Sirius Real Estate: Update - Revision history

Manos at 16:26, 11 December 2022

2022-12-11T16:26:43Z

← Older revision		Revision as of 17:26, 11 December 2022
Line 1:		Line 1:
	== Summary ==		== Summary ==

	~~{{Infobox company~~
	~~\| name = Apple Inc.~~
	~~\| logo = Apple logo black.svg~~
	~~\| logo_size = 60px~~
	~~\| image = Aerial view of Apple Park dllu.jpg~~
	~~\| image_size = 250px~~
	~~\| image_caption = [[Apple Park]], the company's headquarters in [[Cupertino, California]] within [[Silicon Valley]]~~
	~~\| former_name = {{Unbulleted list\|~~
	~~\| Apple Computer Company (1976–1977)~~
	~~\| Apple Computer, Inc. (1977–2007)~~
	}}
	~~\| type = [[Public company\|Public]]~~
	~~\| traded_as = {{Unbulleted list \| {{NASDAQ\|AAPL}} \| [[Nasdaq-100]] component \| [[Dow Jones Industrial Average\|DJIA]] component \| [[S&P 100]] component \| [[S&P 500]] component}}~~
	~~\| ISIN = US0378331005~~
	~~\| industry = {{Unbulleted list~~
	~~\|[[Consumer electronics]]~~
	~~\|[[Software services]]~~
	~~\|[[Online services]]~~
	}}
	~~\| founded = {{Start date and age\|1976\|04\|01}} in [[Los Altos, California]], U.S.~~
	~~\| founders = {{Unbulleted list \| [[Steve Jobs]] \| [[Steve Wozniak]] \| [[Ronald Wayne]]}}~~
	~~\| hq_location = [[Apple Park\|1 Apple Park Way]]~~
	~~\| hq_location_city = [[Cupertino, California]]~~
	~~\| hq_location_country = U.S.<br/>{{Coord\|37.3349\|-122.0090\|type:landmark_region:US-CA\|display=title,inline}}~~
	~~\| num_locations = 522 [[Apple Store\|retail stores]]~~
	~~\| num_locations_year = 2022~~
	~~\| area_served = Worldwide~~
	~~\| key_people = {{Unbulleted list~~
	~~\| [[Arthur D. Levinson]] ([[chairman]])~~
	~~\| [[Tim Cook]] ([[Chief executive officer\|CEO]])~~
	~~\| [[Jeff Williams (Apple)\|Jeff Williams]] ([[Chief operating officer\|COO]])~~
	}}
	~~\| products = <!-- This list is not comprehensive, but rather a representative selection of the company's well-known products --> {{plainlist\|~~
	* [[AirPods]]
	* [[Apple Watch]]
	* [[iPad]]
	* [[iPhone]]
	* [[Mac (computer)\|Mac]]
	}}
	~~\| services = <!-- This list is not comprehensive, but rather a representative selection of the company's well-known services --> {{plainlist\|~~
	* [[App Store (iOS)\|App Store]]
	* [[Apple Card]]
	* [[Apple Music]]
	* [[Apple TV+]]
	* [[Apple Pay]]
	}}
	~~\| revenue = {{increase}} {{US$\|394.33 billion\|link=yes}}~~
	~~\| revenue_year = 2022~~
	~~\| operating_income = {{increase}} {{US$\|119.44 billion}}~~
	~~\| income_year = 2022~~
	~~\| net_income = {{increase}} {{US$\|99.80 billion}}~~
	~~\| net_income_year = 2022~~
	~~\| assets = {{increase}} {{US$\|352.76 billion}}~~
	~~\| assets_year = 2022~~
	~~\| equity = {{decrease}} {{US$\|50.67 billion}}~~
	~~\| equity_year = 2022~~
	~~\| num_employees = 164,000~~
	~~\| num_employees_year = 2022~~
	~~\| subsid = {{Unbulleted list \| [[Apple Studios]] \| [[Beats Electronics]] \| [[Beddit]] \| [[Braeburn Capital]] \| [[Claris]] \| [[Drive.ai]] \| [[InVisage Technologies]] \| Dark Sky ([[Weather (Apple)]])}}~~
	~~\| website = {{Official url}}~~
	\| footnotes = <ref name="Apple-10-K-Report-2021">{{Cite web \|date=September 25, 2021 \|title=Apple 10-K Report FY2021 \|url=https://s2.q4cdn.com/470004039/files/doc_financials/2021/q4/_10-K-2021-(As-Filed).pdf \|access-date=January 23, 2022}}</ref><ref>{{Cite web \|date=October 28, 2022 \|title=Apple Inc. Fiscal 2022 Annual Report (Form 10-K) \|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/320193/000032019322000108/aapl-20220924.htm \|publisher=[[U.S. Securities and Exchange Commission]]}}</ref><ref>{{Cite web\|url=https://www.apple.com/retail/storelist \|title=Apple Retail Store – Store List \|publisher= Apple \|language= en-US \|access-date= June 3, 2020}}</ref><ref>[https://businesssearch.sos.ca.gov/Document/RetrievePDF?Id=00806592-5959973 Certificate of Amendment of Articles of Incorporation], November 17, 1977. California Secretary of State</ref><ref>[https://businesssearch.sos.ca.gov/Document/RetrievePDF?Id=00806592-6322847 Certificate of Ownership], January 9, 2007. California Secretary of State.</ref>
	}}

