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Apple

Apple ends Q2 down 3.5%

By
Philip Elmer-DeWitt
Philip Elmer-DeWitt
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By
Philip Elmer-DeWitt
Philip Elmer-DeWitt
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March 29, 2014, 5:16 PM ET
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Source: Thomson Financial Network  via Yahoo

FORTUNE — A ho-hum three months.

That was the consensus of Apple (AAPL) analysts Saturday, the last day of the company’s second fiscal quarter of 2014. (See Yahoo snapshot, attached.)

Ho-hum also describes the performance of Apple’s share price for the quarter — down about $20 (-3.5%) while the broader market was scoring modest gains (S&P 500 up 0.8%).

That’s a bit out of character, given Apple’s past and its future prospects.

The spreadsheet below shows the company’s past growth and estimates of future growth compared, according to Thomson’s taxonomy, with the rest of Apple’s industry (cyclical consumer products) and its sector (consumer electronics).

A few things to note:

  • Over the past five years, Apple’s earnings grew nearly 55% per annum while the rest of consumer electronics was N/A.
  • Over the next five years, the Street expects Apple’s earnings to grow at better than 21%, while the sector grows 18% and the industry 8.9%.
  • Though it grew faster in the past and is expected to grow faster in the future, Apple’s valuation (P/E 12.56) trails the rest of consumer electronics (16.4) and is less than half that of the rest of the cyclical consumer products industry (32.9). Go figure.

Source: Thomson Financial Network via Yahoo

 

 

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By Philip Elmer-DeWitt
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