STOCKREPORTS+

APPLE INC (AAPL-O) DETAILED REPORT SUMMARY

Technology Equipment / Computers, Phones & Electr. / Phones & Handheld Devices Report Date: 2018 November 28

I/B/E/S MEAN LAST PRICE PRICE TARGET (12-MONTH)

174.24 (USD) 360 233.00 (USD)
BUY 2018 November 27 320 310.00 (+33.0%) Target vs. Current: 33.7%
# of Analysts: 36
42 Analysts 280
NASDAQ
Exchange 240 233.00 (Mean) The chart indicates where
analysts predict the stock
200 174.24
182.00 (-21.9%) price will be within the next
I/B/E/S (Institutional Brokers Estimates System) 160 12 months, as compared to
Mean recommendation from all analysts covering Current Price Price Target the current price.
the company on a standardized 5-point scale.

AVERAGE SCORE
NEUTRAL OUTLOOK: AAPL's current score is Score Averages
relatively in-line with the market. Computers, Phones & Electr. Group: 4.6 Mega Market Cap: 7.0
Technology Equipment Sector: 5.0 S&P 500 Index: 6.6

Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive FIT 3 4 3 6 6
AAPL 9 9 8 5 5
Neutral DZSI 4 6 7 5 5
WSTL 6 3 7 4 4
Negative
OHGI NR NR NR NR NR
2015-11 2016-11 2017-11 2018-11

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters) Positive 2018-11-01 2018-09-30 2.910 2.783 4.6%
Positive 2018-07-31 2018-06-30 2.340 2.181 7.3%
Surprise Type Amount Percent
Positive 2018-05-01 2018-03-31 2.730 2.673 2.1%
Positive Quarters (> 2%) 8 66.7%
In-Line 2018-02-01 2017-12-31 3.890 3.857 0.9%
Negative Quarters (< -2%) 1 8.3%
Positive 2017-11-02 2017-09-30 2.070 1.867 10.9%
In-Line Quarters (within 2%) 3 25.0%
Positive 2017-08-01 2017-06-30 1.670 1.572 6.2%

FORWARD PE BUSINESS SUMMARY

Forward PE: 13.0 Apple Inc. designs, manufactures and markets mobile communication and media
5-Year Average: 13.7 devices, personal computers and portable digital music players. The Company
S&P 500 Index Average: 15.9 sells a range of related software, services, accessories, networking solutions, and
Phones & Handheld Devices Industry Average: 13.1 third-party digital content and applications. The Company's segments include the
Americas, Europe, Greater China, Japan and Rest of Asia Pacific. The Americas
20
19 segment includes both North and South America. The Europe segment includes
18 European countries, India, the Middle East and Africa. The Greater China segment
17
16 includes China, Hong Kong and Taiwan. The Rest of Asia Pacific segment
15 includes Australia and the Asian countries not included in the Company's other
14 5-Yr Average
13 operating segments. Its products and services include iPhone, iPad, Mac, iPod,
12 Apple Watch, Apple TV, a portfolio of consumer and professional software
11
10 applications, iPhone OS (iOS), OS X and watchOS operating systems, iCloud,
2014 2015 2016 2017 2018
Apple Pay and a range of accessory, service and support offerings.

Important things you need to know about this research

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 STOCKREPORTS+
APPLE INC (AAPL-O)
Technology Equipment / Computers, Phones & Electr. / Phones & Handheld Devices
DETAILED STOCK REPORT
Report Date: 2018 November 28

Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
174.24 (USD) 45.9M 233.47 14.7 2.92 49.4% 13.0% -19.4%
2018 November 27 Market Cap 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
NASDAQ Exchange
817.6B 150.24 13.0 1.7% 265.6B 61.2% -20.1%

AVERAGE SCORE
NEUTRAL OUTLOOK: AAPL's current score is Score Averages
relatively in-line with the market. Computers, Phones & Electr. Group: 4.6 Mega Market Cap: 7.0
Technology Equipment Sector: 5.0 S&P 500 Index: 6.6

Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive FIT 3 4 3 6 6
AAPL 9 9 8 5 5
Neutral DZSI 4 6 7 5 5
WSTL 6 3 7 4 4
Negative
OHGI NR NR NR NR NR
2015-11 2016-11 2017-11 2018-11

HIGHLIGHTS THOMSON REUTERS I/B/E/S MEAN

- The score for Apple Inc last changed from 4 to 5 on 2018-11-
18. Buy Mean recommendation from all analysts covering
42 Analysts the company on a standardized 5-point scale.
- The recent change in the Average Score was primarily due to
an improvement in the Relative Valuation component score.
Strong
Sell Reduce Hold Buy
Buy

PRICE AND VOLUME CHARTS

1-Year Return: 0.1% 5-Year Return: 123.4%

BUSINESS SUMMARY
Apple Inc. designs, manufactures and markets mobile communication and media devices, personal computers and portable digital music players. The
Company sells a range of related software, services, accessories, networking solutions, and third-party digital content and applications. The Company's
segments include the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. The Americas segment includes both North and South
America. The Europe segment includes European countries, India, the Middle East and Africa. The Greater China segment includes China, Hong Kong
and Taiwan. The Rest of Asia Pacific segment includes Australia and the Asian countries not included in the Company's other operating segments. Its
products and services include iPhone, iPad, Mac, iPod, Apple Watch, Apple TV, a portfolio of consumer and professional software applications, iPhone
OS (iOS), OS X and watchOS operating systems, iCloud, Apple Pay and a range of accessory, service and support offerings.

