March 6, 2019

BA – Market expectations are for fading Uniform ROA, and management has concerns about cloud services, user engagement and intelligence systems


  • Apple Inc. (AAPL:USA)¬†currently trades below corporates averages relative to UAFRS-based (Uniform) Earnings, with a 13.6x Uniform P/E, implying bearish expectations for the firm. However, management is confident in their Services segment, subscription growth, and shareholder returns
  • Specifically, management is confident about their Service segment revenue growth, subscription growth, and Service category performance. They are also confident in their shareholder returns, and in the quality of Liquid Retina displays for iPads
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