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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