Page 1 of 13
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
APPLE INC (AAPL-O)
Technology Equipment / Computers, Phones & Electr. / Phones & Handheld Devices
DETAILED STOCK REPORT
Report Date: 2018 November 28

INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of six widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, Price Momentum and Insider Trading. A simple average of the underlying component ratings is
normally distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated differently
using alternative methodologies and the importance of individual factors varies across industries, market capitalization and investment
styles. Additional criteria should always be used to evaluate a stock.

Earnings Fundamental Relative Valuation Risk Price Momentum Insider Trading

OPTIMIZED SCORE
As an alternative approach to equally weighting each of the six factors, independent
Historically, companies with an optimized score research firm, Verus Analytics, conducted a backtest to empirically determine the
of 1 have tended to significantly underperform optimal factor blend. Results and weighting vary across four different market
the market over the following 12-month period. capitalization categories. For large cap stocks, price momentum and insider trading
historically provided the most explanatory power among the six factors and are
weighted heavily in the current optimized score. Among the small cap universe, the
earnings and fundamental factors joined with insider trading and price momentum to
explain returns.
PEER ANALYSIS Currency in USD

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Average Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Score Ticker (2018-11-27) Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
5 AAPL 174.24 -19.4% -20.1% 0.1% 817.6B 14.7 13.0 1.7% 22.4% 13.0% Buy 42
5 HPQ 22.73 -1.7% -6.6% 7.0% 35.6B 8.3 10.6 2.8% 8.0% 12.4% Buy 15
6 HPE 15.06 2.9% -8.4% 11.8% 21.4B 7.4 9.7 3.0% 11.2% -- Hold 23
10 DVMT 104.66 18.3% 9.7% 27.8% 20.7B 18.9 17.2 -- 9.3% 22.0% Buy 3
6 NTAP 67.27 -6.3% -20.8% 19.6% 16.5B 63.5 14.5 2.4% 4.7% 17.2% Buy 27
4 WDC 48.68 10.2% -24.5% -43.8% 13.7B 30.6 8.3 4.1% 2.5% -2.7% Buy 30
6 FIT 5.34 17.1% -14.4% -19.3% 1.2B -- -- -- -16.3% 10.5% Hold 11
5 DZSI 12.60 -1.5% 23.8% 48.4% 223M 25.7 19.1 -- 2.7% 20.0% Buy 1
4 VUZI 5.66 -6.1% -12.2% -10.9% 155M -- -- -- -287.8% 20.0% Buy 4
4 WSTL 1.95 -25.3% -32.3% -56.8% 23M -- 10.8 -- -4.0% -- Buy 1
NR OHGI 0.15 -31.1% -33.8% -88.2% 13M -- -- -- -1076% -- -- --
5.5 Average 41.67 -3.9% -12.7% -9.5% 84.3B 24.2 12.9 2.8% -120.3% 14.1% Buy 15.7

PEER COMPANIES
HPQ HP Inc FIT Fitbit Inc
HPE Hewlett Packard Enterprise Co DZSI DASAN Zhone Solutions Inc
DVMT Dell Technologies Inc VUZI Vuzix Corp
NTAP NetApp Inc WSTL Westell Technologies Inc
WDC Western Digital Corp OHGI One Horizon Group Inc

Page 2 of 13
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
APPLE INC (AAPL-O)
Technology Equipment / Computers, Phones & Electr. / Phones & Handheld Devices
DETAILED STOCK REPORT
Report Date: 2018 November 28

EARNINGS Currency in USD

NEUTRAL OUTLOOK: Mixed earnings Earnings Score Averages

expectations and performance. Computers, Phones & Electr. Group: 5.2 Mega Market Cap: 7.3
Technology Equipment Sector: 5.5 S&P 500 Index: 6.6

Earnings Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive FIT 2 8 7 10 10
AAPL 8 10 10 7 7
Neutral DZSI 8 10 8 3 3
WSTL 6 1 5 3 3
Negative
OHGI NR NR NR NR NR
2015-11 2016-11 2017-11 2018-11

EARNINGS INDICATORS
Earnings Surprises Estimate Revisions Recommendation Changes
(33.3% weight) (33.3% weight) (33.3% weight)

AAPL FIT FIT

DZSI
WSTL AAPL
FIT

AAPL
WSTL
DZSI

OHGI OHGI DZSI

OHGI
WSTL

Last 4 Quarters Last 4 Weeks Last 120 Days

# Positive Surprises (> 2%) 3 # Up Revisions 4 # Broker Upgrades 3
# Negative Surprises (< -2%) 0 # Down Revisions 22 # Broker Downgrades 5
# In-Line Surprises (within 2%) 1 Avg Up Revisions 9.5%
Avg Surprise 3.7% Avg Down Revisions -52.4%

HIGHLIGHTS PRICE TARGET

- Apple Inc currently has an Earnings Rating of 7, with two of three The chart indicates where analysts predict the stock price will be within
components rated as bullish (7 or greater). The average Earnings the next 12 months, as compared to the current price.
Rating for its Phones & Handheld Devices industry is 5.2 and the S&P
500 index average is 6.6. 360 12-Month Price Target
Mean (USD) 233.00
- On 2018-11-01, the company announced quarterly earnings of 2.91 320 HIGH
High 310.00
per share, a positive surprise of 4.6% above the consensus 2.78. 280
Over the past 4 quarters, the company has reported 3 positive, 0 Low 182.00
negative, and 1 in-line surprises. The average surprise for this time 240 MEAN Target vs. Current 33.7%
period has been 3.7%. 200 174.24 # of Analysts 36
LOW
- AAPL's current quarter consensus estimate has decreased over the 160
past 90 days from 4.91 to 4.73, a loss of -3.7%. Consensus estimates Current Price Price Target
(USD)
for the Phones & Handheld Devices industry have moved an average
0.0% during the same time period.

