UMADXE-45-M Project Finance and Investment Assignment Sample

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Introduction to Project Finance and Investment Assignment: Strategic Analysis of Apple Inc. and Microsoft Corporation

Apple Inc. and Microsoft Corporation are two of the most influential technology companies shaping the modern world, driving innovation in electronics, software, and digital services. Evaluating their growth and strategic positioning through a Project Finance and Investment Assignment framework, including financial models and SWOT analysis, provides comprehensive insights into their market strengths, revenue models, and investment outlook. A detailed assessment like this not only enhances understanding of industry trends but also aids in making informed decisions for both investors and business strategists. For additional support with such in-depth evaluations, you can consult an Assignment Helper at Rapid Assignment Help.

1. Apple Inc.

Apple Inc. is a multinational technology company founded in California, United States, specializing in the designing, manufacturing, and selling of consumer electronics, computers software and services. It was started in 1976 and due to the release of various products such as iPhone, iPad, Mac and Apple Watch, it has offered a great influence on the element of technology. The company is firmly entrenched in more than a hundred countries; its revenue has a wide base, because it sells both devices and services (Li, 2021). The practice of innovation and class products have placed the company as a leading technology company that is ever in a position to meet consumers needs and requirements that are there in the market.

Item	FY 2019 ($m)	FY 2020 ($m)	FY 2021 ($m)	FY 2022 ($m)	FY 2023 ($m)
Sales & Services Revenue	260,174	274,515	365,817	394,328	383,285
Cost of Revenue	161,782	169,559	212,981	223,546	214,137
Cost of Goods & Services	161,782	169,559	212,981	223,546	214,137
Gross Profit	98,392	104,956	152,836	170,782	169,148

Table 1: Revenue Breakdown

(Source: Self-created in MS Word)

1.1 SWOT Analysis

1.1.1 Strengths

Brand Reputation and Loyalty

The business holds one of the most admired and respected brand images that exist in technology market. This is through maintaining a high brand image as well as ensuring that it develops quality, new and improved products that have a standardized usability by the consumers. These points of brand equity coupled up with results into high level of customer retention and high pricing strategies. The fact that Apple is in a position to charge slightly higher amounts for its goods and services as compared to other similar companies is a sign of Apple's dominance in the market and the great value that will be placed in the company's products.

Ecosystem Integration

These one other strength of Apple; it has strong ecosystem integration. Apple has the integrated application ecosystem to make all the related application, media, service, and devices work in harmony which is hard for rival to emulate. The integrated approach to content and commerce goes beyond improving the satisfaction of the customer, but also triggers the chance of making multiple purchases in the future, as well as raising cross-sell sales (Chen, et al. 2021). The ecosystem approach makes users to be confined to the Apple ecosystem hence improving the overall user interaction and loyalty to brand.

Innovation and Product Development

More than anything else, it is this new product cycle that Apple evidently sustains through constant research and development (Chen, et al. 2023). Such novel offerings such as the iPhone, iPad and MacBook computers, as well as novelty in software, make the company a market leader and engages customers.

Strong Financial Performance

The strong and sound financial position of the Apple in terms of cash flows, high operating profit margins and the big cash balance means that is has the capability to invest in future technologies, acquisitions and for enduring business and economic risks. This aspect of financial strength is well admired on the side of the competitors.

1.1.2 Weaknesses

High Price Point

Currently, one of the Apple's main vulnerabilities is a high-price positioning that, in effect, excludes essential segments of more moderate consumers. Although this strategy promotes high level of profit margins, it hampers Apple's potential to target a wider market share. One weakness that Apple has to face is the high prices of its products and this becomes a major issue in developing economies.

Dependence on iPhone Sales

One weakness Apple has is the company's strong reliance on iPhone sales. Apple has attributed much of its revenue from the iPhone and changes in the sales figure for this device can have more significantly affect on the overall results (Lu, 2024). The strict focus on a particular product type in this regard make Apple vulnerable to market penetration and shifts in customers' preferences, as well as competition in the sphere of smartphones.

Limited Product Portfolio Diversification

Competitively, Apple could be said to be offering a good range of products but these are slightly concentrated. Concentration on the production of few products (eg. iPhone, Mac, iPad) reduces product differentiation and is dangerous for the company since it will suffer greatly if people's demand for these products decreases.

