Apple: Strengths, Weaknesses, Opportunities And Threats

seekingalpha2021-05-27

Summary I explore Apple using a Strengths, Weaknesses, Opportunities, and Threats (SWOT) model. Strengths include the ecosystem, brand recognition and customer loyalty, and management and culture. ...

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精彩评论

ProsPaddles
2021-05-28
ProsPaddles
Apple growth is way too slow
jxboi
2021-05-27
jxboi
Good analysis
NealTong
2021-05-27
NealTong
Good view
roushiro
2021-05-27
roushiro
Nice
Baybay
2021-05-27
Baybay
awesome analysis i agree
- Khoo12:
  Yes
Park357
2021-05-27
Park357
O

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One of the projects that came to mind was a Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis. I remembered it was a project I enjoyed and a good way to summarize a company.\nI decided to do the project again, with none other than the biggest company in the world, Apple (AAPL). Due to the size of Apple, it has many SWOTs; therefore, I’ll cover the three that I think are most important from each category to make an assessment on the company.\nStrengths\n1) The Ecosystem\nThis one probably won’t come as a surprise to those familiar with Apple (likely everybody). If you have one Apple product, it’s likely you have multiple Apple products and services. I mean, who do you know with just the iPhone and no other Apple products or services? And once you buy two or more Apple devices, there’s really no going back. The ecosystem is successful due to the ease of use of products and how well they integrate with each other and the services of the company.\nOne of the most recent additions to the ecosystem and one of the most important is the M1 Macs. Not only does Apple not have to rely on Intel (INTC) anymore for processors but the performance and battery life is much better. The M1 Mac has been labeled as “reset” for the laptop industry where competitors need to recalibrate to keep up with Apple. That’s innovation.\n\nHowever, Apple hasn’t really been known for innovative products over the last decade except of course theAirPods and I’d argue the M1 processor. So how does it keep people in the ecosystem without truly being innovative? One way is by killing its competition.\nA recent example is Apple AirTag. They allow you to track devices that you place the AirTag in/on. But Bluetooth trackers are not new; companies including Tile have already made them. Nonetheless, AirTags have a massive advantage because their network isn’t just using the Tile app, it’s all the stuff on Apple’s Find My network (iPhones, iPads, Macs, etc.). Apple essentially plugged a feature into the iPhone and killed its competition. And this isnot the first timeand it won't be the last. Ask yourself, what are you going to use? A device that seamlessly integrates with your other Apple devices or go out of your way to buy a Tile Bluetooth tracker? I know my answer! That is truly the power of the ecosystem.\n2) Brand Recognition & Customer Loyalty\nApple is ranked as the world’s most valuable brand by multiple sources like Forbes and Brand Finance. No matter what corner of the world you are in, most people know about Apple. Apple is recognized world-wide but also demands loyalty due to the way it sells its products. Simon Sinek made the concept of starting with 'why' instead of 'what' popular through his Golden Circle concept. I usually start with coffee, but this makes more sense. If you’re not familiar with the concept, I recommend you take a look.\nFrom Apple’s famous “Think Different” campaign to its recent App Tracking Transparency ad, Apple is starting with why. They are not selling products but ideas:\n\nThey challenge the status quo and believe in thinking differently. Don’t you want to think differently?\nThey are proponents of privacy in a world where everyone wants to track you. Don’t you want privacy?\n\nBut guess what? \"Privacy. That's iPhone.\" And once you buy an iPhone, the ecosystem pulls you into the rest of the products and services. Do they have the best phone product in the market?Not necessarily. Does it matter? Absolutely not. There’s no doubt the company’s customers are the most loyal in the industry and with more privacy features, I believe Apple will attract even more users to its ecosystem.\n3) Management and Culture\nIt was hard to choose the 3rd biggest strength. I could have easily chosen the exceptional balance sheet or efficient R&D spend but I believe the 3rd biggest strength is the management and culture of the company. Nothing is possible if the management and the culture of a company are not good enough.