Page 3 of 13
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
APPLE INC (AAPL-O)
Technology Equipment / Computers, Phones & Electr. / Phones & Handheld Devices
DETAILED STOCK REPORT
Report Date: 2018 November 28

EARNINGS PER SHARE

Actuals Estimates
7.000

Earnings per share (EPS) is calculated 6.000 Quarterly 18-12 19-03

by dividing a company's earnings by the Mean 4.729 3.037
number of shares outstanding. Analysts 5.000
tend to interpret a pattern of increasing 3.890 High 5.590 3.390
4.000
earnings as a sign of strength and flat Low 4.510 2.410
2.910 HIGH
or falling earnings as a sign of 3.000
2.730
MEAN
2.340 # of Analysts 34 33
weakness. LOW
2.000
The charts provide a comparison 17-12 18-03 18-06 18-09 18-12 19-03
between a company's actual and
estimated EPS, including the high and Actuals Estimates
low forecasts. 24.00

21.00 Annual 2019 2020

HIGH Mean 13.460 14.820

18.00
High 15.400 18.500
15.00 MEAN Low 11.540 10.980
11.91
12.00 # of Analysts 40 33
9.21 LOW
9.00
2017 2018 2019 2020

MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

Q Q Y Y Price Thomson Reuters I/B/E/S Mean: Buy (42 Analysts)
18-12 19-03 2019 2020 Target
Current 4.729 3.037 13.460 14.820 233.00
Strong Buy 15
30 Days Ago 4.925 3.132 13.760 15.190 240.00 Buy 11
90 Days Ago 4.913 3.116 13.690 15.070 217.00 Hold 16
% Change (90 Days) -3.7% -2.5% -1.7% -1.7% 7.4%
Reduce 0
Current Fiscal Year End: 19-09
Next Expected Report Date: 2019-01-30 Sell 0

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters) Positive 2018-11-01 2018-09-30 2.910 2.783 4.6%
Positive 2018-07-31 2018-06-30 2.340 2.181 7.3%
Surprise Type Amount Percent
Positive 2018-05-01 2018-03-31 2.730 2.673 2.1%
Positive Quarters (> 2%) 8 66.7%
In-Line 2018-02-01 2017-12-31 3.890 3.857 0.9%
Negative Quarters (< -2%) 1 8.3%
Positive 2017-11-02 2017-09-30 2.070 1.867 10.9%
In-Line Quarters (within 2%) 3 25.0%
Positive 2017-08-01 2017-06-30 1.670 1.572 6.2%

ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while 360B
2019 2020
flat or falling sales and faltering 330B HIGH
earnings may explain a sell Mean 279.4B 291.1B
recommendation. A rising EPS with flat 300B High 292.3B 326.4B
or falling sales may result from MEAN
265.6B
increased cost efficiency and margins, 270B LOW Low 269.2B 273.1B
rather than market expansion. This Forecasted Growth 5.2% 9.6%
229.2B
chart shows the sales forecast trend of 240B
215.6B # of Analysts 37 30
all analysts and the highest and lowest
projections for the current and next 210B
2016 2017 2018 2019 2020
fiscal year.

Page 4 of 13
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
APPLE INC (AAPL-O)
Technology Equipment / Computers, Phones & Electr. / Phones & Handheld Devices
DETAILED STOCK REPORT
Report Date: 2018 November 28

FUNDAMENTAL
NEUTRAL OUTLOOK: Fundamentals relatively Fundamental Score Averages
in-line with the market. Computers, Phones & Electr. Group: 5.1 Mega Market Cap: 6.2
Technology Equipment Sector: 5.3 S&P 500 Index: 6.2

Q4 Q1 Q2 Q3
Fundamental Score Trend Peers 2017 2018 2018 2018 Current 3Y Trend
FIT 7 7 7 7 7
Positive
WSTL 6 5 7 8 7
Neutral AAPL 7 8 9 9 6

Negative OHGI 3 4 4 4 5

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 DZSI 9 7 7 7 4
2016 2017 2018

FUNDAMENTAL INDICATORS
Profitability Debt Earnings Quality Dividend
(25% weight) (25% weight) (25% weight) (25% weight)

