We Maintain Our $163 FVE for Apple as the Company Discloses Its Upcoming Tax Repatriation Payment
We will maintain our $163 fair value estimate and narrow moat rating for Apple as the firm disclosed several figures regarding how the firm contributes to the U.S. economy, the most notable of which is the firm's looming $38 billion of tax repatriation payments to be made to the U.S. The payment amount is not overly surprising to us, in light of the firm's $252 billion of overseas cash as of December 2017 and recent U.S. tax law changes that require an immediate 15.5% tax payment due on all over...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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