Supply Chain Vulnerability

The geographical location of the supply chain network spread across the globe with high concentrations of supply in Asia especially China. The political crisis of the countries of origin or environmental and health crises (for example, the COVID-19 pandemic) can influence the supply chain and delivery of products and materials which is a threat to the company.

1.1.3 Opportunities

Expansion into Wearable Technology

The increase in demand of wearable application is good opportunity for Apple Company to explore. Home along with wearables these products like the Apple Watch and the AirPods are on the rise and this is a market that apple can fully exploit (Yie, et al. 2021). As the numbers of wearable device producing companies increases, it can open up a great market for new revenues by the company as well as improve its position in the fast growing health and fitness market.

Growth in Services Revenue

A major growth area is services; things like Apple Music, Apple TV+, and iCloud, and so on. When it comes to the matter of the solidity of sale of computer hardware the services sector help diversify the sources of revenue and keep customers engaged. The growth of the software subscription plan and digital services corresponds to the consumer trends which may lead to consistent long-term revenues.

Expansion into Emerging Markets

They continue to have excellent growth prospects in various growth markets like India and Brazil, where there is an ever-growing BRI, or Better, Rest, Increase effect. Thus, while Apple currently lacks the scale and affordable products or regional solutions that can capture those markets, these regions are growing very fast.

Sustainability and Environmental Initiatives

With the rising sensitisation of consumers to environmental conservation issues such as climate change, the firm's goal to get to carbon neutrality besides using recycled materials is a marketing advantage that will appeal to the environmentally sensitive consumer (Lin, et al. 2023). It can also foster innovations in the design of products and of manufacturing and production techniques.

1.1.4 Threats

Intense Competitive Pressure

Apple is threatened by competition from other tech firms such as Samsung, Google, as well as the new entrant from China known as Huawei and others. Some of these competitors are able to provide the same or even better technology that is cheaper hence threatening the market share of Apple Inc and also exerting pressure on the company's profit margin. The fast growing rate of technology makes Apple always under pressure to adapt, something which poses a challenge in the current world given the stiff competition.

Geopolitical and Trade Risks

Political risks and sources of conflict, especially those in the international market as visibly demonstrated through trade wars between the United States of America and China are a threat to the supply chain and the cost of production for Apple Inc. Policies such as tariffs and trade restrictions and geopolitical risks can affect Apple suppliers' capability to provide products effectively. Also, dependence on the foreign market means that Apple faces the costs related to exchange rates and to regulation of operations in foreign countries that may influence the company's business and income.

Legal Issues and Problems, Patents and Copyrights

Apple often finds itself in litigation – patent litigation and antitrust investigations, to be precise (Moeller, 2020). These lawsuits can lead to enforcement of hefty penalties, tarnishing of the company's image, and limiting of its strategies for operation, all of which will affect its performance and profitability.

Dependence on Key Markets

Harnessing of the key markets in the developed countries the U. S and Europe puts the firm in vulnerable situations whereby changes in economic conditions in these countries affects its business greatly, market saturated and ever changing regulatory environment (Gao, 2021). Contraction of some of these markets may therefore be considered to have a significantly negative effect on Apple's financial health.

1.2 Valuation

1.2.1 Dividend Discount Model

The “Dividend Disconnect Model” (DDM) is used to assess Apple Inc. according to the premise that the value of a stock lies in its expected capacity to pay out dividends in the future (Weinstein, 2020). For the valuation in this analysis the Gordon Growth Model is used.

The DDM valuation takes an assumption of a constant growth rate on the dividends which has been the case with Apple due to its solid financials and cash flows (Balzer, 2020). Under the model, the intrinsic value has been estimated to be $ 9. 55, while the current market value is $221. There is therefore a low book to market ratio of 55, characteristic of growth firms 0.72. This further suggests that Apple's current stock price is overvalued to the extent that if the expected dividend payouts are used to benchmark the current price, it will still be high (Cusumano, et al. 2021).

1.2.2 Free Cash Flow Model

The FCF model which stands for “Free Cash Flow” is cash that a company can generate to maintain its assets (e Cunha, 2021). The plan aims at presenting Apple's equity value by valuing-ahead cash flows from operations using the discount rate proper to Apple's cost.

The FCF model recommends an equity value per share of $253.31 while the current market price is $221.72. With FCF model, it can say that Apple share is undervalued and hence come under the good list of investment area (Lopatka, and Page, 2022).