AAPL WSTL
OHGI
DZSI FIT

AAPL
OHGI
FIT AAPL
DZSI
WSTL

WSTL
FIT AAPL DZSI
OHGI

DZSI
FIT
OHGI
WSTL

Revenue Growth 15.9% Current Ratio 1.1 Oper. Cash Yield 30.1% Dividend Growth 13.3%
For year over year For interim period For latest 12 months For year over year
ending 2018-09 ending 2018-09 ending 2018-09 ending 2018-09
Gross Margin 38.3% Debt-to-Capital 46.7% Accruals -22.1% Dividend Payout 23.1%
For latest 12 months For annual period For latest 12 months For latest 12 months
ending 2018-09 ending 2018-09 ending 2018-09 ending 2018-09
Return On Equity 49.4% Interest Funding 7.6% Days Sales In Inv. 10.5 Dividend Coverage 3.1
For interim period For interim period For annual period For annual period
ending 2018-09 ending 2018-09 ending 2018-09 ending 2018-09
Net Margin 22.4% Interest Coverage 19.9 Days Sales In Rec. 58.2 Current Div. Yield 1.7%
For latest 12 months For interim period For annual period For latest 12 months
ending 2018-09 ending 2018-09 ending 2018-09 ending 2018-11

HIGHLIGHTS
- The Fundamental Rating for Apple Inc declined significantly over the - The days sales in inventory for AAPL is the lowest within its Phones &
last quarter from a bullish 8 to a relatively neutral 6. The average Handheld Devices industry.
Fundamental Rating for its Phones & Handheld Devices industry is 5.1 - Of the 6 firms within the Phones & Handheld Devices industry, Apple
and the S&P 500 index average is 6.1. Inc is the only one that pays a dividend. The stock's dividend yield is
- The net margin of 22.4% for AAPL is the highest within its Phones & currently 1.7%.
Handheld Devices industry.
- The debt-to-capital of 46.7% for AAPL is the highest within its Phones
& Handheld Devices industry.

Page 5 of 13
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
APPLE INC (AAPL-O)
Technology Equipment / Computers, Phones & Electr. / Phones & Handheld Devices
DETAILED STOCK REPORT
Report Date: 2018 November 28

RELATIVE VALUATION
NEUTRAL OUTLOOK: Multiples relatively in-line Relative Valuation Score Averages
with the market. Computers, Phones & Electr. Group: 6.1 Mega Market Cap: 5.0
Technology Equipment Sector: 5.3 S&P 500 Index: 5.1

Relative Valuation Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive AAPL 7 6 4 6 7
WSTL 8 4 3 7 7
Neutral DZSI 2 8 4 5 6
FIT NR NR NR NR NR
Negative
OHGI NR NR NR NR NR
2015-11 2016-11 2017-11 2018-11

RELATIVE VALUATION INDICATORS

Forward PEG Trailing PE Forward PE
(50% weight) (25% weight) (25% weight)

WSTL

AAPL AAPL AAPL

DZSI DZSI DZSI

FIT FIT FIT

OHGI OHGI OHGI
WSTL WSTL

Forward PEG 1.0 Trailing PE 14.7 Forward PE 13.0

5-Yr Average 1.2 5-Yr Average 15.4 5-Yr Average 13.7
Rel. to 5-Yr Avg. 14% Discount Rel. to 5-Yr Avg. 5% Discount Rel. to 5-Yr Avg. 5% Discount
S&P 500 Index 1.0 S&P 500 Index 20.8 S&P 500 Index 15.9
Rel. to S&P 500 3% Discount Rel. to S&P 500 29% Discount Rel. to S&P 500 19% Discount

HIGHLIGHTS
- Apple Inc currently has a Relative Valuation Rating of 7 which is - AAPL's Trailing P/E of 14.7 represents a 5% Discount to its 5-year
significantly above the S&P 500 index average rating of 5.1. average of 15.4.
- AAPL's Forward PEG of 1.0 represents a 14% Discount to its 5-year - AAPL's Forward P/E of 13.0 represents a 5% Discount to its 5-year
average of 1.2. average of 13.7.

Page 6 of 13
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
APPLE INC (AAPL-O)
Technology Equipment / Computers, Phones & Electr. / Phones & Handheld Devices
DETAILED STOCK REPORT
Report Date: 2018 November 28

PRICE TO SALES TRAILING PE

The most recent week's close price divided by the revenue per share. The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
Price to Sales: 3.1 Trailing PE: 14.7
5-Year Average: 3.2 5-Year Average: 15.4
S&P 500 Index Average: 1.9 S&P 500 Index Average: 20.8
Phones & Handheld Devices Industry Average: 2.9 Phones & Handheld Devices Industry Average: 15.7
5.1 30
4.8 28
4.5 26
4.2 24
3.9 22
3.6 20
3.3 5-Yr Average
18
3.0 16 5-Yr Average
2.7 14
2.4 12
2.1 10
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

FORWARD PE FORWARD PEG

The most recent week's close price divided by the sum of the four The Forward P/E divided by the five-year forecasted growth rate.
upcoming quarterly consensus estimates.
Forward PE: 13.0 Forward PEG: 1.0
5-Year Average: 13.7 5-Year Average: 1.2
S&P 500 Index Average: 15.9 S&P 500 Index Average: 1.0
Phones & Handheld Devices Industry Average: 13.1 Phones & Handheld Devices Industry Average: 0.8
20 2.4
19 2.2
18 2.0
17 1.8
16 1.6
15 1.4
14 5-Yr Average
1.2 5-Yr Average
13 1.0
12 0.8
11 0.6
10 0.4
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Page 7 of 13
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
APPLE INC (AAPL-O)
Technology Equipment / Computers, Phones & Electr. / Phones & Handheld Devices
DETAILED STOCK REPORT
Report Date: 2018 November 28