	* Sirius Real Estate, the FTSE 250 real estate investment company, has made eight material announcements since our last report on the company (on 12th April 2022).		* Sirius Real Estate, the FTSE 250 real estate investment company, has made eight material announcements since our last report on the company (on 12th April 2022).

155.198.14.214 at 14:02, 11 December 2022

2022-12-11T14:02:07Z

← Older revision		Revision as of 15:02, 11 December 2022
Line 1:		Line 1:
	== Summary ==		== Summary ==

			{{Infobox company
			\| name = Apple Inc.
			\| logo = Apple logo black.svg
			\| logo_size = 60px
			\| image = Aerial view of Apple Park dllu.jpg
			\| image_size = 250px
			\| image_caption = [[Apple Park]], the company's headquarters in [[Cupertino, California]] within [[Silicon Valley]]
			\| former_name = {{Unbulleted list\|
			\| Apple Computer Company (1976–1977)
			\| Apple Computer, Inc. (1977–2007)
			}}
			\| type = [[Public company\|Public]]
			\| traded_as = {{Unbulleted list \| {{NASDAQ\|AAPL}} \| [[Nasdaq-100]] component \| [[Dow Jones Industrial Average\|DJIA]] component \| [[S&P 100]] component \| [[S&P 500]] component}}
			\| ISIN = US0378331005
			\| industry = {{Unbulleted list
			\|[[Consumer electronics]]
			\|[[Software services]]
			\|[[Online services]]
			}}
			\| founded = {{Start date and age\|1976\|04\|01}} in [[Los Altos, California]], U.S.
			\| founders = {{Unbulleted list \| [[Steve Jobs]] \| [[Steve Wozniak]] \| [[Ronald Wayne]]}}
			\| hq_location = [[Apple Park\|1 Apple Park Way]]
			\| hq_location_city = [[Cupertino, California]]
			\| hq_location_country = U.S.<br/>{{Coord\|37.3349\|-122.0090\|type:landmark_region:US-CA\|display=title,inline}}
			\| num_locations = 522 [[Apple Store\|retail stores]]
			\| num_locations_year = 2022
			\| area_served = Worldwide
			\| key_people = {{Unbulleted list
			\| [[Arthur D. Levinson]] ([[chairman]])
			\| [[Tim Cook]] ([[Chief executive officer\|CEO]])
			\| [[Jeff Williams (Apple)\|Jeff Williams]] ([[Chief operating officer\|COO]])
			}}
			\| products = <!-- This list is not comprehensive, but rather a representative selection of the company's well-known products --> {{plainlist\|
			* [[AirPods]]
			* [[Apple Watch]]
			* [[iPad]]
			* [[iPhone]]
			* [[Mac (computer)\|Mac]]
			}}
			\| services = <!-- This list is not comprehensive, but rather a representative selection of the company's well-known services --> {{plainlist\|
			* [[App Store (iOS)\|App Store]]
			* [[Apple Card]]
			* [[Apple Music]]
			* [[Apple TV+]]
			* [[Apple Pay]]
			}}
			\| revenue = {{increase}} {{US$\|394.33 billion\|link=yes}}
			\| revenue_year = 2022
			\| operating_income = {{increase}} {{US$\|119.44 billion}}
			\| income_year = 2022
			\| net_income = {{increase}} {{US$\|99.80 billion}}
			\| net_income_year = 2022
			\| assets = {{increase}} {{US$\|352.76 billion}}
			\| assets_year = 2022
			\| equity = {{decrease}} {{US$\|50.67 billion}}
			\| equity_year = 2022
			\| num_employees = 164,000
			\| num_employees_year = 2022
