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Color code: Blue cells represent our primary assumptions which drive the model. Orange cells have been calibrated to meet co
management team. Please be mindful of the dates reflected in the color code legend as data can change every day and our m
data.
About our Consensus/Management Guidance-based Models: Generally speaking, we attempt to keep the opinions of our mo
it clear where the blue cell forecasts come from, so that the user of the model can understand the estimate and change it as h
O50 below), along with the estimates of the other product's revenue must be calibrated to meet the consensus total revenue
want to give the user the visibility for how the growth estimate was derived, not just for this quarter, but for all the forecast q
percentage required to meet the consensus estimate (note the -28.78% at the end of the average calculation in cell O50). You
understand how we developed our forecast. You may then adjust the blue cells based on your own beliefs about the future pr

Incorporate Your Own Forecast: The model is designed to be "dynamic", meaning if you change the forecast items in the blue
calculate a new earnings forecast. You may change any value, however, changing only the blue cells will help to maintain the i
"dynamic" model in a spreadsheet. As a result you will need to carefully exam your estimates to ensure they have resulted in y
enter this forecast in the Balance Sheet, you should confirm that the resulting cash shows up in the Cash Flow Statement. If it

To enter your own earnings forecast, read the MD&A highlights at the bottom of this worksheet, and consider whether or not
corresponding growth rates in the blue cells accordingly.

Income Statement: The primary drivers of this model are the estimates of each product's (and services) year-over-year revenu
estimates. Management's guidance is used as a reasonableness check against the forecasts entered into this model. Total reve

Interest expense and other income: These amounts are forecasted based on effective interest rates, and Balance Sheet projec
are used in the forecast as an approximation. If necessary the effective interest rate forecasts may be adjusted to compensate

Tax provision: based on the historic effective tax rate and management's guidance.
Balance Sheet: Driven by operating ratios combined with the Income Statement forecasts, which produce balance forecasts fo
and Balance Sheet metrics, therefore, the Balance Sheet component of the ratios should be based on an average of the curre
forecast period. For simplicity, and to prevent a circular reference error, the historic turnover ratios are calculated based on o
period forecasts which represent approximations. You may adjust the future period input turnover ratios as you see fit.

Property & Equipment (P&E): Based on a sequential capex growth rate forecast, and estimates for depreciation.
Other balance sheet accounts: Estimated with basic growth rates, or held flat to the last reported value if no reasonable forec
Equity Section: Common stock is projected using the last reported balance and additions for any projected stock issuances, in
retained earnings is based on the projected net income from the Income Statement, less dividend distributions. Accumulated
to the nature of fx fluctuations the balance is held flat to the last reported value.

Cash Flow Statement: Generally driven by the net income from the Income statement, adjusted for non-cash items, and chan
Stock-Based Compensation (SBC): Projected based on the historic ratio of SBC to revenue.
Changes in operating assets & liabilities: Taken directly from the projected changes in the Balance Sheet forecast
Valuation Approach: Similar to our approach for earnings estimates, we attempt to keep our model developers' opinions out o
it clear where the blue cell valuation input forecasts come from, so that the user of the model can understand the estimates a
as the multiple simply represents a short term historic multiple observed at some point in the last few months. You may chang
Discounted Cash Flow: Given the nature of the discounted cash flow valuation, there are many assumptions and estimates wh
to estimate the market Equity Risk Premium (ERP). Refer to our latest ERP model for details on our interest rate and volatility
estimates of Beta to link the market ERP to an individual stock, and use the cost and weight of debt to calculate a Weighted Av
earnings model. We use two stages in our discount model, with the terminal stage based on longer-term theoretical inputs.
Overall Valuation in the Consensus/Management Guidance-Based Models: In general since we have calibrated our model to
share value. As you change your earnings estimates, or the estimates in the valuation section based on your opinions, the theo
does not represent investment advice. Refer to our full Terms of Use for details.

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Latest Company Guidance for Fiscal 3Q2019 (source: F2Q2019 earnings call on 4/30/2
1) Revenue between $52.5B and $54.5B.
2) Gross margin between 37% and 38%.
3) Operating expenses between $8.7B and $8.8B.
4) Other income/(expense) of $250M.
5) Tax rate of approximately 16.5%.

