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Apple (AAPL)
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October 8, 2013
by Carl Icahn
Carl C. Icahn
Chairman
Icahn Enterprises
767 5th Avenue, Suite 4700
New York, NY 10153
October 23, 2013
Tim Cook
CEO
Apple Inc.
1 Infinite Loop
Cupertino, CA 95014
Dear Tim:
It was a pleasure meeting you for dinner at the end of September. When we met, my affiliates
and I owned 3,875,063 shares of Apple. As of this morning, we owned 4,730,739 shares of
Apple, an increase of 22% in position size, reflecting our belief the market continues to
dramatically undervalue the company, even when taking into account the recent market
appreciation, which in turn makes our proposal unchanged with respect to a $150 Billion
buyback. We were pleased to hear at our dinner that you appreciated our input and that you
would speak to us again in three weeks to continue the dialogue. In anticipation of doing so soon,
we aim to reiterate in this letter the point of view already expressed to you directly with the hope
of effectively summarizing it for the company’s board of directors and our fellow shareholders.
From our perspective, Apple is the world’s greatest consumer product innovator and has one of
the strongest and most respected brand names in history. We consider Apple to be our most
compelling investment. I first informed my followers on Twitter on August 13, 2013 of my
“large position.” I also expressed to you my opinion that “a larger buyback should be done now.”
At that time, we owned 3,448,663 shares and the stock price was $467. Since then we have
purchased an incremental 1,282,076 shares (bringing the total value of my position to $2.5
Billion) and we currently intend to buy more.
We want to be very clear that we could not be more supportive of you, the existing management
team, the culture at Apple and the innovative spirit it engenders. The criticism we have as
shareholders has nothing to do with your management leadership or operational strategy. Our
criticism relates to one thing only: the size and timeframe of Apple’s buyback program. It is
obvious to us that it should be much bigger and immediate.
When we met, you agreed with us that the shares are undervalued. In our view, irrational
undervaluation as dramatic as this is often a short term anomaly. The timing for a larger buyback
is still ripe, but the opportunity will not last forever. While the board’s actions to date ($60
billion share repurchase over three years) may seem like a large buyback, it is simply not large
enough given that Apple currently holds $147 billion of cash on its balance sheet, and that it will
generate $51 billion of EBIT next year (Wall Street consensus forecast).
The S&P 500 trades at roughly 14x forward earnings. After backing off net cash, Apple trades at
just 9x (not factoring into account that the company has a significantly lower cash tax rate than
the rate Wall Street analysts use). This discount (cash adjusted) becomes even more compelling
given our confidence that Apple will grow earnings per share at a rate well in excess of the S&P
500 for the foreseeable future. With such an enormous valuation gap and such a massive amount
of cash on the balance sheet, we find it difficult to imagine why the board would not move more
aggressively to buy back stock by immediately announcing a $150 Billion tender offer (financed
with debt or a mix of debt and cash on the balance sheet).
While this would certainly be unprecedented because of its size, it is actually appropriate and
manageable relative to the size and financial strength of your company. Apple generates more
than enough cash flow to service this amount of debt and has $147 billion of cash in the bank.
As we proposed at our dinner, if the company decided to borrow the full $150 billion at a 3%
interest rate to commence a tender at $525 per share, the result would be an immediate 33%
boost to earnings per share, translating into a 33% increase in the value of the shares, which
significantly assumes no multiple expansion. Longer term (in three years) if you execute this
buyback as proposed, we expect the share price to appreciate to $1,250, assuming the market
rewards EBIT growth of 7.5% per year with a more normal market multiple of 11x EBIT.
It is our belief that a company’s board has a responsibility to recognize opportunities to increase
shareholder value, which includes allocating capital to execute large and well-timed buybacks.
Apple’s Board of Directors does not currently include an individual with a track record as an
investment professional. In my opinion, any further delay in executing the buyback we hereby
propose will reflect this lack of expertise on the board. My firm’s success and my expertise as an
investor would be difficult for anyone to argue. Per my investment thesis, commencing this
buyback immediately would ultimately result in further stock appreciation of 140% for the
shareholders who choose not to sell into the proposed tender offer. Furthermore, to invalidate
any possible criticism that I would not stand by this thesis in terms of its long term benefit to
shareholders, I hereby agree to withhold my shares from the proposed $150 Billion tender offer.
There is nothing short term about my intentions here.
Sincerely,
Carl Icahn
Chairman, Icahn Enterprises (IEP)
J'aimerais avoir le point de vue du Conseil d'Administration d'Apple.
Prise isolément, sa proposition fait du sens.
Le but de Carl Icahn est que le cours de l'action monte et qu'il puissent revendre ses actions à profit, et ce dans le plus cours laps de temps possible.
Même si la direction d'Apple ne fait rien, le fait de publiciser sa lettre et ses démarches aura peut être l'effet escompter sur le cours de l'action.
Furthermore, to invalidate
any possible criticism that I would not stand by this thesis in terms of its long term benefit to
shareholders, I hereby agree to withhold my shares from the proposed $150 Billion tender offer.
There is nothing short term about my intentions here.
Il s'engage à ne pas les vendre à court terme. Reste à savoir, c'est quoi sa définition de court terme...
Je crois pas je conserverai mes actions si le titre atteint 700$ à nouveau. Quelle est votre cible les détenteurs de Apple ?
http://www.usatoday.com/story/tech/2013/12/03/apple-2013-high-china/3862107/
Je me rappelle avoir acheté du Apple à 390$ par plus tard qu'en juin dernier... Les choses changent vite en bourse.