TBanger
2021-09-28
Soon they can start giving out shares as dividends, they’ll have so many.
Apple Stock: The “Trick” That Can Push Share Price Higher<blockquote>苹果股票：能推高股价的“绝招”</blockquote>
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This is how Apple stock investors should benefit.</p><p><blockquote>继疫情期间活动回落后，美国企业界继续积极购买自己的股票。这就是苹果股票投资者应该受益的方式。</blockquote></p><p> S&P Dow Jones Indices has reported that US-based companies continue to invest heavily in… their own stock. Share buybacks in Q2 has risen nearly 12% sequentially and 124% YOY. This is a strong rebound from the post-COVID period of uncertainty that led to a temporary reduction in repurchase activity.</p><p><blockquote>标准普尔道琼斯指数报告称，美国公司继续大力投资……他们自己的股票。第二季度股票回购量环比增长近12%，同比增长124%。这是从导致回购活动暂时减少的后新冠疫情不确定性时期的强劲反弹。</blockquote></p><p> This is a reminder for Apple stock investors that the Cupertino company’s share price can continue to benefit from stock buybacks. The Apple Maven recaps why this might be the case.</p><p><blockquote>这提醒苹果股票投资者，库比蒂诺公司的股价可以继续受益于股票回购。苹果专家概述了为什么会出现这种情况。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b3facec59ae76a6c28f4c5847600b4de\" tg-width=\"1240\" tg-height=\"886\" width=\"100%\" height=\"auto\"><span>Figure 1: Apple store in New York, NY.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：纽约州纽约市的苹果商店。</span></p></blockquote></p><p> <b>Apple’s “secret sauce”</b></p><p><blockquote><b>苹果的“秘制酱料”</b></blockquote></p><p> A bit over a year ago,I talked about one of Apple’s tricks to driving share price higher in the past decade. “Tenfold in ten years” was possible not merely because of robust business fundamentals. Sure, the popularity of the iPhone and success of iPad contributed greatly to compelling stock performance. But share repurchase was also an important piece of the puzzle.</p><p><blockquote>一年多前，我谈到了苹果在过去十年中推动股价上涨的技巧之一。“十年十倍”之所以成为可能，不仅仅是因为稳健的业务基本面。当然，iPhone的流行和iPad的成功极大地促进了引人注目的股票表现。但股票回购也是这个难题的重要组成部分。</blockquote></p><p> Think about it: since 2011, Apple’s net income grew an impressive 190%. But at the same time, EPS (earnings per share) shot up by 325% over the same period. This “net income leverage” effect was only possible because share count was slashed by around 30% between 2013 and 2020. See chart below, which was published in June 2020 and not adjusted for the most recent stock split.</p><p><blockquote>想想看：自2011年以来，苹果的净利润增长了令人印象深刻的190%。但与此同时，EPS（每股收益）同期飙升325%。这种“净利润杠杆”效应之所以成为可能，是因为2013年至2020年间股票数量削减了约30%。请参阅下图，该图表于2020年6月发布，未根据最近的股票分割进行调整。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10126c1a8a7f21648f44ba54c038c518\" tg-width=\"656\" tg-height=\"352\" width=\"100%\" height=\"auto\"><span>Figure 2: Apple's net cash & shares outstanding since 2011.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果自2011年以来的净现金和已发行股票。</span></p></blockquote></p><p> In the S&P’s most recent report, Apple was cited as the leader of the pack in stock buybacks by “not only spending the most of any [company], but its Q2 expenditure ranked second highest in S&P history”. The Cupertino company seems highly committed to supporting its stock, which should be a bullish sign.</p><p><blockquote>在标准普尔最近的报告中，苹果被认为是股票回购的领导者，因为“不仅是所有[公司]中支出最多的，而且其第二季度支出在标准普尔历史上排名第二”。这家库比蒂诺公司似乎高度致力于支持其股票，这应该是一个看涨信号。</blockquote></p><p> <b>Apple Maven’s take: quick math</b></p><p><blockquote><b>苹果·梅文的观点：快速数学</b></blockquote></p><p> Continuing to retire shares is, in my view, a crucial tenet of the investment thesis on AAPL stock – and Apple’s management team seems to agree. Year-to-date, the Cupertino company has spent $66.2 billion on repurchases, 20% more than in fiscal 2020. The figure is massive, as it has represented nearly 90% of the free cash flow that Apple has produced in fiscal 2021 so far.</p><p><blockquote>在我看来，继续回购股票是苹果公司股票投资理论的一个重要原则——苹果的管理团队似乎也同意这一点。今年迄今为止，这家库比蒂诺公司已花费662亿美元用于回购，比2020财年增加了20%。这个数字是巨大的，因为它代表了苹果2021财年迄今为止产生的自由现金流的近90%。</blockquote></p><p> At this pace, and assuming a share price of $150 apiece, Apple can retire around 600 million shares per year going forward, or just short of 4% of the total number of shares outstanding annually. Give it five years, and Apple’s share count could drop by almost 20%.</p><p><blockquote>按照这个速度，假设每股股价为150美元，苹果未来每年可以退役约6亿股，略低于每年已发行股票总数的4%。五年后，苹果的股票数量可能会下降近20%。</blockquote></p><p> Think of the EPS calculation, which is net income divided by shares outstanding. Repurchases alone can boost Apple’s bottom line quite substantially. Assuming the stock’s P/E valuation does not change, it is fair to say, roughly, that AAPL stock can rise some 20% by 2026 due to buybacks alone.