Write an equity research report on Apple Inc. $($AAPL$)$ which is similar in style and format to reports

written by equity analysts.

Executive Summary

Brief overview of the business, industry, and recent performance.

Recommendation $($Buy$,$ Hold, or Sell$)$ with a concise rationale.

Investment Thesis $/$ Investment Description

Discuss the key reasons for the recommendation.

Highlight their competitive advantages, growth prospects, and potential catalysts.

Back up your recommendation with key rationales: merits and concerns. You need to make

sure the recommendation and the rationales are consistent.

Company Overview $/$ Business Description

Detailed description of the business model, products$/$services$,$ and market position.

Information about management, corporate governance, and key executives.

Description of business model, e$.$g$.$ how the firm makes profit, where are the main sources of

revenues and costs.

Industry Analysis $/$ Competitive Positioning

Overview of the industry in which the company operates.

Market trends, growth drivers, and competitive landscape.

Overview of the market, market shares of key players and selected firm, recent trends in the

past $5$ years. The competitive strategies of selected firm, the market positioning of the firm and the

key players along this dimension.

Financial Analysis

Historical financial performance $($revenue$,$ profit margins, etc.$).$

Tabulate the important financial ratios $($grouped in categories, e$.$g$.$ profitability, liquidity,

efficiency, leverage, etc$)$ using the historical financials for the last $5$ years. The assumptions and

detailed forecast should be reported.

Valuation

Required to use the relative valuation approach. For example, several multiples can be used, Price$-$to

Earnings $($P$/$E$),$ Price$-$to$-$Book value of equity $($P$/$B$)$ and Price$-$to$-$Sales $($P$/$S$)$ and Price$-$to$-$Free Cash Flow

$($P$/$FCF$).$ At least two valuation multiples must be used. You need to compare the price multipliers

with peers or industry average and conduct whether the selected is relatively overvalued or

undervalued. You may also want to report sensitivity analysis of your valuation models by changing

certain keys

Risks

Identify risks specific to Company $($e$.$g$.,$ regulatory, competitive, operational$).$

Mitigation strategies.

Conclusion

Include a valuation and a recommendation of the selected stock in the analysis which are

supported by both qualitative and quantitative analysis.

Recap of the recommendation and key points.

Final thoughts on the company investment potential.

Summarizing the key risks

Ownership and disclosure of material conflicts of interest$$ Using relative valuation approach and comparable company analysis. Determine Apple Inc. $($AAPL$)$ Price$-$to Earnings $($P$/$E$),$ Price$-$to$-$Book value of equity $($P$/$B$),$ Price$-$to$-$Sales $($P$/$S$)$ and Price$-$to$-$Free Cash Flow $($P$/$FCF$).$ At least two valuation multiples must be used as well as target price calculation and sensitivity analysis.