News

Piper Jaffray blows the roof off Apple's earning predictions with FY13 sales estimate of $164 billion

Piper Jaffray blows the roof off Apple's earning predictions with FY13 sales estimate of $164 billion
When it comes to estimates of Apple's future success, it seems no number is now high enough.

At least, that's the take-home from the latest crunching of figures by Piper Jaffray analyst Gene Munster. 

He's predicting in FY 2013, Apple will have revenues of around $164 billion, selling well over 200 million iOS devices. Earning per share are estimated at $140 compared to $81 for the current quarter. 

His estimate is 8 percent higher than current consensus about Apple's sales expectations, and 10 percent higher with respect to EPS.

For it to happen, Apple's annual revenues would have to increase 19 percent in 2012 and a further 17 percent in 2013.

Apple's turnover in FY 2010 was $65.2 billion.

Up, up and away

Digging into Munster's model, it assumes 49 percent of Apple’s revenue will come from iPhone, with 30 percent growth in revenue in 2012, and 29 percent growth in 2013.

The average selling price of the iPhone will lower from $603 in 2012 to $565 in 2013.

"One key topic on which we are different than consensus thinking is our belief that the iPhone unit growth can continue in the 30% range while ASPs will be more than double the smartphone industry average," Munster wrote.

"In other words, we do not believe Apple needs an ultra low end offering to grow iPhone units at 30%. If Apple was to announce an unsubsidised, sub-$200 iPhone, our unit estimates would be too low and ASPs would be too high."

Padding up

It's assumed iPad will represent 21 percent of revenue, selling around 68 million units in 2013. Munster anticipates iPad sales to rise 39 percent in 2012, and 35 percent in 2013.

The average selling price will purportedly drop from $575 to $555.

Piper Jaffray's 12-month price target for the stock is now $607. It's currently trading at around $380.

[source: Apple Insider]

When Matt was 7 years old he didn't write to Santa like the other little boys and girls. He wrote to Mario. When the rotund plumber replied, Matt's dedication to a life of gaming was established. Like an otaku David Carradine, he wandered the planet until becoming a writer at Pocket Gamer.

Comments

No comments
View options
  • Order by latest to oldest
  • Order by oldest to latest
  • Show all replies