In the end, these users tend to buy a new Apple device every few years to upgrade to the latest hardware and software. So any short-run hit to profitability from users opting for cheaper devices should be offset by new users that buy Apple devices every few years. The risk remains that rival products eat into Apple's price premium and its profit margins. Even Microsoft finally has a respectable mobile operating system. But even if Apple faces tougher competition, its stock isn't very expensive.
进入苹果生态圈的结果是,这些用户通常每隔几年会买一部新的苹果手机,升级到最新的硬件和软件。所以,虽然用户选择较低价手机会给苹果的盈利能力带来短期冲击,但这类冲击应该会被每隔几年购买苹果手机的新用户所抵消。风险仍然是竞争对手的产品会侵蚀苹果的溢价和利润率。就连微软最终都有了一款不错的移动操作系统。但就算苹果面临更激烈的竞争,股票价格却也不算很贵。
A pessimistic earnings forecast of $46 a share for fiscal 2014 still means a nicely profitable business. Importantly, it also implies a share price multiple of just nine times -- after subtracting the huge cash pile on Apple's balance sheet.
即使是对苹果2014财年每股收益46美元的悲观预期也仍意味着不错的利润。重要的是,这也表示市盈率只有九倍(在减去苹果资产负债表中的巨额现金后)。
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