Apple: Best Smartphone Stock Of 2023 (NASDAQ:AAPL)

Flat Lay of different apple products on a grey background.

Shahid Jamil

In this analysis of Apple Inc. (NASDAQ:AAPL), we covered the company following its strong iPhone revenue performance in FY2022 of 7% despite its flattish shipment growth of -8.12% and the wider smartphone market weakness, which is forecasted to decline

smartphone market share

IDC, Counterpoint Research, Khaveen Investments

Company

TTM Shipment Growth %

Market Share

Apple

-0.93%

17.2%

Samsung (OTCPK:SSNLF)

-2.91%

21.2%

Xiaomi (OTCPK:XIACF)

-12.90%

13.4%

Oppo

-21.32%

8.6%

Vivo

-21.80%

8.6%

Others

3.74%

31.0%

Total

-8.12%

100.0%

Companies

CPU

GPU

Memory

UX

Total Benchmark Score

Apple

214,063

345,205

143,717

134,451

837,437

Samsung

220,377

385,224

150,838

160,404

916,841

Xiaomi

226,382

429,460

167,423

169,698

992,963

Oppo

195,790

380,885

139,655

155,738

872,068

Vivo

230,804

353,510

158,691

176,887

919,891

smartphone factors

Zdnet

Companies

Camera (20%)

Selfie (20%)

Audio (15%)

Display (15%)

Battery (30%)

Overall

Apple

138

137

141

139

119

132.43

Samsung

123

135

130

134

96

119.93

Xiaomi

124

N/A

133

119

101

92.76

Oppo

126

116

117

128

114

119.38

Vivo

N/A

N/A

121

130

N/A

37.58

Company

NPS Score

Google Trends

Interbrand Ranking

Apple

52

44

1

Samsung

22

18

5

Xiaomi

48

1

84

Oppo

21

1

>100

Vivo

37

1

>100

Global Premium Market Sales Share by OEMs Q2 2022 vs Q2 2021

Counterpoint Research

Smartphone Market Shipments (‘mln’)

2018

2019

2020

2021

Average

Forecast CAGR

Greater China

423

407

368

383

Growth %

-3.8%

-9.7%

4.0%

-3.1%

2.20%

Americas

303

292

253

267

Growth %

-3.6%

-13.5%

5.8%

-3.8%

3.70%

EMEA

358.59

360.86

324.31

341.39

Growth %

0.6%

-10.1%

5.3%

-1.4%

6.95%

Japan

34

32

27

28.13

Growth %

-6.7%

-14.2%

3.6%

-5.8%

3.30%

Rest of Asia and Pacific

437

449

407

414

Growth %

2.6%

-9.4%

1.9%

-1.6%

4.20%

Total

1,556

1,541

1,379

1,434

Growth %

-1.0%

-10.5%

4.0%

-2.5%

5.10%

Comparison

Apple’s Market Leadership (Q2 2022)

Apple’s Revenue Breakdown (2022)

Smartphone Market Breakdown

Total Population (‘mln’)

Penetration Rate

Americas

36.5%

43.02%

16.9%

677.2

66.3%

EMEA

10.8%

24.12%

33.8%

1,877.5

47.7%

Greater China

13.0%

18.82%

32.6%

1,440.0

60.1%

Japan

65.0%

6.59%

3.6%

126.1

75.2%

Rest of Asia Pacific

13.7%

7.45%

13.1%

533.4

65.4%

Apple Revenues ($ bln)

2022

2023F

2024F

2025F

2026F

iPhone

205.5

216.66

228.42

240.82

253.89

Growth %

7.0%

5.4%

5.4%

5.4%

5.4%

Mac

40.2

41.03

41.91

42.80

43.71

Growth %

14.2%

2.1%

2.1%

2.1%

2.1%

iPad

29.3

30.49

31.74

33.05

34.41

Growth %

-8.1%

4.1%

4.1%

4.1%

4.1%

Wearables, home and accessories

41.2

48.07

54.61

60.40

65.00

Growth %

7.4%

16.6%

13.6%

10.6%

7.6%

Services

78.1

96.14

118.09

144.92

178.32

Growth %

14.2%

23.1%

22.8%

22.7%

23.0%

Total

394.3

432.4

474.8

522.0

575.3

Total Growth %

7.8%

9.7%

9.8%

9.9%

10.2%

EV/EBITDA

Revenue ($ bln)

Weight

Weighted Average

Product

316.2

80.2%

10.40x

Service

78.1

19.8%

33.65x

Total

394.3

100.0%

15.00x

apple valuation

Khaveen Investments

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