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Week 9 Assignment 1: Financial Research Report Submit Here 1 Students, please view the "Submit a Clickable Rubric Assignment" in the Student Center. Instructors, training on how to grade is within the Instructor Center. Assignment 1: Financial Research Report Due Week 9 and worth 300 points Imagine that you are a financial manager researching investments for your client. Use the Strayer Learning Resource Center to research the stock of any U.S. publicly traded company that you may consider as an investment opportunity for your client. Your investment should align with your client's investment goals. (Note: Please ensure that you are able to find enough information about this company in order to complete this assignment. You will create an appendix, in which you will insert related information.) The assignment covers the following topics: Rationale for choosing the company in which to invest Ratio analysis Stock price analysis Recommendations Refer to the following resources to assist with completing your assignment: Stock Selection Forbes - \"Six Rules to Follow When Picking Stocks\" CNN Money - \"Stocks: Investing in stocks\" The Motley Fool - \"13 Steps to Investing Foolishly\" Seeking Alpha - \"The Graham And Dodd Method For Valuing Stocks\" Investopedia - \"Guide to Stock-Picking Strategies\" Seeking Alpha - \"Get Your Smart Beta Here! Dividend Growth Stocks As 'Strategic Market and Company Information U.S. Securities and Exchange Commission - \"Market Structure\" Yahoo! Finance Mergent Online (Note: This resource is also available through the Strayer Learnin Seeking Alpha (Note: Also available through the Android or iTunes App store.) Morningstar (Note: You can create a no-cost Basic Access account.) Research Hub, located in the left menu of your course in Blackboard. Write a ten to fifteen (10-15) page paper in which you: Provide a rationale for the stock that you selected, indicating the significant economic, financial, and other factors that led you to 2 3 4 5 consider this stock. Suggest the primary reasons why the selected stock is a suitable investment for your client. Include a description of your client's profile. Select any five (5) financial ratios that you have learned about in the text. Analyze the past three (3) years of the selected financial ratios for the company; you may obtain this information from the company's financial statements. Determine the company's financial health. (Note: Suggested ratios include, but are not limited to, current ratio, quick ratio, earnings per share, and price earnings ratio.) Based on your financial review, determine the risk level of the stock from your investor's point of view. Indicate key strategies that you may use in order to minimize these perceived risks. Provide your recommendations of this stock as an investment opportunity. Support your rationale with resources, such as peerreviewed articles, material from the Strayer Learning Resource Center, and reviews by market analysts. Use at least five (5) quality academic resources in this assignment. Note: Wikipedia and other similar websites do not qualify as academic resources. Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric. Points: 300 Criteria 1. Provide a rationale for the stock that you selected, indicating the significant economic, financial, a other factors that led you to consider this stock. Weight: 15% 2. Suggest the primary reasons why the selected stock is a suitable investment for your client. Inclu description of your client's profile.Weight: 15% 3. Select any five (5) financial ratios that you have learned about in the text. Analyze the past three years of the selected financial ratios for the company; you may obtain this information from the company's financial statements. Determine the company's financial health. (Note: Suggested ratios include, but are not limited to, current ratio, quick ratio, earnings per share, and price earnings ratio Weight: 20% 4. Based on your financial review, determine the risk level of the stock from your investor's point of view. Indicate key strategies that you may use in order to minimize these perceived risks. Weight: 15% 5. Provide your recommendations of this stock as an investment opportunity. Support your rationale with resources, such as peer-reviewed articles, material from the Strayer Learning Resource Cente and reviews by market analysts. Weight: 20% 6. 