operating Income                                            $7,827
Interest Income(Expense), Net Non-Operating                   $0
Gain (Loss) on Sale of Assets                                 $0
Other, Net                                                   $136
Income Before Tax                                           $7,963
Income After Tax                                            $6,004
Minority Interest                                             $0
Equity In Affiliates                                          $0
Net Income Before Extra. Items                              $6,004
Accounting Change                                             $0
Discontinued Operations                                       $0
Extraordinary Item                                            $0
Net Income                                                  $6,004
Preferred Dividends                                           $0
Income Available to Common Excl. Extra Items                $6,004
Income Available to Common Incl. Extra Items                $6,004
Basic Weighted Average Shares                                 $0
Basic EPS Excluding Extraordinary Items                       $0
Basic EPS Including Extraordinary Items                       $0
Dilution Adjustment                                           $0
Diluted Weighted Average Shares                              $933
Diluted EPS Excluding Extraordinary Items                     $6
Diluted EPS Including Extraordinary Items                     $0
Dividends per Share - Common Stock Primary Issue              $0
Gross Dividends - Common Stock                                $0
Net Income after Stock Based Comp. Expense                    $0
Basic EPS after Stock Based Comp. Expense                     $0
Diluted EPS after Stock Based Comp. Expense                   $0
Depreciation, Supplemental                                    $0
Total Special Items                        $0
Normalized Income Before Taxes             $0
Effect of Special Items on Income Taxes    $0
Income Taxes Ex. Impact of Special Items   $0
Normalized Income After Taxes              $0
Normalized Income Avail to Common          $0
Basic Normalized EPS                       $0
Diluted Normalized EPS                     $6
Diluted Normalized EPS                     $3
Income Statement - Quarter
 13 weeks ending 2010-09-25   13 weeks ending 2010-06-26
          $20,343                      $15,700
             $0                           $0
          $20,343                      $15,700
          $20,343                      $9,564
          $7,512                       $6,136
          $1,571                       $1,438
           $494                         $464
             $0                           $0
             $0                           $0
             $0                           $0
             $0                           $0
          $14,896                      $11,466
          $5,447                       $4,234
             $0                           $0
             $0                           $0
            $14                          $58
          $5,461                       $4,292
          $4,308                       $3,253
             $0                           $0
             $0                           $0
          $4,308                       $3,253
             $0                           $0
             $0                           $0
             $0                           $0
          $4,308                       $3,253
             $0                           $0
          $4,308                       $3,253
          $4,308                       $3,253
             $0                           $0
             $0                           $0
             $0                           $0
             $0                           $0
           $929                         $927
             $5                           $4
             $0                           $0
             $0                           $0
             $0                           $0
             $0                           $0
             $0                           $0
             $0                           $0
             $0                           $0
$0   $0
$0   $0
$0   $0
$0   $0
$0   $0
$0   $0
$0   $0
$5   $4
$3   $2
13 weeks ending 2010-03-27   13 weeks ending 2009-12-26
         $13,499                      $15,683
            $0                           $0
         $13,499                      $15,683
         $7,874                       $9,272
         $5,625                       $6,411
         $1,220                       $1,288
          $426                         $398
            $0                           $0
            $0                           $0
            $0                           $0
            $0                           $0
         $9,520                       $10,958
         $3,979                       $4,725
            $0                           $0
            $0                           $0
           $50                          $33
         $4,029                       $4,758
         $3,074                       $3,378
            $0                           $0
            $0                           $0
         $3,074                       $3,378
            $0                           $0
            $0                           $0
            $0                           $0
         $3,074                       $3,378
            $0                           $0
         $3,074                       $3,378
         $3,074                       $3,378
            $0                           $0
            $0                           $0
            $0                           $0
            $0                           $0
          $923                         $920
            $3                           $4
            $0                           $0
            $0                           $0
