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Towards the end of financial year 2012, Apple unveiled its iPhone 5 in a period when the stock was trading at all-time highs. Everything seemed to be going well for the company, but in the following months the share price was down 40%.
The circumstances today are eerily similar. Apple’s stock has rallied once again in recent months, and now there is the excitement of yet another possible new product – the iWatch.
To add to the parallels, Apple’s price-earnings ratio of 16 is almost the same level as it was for the end of its fiscal year in 2012. Is history about to repeat itself? The company hasn’t unveiled an entirely new product category since 2010’s iPad, and markets are pricing in a possible move of around 5% on the day.
With around 24 hours until the event we expect the launch of the iPhone 6, in two display sizes, with the larger size ‘phablet’ possibly helping to make up for iPad sales that have not shown the stellar growth witnessed by the iPhone itself. It is worth adding, however, that while sales are up 15% between FY2012 and FY2014, gross margins and net income are both down, by 11.5% and 7% respectively.