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Apple has the most growth fuel in hand

Breakingviews - Apple has the most growth fuel in hand

10/28/2021 8:50:00 PM

Breakingviews - Apple has the most growth fuel in hand

Apple Chief Executive Tim Cook is keeping things tight. The $2.5 trillion iPhone maker spends a much smaller proportion of its revenue on research and development than its Big Tech peers, and less on acquisitions too. That keeps organic growth efficient. Investment is edging up, but the capacity to do more of it is one reason Apple, despite its huge market value, looks relatively cheap.

put 11% and 15%, respectively, of their revenue towards R&D last year.Cook has also avoided splurging on acquisitions. In the past five years, Apple spent just $1.3 billion on acquisitions, according to Refinitiv records. That’s a fraction of the deals done at Microsoft , where they totaled close to $33 billion, and at Amazon, with over $24 billion. Among the fast-growing technology groups dubbed the FAANG stocks, only Netflix

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(NFLX.O), which tends to eschew mergers, spent less than Apple.A company that has sold around $140 billion worth of essentially one product, the iPhone, in each of the last two fiscal years can make what looks like a little product development go a long way. And Cook is milking what the tech folks like to call the ecosystem more and more. One of its fastest-growing and most lucrative businesses is services

read more, where analysts reckon revenue increased 21% year-on-year to almost $18 billion in the recent quarter.On the other hand, the services business is also under scrutiny from regulators and a legal attack from competitor Epic Gamesread more. Apple’s R&D spend has ticked up in recent years, and the company might need to invest more still to overcome such headwinds. But compared to its biggest peers, who consistently spend more for each dollar of sales, it has room to do so.

Meanwhile, Apple's stock trades at around 26 times the coming year's estimated earnings, according to Refinitiv. That compares to Microsoft at 33 times earnings and Amazon at more than 50 times. Investors expect less of Apple, but it has the most growth fuel in hand.

Read more: Reuters Top News »

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Dr. Dev Pragad, CEO of Newsweek by Brits in the Big Apple\u003Cp\u003ESir Colin Callender CBE is Chairman of Playground LLC, a theatre and television production company he founded in 2012 based in New York and London.\u003C\u002Fp\u003E\n\u003Cp\u003EAs a pioneering Emmy, BAFTA, Golden Globe, Olivier and Tony award-winning producer, Callender was one of the leading forces behind the new British independent production sector at the birth of Channel 4, and played a central role in HBO’s unprecedented commercial and critical success that helped transform the entertainment landscape, setting new benchmarks for quality film and television production.\u003C\u002Fp\u003E\n\u003Cp\u003ESince its launch in 2012, Playground has produced more than 90 hours of prime-time television drama garnering 16 Emmy nominations, 26 BAFTA nominations, 10 RTS nominations and 12 Golden Globe nominations, including a Golden Globe and BAFTA win for Best Miniseries.\u003C\u002Fp\u003E\n\u003Cp\u003EPlayground’s television productions include WOLF HALL, the BAFTA and Golden Globe Award-winning miniseries starring Mark Rylance, Damian Lewis and Claire Foy for BBC and Masterpiece on PBS, THE DRESSER, the RTS winning television adaptation of Ronald Harwood’s acclaimed play starring Ian McKellen and Anthony Hopkins and directed by Richard Eyre for BBC and Starz, HOWARDS END, Academy Award winner Kenneth Lonergan’s adaptation of EM Forster’s classic novel starring Hayley Atwell, Matthew Macfadyen and Tracey Ullman for BBC and Starz, LITTLE WOMEN, adapted by Heidi Thomas and starring Emily Watson, Michael Gambon and Angela Lansbury for BBC and Masterpiece on PBS, KING LEAR, starring Anthony Hopkins, Emma Thompson and Florence Pugh and directed by Richard Eyre for BBC and Amazon.\u003C\u002Fp\u003E\n\u003Cp\u003EMost recently Playground produced the hit adaptation of ALL CREATURES GREAT AND SMALL, based on the beloved novels by James Herriot for Channel 5 and Masterpiece on PBS.\u003Cbr \u002F\u003E\n\u003C\u002Fp\u003E\n\u003Cp\u003EBrought to you by the Br UKinNewYork Couple of months ago I came across a recommendation about Blakescott03 wealth how he helped investors to earn lots of money with their investments. and I decided to give a trial with the little I have. Now my little has turned into something great which was not my expectation

China’s Power Shortages Threaten to Delay Apple Gadgets, Other GoodsChina’s electricity shortages have hit factories that produce a lot of the goods we use every day, including Apple gadgets and furniture. The country’s coal pro Their Trade Ban with Australia didn't didn't go too well🤣So many Ships idled during this ban. China must have paid huge to Shipowners...a double whammy💯 Wow, Apple's factories in China are experiencing closures, partly due to environmental concerns about burning coal. When technology and western demand collide with worldwide environment conservation efforts, what's the result? BCSTT D Maybe they can get some advice from the Texas power grid authority.

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