            $0                           $0
            $0                           $0
            $0                           $0
            $0                           $0
            $0                           $0
$0   $0
$0   $0
$0   $0
$0   $0
$0   $0
$0   $0
$0   $0
$3   $4
$1
                                                  Balance Sheet - Annual
In Millions of USD (except for per share items)      As of 2010-09-25   As of 2009-09-26
Cash & Equivalents                                       $11,261             $5,263
Short Term Investments                                   $14,359            $18,201
Cash and Short Term Investments                          $25,620            $23,464
Accounts Receivable - Trade, Net                          $5,510            $23,464
Receivables - Other                                         $0                 $0
Total Receivables, Net                                    $9,924             $5,057
Total Inventory                                           $1,051              $455
Prepaid Expenses                                            $0                $309
Other Current Assets, Total                               $5,083             $2,270
Total Current Assets                                     $41,678            $31,555
Property/Plant/Equipment, Total - Gross                   $7,234             $4,667
Accumulated Depreciation, Total                          -$2,466            -$1,713
Goodwill, Net                                              $741               $206
Intangibles, Net                                           $342               $353
Long Term Investments                                    $25,391            $10,528
Other Long Term Assets, Total                             $2,263             $1,905
Total Assets                                             $75,183            $47,501
Accounts Payable                                         $12,015             $5,601
Accrued Expenses                                          $1,593             $1,293
Notes Payable/Short Term Debt                               $0                 $0
Current Port. of LT Debt/Capital Leases                     $0                 $0
Other Current liabilities, Total                          $7,114             $4,612
Total Current Liabilities                                $20,722            $11,506
Long Term Debt                                              $0                 $0
Capital Lease Obligations                                   $0                 $0
Total Long Term Debt                                        $0                 $0
Total Debt                                                  $0                 $0
Deferred Income Tax                                       $4,300             $2,216
Minority Interest                                           $0                 $0
Other Liabilities, Total                                  $2,370             $2,139
Total Liabilities                                        $27,392            $15,861
Redeemable Preferred Stock, Total                           $0                 $0
Preferred Stock - Non Redeemable, Net                       $0                 $0
Common Stock, Total                                      $10,668             $8,210
Additional Paid-In Capital                                  $0                 $0
Retained Earnings (Accumulated Deficit)                  $37,169            $23,353
Treasury Stock - Common                                     $0                 $0
Other Equity, Total                                        -$46                $77
Total Equity                                             $47,791            $31,640
Total Liabilities & Shareholders' Equity                 $75,183            $47,501
Shares Outs - Common Stock Primary Issue                    $0                 $0
Total Common Shares Outstanding   $916   $900
al
     As of 2008-09-27   As of 2007-09-29
         $11,875             $9,352
         $10,236             $6,034
         $22,111            $15,386
          $2,422             $1,637
            $0                 $0
          $4,704             $4,029
           $509               $346
           $475               $417
          $2,207             $1,778
         $30,006            $21,956
          $3,747             $2,841
         -$1,292            -$1,009
           $207                $38
           $352               $382
          $2,379               $0
           $772              $1,139
         $36,171            $25,347
          $5,520             $4,970
          $1,320              $772
            $0                 $0
            $0                 $0
          $4,521             $3,538
         $11,361             $9,280
            $0                 $0
            $0                 $0
            $0                 $0
            $0                 $0
           $999               $619
            $0                 $0
          $1,514              $916
         $13,874            $10,815
            $0                 $0
            $0                 $0
          $7,177             $5,368
            $0                 $0
         $15,129             $9,101
            $0                 $0
            -$9                $63
         $22,297            $14,532
         $36,171            $25,347
            $0                 $0
$888   $872
                                                      Balance Sheet - Annual
In Millions of USD (except for per share items)   As of 2010-12-25   As of 2010-09-25
Cash & Equivalents                                    $10,734            $11,261
Short Term Investments                                $16,243            $14,359
Cash and Short Term Investments                       $26,977            $25,620
Accounts Receivable - Trade, Net                       $6,027            $25,620
Receivables - Other                                      $0                 $0