1.2.3 Residual Income Model

Another method of equity valuation is the “Residual Income” (RI) model which is based on the residual income that results from subtracting the product of the cost of equity capital and the balance sheet value of the company (Birch, et al. 2020). It is used to estimate the value by computing the present value of residual income plus book value of equity.

The “Residual Income” valuation gives value of $97.25 and the P/ E valuation gives $ 88. 20 per share, below the prevailing market price of $221 of its common stock. 72; this suggests that the current stock prices may be overpriced under this model.

1.2.4 Price Multiples

This valuation method uses price multiples, where Apple Inc is compared with industries such as the Microsofts, Google and the Amazon (Gleiss, et al. 2021). These two companies provide similar operations and therefore the comparison made will be directly applicable.

Relative to the price multiples valuation, Apple Inc has been slightly undervalued with the target of $236. 23 compared market price of $221. 72.

1.2.5 Recommendations

Due to the fact that in price multiples valuation, more emphasis is placed on comparitor companies, which may possess dissimilar growth rates, returns and capital structures; the value ascribed to this method is relatively low. More emphasis is placed in the Residual Income method as it is most suitable to the maturity of the business like Apple Inc (Smith, 2024). The FCF method receive the hike weight because of possessing features of flexibility to value the companies.

When a company valuation is done using various methods, the average target price of the shares is $169. Currently the company's stock market price is $221 so the price the company buys back its stock at, $19 is below the market price. 72. Hence, the last recommendation is to sell the stock as it is overpriced as revealed by the above combined valuation techniques.

2. Microsoft Corporation

Microsoft Corporation is one of the world's premier technology firms that is based in Redmond, Washington; it produces software products such as Windows, Microsoft office, among others. Apart from software the technological solutions offered by Microsoft comprises of cloud services with Azure, gaming with Xbox and production of devices like Surface tablets and Laptops (Spinetta, 2024). It has also shown a strong performance trajectory of the last few years mostly driven by its shift towards the provision of cloud services and venturing into new technologies.

Item	FY 2019 ($m)	FY 2020 ($m)	FY 2021 ($m)	FY 2022 ($m)	FY 2023 ($m)
Sales & Services Revenue	125,843	143,015	168,088	198,270	211,915
Cost of Revenue	42,910	46,078	52,232	62,650	65,863
Cost of Goods & Services	42,910	46,078	52,232	62,650	65,863
Gross Profit	82,933	96,937	115,856	135,620	146,052

Table 2: Revenue Breakdown

UMADXE-45-M Project Finance and Investment Assignment Sample

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(Source: Self-created in MS Word)

In the last few fiscal years, overall income of Microsoft has been on the higher side and steadily rising. Revenue, in particular, was US $ 211 billion in FY 2023 for Microsoft. nine billion up from one hundred and twenty five. 8 billion in fiscal year 2019 to show its sound growth trend. The company has also managed its cost of revene which has also increased in line with the revenue but at a slower rate hence there is an improvement in the gross profit. The gross profit line in the income statement during the FY 2023 was $146. To this end, it saw its revenues increase from $82 to $1 billion. 9 billion in the financial year ended 31 March 2019. The increase has been closely associated with good performance in ICLP's cloud computing and software divisions.

2.1 SWOT Analysis

2.1.1 Strengths

Diverse Product Portfolio

Microsoft Corporation is engaged in the production of a wide variety of essentials for modern computers which includes operation systems, productivity application, cloud solutions, and devices. Some of these are the Windows operating systems, the Microsoft office suite of products, Azure, and the Surface range of devices. This diversification eliminates the dangers of overdependence on a particular product or market segment and offers various centers of income (Shabdanov, 2023). They provide a way through which the company is able to offer a variety of products and services that meet the needs of all customers starting with personal computing and extending to business solutions.

Leadership in Cloud Computing

Another cloud offering from Microsoft is Azure, that services as one of the major competitors for Amazon's AWS. Azure is a growing and innovative product that serves as a mainstay for Microsoft in the very competitive and quickly expanding cloud market. The company gets more demands from global consumer for its cloud infrastructure and company services that contribute much to the revenues and strategic performance of the company.

Claim on Brand & Market Dominance

Microsoft is one of the most recognizable and valuable companies of the world. The history of its enduring dependability and continuous evolution has placed it in a position of the industry leader in several industries such as the enterprise software and cloud services, as well as the sell of personal-computer devices.

