Apple Capex (Continued), Apple's Free Cash Flow Advantage, Revisiting Apple's Wall Street Narrative
Today's Above Avalon daily update includes the following topics:
Apple Capex (Continued)
Apple's Free Cash Flow Advantage
Revisiting Apple's Wall Street Narrative
We begin today’s update with additional comments on the latest Above Avalon article, “Apple's Declining Capex” In particular, we look at what declining capex tell us about Apple’s business model. The discussion then turns to how Apple has a built-in advantage versus peers when it comes to free cash flow generation. The email concludes with my thoughts on AAPL valuation and why I don’t think AAPL shares are being guided by a new narrative involving Apple Services.
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