Total Receivables, Net                                $10,874             $9,924
Total Inventory                                         $885              $1,051
Prepaid Expenses                                         $0                 $0
Other Current Assets, Total                            $5,191             $5,083
Total Current Assets                                  $43,927            $41,678
Property/Plant/Equipment, Total - Gross                $8,635             $7,234
Accumulated Depreciation, Total                       -$2,767            -$2,466
Goodwill, Net                                           $741               $741
Intangibles, Net                                        $522               $342
Long Term Investments                                 $32,730            $25,391
Other Long Term Assets, Total                          $2,954             $2,263
Total Assets                                          $86,742            $75,183
Accounts Payable                                      $14,301            $12,015
Accrued Expenses                                       $1,811             $1,593
Notes Payable/Short Term Debt                            $0                 $0
Current Port. of LT Debt/Capital Leases                  $0                 $0
Other Current liabilities, Total                       $7,683             $7,114
Total Current Liabilities                             $23,795            $20,722
Long Term Debt                                           $0                 $0
Capital Lease Obligations                                $0                 $0
Total Long Term Debt                                     $0                 $0
Total Debt                                               $0                 $0
Deferred Income Tax                                    $5,418             $4,300
Minority Interest                                        $0                 $0
Other Liabilities, Total                               $2,863             $2,370
Total Liabilities                                     $32,076            $27,392
Redeemable Preferred Stock, Total                        $0                 $0
Preferred Stock - Non Redeemable, Net                    $0                 $0
Common Stock, Total                                   $11,502            $10,668
Additional Paid-In Capital                               $0                 $0
Retained Earnings (Accumulated Deficit)               $43,050            $37,169
Treasury Stock - Common                                  $0                 $0
Other Equity, Total                                     $114               -$46
Total Equity                                          $54,666            $47,791
Total Liabilities & Shareholders' Equity              $86,742            $75,183
Shares Outs - Common Stock Primary Issue                 $0                 $0
Total Common Shares Outstanding   $921   $916
Annual
         As of 2010-06-26   As of 2010-03-27   As of 2009-12-26
              $9,705            $10,018             $7,609
             $14,583            $13,137            $17,187
             $24,288            $23,155            $24,796
              $3,447             $2,886             $3,090
                $0                 $0                 $0
              $6,399             $4,629             $4,881
               $942               $638               $576
               $161               $190               $232
              $4,243             $3,724             $2,847
             $36,033            $32,336            $33,332
              $6,228             $5,555             $4,986
             -$2,238            -$2,051            -$1,871
               $714               $480               $253
               $318               $343               $334
             $21,551            $18,549            $15,024
              $2,119             $1,845             $1,868
             $64,725            $57,057            $53,926
              $8,469             $5,666             $6,511
              $1,360             $1,231             $1,212
                $0                 $0                 $0
                $0                 $0                 $0
              $5,783             $5,332             $5,374
             $15,612            $12,229            $13,097
                $0                 $0                 $0
                $0                 $0                 $0
                $0                 $0                 $0
                $0                 $0                 $0
              $3,828             $3,241             $2,769
                $0                 $0                 $0
              $2,174             $2,239             $2,292
             $21,614            $17,709            $18,158
                $0                 $0                 $0
                $0                 $0                 $0
             $10,133             $9,553             $8,962
                $0                 $0                 $0
             $32,870            $29,670            $26,695
                $0                 $0                 $0
               $108               $125               $111
             $43,111            $39,348            $35,768
             $64,725            $57,057            $53,926
                $0                 $0                 $0
$913   $910   $906
                                                               Statement of Cashflow -
In Millions of USD (except for per share items)   52 weeks ending 2010-09-25
Net Income/Starting Line                                    $14,013
Depreciation/Depletion                                      $1,027
Amortization                                                  $0
Deferred Taxes                                              $1,440
Non-Cash Items                                               $903
Changes in Working Capital                                  $1,212