RISK
POSITIVE OUTLOOK: Consistent return Risk Score Averages
patterns (low volatility). Computers, Phones & Electr. Group: 4.0 Mega Market Cap: 8.8
Technology Equipment Sector: 4.5 S&P 500 Index: 8.1

Risk Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive AAPL 8 8 8 8 8
DZSI 3 4 6 5 5
Neutral WSTL 4 5 6 5 5
FIT 3 3 3 2 2
Negative
OHGI 2 2 2 1 1
2015-11 2016-11 2017-11 2018-11

RISK INDICATORS
Magnitude of Returns Volatility Beta (1-year) Correlation
(25% weight) (25% weight) (25% weight) (25% weight)

WSTL AAPL
AAPL AAPL
DZSI FIT

DZSI DZSI OHGI DZSI

WSTL FIT
AAPL OHGI
FIT WSTL
FIT WSTL
OHGI OHGI

Daily Returns (Last 90 Days) Standard Deviation Beta vs. S&P 500 1.21 Correlation vs. S&P 500
Best 3.6% Last 90 Days 2.13 Positive Days Only 1.41 Last 90 Days 75%
Worst -6.6% Last 60 Months 6.97 Negative Days Only 1.04 Last 60 Months 58%
Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 0.86 Correlation vs. Group
Best 19.6% Average 2.5% Positive Days Only 0.48 Last 90 Days 70%
Worst -13.0% Largest 6.4% Negative Days Only 0.99 Last 60 Months 40%

HIGHLIGHTS RISK ANALYSIS

- Apple Inc currently has a Risk Rating of 8 while the S&P 500 Last 90 Days Last 60 Months
index has an average rating of 8.1. Best Worst # # Largest Best Worst
- On days when the market is up, AAPL tends to outperform the Daily Daily Days Days Intra-Day Monthly Monthly
S&P 500 index. On days when the market is down, the stock Peers Return Return Up Down Swing Return Return
generally performs in-line with the index. AAPL 3.6% -6.6% 32 32 6.4% 19.6% -13.0%
- In both short-term and long-term periods, AAPL has shown
high correlation (>= 0.4) with the S&P 500 index. Thus, this DZSI 8.9% -6.3% 30 32 10.4% 55.0% -34.4%
stock would provide only low levels of diversification to a FIT 25.8% -6.9% 30 33 12.6% 30.3% -43.4%
portfolio similar to the broader market.
- Over the last 90 days, AAPL shares have been more volatile OHGI 65.3% -35.9% 25 39 56.0% 107.9% -53.5%
than the overall market, as the stock's daily price fluctuations WSTL 5.6% -17.4% 29 29 11.3% 40.7% -33.8%
have exceeded that of 76% of S&P 500 index firms.
S&P 500 2.2% -3.3% 25 37 3.9% 8.3% -7.9%

Page 8 of 13
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
APPLE INC (AAPL-O)
Technology Equipment / Computers, Phones & Electr. / Phones & Handheld Devices
DETAILED STOCK REPORT
Report Date: 2018 November 28

PRICE MOMENTUM Currency in USD

NEGATIVE OUTLOOK: Weak recent price Price Momentum Score Averages

performance or entering historically poor Computers, Phones & Electr. Group: 5.8 Mega Market Cap: 6.0
seasonal period. Technology Equipment Sector: 6.2 S&P 500 Index: 6.0

Price Momentum Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive DZSI 5 4 10 10 10
FIT 7 4 4 8 8
Neutral OHGI 3 1 8 5 6
WSTL 4 3 9 3 3
Negative
AAPL 10 9 10 5 2
2015-11 2016-11 2017-11 2018-11

PRICE MOMENTUM INDICATORS

Relative Strength Seasonality
(70% weight) (30% weight)

DZSI
DZSI
OHGI
FIT
WSTL

AAPL
OHGI
FIT

AAPL
WSTL

Relative Strength Indicator (Scale from 1 to 100) Average Monthly Return (Last 10 Years)
AAPL Industry Avg NOV DEC JAN
Last 1 Month 33 43 Company Avg 0.8% -0.9% -2.5%
Last 3 Months 43 46 Industry Avg 5.0% 4.6% 7.2%
Last 6 Months 47 48 Industry Rank 6 of 122 35 of 123 4 of 123

PRICE PERFORMANCE
Daily close prices are used to calculate the AAPL AAPL DJIA
performance of the stock as compared to a
DJIA Close Price (2018-11-27) 174.24 24,749
relevant index over five time periods.
52-Week High 233.47 26,828
-1.5%
1-Week 52-Week Low 150.24 23,533
1.2%

-19.4% - The Price Momentum Rating for Apple Inc decreased

1-Month
0.2% significantly over the past week from 5 to 2.
- On 2018-11-27, AAPL closed at 174.24, 25.4% below its 52-
-20.1%
3-Month week high and 16.0% above its 52-week low.
-5%
- AAPL shares are currently trading 17.1% below their 50-day
3% moving average of 210.07, and 10.5% below their 200-day
YTD moving average of 194.76.
0.1%

0.1%
1-Year
5%

Page 9 of 13
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
APPLE INC (AAPL-O)
Technology Equipment / Computers, Phones & Electr. / Phones & Handheld Devices
DETAILED STOCK REPORT
Report Date: 2018 November 28

