Day: March 17, 2017

When non-recurring revenues recur

One of the ongoing debates about Apple (NASDAQ: AAPL) has been with respect to its persistently low price-to-earnings (P/E) multiple. At just 12.8x (excluding its lazy US$160 billion of net cash sitting on the balance sheet), Apple seems unusually cheap for such a high-quality business. And it is, in our view. But in the eyes […]