Cash from Operating Activities                              $18,595
Capital Expenditures                                        -$2,121
Other Investing Cash Flow Items, Total                     -$11,733
Cash from Investing Activities                             -$13,854
Financing Cash Flow Items                                    $345
Total Cash Dividends Paid                                     $0
Issuance (Retirement) of Stock, Net                          $912
Issuance (Retirement) of Debt, Net                            $0
Cash from Financing Activities                              $1,257
Foreign Exchange Effects                                      $0
Net Change in Cash                                          $5,998
Cash Interest Paid, Supplemental                              $0
Cash Taxes Paid, Supplemental                               $2,697
Cash Taxes Paid, Supplemental                                $129
ement of Cashflow - Annual
        52 weeks ending 2009-09-26   52 weeks ending 2008-09-27
                  $8,235                      $6,119
                    $734                       $496
                     $0                         $0
                     $0                        $398
                    $736                       $538
                   -$586                      $2,045
                  $10,159                     $9,596
                  -$1,213                     -$1,199
                 -$16,221                     -$6,990
                 -$17,434                     -$8,189
                    $188                       $633
                     $0                         $0
                    $475                       $483
                     $0                         $0
                    $663                      $1,116
                     $0                         $0
                  -$6,612                     $2,523
                     $0                         $0
                  $2,997                      $1,267
                    $168                       $112
52 weeks ending 2007-09-29
         $3,495
           $327
            $0
           $73
           $254
         $1,321
         $5,470
          -$986
         -$2,263
         -$3,249
           $374
            $0
           $365
            $0
           $739
            $0
         $2,960
            $0
           $863
           $36
                                                              Statement of Cashflow -
In Millions of USD (except for per share items)   13 weeks ending 2010-12-25
Net Income/Starting Line                                    $6,004
Depreciation/Depletion                                        $356
Amortization                                                   $0
Deferred Taxes                                                $823
Non-Cash Items                                                $299
Changes in Working Capital                                  $2,291
Cash from Operating Activities                              $9,773
Capital Expenditures                                        -$1,263
Other Investing Cash Flow Items, Total                      -$9,466
Cash from Investing Activities                             -$10,729
Financing Cash Flow Items                                     $221
Total Cash Dividends Paid                                      $0
Issuance (Retirement) of Stock, Net                           $208
Issuance (Retirement) of Debt, Net                             $0
Cash from Financing Activities                                $429
Foreign Exchange Effects                                       $0
Net Change in Cash                                           -$527
Cash Interest Paid, Supplemental                               $0
Cash Taxes Paid, Supplemental                                 $826
ement of Cashflow - Quarter
        52 weeks ending 2010-09-25   39 weeks ending 2010-06-26
                  $14,013                     $9,705
                  $1,027                       $698
                    $0                          $0
                    $0                        $1,298
                   $903                        $669
                  $1,212                       $542
                  $18,595                     $12,912
                  -$2,121                     -$1,308
                 -$11,733                     -$8,163
                 -$13,854                     -$9,471
                   $345                        $268
                    $0                          $0
                   $912                        $733
                    $0                          $0
                  $1,257                      $1,001
                    $0                          $0
                  $5,998                      $4,442
                    $0                          $0
                  $2,697                      $2,657
26 weeks ending 2010-03-27   13 weeks ending 2009-12-26
         $6,452                                    3,378.00
           $425                                         209
            $0               -
           $893                                         425
           $445                                         211
          -$104                                    1,558.00
         $8,111                                    5,781.00
          -$682                                        -381
         -$3,359                                  -3,577.00
         -$4,041                                  -3,958.00
           $151                                         149
            $0               -
           $534                                           374
            $0               -
           $685                                           523
            $0               -
         $4,755                                    2,346.00
            $0               -
         $2,144                                           980

								
To top