Evaluate the working capital efficiency of Apple in 2017

| October 14, 2019

Evaluate the working capital efficiency of Apple in 2017 as compared to 2018 by referring to Source 1 pp. 38-40 and Source 5. In your analysis consider the working capital efficiency of competitors.  (Keep in mind that in America they use slightly different terminology) (10 marks)  

b) On page 8 of Appleā€™s Annual Report (Source 1) what are three of the major risks discussed? Are these risks systematic or unsystematic? Why? (5 marks) 

c) Apple Shares and Debt: 

i. How has Apple share price preformed over the last three years relative to the market? Based on your research what are the reasons for this performance? (See Source 4) (3 marks) 

ii. From 2014 to 2018 has Apple taken on more or less long-term debt? See Source 3 and justify your answer. (2 marks) 

iii. Imagine you purchased an Apple $1000 face value bond at the end of 2008 when its yield to maturity was 4%. This bond was issued in 2007 and has a fixed annual coupon rate of 4.5% and matures at the end of 2020. Currently it is the end of 2019 and it has a yield to maturity of 5% and you want to sell this bond.  What price did you buy the bond at and what price will you sell it at today? What would be your holding period return? (10 marks)   

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