Robust Financial Performance

Currently, Microsoft post impressive operating results, namely, growing revenues, high gross and net margins, and Cash Reserves suggesting that the company is in a position to invest in innovational activities, buy over new technologies, and provide a return on shareholder value in form of dividends and share buybacks.

2.1.2 Weaknesses

Dependency on Windows and Office Products

Another major threat that has been identified is that users rely more on windows and office products.Nevertheless, the structure of revenues is still dominated by Windows and Office products: Windows accounted for 54% of Microsoft's revenue in FY '12. The focus on traditional software products puts Microsoft at several disadvantages concerning oversaturation and reduced market demand for such products (Ekapure, et al. 2021). Since choosing to focus on the business segment as well as consumers switching to cloud solutions, the company has to evolve iteratively.

Challenges in the Hardware Segment

Microsoft's thrusts into the design and manufacture of the Surface tablets and Xbox gaming systems have been challenged and weaker compared to the reign established in software and cloud, the company's strong suits. Namely, this segment can be characterized by less gross and net margins than software and cloud businesses, as well as the relatively high fluctuation of results (Barrantes, and Leach, 2021). However, the changes in the market have not eroded the fact that hardware sales have their unique difficulties that can affect the company's revenue and position.

Security and Privacy Concerns

Since Microsoft is a key company that provides cloud services and software, it is in high risk of cyber threats (Hveckovičs, 2020). Although the company has placed a lot of focus on security issues and safety of its clients, an incident would be terrible to company's reputation and would compromise the trust of numerous enterprise clients who rely on Microsoft allowing their businesses move to the cloud.

Dependence on Legacy Products

Yet the company was slow to diversify and a good part of its revenue even in 2020 still comes from Windows OS, and traditional Office licenses (Holgersson, et al. 2022). They are now a popular choice as the market start turning from purchasing products to subscription services as well as cloud computing services, the older products themselves may slow growth and flexibility.

2.1.3 Opportunities

AI expansion

The transformation that is rapidly taking place in the production of artificial intelligence is therefore a great growth factor to Microsoft (Böttcher, et al. 2021). The firm is currently focusing on AI, developing it as a solution to include within the firm's offerings such as Azure AI and MS 365 (Hazlett, 2020). Integrated AI technology can better the product usability and customers perception that may lead to the creation of new revenue generating factions in advanced technologies.

Growth in Enterprise Solution and Cloud Adoption

Cloud computing and enterprise solutions remain a dominant opportunity that Microsoft has got in the market. Hence, as more and more corporations shift their IT infrastructure and services to cloud, Microsoft Azure is in a good place to grab a large piece of that pie (Morhachov, et al. 2024). Also, new opportunities in markets for enterprise software solutions and services such as data analytics, advanced cybersecurity services etc are a good way to continue expansion and the maintenance of the leading market position.

Growth in Gaming and Entertainment

The gaming industry continues to grow and Microsoft with Xbox and the investment in game development and cloud gaming (Xbox Game Pass and xCloud) are in the right place at the right time. Adding to its provided games and entertainment choices a is a good way to generate more revenues and attract the attention of users.

Sustainability and Environmental Initiatives

With the sustainability factor increasingly becoming a top priority across the world, the company can benefit from the strategies of implementing carbon neutrality, and investing in technologies that meet this goal to foster a reputation for an environmentally sustainable company that can attract the class of customers and investors willing to patronize Microsoft.

2.1.4 Threats

High rivalry in technology industry

The company has a strong competition in all fields of its operation, including cloud computing, productivity suites, and hardware (Butarbutar, et al. 2023). There are very serious threats that come with competitors like Amazon with AWS, Google with Google cloud and even apple company in the hardware. Because of the fast rate of advancement in technology, Microsoft needs to keep on evolving in order to remain competitive.

Cybersecurity Risks, and Data Privacy

Microsoft company is among the key players in cloud and enterprise solutions and as such exposed to cybersecurity and data privacy risks. Spectacular leaks of personal information and security breaches can cost clients' trust and lead to monetary and image losses (Stoian, and Tohanean, 2021). It is essential for the company to address and minimise these threats and conform to the new rigorous requirements regarding personal data protection.

Cybersecurity Threats

Microsoft, which has a large activity on the web, is always at risk of having its networks targeted by cybercriminals. Any foul play could lead to make huge losses, legal complications and hurt the image of the whole firm. Due to the dynamic nature of the threats in the cyber space, the security measures have to be updating frequently, which may be expensive.