\nThere’s no doubt Steve Jobs was a visionary leader but you have to give credit to Tim Cook. Imagine how hard it must have been to take over the company after Jobs. Under his leadership, Apple has transformed into a juggernaut not only focusing on the iPhone but expanding into Wearables, Services, and more all while building a strong corporate culture. There’s a reason the company is consistently ranked one of the best places to work year after year (#31 in 2021).\n\nWeaknesses:\n1) Overreliance on iPhone Revenue\nApple made $274B in revenue in 2020. However, 50% of that was from iPhone sales. Apple’s overreliance on its iPhone sales is one of its biggest weaknesses. It's hard to say that when the company made $137B in revenue from iPhones but the iPhone has particular sales cycles and revenue can be sporadic. If for some reason (economic, political, social, etc.) Apple can’t sell as many phones in a particular quarter or year, it will likely have a material impact on results.\nSource - Author (using 10-K data)\nThe company has recognized this over time and is changing. As I mentioned earlier, Apple has turned into a juggernaut by introducing other products over time and particularly through its Services and Wearables, Home, and Accessories categories, both of which now represent 20% and 11% of total revenue in 2020. And both are still showing healthy growth with Services growing 16% Year over Year (YoY) in 2020 and Wearables, Home, and Accessories growing 25% YoY.\nSource - Author (Using company filings)*Other Growth is equivalent to Wearables, Home, and Accessories\n2) Declining Global Smartphone Market Share\nOver the last 3 years, Apple’s global smartphone market share has stayed relatively flat while other carriers continue to take share. China is the world’s largest smartphone market and Apple has competed successfully with other carriers. However, as the market has matured, that has changed.\n\n\n\n\n\n\nApple’s revenue growth continues to slow down in China due to rivals like Huawei, Xiaomi, OPPO, and Vivo who are able to manufacture high quality smartphones at cheaper prices than Apple. Not only that, but consumer preferences continue to evolve with many Chinese consumers preferring local brands to Apple. Whether this is a longer term trend or gets better depends on Apple's China strategy moving forward.\nSource - Author (using company filings),Revenue in Billions\n3) Few Successful Product Innovations Introduced Over the Past Decade\nApple has been considered one of the most innovative technology companies in the world but should it still be? I don’t particularly think so. At least, not when it comes to product innovation. The company has been known for releasing breakthrough products like the iPod, iPhone, and iPad. But over the last decade, only two innovative products come to mind:AirPods and the most recent M1 processor.\nNonetheless, innovation isn’t just about product innovation. It can come in many forms. Some may consider what Apple has done with its ecosystem, services, or the recent App Tracking Transparency feature innovative. However, it’s still hard to deny that Apple needs to do more for product innovation to stay successful especially as hardware products become more commoditized.\nOpportunities\n1) Augmented and Virtual Reality\nThere is no doubt Augmented and Virtual Reality (AR and VR) markets are poised to grow over the next decade. ARK Invest even added Virtual worlds as a new idea in their annual Big Ideas publication for 2021. Although VR is an opportunity for Apple, AR is even bigger. ARK is forecasting the AR smartphone and glasses market to reach approximately $130B in revenue by 2030.\n\nApple currently has the world’s largest AR platform. The company has one of the best opportunities to capture this market with the introduction of the Apple headset and eventually Apple glasses. There have been rumours of the headset release sometime in 2022 and glasses release by 2025. It’s hard to say when this will happen, but it will with Apple touting AR and VR for a long time. Tim Cook believes “AR and ML will be key to delivering the right information to the right person at the right time.”\nThere is tremendous competition in this space with the likes of Facebook (FB), Microsoft (MSFT), Snapchat (SNAP), and others all focusing on AR and VR in one way or another. For example, Snapchat recently announced new Spectacles and acquired AR display maker WaveOptics for $500M plus. Apple needs to be diligent about taking on this opportunity, but I believe they hold the advantage due to their ability to integrate the headset and glasses with their ecosystem of products and services.\n2) Wearables Market\nAccording to research done in September 2020 by IDC, the wearables market will grow at a compounded annual growth rate(CAGR)of 12.4% through 2024 with hearables leading the way and the watch coming in second.