INSIDER TRADING Currency in USD

NEGATIVE OUTLOOK: Recent or longer-term Insider Trading Score Averages

trend of selling by company insiders. Computers, Phones & Electr. Group: 4.3 Mega Market Cap: 3.9
Technology Equipment Sector: 4.6 S&P 500 Index: 4.3

Insider Trading Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive DZSI NR NR 6 5 5
WSTL 5 4 5 5 5
Neutral AAPL 1 1 1 1 1
FIT 2 1 1 1 1
Negative
OHGI NR NR NR NR NR
2015-11 2016-11 2017-11 2018-11

INSIDER TRADING INDICATORS

Short-Term Insider Long-Term Insider
(70% weight) (30% weight)

DZSI
WSTL

AAPL AAPL
FIT FIT

DZSI OHGI
OHGI
WSTL

Most Recent Buys and Sells (Last 90 Days) Insider Summary (Last 6 Months)
Insider Name Role Tran Date Tran Type Shares Total Shares Acquired 1,031,112
Kondo, Christopher O 2018-11-19 S 3,408 Total Shares Disposed 1,168,238
Ahrendts, Angela J Couch O 2018-10-03 - 2018-10-05 S 64,194 Net Shares -137,126
Maestri, Luca CFO 2018-10-04 S 100,245 Sector Average 45,340

HIGHLIGHTS MONTHLY BUYS AND SELLS

- Apple Inc currently has an Insider Trading Rating of 1, which is BUYS $ Market Value (Millions)
60
significantly more bearish than both the Phones & Handheld Devices
industry average of 3.80 and the Computers, Phones & Electr. industry 30
group average of 4.30. Excludes
0 derivative
- Since the beginning of the current quarter, sales by Apple Inc and option
executives have totaled $52,785,149. This figure exceeds the five- 30 exercises
year average Q4 sell total of $44,916,458. 60
SELLS
D J F M A M J J A S O N

TOP INSTITUTIONAL HOLDERS TOP EXECUTIVE HOLDERS

Inst. % Shares Reported Direct Reported
Institution Name Type O/S Held Date Insider Name Role Shares Value Date
The Vanguard Group Inc Inv Mgmt 7.1% 339M 2018-09-30 Levinson, Arthur D D 1.13M 219M 2018-08-06
Berkshire Hathaway Inc Inv Mgmt 5.3% 252M 2018-09-30 Federighi, Craig O 0.41M 79.8M 2018-08-10
BlackRock Institutional Inv Mgmt 4.2% 200M 2018-09-30 Sewell, Durward Bruce GC 0.17M 33.3M 2017-09-29
State Street Global Inv Mgmt 4.1% 193M 2018-09-30 Williams, Jeffrey E CO 0.11M 20.9M 2018-10-03
Fidelity Management Inv Mgmt 2.3% 107M 2018-09-30 Ahrendts, Angela J Couch O 66,344 12.8M 2018-10-05
Updated daily as of 2018-11-27 Updated monthly as of 2018-11-18

Page 10 of 13
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
APPLE INC (AAPL-O)
Technology Equipment / Computers, Phones & Electr. / Phones & Handheld Devices
DETAILED STOCK REPORT
Report Date: 2018 November 28