5 references Weight: 5% 7. Clarity, writing mechanics, and formatting requirements Weight: 10% APPLE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS Years ended Sep 24, Sep 26, Sep 27, (In millions, except number of shares) 2016 2015 2014 Net sales $215,639 $ 233,715 $ 182,795 Cost of sales 131,376 140,089 112,258 Gross margin 84,263 93,626 70,537 Operating expenses: Research and development 10,045 8,067 6,041 Selling, general and administrative 14,194 14,329 11,993 Total operating expenses 24,239 22396 18034 Operating income 60,024 71,230 52,503 Other income/(expense), net 1,348 1,285 980 Income before provision for income taxes 61,372 72,515 53,483 Provision for income taxes 15,685 19,121 13,973 Net income 45,687 53,394 39,510 Earnings per share: Basic $8.35 $ 9.28 $ 6.49 Diluted $8.31 $ 9.22 $ 6.45 Shares used in computing earnings per share: Basic 5471 5,753 6,085 Diluted 5500 5,793 6,122 Cash dividends declared per share $2.18 $ 1.98 $ 1.82 Market Price per Share Number of Shares Outstanding (in '000) $112.71 5,470,820 $114.71 5,753,421 $101.75 6,085,572 Sep 28, 2013 $ 170,910 106,606 64,304 4,475 10,830 15305 48,999 1,156 50,155 13,118 37,037 $ $ 5.72 5.68 $ 6,477 6,521 1.64 $74.67 44,729.00 24,770.00 19,959.00 26.17% 23.24% 31.04% 5,570.00 124.47% 3,364.00 31.06% 8,934.00 58.37% 11,025.00 22.50% 192.00 16.61% 11,217.00 22.36% 2,567.00 19.57% 8,650.00 23.36% 0.54 32.93% (In millions, except number of shares) APPLE, INC. CONSOLIDATED BALANCE SHEETS Sep 24, Sep 26, 2016 2015 ASSETS: Current assets: Cash and cash equivalents Short-term marketable securities Accounts receivable Inventories Deferred tax assets Vendor non-trade receivables Other current assets Total current assets Long-term marketable securities Property, plant and equipment, net Goodwill Acquired intangible assets, net Other non-current assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable Accrued expenses Deferred revenue Commercial paper Current portion of long-term debt Total current liabilities Deferred revenue, non-current Long-term debt Other non-current liabilities Total liabilities Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity Total liabilities and shareholders' equity Sep 27, 2014 $20,484 46,671 15,754 2,132 13,545 8,283 $106,869 170,430 27,010 5,414 3,206 8,757 $321,686 $21,120 20,481 16,849 2,349 5,546 13,494 9,539 $89,378 164,065 22,471 5,116 3,893 5,556 $290,479 $13,844 11,233 17,460 2,111 4,318 9,759 9,806 $68,531 130,162 20,624 4,616 4,142 3,764 $231,839 $37,294 22,027 8,080 8,105 3,500 $79,006 2,930 75,427 36,074 $193,437 $35,490 25,181 8,940 8,499 2,500 $80,610 3,624 53,463 33,427 $171,124 $30,196 18,453 8,491 6,308 0 $63,448 3,031 28,987 24,826 $120,292 31,251 96,364 634 128,249 $321,686 27,416 92,284 (345) 119,355 $290,479 23,313 87,152 1,082 111,547 $231,839 Sep 28, 2013 Sep 29, 2012 $14,259 26,287 13,102 1,764 3,453 7,539 6,882 $73,286 106,215 16,597 1,577 4,179 5,146 $207,000 $10,746 18,383 10,930 791 2,583 7,762 6,458 $57,653 92,122 15,452 1,135 4,224 5,478 $176,064 $22,367 13,856 7,435 0 0 $43,658 2,625 16,960 20,208 $83,451 $21,175 11,414 5,953 0 0 $38,542 2,648 0 16,664 $57,854 19,764 104,256 (471) 123,549 $207,000 16,422 101,289 499 118,210 $176,064 33,583.00 45.82% 114,686.00 55.40% 35,348.00 80.97% 109,986.00 131.80% 4,700.00 3.80% Ratio Analysis Apple, Inc. Current Ratio = Current Assets / Current Liabilities 2016 2015 Current Assets $ 106,869 $ 89,378 $ Current Liabilities $ 79,006 $ 80,610 $ Current Ratio 1.35 1.11 2014 68,531 63,448 1.08 Quick Ratio = Quick Assets / Current Liabilities 2016 2015 $ 104,737 $ 81,483 $ $ 79,006 $ 80,610 $ 1.33 1.01 2014 62,102 63,448 0.98 Return on Assets = Net Income / Average Total Assets 2016 2015 Net Income $ 45,687 $ 53,394 $ Average Total Assets $ 306,083 $ 261,159 $ Return on Assets 14.93% 20.45% 2014 39,510 219,420 18.01% Quick Assets Current Liabilities Quick Ratio Earnings Per Share = Net Income / Average Outstanding Common Shares 2016 2015 2014 Net Income $ 45,687 $ 53,394 $ 39,510 Averege Outstanding Common Shares 5,470,820 5,753,421 6,085,572 Earning Per Share $ 8.35 $ 9.28 $ 6.49 Price Earning Ratio = Market Price Per Share of Common Stock / EPS 2016 2015 2014 Market Price Per Share $112.71 $114.71 $101.75 Earnings Per Share $ 8.35 $ 9.28 $ 6.49 Price Earning Ratio 13.50 12.36 15.67 Annual Growth 3-Year Growth Apple, Inc. Stock