Geopolitical Instability and Trade Wars

Some of risks which affect Microsoft include geopolitical risks due to its diverse operations across the world and geopolitics being volatile, risk of trade wars and protectionism (Kumar, and Kunte, 2023). They can upset the supply chain, raise costs and affect International sales, especially in areas such as China that has complicated the business operati0ons formally of the company and is home to strong local technology companies.

2.2 Valuation

2.2.1 Dividend Discount Model

The Dividend Discount Model (DDM) is employed to analyse the Microsoft Corporation with the rationale being that the value of the stock is the sum of the present dividends that the firm will pay in the future (Alfarisi, 2023). This paper uses the Gordon's Expected Dividend Growth Model in arriving at the firm's valuation.

As for the firm value calculation, it uses the DDM approach and presupposes the constant growth of dividends on the grounds of Microsoft's high financial indicators and cash flows (Schwartz, et al. 2021). Thus by applying the model of the intrinsic value the company is estimated to be at a worth of $ 49. 45 while the current market value of the actual shares is $421, hence a clear indication that the effectiveness of share repurchases is perceived to be below par. 03. This mean that Microsoft's stock is overpriced when one simply considers the expected dividend yield.

2.2.2 Free Cash Flow Model

The evaluation by FCF model is applied in determination of Microsoft's equity value by giving present value to the future cash flows using the discount rate that is equivalent to the firm's cost of capital.

On the basis of the FCF model of Gordon, the equity value per share was calculated having a value of 792 $. 53, which is much higher as compared to today's trading price of $421. 03 (Rameesa, and Veeramanju, 2023). This means that Microsoft stocks are depressed according the FCF model, and they could be good investment.

2.2.3 Residual Income Model

The Residual Income (RI) model more focuses on the increment in the present value of expected future residuals, discounted at the cost of equity funds (Kornelakis, and Petrakaki, 2024). It is computed by adding present value of residual income to the book value of equity.

According to Residual Income valuation model, the value for each theoretically active share is $ 103. 51 per share which are currently trading at $421 in the market at the time of writing this paper (Aspara, et al. 2023). It is illustrated that, under the CFI of 03, the stock of the company is estimated to be overvalued under this model.

2.2.4 Price Multiples

Relative valuation may involve comparing Microsoft Corporation with other business within the industries such as Apple, Google and Amazon using the price multiples (Kawai, 2020). These companies are in the same industry, and therefore the comparison is made within the sector.

In light of the scope for further analysis in using price multiples valuation, Microsoft Corporation is undervalued with a target price of $497. 69 bear a completely different value than its market price which is $421. 03.

2.2.5 Reccomendations

The final method, namely the price multiples valuation, is less preferred owing to the fact that it is based on the analysis of comparable companies, which can be characterised by different growth dynamics, returns on nets assets, and capital intensity (Kim, 2020). The Residual Income method is given a higher weight given the fact that larger firm like Microsoft Corporation is probably past the initial maturity (Lemley, and McCreary, 2021). FCF receives the highest WACC weight because of its versatility and efficiency while determining the value of enterprises.

Performing a valuation using various methods, the average target price stands at $379. 13 which for me is slightly low than the current market price of $421. 03 (Єрешко, and Кириченко, 2024). Holding the recommendation can be used as the last recommendation since the combined valuation methods shows that the stock is fairly valued.

3. Conclusion

Comparing the strategic position of Apple Inc. and Microsoft Corporation, it can be said that their strengths are different. The key reasons supporting the valuation of Apple in the Project Finance and Investment Assignment are its well-organized ecosystem and continuously growing revenues, especially from the service sector, where its customers are extremely loyal. Looking at the “Dividend Discount Model” (DDM), “Free Cash Flow” (FCF) and “Price Multiples”, Apple is fairly valued, which can be attributed to the company’s excellent financial performance and its leadership in the markets.

Microsoft on the other side gains from its leading role in cloud and enterprise solutions. According to the value schemes, Microsoft is somewhat undervalued with large growth prospects because of its diversified streams of operations and efficient cash flow. The two businesses are established in the tech field with apple leveraging on consumer devices while Microsoft's solutions are basically for the business markets. This company analyst report mainly shows the strategic analysis and the valuation which prove the leadership of the companies, while Microsoft can be considered to have further upside.

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