			\| subsid = {{Unbulleted list \| [[Apple Studios]] \| [[Beats Electronics]] \| [[Beddit]] \| [[Braeburn Capital]] \| [[Claris]] \| [[Drive.ai]] \| [[InVisage Technologies]] \| Dark Sky ([[Weather (Apple)]])}}
			\| website = {{Official url}}
			\| footnotes = <ref name="Apple-10-K-Report-2021">{{Cite web \|date=September 25, 2021 \|title=Apple 10-K Report FY2021 \|url=https://s2.q4cdn.com/470004039/files/doc_financials/2021/q4/_10-K-2021-(As-Filed).pdf \|access-date=January 23, 2022}}</ref><ref>{{Cite web \|date=October 28, 2022 \|title=Apple Inc. Fiscal 2022 Annual Report (Form 10-K) \|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/320193/000032019322000108/aapl-20220924.htm \|publisher=[[U.S. Securities and Exchange Commission]]}}</ref><ref>{{Cite web\|url=https://www.apple.com/retail/storelist \|title=Apple Retail Store – Store List \|publisher= Apple \|language= en-US \|access-date= June 3, 2020}}</ref><ref>[https://businesssearch.sos.ca.gov/Document/RetrievePDF?Id=00806592-5959973 Certificate of Amendment of Articles of Incorporation], November 17, 1977. California Secretary of State</ref><ref>[https://businesssearch.sos.ca.gov/Document/RetrievePDF?Id=00806592-6322847 Certificate of Ownership], January 9, 2007. California Secretary of State.</ref>
			}}

	* Sirius Real Estate, the FTSE 250 real estate investment company, has made eight material announcements since our last report on the company (on 12th April 2022).		* Sirius Real Estate, the FTSE 250 real estate investment company, has made eight material announcements since our last report on the company (on 12th April 2022).

95.149.161.208 at 22:37, 10 December 2022

2022-12-10T22:37:39Z

← Older revision		Revision as of 23:37, 10 December 2022
Line 1:		Line 1:
	== Summary ==		== Summary ==

	* Sirius Real Estate, the FTSE 250 real estate investment company, has made eight material announcements since our last report (on 12th April 2022).		* Sirius Real Estate, the FTSE 250 real estate investment company, has made eight material announcements since our last report on the company (on 12th April 2022).
	*For us, the key highlight of the announcements is that the company has performed exceptionally well in the six months ended 30th September 2022, growing funds from operations (FFO) by 47% over the period.		*For us, the key highlight of the announcements is that the company has performed exceptionally well in the six months ended 30th September 2022, growing funds from operations (FFO) by 47% over the period.
	*Accordingly, we have updated our forecasts, and estimate that the expected return of an investment in Sirius Real Estate over the next 12-months is 57%. In other words, an £100,000 investment in the company is expected to return £157,000 in 12-months time.		*Accordingly, we have updated our forecasts, and estimate that the expected return of an investment in Sirius Real Estate over the next 12-months is 57%. In other words, an £100,000 investment in the company is expected to return £157,000 in 12-months time.