● Earnings Surprises - The number of positive and negative surprises within the
DETAILED STOCK REPORT TIPS last 4 quarters.
● Estimate Revisions - The number of up and down revisions and the average
The Thomson Reuters Stock Report is a comprehensive, company-specific analysis percentage change of those revisions within a 4 week period.
that includes a proprietary Stock Rating along with underlying component indicators ● Recommendation Changes - The number of broker upgrades and downgrades in
and supportive data elements. The report is updated daily, although some of the the last 120 days.
data elements and the ratings are updated weekly.
Price Target
Average Score The price target is based on the predictions of analysts covering the stock and
The Average Score combines a quantitative analysis of six widely-used investment shows the high, low and mean price expected within the next 12 months.
decision making tools - Earnings, Fundamental, Relative Valuation, Risk, Price
Momentum, and Insider Trading. First, a simple average of the six underlying Earnings Per Share
component ratings is calculated. Then, a normal distribution is used to rank each The quarterly and annual earnings per share are presented when available, along
stock across the market on a scale of 1 to 10, with 10 being most favorable. A with the mean, high and low. Quarterly data is displayed for the past 4 quarters
score of 8 to 10 is considered positive, 4 to 7 is neutral, and 1 to 3 is negative. These (actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
six factors may be evaluated differently using alternative methodologies, and the years (actual) and the next 2 years (estimated).
importance of individual factors varies across groups, market capitalization and
investment styles. Additional criteria should always be used to evaluate a stock. Mean Estimate Trend
The mean estimates show how the consensus has changed over the past 30 days
A company must have sufficient data available for at least four of the six component and 90 days for the upcoming two quarters and two years. The percentage change
indicators in order to receive an overall Average Score. Approximately 85% of the is calculated for the company as a means for comparison by measuring the
stocks within the coverage universe meet the criteria to generate a score. difference between the current consensus estimate and that of 90 days ago.
Optimized Score Analyst Recommendations
As an alternative to the average score, the Stock Report includes an Optimized Score The I/B/E/S Mean is the average recommendation of all analysts covering the stock,
generated by independent research firm, Verus Analytics. It uses the same six as provided by Thomson Reuters I/B/E/S (Institutional Brokers Estimate System).
component ratings, but rather than equally weighting each of the factors, the The recommendations are presented on a five-point standardized scale: strong buy,
weighting varies by market capitalization of the underlying security based on buy, hold, reduce, and sell.
backtesting research. These scores are also updated weekly and distributed
normally on a 1 to 10 scale, with 10 being best. The variable size is assigned Earnings Surprises
monthly by ranking the market capitalization and assigning the appropriate category ● The surprise summary includes the total number of quarters (and percentage) in
as follows: the past 12 quarters in which earnings surprises were positive, negative, or in-
Large - Top 5.55% line. In order to be recognized as a positive or negative surprise, the percent
Mid - Next 13.87% must be greater than 2% above or 2% below the consensus, respectively.
Small - Next 34.68% ● The surprise detail section includes a listing of the company's quarterly earnings
Micro - Remaining 45.9% reported for the most recent 6 quarters. The consensus analyst estimate is
provided to determine if the actual earnings report represented a positive
Indicator Components surprise, negative surprise, or in-line result.
The six indicators that comprise the stock rating are displayed. Like the stock rating,
the component rating scale is 1 to 10, with 10 being best. A company will receive Fundamental
an ‘NR’ for No Rating if the required data elements or criteria are not met. A The Fundamental Rating is based on a combination of four factors: profitability,
detailed section for each component is included in the report. debt, earnings quality, and dividend. Companies that do not pay a dividend are not
penalized. Each factor is equally weighted. Then, equal deciles are used to rank
Indicator Trends each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
Within each component section, historical score trends are displayed, typically using stock needs to have at least two of the four fundamental factors present for a given
a 4-week moving average over a timeframe of the past three years. The dotted fiscal quarter in order to receive a score.
orange line indicates the average of the scores over those three years. The most
recent occurrences of the best and worst scores are also displayed on the chart in ● Profitability is comprised of four data elements.
grey boxes to put the current score into historical context. - Revenue Growth: (Net Sales – Previous Net Sales) / Previous Net Sales
- Gross Margin: Gross Profit / Net Sales
Next to the trend chart for the company, current score averages are included, along - Return on Equity: Net Income / Total Equity
with peer company comparisons of values from 6 months ago, 3 months ago, 1 - Net Margin: Net Profit / Net Sales
month ago, the most recent value from 1 week ago, and the current score. The four ● Debt is comprised of four data elements.
closest industry peers are presented based on similar market capitalization. - Current Ratio: Current Assets / Current Liabilities
- Debt-to-Capital: Total Debt / Total Capital
- Interest Funding: (Interest Expense on Debt + Preferred Cash Dividends) /
Peer Analysis Funds from Operations
● The Thomson Reuters Business Classification (TRBC) system is used for - Interest Coverage: Earnings before Interest and Taxes / (Interest Expense on
industry comparisons. It is designed to track and display the primary business of Debt + Preferred Cash Dividends)
a corporation by grouping together correlated companies that offer products and ● Earnings Quality is comprised of four data elements.
services into similar end markets. The system includes 10 Economic Sectors, 28 - Operating Cash Yield: (Operating Cash Flow – Net Income) / Net Income
Business Sectors, 54 Industry Groups, and 136 Industries. - Accruals: (Net Income – Operating Cash Flow – Investing Cash Flow) /
● The Peer Analysis section of the report compares the company to its ten closest Average Net Operating Assets
peers. The peers are selected from the industry based on similar market - Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
capitalization. The peer listing may have fewer than ten companies if there are - Days Sales in Receivables: 365 / (Net Sales / Receivables)
fewer than ten companies classified within that industry. ● Dividend is comprised of four data elements.
- Dividend Growth Rate: (Dividends per Share – Previous Dividends per Share)
Highlights / Previous Dividends per Share
The Thomson Reuters proprietary automated text-generation system creates - Dividend Payout: Dividends per Share / Earnings per Share
highlights summarizing the most noteworthy data. The bullets will vary by company - Dividend Coverage: Funds from Operations / Cash Dividends
and will change from week to week as different criteria are met. - Dividend Yield: Annual Dividends per Share / Current Market Price per Share

Earnings Indicator Trend

The Earnings Rating is based on a combination of three factors: earnings surprises, The fundamental indicator trend displays quarterly scores over the past three years.
estimate revisions, and recommendation changes. Each factor is equally weighted. The best and worst scores over that timeframe can be easily determined from the
Then, equal deciles are used to rank each stock across the market on a scale of 1 values shown on the chart for each quarter.
to 10, with 10 being most favorable. A stock needs to have at least two of the three
earnings factors in order to receive a score.

