Greenlight Company Presentation
What About Apple?
o War chest?
o Overseas cash?
o Discounted P/E?
Greenlight Capital, Inc.
Domestic/Foreign Cash as a Percentage
of Market Cap
22%
10%
Domestic Cash
67%
Cash
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So let's look at Apple:
War chest? More like a war vault. Apple has by far the largest cash pile - $137 billion and growing
rapidly. Its cash represents nearly a third of its market cap.
Overseas cash? Most of Apple's cash - $94 billion or 69% - is now offshore and would require
paying taxes to be brought onshore. That's in addition to the other $43 billion it's holding
domestically.
Discounted P/E? Apple trades at an exceedingly low P/E - approximately 10x current earnings and
7x net of the cash.
When a third of your market cap is in cash, it means that two thirds of the price is the high-earning
operating business, and one third is the under-earning cash balance.
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