155.198.14.130 at 11:33, 7 December 2022

2022-12-07T11:33:17Z

← Older revision		Revision as of 12:33, 7 December 2022
Line 646:		Line 646:
	\|}		\|}

	~~== Appendix ==~~
	{\| class="wikitable"		{\| class="wikitable"
	\|+Condensed consolidated income statement		\|+Condensed consolidated income statement

155.198.14.130 at 11:22, 7 December 2022

2022-12-07T11:22:47Z

@@ Line 170: / Line 170: @@
 |'''78.2'''
 |'''(3)%'''
 |}

155.198.14.142 at 17:30, 6 December 2022

2022-12-06T17:30:38Z

@@ Line 59: / Line 59: @@
 Given the rising interest rates and the uncertainty that this and the many other factors affecting the German and UK property markets are causing at the moment, the company has prioritised improving its debt ratios and building up its cash reserves. Net LTV, which reduces the loan balance by free cash (excluding restricted cash balances) in its calculation, was 41.0% (FY2022: 41.6%) whilst interest cover at EBITDA level was 8.1x as at 30th September 2022 (FY2022: 7.3x). The group added that it's fully committed to continue reducing its net LTV to be well within 40% or below in the near term.
 == Reaffirmed Investment Rating ==
@@ Line 167: / Line 279: @@
 {| class="wikitable"
-|+How have are forecasts changed?
+|+How have our forecasts changed?
+!
 ! colspan="3" |31 March 2023

155.198.14.142 at 17:12, 6 December 2022

2022-12-06T17:12:08Z

Show changes

155.198.14.142 at 16:32, 6 December 2022

2022-12-06T16:32:44Z

← Older revision		Revision as of 17:32, 6 December 2022
Line 1:		Line 1:
	== Summary ==		== Summary ==