</p><p><blockquote>想想每股收益的计算，即净利润除以已发行股票。仅回购就可以大幅提高苹果的利润。假设该股的市盈率估值不变，粗略地说，仅由于回购，AAPL股价到2026年就可以上涨约20%。</blockquote></p><p> For this reason and given the recent reports of a pickup in share repurchase activity across Corporate America, Apple investors have good reasons to be optimistic about share price performance.</p><p><blockquote>出于这个原因，并鉴于最近有报道称美国企业界股票回购活动有所增加，苹果投资者有充分的理由对股价表现持乐观态度。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: The “Trick” That Can Push Share Price Higher<blockquote>苹果股票：能推高股价的“绝招”</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: The “Trick” That Can Push Share Price Higher<blockquote>苹果股票：能推高股价的“绝招”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-09-27 15:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Corporate America continues to aggressively buy their own shares, following a pullback in activity during the pandemic. This is how Apple stock investors should benefit.</p><p><blockquote>继疫情期间活动回落后，美国企业界继续积极购买自己的股票。这就是苹果股票投资者应该受益的方式。</blockquote></p><p> S&P Dow Jones Indices has reported that US-based companies continue to invest heavily in… their own stock. Share buybacks in Q2 has risen nearly 12% sequentially and 124% YOY. This is a strong rebound from the post-COVID period of uncertainty that led to a temporary reduction in repurchase activity.</p><p><blockquote>标准普尔道琼斯指数报告称，美国公司继续大力投资……他们自己的股票。第二季度股票回购量环比增长近12%，同比增长124%。这是从导致回购活动暂时减少的后新冠疫情不确定性时期的强劲反弹。</blockquote></p><p> This is a reminder for Apple stock investors that the Cupertino company’s share price can continue to benefit from stock buybacks. The Apple Maven recaps why this might be the case.</p><p><blockquote>这提醒苹果股票投资者，库比蒂诺公司的股价可以继续受益于股票回购。苹果专家概述了为什么会出现这种情况。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b3facec59ae76a6c28f4c5847600b4de\" tg-width=\"1240\" tg-height=\"886\" width=\"100%\" height=\"auto\"><span>Figure 1: Apple store in New York, NY.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：纽约州纽约市的苹果商店。</span></p></blockquote></p><p> <b>Apple’s “secret sauce”</b></p><p><blockquote><b>苹果的“秘制酱料”</b></blockquote></p><p> A bit over a year ago,I talked about one of Apple’s tricks to driving share price higher in the past decade. “Tenfold in ten years” was possible not merely because of robust business fundamentals. Sure, the popularity of the iPhone and success of iPad contributed greatly to compelling stock performance. But share repurchase was also an important piece of the puzzle.</p><p><blockquote>一年多前，我谈到了苹果在过去十年中推动股价上涨的技巧之一。“十年十倍”之所以成为可能，不仅仅是因为稳健的业务基本面。当然，iPhone的流行和iPad的成功极大地促进了引人注目的股票表现。但股票回购也是这个难题的重要组成部分。</blockquote></p><p> Think about it: since 2011, Apple’s net income grew an impressive 190%. But at the same time, EPS (earnings per share) shot up by 325% over the same period. This “net income leverage” effect was only possible because share count was slashed by around 30% between 2013 and 2020. See chart below, which was published in June 2020 and not adjusted for the most recent stock split.</p><p><blockquote>想想看：自2011年以来，苹果的净利润增长了令人印象深刻的190%。但与此同时，EPS（每股收益）同期飙升325%。这种“净利润杠杆”效应之所以成为可能，是因为2013年至2020年间股票数量削减了约30%。请参阅下图，该图表于2020年6月发布，未根据最近的股票分割进行调整。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10126c1a8a7f21648f44ba54c038c518\" tg-width=\"656\" tg-height=\"352\" width=\"100%\" height=\"auto\"><span>Figure 2: Apple's net cash & shares outstanding since 2011.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果自2011年以来的净现金和已发行股票。</span></p></blockquote></p><p> In the S&P’s most recent report, Apple was cited as the leader of the pack in stock buybacks by “not only spending the most of any [company], but its Q2 expenditure ranked second highest in S&P history”. The Cupertino company seems highly committed to supporting its stock, which should be a bullish sign.</p><p><blockquote>在标准普尔最近的报告中，苹果被认为是股票回购的领导者，因为“不仅是所有[公司]中支出最多的，而且其第二季度支出在标准普尔历史上排名第二”。这家库比蒂诺公司似乎高度致力于支持其股票，这应该是一个看涨信号。</blockquote></p><p> <b>Apple Maven’s take: quick math</b></p><p><blockquote><b>苹果·梅文的观点：快速数学</b></blockquote></p><p> Continuing to retire shares is, in my view, a crucial tenet of the investment thesis on AAPL stock – and Apple’s management team seems to agree. Year-to-date, the Cupertino company has spent $66.2 billion on repurchases, 20% more than in fiscal 2020. The figure is massive, as it has represented nearly 90% of the free cash flow that Apple has produced in fiscal 2021 so far.</p><p><blockquote>在我看来，继续回购股票是苹果公司股票投资理论的一个重要原则——苹果的管理团队似乎也同意这一点。今年迄今为止，这家库比蒂诺公司已花费662亿美元用于回购，比2020财年增加了20%。这个数字是巨大的，因为它代表了苹果2021财年迄今为止产生的自由现金流的近90%。