Page 11 of 13
© 2018 Thomson Reuters. All rights reserved.
 STOCKREPORTS+
APPLE INC (AAPL-O)
Technology Equipment / Computers, Phones & Electr. / Phones & Handheld Devices
DETAILED STOCK REPORT
Report Date: 2018 November 28

Relative Valuation ● Long-Term Insider – Looks at buying, selling and option exercise decisions over
The Relative Valuation Rating is based on a combination of three factors: Forward the past six months relative to other stocks within the same business sector. The
PEG (50% weight), Trailing P/E (25% weight), and Forward P/E (25% weight). After net shares are presented alongside the business sector average as a means of
the weightings are considered to combine individual factors, equal deciles are used comparison.
to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. These common valuation metrics are evaluated against the overall Monthly Buys and Sells
market, the index, and the company's own historic 5-year averages. A stock needs The total market value of open-market buying and selling is displayed by month in
to have at least one of the three relative valuation factors in order to receive a score. the chart for easy comparison. Transactions by trusts and corporations are
excluded, along with buys greater than $10 million and sales greater than $50
● Trailing P/E: Close Price / Most Recent 4 Quarters of Earnings million. Transactions for the exercise of derivatives and option exercises are
● Forward P/E: Close Price/ Upcoming 4 Quarters of Earnings excluded from the totals.
● Forward PEG: Forward P/E / Long-Term Forecasted Growth Rate
Institutional Holders
Valuation Averages The top five institutional holders of the company are listed in descending order,
Negative values are excluded when calculating the averages. A maximum value of based on their total share holdings. Possible values for the institution type include
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on Brokerage, Funds, Inv Mgmt, or Strategic.
Forward PEG, and a maximum value of 20 is placed on Price to Sales when
calculating the averages. Higher values are rounded down to the maximum for the Executive Holders
averages. The top five executive insiders of the company are listed in descending order, based
on their total direct common share holdings (options are not considered). Indirect
Valuation Multiples holdings are excluded, as the owner may not actually have investment discretion
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and over these shares. This table is updated monthly. Insiders who have not filed any
Price to Sales for the company and the S&P 500 index average. In addition, a transactions or holdings over the past two years are excluded as this may indicate
comparison of the current company’s values to its 5-year average and an industry that the individual is no longer associated with the company. Additionally, direct
average are presented. A discount occurs when the company’s ratio is valued more shares held must be greater than 1,000 to be considered.
favorably (lower) than that to which it is compared.
Insider Roles
Risk These role codes may appear in the data for recent insider buys and sells or top
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the executive holders:
least risky stocks. It is derived by looking at a series of long-term (5-year) and
short-term (90-day) stock performance measures including volatility, magnitude of AF - Affiliate IA - Investment Advisor
returns, beta, and correlation. Each factor is equally weighted. Then, equal deciles AI - Affiliate of Advisor MC - Member of Committee
are used to rank each stock across the market. A stock needs to have at least two B - Beneficial Owner MD - Managing Director
of the four risk factors in order to receive a score. C - Controller O - Officer
CB - Chairman OB - Officer / Beneficial Owner
● Magnitude of Returns – The best / worst daily returns in the past 90 days and the CEO - Chief Executive Officer OD - Officer / Director
best / worst monthly returns in the past 60 months. CFO - Chief Financial Officer OE - Other Executive
● Volatility – The standard deviation of the stock price over the last 90 days and CI - Chief Investment Officer OS - Officer of Subsidiary
last 60 months, along with the average and largest intra-day stock swing. CO - Chief Operating Officer OT - Officer / Treasurer
● Beta – Measures the tendency of a security’s returns to respond to swings in the CT - Chief Technology Officer OX - Divisional Officer
market, based on the beta of the company versus the relevant index. D - Director P - President
● Correlation – Determines how closely the returns of the stock and the relevant DO - Director / Beneficial Owner R - Retired
index move together, measured over the last 90 days and last 60 months. DS - Indirect Shareholder S - Secretary
EC - Member of Exec Committee SH - Shareholder
Risk Analysis EVP - Exec Vice President SVP - Senior Vice President
Price analysis for the company and the S&P 500 is provided over two time periods. FO - Former T - Trustee
Daily analysis is provided for the last 90 days, whereas monthly statistics are used GC - General Counsel UT - Unknown
for the last 60 months. GP - General Partner VC - Vice Chairman
H - Officer / Director / Owner VP - Vice President
Price Momentum
The Price Momentum Rating is based on a combination of two technical
performance factors: relative strength (70% weight) and seasonality (30% weight).
After the weightings are considered to combine individual factors, equal deciles are
DISCLAIMER
used to rank each stock across the market on a scale of 1 to 10, with 10 being most
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● Relative Strength – The relative strength of the company for the last 1 month, 3 Australia Bank Limited ABN 12 004 044 937 AFSL 230686 (NAB). NAB doesn’t
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● Seasonality – The average monthly return (price performance) for the current services its subsidiaries offer.
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A lower industry rank indicates a higher return. This nabtrade research report and any recommendations in this report are provided
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performance of the S&P 500 is also displayed as a means of comparison. Thomson Reuters does not provide any recommendations in the research report.

Insider Trading This research report has been prepared by Thomson Reuters. Any advice contained
The Insider Trading Rating is based on short-term (70% weight) and long-term (30% in this research report has been prepared without taking into account your
weight) legal insider trading behavior. After the weightings are considered to objectives, financial situation or needs. Before acting on any advice in this research
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● Short-Term Insider – Uses insider buy and sell transactions within the past 90
days. This factor is based on the Thomson Reuters quantitative insider trading Research reports are issued by WealthHub Securities unless otherwise specified,
model that considers the insider's role, consensus, number of shares, market and are provided as general advice only. Past performance is not a guarantee of
capitalization of the company, and the historic stock performance following trades future results.
by the given insider.

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 STOCKREPORTS+
APPLE INC (AAPL-O)
Technology Equipment / Computers, Phones & Electr. / Phones & Handheld Devices
DETAILED STOCK REPORT
Report Date: 2018 November 28

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