	* Sirius Real Estate, the FTSE 250 real estate investment company, has made eight ~~noteworthy~~ announcements since our last report (on 12th April 2022).		* Sirius Real Estate, the FTSE 250 real estate investment company, has made eight material announcements since our last report (on 12th April 2022).
	*For us, the key highlight of the announcements is that the company has performed exceptionally well in the six months ended 30th September 2022, growing funds from operations (FFO) by 47% over the period.		*For us, the key highlight of the announcements is that the company has performed exceptionally well in the six months ended 30th September 2022, growing funds from operations (FFO) by 47% over the period.
	*Accordingly, we have updated our forecasts, and estimate that the expected return of an investment in Sirius Real Estate over the next 12-months is ~~197~~%. In other words, an £100,000 investment in the company is expected to return ~~£197~~,000 in 12-months time.		*Accordingly, we have updated our forecasts, and estimate that the expected return of an investment in Sirius Real Estate over the next 12-months is 57%. In other words, an £100,000 investment in the company is expected to return £157,000 in 12-months time.
	*We note that the degree of risk associated with an investment in Sirius is relatively 'low', with the company's shares having an adjusted beta<ref name=":0">Research shows that an investment has two main types of risks: 1) non-systematic and 2) systematic. Systematic risk is the risk related to the overall market, and non-systematic risk is the risk that's specific to an individual investment. Evidence shows that taking on non-systematic risk is inefficient, and it's, therefore, best to eliminate it; and in most cases, elimination is fairy easy to do [by holding a diversified portfolio of investments (i.e. around 15 investments)]. Accordingly, when assessing the riskiness of an investment, it’s best to look at the systematic risk only (i.e. ignore the non-systematic risk). A key measure of systematic risk is beta, and a main way to determine the riskiness of an investment is to compare the beta of the investment with the beta of the market, which is 1. For example, Sirius's adjusted beta (5 years, monthly data) is 1.06, and is, accordingly, 6% above the market beta (of 1); assuming that a 'low' level of riskiness is 10% or less above the market beta, then the riskiness of investing in the company is considered to be relatively 'low' (1.6%<10%). For estimating an asset's beta, in terms of time period, and frequency of observations, the most common choice is five years of monthly data, yielding 60 observations. In terms of the benchmark, we suggest using the iShares MSCI World ETF. One study of U.S. stocks found support for five years of monthly data over alternatives. The beta value in a future period has been found to be on average closer to the mean value of 1.0, the beta of an average-systematic-risk security, than to the value of the raw beta. Because valuation is forward looking, it is logical to adjust the raw beta so it more accurately predicts a future beta.</ref> that is 1.6% above the market (1.016 vs. 1).		*We note that the degree of risk associated with an investment in Sirius is relatively 'low', with the company's shares having an adjusted beta<ref name=":0">Research shows that an investment has two main types of risks: 1) non-systematic and 2) systematic. Systematic risk is the risk related to the overall market, and non-systematic risk is the risk that's specific to an individual investment. Evidence shows that taking on non-systematic risk is inefficient, and it's, therefore, best to eliminate it; and in most cases, elimination is fairy easy to do [by holding a diversified portfolio of investments (i.e. around 15 investments)]. Accordingly, when assessing the riskiness of an investment, it’s best to look at the systematic risk only (i.e. ignore the non-systematic risk). A key measure of systematic risk is beta, and a main way to determine the riskiness of an investment is to compare the beta of the investment with the beta of the market, which is 1. For example, Sirius's adjusted beta (5 years, monthly data) is 1.06, and is, accordingly, 6% above the market beta (of 1); assuming that a 'low' level of riskiness is 10% or less above the market beta, then the riskiness of investing in the company is considered to be relatively 'low' (1.6%<10%). For estimating an asset's beta, in terms of time period, and frequency of observations, the most common choice is five years of monthly data, yielding 60 observations. In terms of the benchmark, we suggest using the iShares MSCI World ETF. One study of U.S. stocks found support for five years of monthly data over alternatives. The beta value in a future period has been found to be on average closer to the mean value of 1.0, the beta of an average-systematic-risk security, than to the value of the raw beta. Because valuation is forward looking, it is logical to adjust the raw beta so it more accurately predicts a future beta.</ref> that is 1.6% above the market (1.016 vs. 1).
	*All-in-all, assuming that a suitable return level in the next 12 months is 10% or more, then an investment in the company is considered to be a 'suitable' one.		*All-in-all, assuming that a suitable return level in the next 12 months is 10% or more, then an investment in the company is considered to be a 'suitable' one.
Line 132:		Line 132:
	Funds From Operations (FFO) increased by 22.5% to €74.6 million (FY2021: €60.9 million).		Funds From Operations (FFO) increased by 22.5% to €74.6 million (FY2021: €60.9 million).
	{\| class="wikitable"		{\| class="wikitable"
	\|+~~Results for~~ the ~~year ended 31st March 2022~~		\|+How do the results compare to our forecasts?
	!		!
	!Forecast		!Forecast
Line 167:		Line 167:

	{\| class="wikitable"		{\| class="wikitable"
	\|+~~Financial~~ forecasts		\|+How have are forecasts changed?
	!		!
	! colspan="3" \|31 March 2023		! colspan="3" \|31 March 2023
Line 230:		Line 230:

	==== What's the expected return of an investment in Sirius using the relative valuation approach? ====		==== What's the expected return of an investment in Sirius using the relative valuation approach? ====
	Accordingly, ~~Stockhub estimates~~ that the expected return of an investment in Sirius Real Estate Limited over the next 12-months is ~~197~~%. In other words, an £100,000 investment in the company is expected to return ~~£197~~,000 within 12-months from now. The assumptions used to estimate the return figure can be found in the table below.		Accordingly, we estimate that the expected return of an investment in Sirius Real Estate Limited over the next 12-months is 57%. In other words, an £100,000 investment in the company is expected to return £157,000 within 12-months from now. The assumptions used to estimate the return figure can be found in the table below.