\n\nHere is how 2020 actually performed:\n\nTotal shipments grew 28.4% to reach 445M YoY.\nApple shipped 151M of all wearables with growth of 36% YoY.\nApple market share of wearables reached 34% in 2020, increasing ~2 pts YoY.\nThe second largest competitor (Xiaomi) has a market share of 11.5%.\n\nApple is clearly the leader in this category and is growing at a brisk pace. They should continue to dominate this space and grow with the market especially as demand for health-related wearables continues to increase.\n3) Autonomous Vehicles?\nAlthough Apple’s potential venture into autonomous vehicles has been the buzz, I chose to put it last in the opportunities categories. Why? Well nobody knows if Apple will actually build an electric vehicle on its own, partner with a manufacturing company to provide software, or serve as a mobility company. Let’s explore each a bit further and what might be the best option.\n\nApple builds its own electric vehicle: this would represent what Apple does best - using its own hardware and software and integrating the two to create an ecosystem. However, it could take decades to build an electric vehicle that is safe to use, requiring manufacturing, testing, and servicing.\nApple partners with another manufacturer to provide software: there were initial reports of Apple partnering with Hyundai and Kia and now with LG. If Apple does partner with a car manufacturer that could significantly shorten the process of Apple bringing its own car to market. However, will other manufacturers let Apple control their manufactured product? We’ll have to see. There’s no doubt this is Apple’s bread and butter with the company already designing the types of microchips and sensors needed for autonomous vehicles.\nApple serves as a mobility company: Self-driving taxi services are the future but arguably there’s no clear leader yet. The competition is intense with the likes of Google’s (GOOGL) Waymo and Amazon’s (AMZN) Zoox. However, this could be a realistic option for Apple to create something that it controls with the help of another automaker.\n\nNo matter what route Apple takes, it’s hard to deny the opportunity ahead. We’ll have to wait and see if Apple can take advantage.\nThreats\n1) Litigation over App Store Fees\nAny Apple follower will know the company just wrapped up its trial against Epic Games over the 15% or 30% fee charged to app developers. No one knows whether the ruling will be in Apple’s favor or Epic Games. But it is fairly certain any decision will likely be challenged by either Apple or Epic Games and the issue could take a long time to resolve. If Apple is essentially ruled a monopoly, it could mean a couple of things:\n\nLoss of revenue if Apple loses out on the 15% or 30% commission. The cost of running the App Store could outweigh the profit.\nApple lowers the commission. It’s hard to say what Apple would lower to if it had to, but it would have to be low enough to keep developers happy and high enough to keep shareholders happy.\nThe company might have to enable third-party payment systems through the app store. They have argued they don’t allow that due to privacy and other concerns but this could be a potential possibility. Once again, Apple would miss out on its usual commission if users elect to use the third-party payment system. Apple could lose its users’ trust if anything goes wrong related to privacy.\n\nIn addition to the above, there’s a couple of other possible outcomes. Whatever happens with the trial, it doesn’t seem like this is something that will go away easily. Apple will likely have to consider changes at some point.\n2) Smartphone and Tablets = Commodities\nWhat’s the biggest difference between Apple phones and tablets compared to other phones and tablets today? Software. To me, it’s the only major differentiator. Most of the other phones and tablets have similar or even better hardware than Apple phones but the iOS operating system and the ecosystem that comes with it is what differentiates the iPhone from other phones.\nIn the U.S., the mobile operating system market is led by iOS with 59% market share. However, the global mobile operating system market is dominated by Android with 72.2% of market share as of April 2021.\n\nIf Android can close the quality and user experience gap with iOS, consumers could shift preferences to Android phones. However, that is a big if as the “walled gardens” of Apple are not easy to climb.