Growth 2017 2016 36.72% -1.74% 39.82% 22.81% 2015 12.74% 2014 36.27% APPLE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS Years ended Sep 24, Sep 26, Sep 27, (In millions, except number of shares) 2016 2015 2014 Net sales $215,639 $ 233,715 $ 182,795 Cost of sales 131,376 140,089 112,258 Gross margin 84,263 93,626 70,537 Operating expenses: Research and development 10,045 8,067 6,041 Selling, general and administrative 14,194 14,329 11,993 Total operating expenses 24,239 22396 18034 Operating income 60,024 71,230 52,503 Other income/(expense), net 1,348 1,285 980 Income before provision for income taxes 61,372 72,515 53,483 Provision for income taxes 15,685 19,121 13,973 Net income 45,687 53,394 39,510 Earnings per share: Basic $8.35 $ 9.28 $ 6.49 Diluted $8.31 $ 9.22 $ 6.45 Shares used in computing earnings per share: Basic 5471 5,753 6,085 Diluted 5500 5,793 6,122 Cash dividends declared per share $2.18 $ 1.98 $ 1.82 Market Price per Share Number of Shares Outstanding (in '000) $112.71 5,470,820 $114.71 5,753,421 $101.75 6,085,572 Sep 28, 2013 $ 170,910 106,606 64,304 4,475 10,830 15305 48,999 1,156 50,155 13,118 37,037 $ $ 5.72 5.68 $ 6,477 6,521 1.64 $74.67 44,729.00 24,770.00 19,959.00 26.17% 23.24% 31.04% 5,570.00 124.47% 3,364.00 31.06% 8,934.00 58.37% 11,025.00 22.50% 192.00 16.61% 11,217.00 22.36% 2,567.00 19.57% 8,650.00 23.36% 0.54 32.93% (In millions, except number of shares) APPLE, INC. CONSOLIDATED BALANCE SHEETS Sep 24, Sep 26, 2016 2015 ASSETS: Current assets: Cash and cash equivalents Short-term marketable securities Accounts receivable Inventories Deferred tax assets Vendor non-trade receivables Other current assets Total current assets Long-term marketable securities Property, plant and equipment, net Goodwill Acquired intangible assets, net Other non-current assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable Accrued expenses Deferred revenue Commercial paper Current portion of long-term debt Total current liabilities Deferred revenue, non-current Long-term debt Other non-current liabilities Total liabilities Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity Total liabilities and shareholders' equity Sep 27, 2014 $20,484 46,671 15,754 2,132 13,545 8,283 $106,869 170,430 27,010 5,414 3,206 8,757 $321,686 $21,120 20,481 16,849 2,349 5,546 13,494 9,539 $89,378 164,065 22,471 5,116 3,893 5,556 $290,479 $13,844 11,233 17,460 2,111 4,318 9,759 9,806 $68,531 130,162 20,624 4,616 4,142 3,764 $231,839 $37,294 22,027 8,080 8,105 3,500 $79,006 2,930 75,427 36,074 $193,437 $35,490 25,181 8,940 8,499 2,500 $80,610 3,624 53,463 33,427 $171,124 $30,196 18,453 8,491 6,308 0 $63,448 3,031 28,987 24,826 $120,292 31,251 96,364 634 128,249 $321,686 27,416 92,284 (345) 119,355 $290,479 23,313 87,152 1,082 111,547 $231,839 Sep 28, 2013 Sep 29, 2012 $14,259 26,287 13,102 1,764 3,453 7,539 6,882 $73,286 106,215 16,597 1,577 4,179 5,146 $207,000 $10,746 18,383 10,930 791 2,583 7,762 6,458 $57,653 92,122 15,452 1,135 4,224 5,478 $176,064 $22,367 13,856 7,435 0 0 $43,658 2,625 16,960 20,208 $83,451 $21,175 11,414 5,953 0 0 $38,542 2,648 0 16,664 $57,854 19,764 104,256 (471) 123,549 $207,000 16,422 101,289 499 118,210 $176,064 33,583.00 45.82% 114,686.00 55.40% 35,348.00 80.97% 109,986.00 131.80% 4,700.00 3.80% Ratio Analysis Apple, Inc. Current Ratio = Current Assets / Current Liabilities 2016 2015 Current Assets $ 106,869 $ 89,378 $ Current Liabilities $ 79,006 $ 80,610 $ Current Ratio 1.35 1.11 2014 68,531 63,448 1.08 Quick Ratio = Quick Assets / Current Liabilities 2016 2015 $ 104,737 $ 81,483 $ $ 79,006 $ 80,610 $ 1.33 1.01 2014 62,102 63,448 0.98 Return on Assets = Net Income / Average Total Assets 2016 2015 Net Income $ 45,687 $ 53,394 $ Average Total Assets $ 306,083 $ 261,159 $ Return on Assets 14.93% 20.45% 2014 39,510 219,420 18.01% Quick Assets Current Liabilities Quick Ratio Earnings Per Share = Net Income / Average Outstanding Common Shares 2016 2015 2014 Net Income $ 45,687 $ 53,394 $ 39,510 Averege Outstanding Common Shares 5,470,820 5,753,421 6,085,572 Earning Per Share $ 8.35 $ 9.28 $ 6.49 Price Earning Ratio = Market Price Per Share of Common Stock / EPS 2016 2015 2014 Market Price Per Share $112.71 $114.71 $101.75 Earnings Per Share $ 8.35 $ 9.28 $ 6.49 Price Earning Ratio 13.50 12.36 15.67 Annual Growth 3-Year Growth Apple, Inc. Stock Growth 2017 2016 36.72% -1.74% 39.82% 22.81% 2015 12.74% 2014 36.27%