	Assuming that a suitable return level in the 12 months is 10% and Sirius Real Estate Limited achieves its expected return level (of 197%), then an investment in the company is considered to be a 'suitable' one.		Assuming that a suitable return level in the 12 months is 10% and Sirius Real Estate Limited achieves its expected return level (of 197%), then an investment in the company is considered to be a 'suitable' one.
Line 246:		Line 246:
	\|-		\|-
	\|In regards to the P/FFO multiple, for the FFO figure, which year to you want to use?		\|In regards to the P/FFO multiple, for the FFO figure, which year to you want to use?
	\|~~Year 1~~		\|Twelve months ahead
	\|Research suggests that when using the relative valuation approach, it's best to use a time period of 12 months or less. Accordingly, for the FFO figure, we suggest using ~~Year 1~~.		\|Research suggests that when using the relative valuation approach, it's best to use a time period of 12 months or less. Accordingly, for the FFO figure, we suggest using the twelve months ahead.
	\|-		\|-
	\|In regards to the P/FFO multiple, what multiple figure do you want to use?		\|In regards to the P/FFO multiple, what multiple figure do you want to use?
Line 254:		Line 254:
	\|-		\|-
	\|Which financial forecasts to use?		\|Which financial forecasts to use?
	\|~~Consensus~~		\|Proactive Investors
	\|Here, we have used the ~~consensus~~ forecasts.		\|Here, we have used the forecasts of Proactive Investors.
	\|-		\|-
	\|What's the current value of the ~~Stockhub~~ company?		\|What's the current value of the company?
	\|£981.20 million		\|£981.20 million
	\|As at 22nd November 2022, the current value of ~~its company at~~ £981.20 million.		\|As at 22nd November 2022, the current value of Sirius Real Estate Limited is £981.20 million.
	\|-		\|-
	\|Which time period do you want to use to estimate the expected return?		\|Which time period do you want to use to estimate the expected return?
Line 270:		Line 270:

	# The P/FFO multiple (the default multiple is 18x); and		# The P/FFO multiple (the default multiple is 18x); and
	# The ~~year-one~~ FFO forecast (the default forecast is ~~$xxx~~ million)~~; and~~		# The twelve months ahead FFO forecast (the default forecast is €98.78 million).

	The impact of a 10% change in those main inputs to the expected return of the Sirius Real Estate Limited investment is shown in the table below.		The impact of a 10% change in those main inputs to the expected return of the Sirius Real Estate Limited investment is shown in the table below.
Line 281:		Line 281:
	\|-		\|-
	\|The P/FFO multiple		\|The P/FFO multiple
	\|		\|43%
	\|		\|57%
	\|		\|73%
	\|-		\|-
	\|The ~~year-one~~ FFO forecast		\|The twelve months ahead FFO forecast
	\|		\|43%
	\|		\|57%
	\|		\|73%
	\|}		\|}

155.198.14.142 at 15:01, 6 December 2022

2022-12-06T15:01:59Z

Show changes

155.198.14.142 at 14:58, 6 December 2022

2022-12-06T14:58:35Z

Show changes

← Older revision		Revision as of 17:26, 11 December 2022
Line 1:		Line 1:
	== Summary ==		== Summary ==

