Chin Lim asked 2 years ago
i refer to AQ Valuation Model & EPS from AR, like to know where i got different EPS AAPL EPS screenshot from AR. 2023 $6.13 2022 $6.11 2021 $5.61 When i open excel sheet , EPS was
2023 $6.13 2022 $5.60 2021 $3.23 I want to update AQ valuation model until FY2023, & find that the EPS is not align to my understanding. Please advise. Thank you and best regards Daniel
Victor Chng Staff answered 2 years ago
Hi Chin Lim,
Apple's fiscal year ends in September. Therefore, the fiscal year results are typically released around December, approximately two months later. For instance, the FY2022 results for September would be available starting from December 1, 2022. Hence you should use the share price in December 1, 2022 as the starting point for FY2022 EPS.
My EPS is adjusted for exceptional items. For instance, in FY2022, the earnings were $99.8 million, while they had other income/expenses of negative $0.3 million. Adding $99.8 million and $0.3 million gives $100.1 million. Dividing this figure by the diluted shares results in an EPS of $6.13 ($100.1 million divided by 16.325 million).
Chin Lim
replied 2 years ago Thank for your detailed sharing it is very clear mathematically. When you use adjusted for exceptional items and add $0.3 million to get the numbers. What is the reason for doing this way instead of taking reported EPS $6.13?
Victor ChngHi Chin Lim,
If the amount is small, there’s no need for adjustment. For example, with Apple, you don’t need to adjust; the average will not differ significantly from mine. I adjusted out of habit that I’ve developed over the years.
Chin Lim
replied 2 years ago Thank you Victor
Welcome Chin Lim :)
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