Apple's cash
In addition to Apple's existing cash and ST investments of $42bn, the Company also has LT investments of ~$104bn. Would you deduct them for the purpose of calculating enterprise value?
In addition to Apple's existing cash and ST investments of $42bn, the Company also has LT investments of ~$104bn. Would you deduct them for the purpose of calculating enterprise value?
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Generally yes. True for all the big tech guys, as they have gotten creative with what they do using their cash pile (i.e. I heard google buys securitized auto loans).
Depends on the liquidity of the assets.
^^ exactly, you have to look at what the LT investments are made up of. Here it looks like US Treasury and Agency securities, Corporates, Munis, and a little bit of MBS. I'd definitely include it as these are very liquid assets
eta: got my info from p54 of the 10K (note 2) http://edgar.sec.gov/Archives/edgar/data/320193/000119312512444068/d411…
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what ev did you come up with?
Yeah deduct them in this case. You wouldn't if the LT investment was money invested to build a giant apple campus or something
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