	~~{{Infobox company~~
	~~\| name = Apple Inc.~~
	~~\| logo = Apple logo black.svg~~
	~~\| logo_size = 60px~~
	~~\| image = Aerial view of Apple Park dllu.jpg~~
	~~\| image_size = 250px~~
	~~\| image_caption = [[Apple Park]], the company's headquarters in [[Cupertino, California]] within [[Silicon Valley]]~~
	~~\| former_name = {{Unbulleted list\|~~
	~~\| Apple Computer Company (1976–1977)~~
	~~\| Apple Computer, Inc. (1977–2007)~~
	}}
	~~\| type = [[Public company\|Public]]~~
	~~\| traded_as = {{Unbulleted list \| {{NASDAQ\|AAPL}} \| [[Nasdaq-100]] component \| [[Dow Jones Industrial Average\|DJIA]] component \| [[S&P 100]] component \| [[S&P 500]] component}}~~
	~~\| ISIN = US0378331005~~
	~~\| industry = {{Unbulleted list~~
	~~\|[[Consumer electronics]]~~
	~~\|[[Software services]]~~
	~~\|[[Online services]]~~
	}}
	~~\| founded = {{Start date and age\|1976\|04\|01}} in [[Los Altos, California]], U.S.~~
	~~\| founders = {{Unbulleted list \| [[Steve Jobs]] \| [[Steve Wozniak]] \| [[Ronald Wayne]]}}~~
	~~\| hq_location = [[Apple Park\|1 Apple Park Way]]~~
	~~\| hq_location_city = [[Cupertino, California]]~~
	~~\| hq_location_country = U.S.<br/>{{Coord\|37.3349\|-122.0090\|type:landmark_region:US-CA\|display=title,inline}}~~
	~~\| num_locations = 522 [[Apple Store\|retail stores]]~~
	~~\| num_locations_year = 2022~~
	~~\| area_served = Worldwide~~
	~~\| key_people = {{Unbulleted list~~
	~~\| [[Arthur D. Levinson]] ([[chairman]])~~
	~~\| [[Tim Cook]] ([[Chief executive officer\|CEO]])~~
	~~\| [[Jeff Williams (Apple)\|Jeff Williams]] ([[Chief operating officer\|COO]])~~
	}}
	~~\| products = <!-- This list is not comprehensive, but rather a representative selection of the company's well-known products --> {{plainlist\|~~
	* [[AirPods]]
	* [[Apple Watch]]
	* [[iPad]]
	* [[iPhone]]
	* [[Mac (computer)\|Mac]]
	}}
	~~\| services = <!-- This list is not comprehensive, but rather a representative selection of the company's well-known services --> {{plainlist\|~~
	* [[App Store (iOS)\|App Store]]
	* [[Apple Card]]
	* [[Apple Music]]
	* [[Apple TV+]]
	* [[Apple Pay]]
	}}
	~~\| revenue = {{increase}} {{US$\|394.33 billion\|link=yes}}~~
	~~\| revenue_year = 2022~~
	~~\| operating_income = {{increase}} {{US$\|119.44 billion}}~~
	~~\| income_year = 2022~~
	~~\| net_income = {{increase}} {{US$\|99.80 billion}}~~
	~~\| net_income_year = 2022~~
	~~\| assets = {{increase}} {{US$\|352.76 billion}}~~
	~~\| assets_year = 2022~~
	~~\| equity = {{decrease}} {{US$\|50.67 billion}}~~
	~~\| equity_year = 2022~~
	~~\| num_employees = 164,000~~
	~~\| num_employees_year = 2022~~
	~~\| subsid = {{Unbulleted list \| [[Apple Studios]] \| [[Beats Electronics]] \| [[Beddit]] \| [[Braeburn Capital]] \| [[Claris]] \| [[Drive.ai]] \| [[InVisage Technologies]] \| Dark Sky ([[Weather (Apple)]])}}~~
	~~\| website = {{Official url}}~~
	\| footnotes = <ref name="Apple-10-K-Report-2021">{{Cite web \|date=September 25, 2021 \|title=Apple 10-K Report FY2021 \|url=https://s2.q4cdn.com/470004039/files/doc_financials/2021/q4/_10-K-2021-(As-Filed).pdf \|access-date=January 23, 2022}}</ref><ref>{{Cite web \|date=October 28, 2022 \|title=Apple Inc. Fiscal 2022 Annual Report (Form 10-K) \|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/320193/000032019322000108/aapl-20220924.htm \|publisher=[[U.S. Securities and Exchange Commission]]}}</ref><ref>{{Cite web\|url=https://www.apple.com/retail/storelist \|title=Apple Retail Store – Store List \|publisher= Apple \|language= en-US \|access-date= June 3, 2020}}</ref><ref>[https://businesssearch.sos.ca.gov/Document/RetrievePDF?Id=00806592-5959973 Certificate of Amendment of Articles of Incorporation], November 17, 1977. California Secretary of State</ref><ref>[https://businesssearch.sos.ca.gov/Document/RetrievePDF?Id=00806592-6322847 Certificate of Ownership], January 9, 2007. California Secretary of State.</ref>
	}}

	* Sirius Real Estate, the FTSE 250 real estate investment company, has made eight material announcements since our last report on the company (on 12th April 2022).		* Sirius Real Estate, the FTSE 250 real estate investment company, has made eight material announcements since our last report on the company (on 12th April 2022).