\n3) International Economic and Political Risk\nTo be honest, it was hard to come up with a 3rd major threat. The company doesn’t face many. However, Apple earned the majority (55%) of its 2020 revenue ($274B) from outside the U.S. Greater China, Japan, and Rest of Asia Pacific made up ~30% of the company’s revenue. With these countries comes greater economic and political risk than the likes of the U.S. and Europe. If anything negative were to happen, it could certainly have a sizable impact on Apple’s revenue.\nSource - Author (using company filings)\nWrapping Up\n\nI believe the strengths and opportunities outweigh the weaknesses and threats of Apple. To me, the company should be a cornerstone position in any long-term portfolio. Warren Buffett recently said trimming his Apple stake was probably a mistake. However, he still has ~40% of his wealth in Apple. If one of the greatest investors of our time is happy holding Apple with such concentration, what's stopping you?\nLet me know in the comments what your view is, notably the following aspects:\n\nDo you think the strengths and opportunities of Apple outweigh the weaknesses and threats?\nDo you agree with the SWOTs chosen? If not, what would you change/add?\nIs there another company you’d like to see a SWOT analysis for?","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":135376342,"gmtCreate":1622137524286,"gmtModify":1634183516423,"author":{"id":"3571919991986405","authorId":"3571919991986405","name":"ProsPaddles","avatar":"https://static.tigerbbs.com/5743775abc150fab8749a749f0511b63","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3571919991986405","authorIdStr":"3571919991986405"},"htmlText":"Apple growth is way too slow","listText":"Apple growth is way too slow","text":"Apple growth is way too slow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/135376342","repostId":1173192682,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":135962528,"gmtCreate":1622126653364,"gmtModify":1634183606563,"author":{"id":"3584955397849410","authorId":"3584955397849410","name":"jxboi","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3584955397849410","authorIdStr":"3584955397849410"},"htmlText":"Good analysis","listText":"Good analysis","text":"Good analysis","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/135962528","repostId":1173192682,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":132584479,"gmtCreate":1622099708491,"gmtModify":1631892500203,"author":{"id":"3583707299258821","authorId":"3583707299258821","name":"NealTong","avatar":"https://static.tigerbbs.com/20d6544e2ba9c9a11b4e5505d99ee5eb","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3583707299258821","authorIdStr":"3583707299258821"},"htmlText":"Good view","listText":"Good view","text":"Good view","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/132584479","repostId":1173192682,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":132536093,"gmtCreate":1622097549112,"gmtModify":1634183859272,"author":{"id":"3585188936086658","authorId":"3585188936086658","name":"roushiro","avatar":"https://static.tigerbbs.com/b0853b838a4fbd3327c663cfec831a5a","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3585188936086658","authorIdStr":"3585188936086658"},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/132536093","repostId":1173192682,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":132591635,"gmtCreate":1622096884027,"gmtModify":1634183865009,"author":{"id":"3581843817959377","authorId":"3581843817959377","name":"Baybay","avatar":"https://static.tigerbbs.com/ef7dbc91de3962d76f51a84524d549bc","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581843817959377","authorIdStr":"3581843817959377"},"htmlText":"awesome analysis i agree","listText":"awesome analysis i agree","text":"awesome analysis i agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/132591635","repostId":1173192682,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4468325,"gmtCreate":1622098439952,"gmtModify":1635397705781,"authorId":3564738902623228,"author":{"id":3564738902623228,"idStr":"3564738902623228","authorId":3564738902623228,"name":"Khoo12","avatar":"https://static.tigerbbs.com/a1637796379aeed1538616117eb09330","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":132591635,"type":1,"supId":0,"prevId":0,"content":"Yes","text":"Yes","html":"Yes"}],"langContent":"EN"},{"id":132504478,"gmtCreate":1622096598794,"gmtModify":1634183866743,"author":{"id":"3584444385075679","authorId":"3584444385075679","name":"Park357","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3584444385075679","authorIdStr":"3584444385075679"},"htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/132504478","repostId":1173192682,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":36,"commentSize":15,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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