Apple is probably on many a child’s wish list for Christmas and this $US2.8trillion behemoth continues to move from strength to strength even as the business experiences supply chain issues. The company delivered a slight miss on revenue when it reported in November but the markets shrugged this off as a short-term anomaly which will be rectified over time, besides under normal circumstances a 29% lift in income would be embraced but investors were expecting more, earnings per share were up a whopping 70% per share over the year – what’s not to like!
The companies sitting on an incredible $US66billion in net cash ensuring buybacks are likely to be a permanent fixture for years to come. The are some great reasons to own Apple from brand loyalty to 745 million paid subscribers with only the stocks valuation a potential fly in the ointment. The stocks priced on 30x forward earnings yet analyst consensus is only expecting revenue to grow by 4% next year hence MM could consider trimming our 6% holdings into fresh highs but its unlikely to be any more than a small tweak.
MM remains long and bullish Apple
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