</blockquote></p><p> At this pace, and assuming a share price of $150 apiece, Apple can retire around 600 million shares per year going forward, or just short of 4% of the total number of shares outstanding annually. Give it five years, and Apple’s share count could drop by almost 20%.</p><p><blockquote>按照这个速度，假设每股股价为150美元，苹果未来每年可以退役约6亿股，略低于每年已发行股票总数的4%。五年后，苹果的股票数量可能会下降近20%。</blockquote></p><p> Think of the EPS calculation, which is net income divided by shares outstanding. Repurchases alone can boost Apple’s bottom line quite substantially. Assuming the stock’s P/E valuation does not change, it is fair to say, roughly, that AAPL stock can rise some 20% by 2026 due to buybacks alone.</p><p><blockquote>想想每股收益的计算，即净利润除以已发行股票。仅回购就可以大幅提高苹果的利润。假设该股的市盈率估值不变，粗略地说，仅由于回购，AAPL股价到2026年就可以上涨约20%。</blockquote></p><p> For this reason and given the recent reports of a pickup in share repurchase activity across Corporate America, Apple investors have good reasons to be optimistic about share price performance.</p><p><blockquote>出于这个原因，并鉴于最近有报道称美国企业界股票回购活动有所增加，苹果投资者有充分的理由对股价表现持乐观态度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/apple-stock-the-trick-that-can-push-share-price-higher\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/apple-stock-the-trick-that-can-push-share-price-higher","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143344359","content_text":"Corporate America continues to aggressively buy their own shares, following a pullback in activity during the pandemic. This is how Apple stock investors should benefit.\nS&P Dow Jones Indices has reported that US-based companies continue to invest heavily in… their own stock. Share buybacks in Q2 has risen nearly 12% sequentially and 124% YOY. This is a strong rebound from the post-COVID period of uncertainty that led to a temporary reduction in repurchase activity.\nThis is a reminder for Apple stock investors that the Cupertino company’s share price can continue to benefit from stock buybacks. The Apple Maven recaps why this might be the case.\nFigure 1: Apple store in New York, NY.\nApple’s “secret sauce”\nA bit over a year ago,I talked about one of Apple’s tricks to driving share price higher in the past decade. “Tenfold in ten years” was possible not merely because of robust business fundamentals. Sure, the popularity of the iPhone and success of iPad contributed greatly to compelling stock performance. But share repurchase was also an important piece of the puzzle.\nThink about it: since 2011, Apple’s net income grew an impressive 190%. But at the same time, EPS (earnings per share) shot up by 325% over the same period. This “net income leverage” effect was only possible because share count was slashed by around 30% between 2013 and 2020. See chart below, which was published in June 2020 and not adjusted for the most recent stock split.\nFigure 2: Apple's net cash & shares outstanding since 2011.\nIn the S&P’s most recent report, Apple was cited as the leader of the pack in stock buybacks by “not only spending the most of any [company], but its Q2 expenditure ranked second highest in S&P history”. The Cupertino company seems highly committed to supporting its stock, which should be a bullish sign.\nApple Maven’s take: quick math\nContinuing to retire shares is, in my view, a crucial tenet of the investment thesis on AAPL stock – and Apple’s management team seems to agree. Year-to-date, the Cupertino company has spent $66.2 billion on repurchases, 20% more than in fiscal 2020. The figure is massive, as it has represented nearly 90% of the free cash flow that Apple has produced in fiscal 2021 so far.\nAt this pace, and assuming a share price of $150 apiece, Apple can retire around 600 million shares per year going forward, or just short of 4% of the total number of shares outstanding annually. Give it five years, and Apple’s share count could drop by almost 20%.\nThink of the EPS calculation, which is net income divided by shares outstanding. Repurchases alone can boost Apple’s bottom line quite substantially. Assuming the stock’s P/E valuation does not change, it is fair to say, roughly, that AAPL stock can rise some 20% by 2026 due to buybacks alone.\nFor this reason and given the recent reports of a pickup in share repurchase activity across Corporate America, Apple investors have good reasons to be optimistic about share price performance.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2949,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":61,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/862052599"}
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