Maintaining Our $133 FVE for Apple as EU Tax Bill Represents Valuation Risk of $3, or 2%
We will maintain our $133 fair value estimate for Apple for now, even though the company was hit with a EUR 13 billion ($14.5 billion) tax bill by the European Commission, which ruled that Ireland gave illegal tax benefits to Apple. We concede that $3 per share, or just over 2% of our fair value estimate, is at risk with the ruling, but the timing and amount of the final payment remain uncertain. Apple will not take a financial charge for the tax bill in its near-term results, and the fine may b...
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