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Apple Hits $2 Trillion Market Cap

Courtesy of ZeroHedge View original post here.

With the "magical number" at $467.73, which is the price per share at which Apple will reach a $2 trillion market cap based on its current shares outstanding of 4,275,634,000, moments ago AAPL hit an all time high of $467.97, representing a market cap of just over $2 trillion.

This means that while it took Apple 38 years to hit its first $1 trillion in market cap in August 2, 2018 since its December 12, 1980 IPO (at $22/share which on a split adjusted basis comes to $0.39), it took just two years to go from $1 trillion to $2 trillion, largely thanks to a unprecedented 59% gain this year, with AAPL's market cap hitting $1 trillion during the mid-March crash.

As the FT notes, Saudi Aramco briefly hit the $2 trillion milestone last December, on the day after its initial public offering, but its shares subsequently closed below the $2tn dollar mark. Aramco’s stock market fortunes have waned since its IPO to trade at a market valuation of around $1.8tn, and Apple surpassed it last month.

While Apple’s trillion-dollar milestone was first surpassed in August 2018, Neil Campling, an analyst at Mirabaud Securities, has noted that its share price has doubled since its low point in March this year, when panic about the coronavirus pandemic swept Wall Street.

“Adding a trillion in four or five months — that’s really quite unbelievable,” Mr Campling said. “We have in a very quick period of time for Apple gone from a discount valuation to the market to a premium valuation.”

Do Apple's fundamentals justify this mindblowing ascent? Well, here is the company's consensus EPS – you decide.

Furthermore, at the pace AAPL is repurchasing its stock – with over 2 billion shares or more than a third of its float repurchased in the past 7 years - which implies that the current shares outstanding have declined by about 50MM in the current quarter to 4.225 billion, the real $2 trillion price equivalent number is likely around $473 per share….

… but for the sake of market record soundbites, this will do.


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