Excerpt from MD&A section of SEC filing (source: 10-Q filing for January 30, 2019)
Note: Please refer to the full 10-Q including the Management's Discussion and Analysis (MD&A) section available at www.SEC
First Quarter Fiscal 2019 Highlights
Total net sales decreased 5% or $4.0 billion during the first quarter of 2019 compared to the same quarter in 2018, driven by l
Services net sales. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable impact on net sales during
The Company began shipping iPhone X R in October 2018. During the first quarter of 2019, the Company introduced two new
began shipping in November 2018. The Company also introduced a new version of MacBook Air ® and a new Mac mini ® , both
Americas: Americas net sales increased during the first quarter of 2019 compared to the same quarter in 2018 due primarily t
net sales. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable impact on Americas net sales durin
Europe: Europe net sales decreased during the first quarter of 2019 compared to the same quarter in 2018 due primarily to lo
sales. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable impact on Europe net sales during the
Greater China: Greater China net sales decreased during the first quarter of 2019 compared to the same quarter in 2018 due p
Japan: Japan net sales decreased during the first quarter of 2019 compared to the same quarter in 2018 due primarily to lowe
Rest of Asia Pacific: Rest of Asia Pacific net sales during the first quarter of 2019 were generally flat compared to the same qu
lower iPhone net sales. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable impact on Rest of Asi

Products Gross Margin: Products gross margin decreased during the first quarter of 2019 compared to the same quarter in 20
U.S. dollar, partially offset by higher net sales of Mac, iPad and Wearables. Year-over-year products gross margin percentage d
lower iPhone unit sales on the Company’s products fixed cost structure.
Services Gross Margin: Services gross margin increased during the first quarter of 2019 compared to the same quarter in 2018
increased during the first quarter of 2019 due primarily to a favorable mix of services with higher margins and the impact of h

Research and Development: The growth in R&D expense during the first quarter of 2019 compared to the same quarter in 20
costs. The Company continues to believe that focused investments in R&D are critical to its future growth and competitive pos
are central to the Company’s core business strategy.
Selling, General and Administrative: The growth in selling, general and administrative expense during the first quarter of 2019
headcount-related expenses.

Model Changes Made in March-2019

1) Added cash to the denominator in the interest income calculation. When this model was originally built interest rates on sh
2) Simplified the turnover ratios: When a ratio includes metrics from the Balance Sheet and Income Statement, an average of
complexity in the model's underlying equations and the potential for circular reference errors. To simplify the approach we no
If you would like to adjust the forecast (blue cells) to compensate for significant Balance Sheet changes, you may do so.
3) Given the corporate tax reform which was passed in 2018, deferred tax liabilities on earnings from foreign subsidiaries (repa
model.
4) Since Apple Inc's intangible assets are no longer reported separately from other assets on the face of the Balance Sheet, an
amortization out of depreciation and amortization.
5) Changed the modeling approach of total investments to be based on a percentage of total assets from a sequential growth
GR
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Blue cells = Gutenberg estimates (last updated 5/30/2019)

Primary Output: After you adjust the Primary Output: After you adjust
Purple cells = Company guidance (updated 4/30/2019) Primary Inputs in the model below, your the Primary Inputs in the model
Orange cells = Consensus estimates (Updated 5/30/2019) new earnings forecast will recalculate below, your new earnings
based on the new assumptions resulting forecast will recalculate based on
Implied P/E 12-month target value $180 the new assumptions resulting in
in a new EPS estimate, and theoretical
Implied DCF 12-month target value $198 target share price band. a new EPS estimate, and
Implied 50/50 average target value $189 theoretical target share price
band.
Implied target price band $152 to $227
Apple Inc Income Statement Sept-17 Dec-17 Mar-18 June-18 Sept-18 Sept-18 Dec-18 Mar-19 June-19 Sept-19 Sept-19 Dec-19 Mar-20 June-20 Sept-20 Sept-20
(Dollars in millions, except per share data) FY 2017 F1Q18 F2Q18 F3Q18 F4Q18 FY 2018 F1Q19 F2Q19 F3Q19E F4Q19E FY 2019E F1Q20E F2Q20E F3Q20E F4Q20E FY 2020E
Product sales 197,212 79,164 51,287 43,095 52,301 225,847 73,435 46,565 41,809 49,502 211,311 73,896 48,107 43,359 51,781 217,143
Service sales 32,022 9,129 9,850 10,170 10,599 39,748 10,875 11,450 11,691 11,898 45,914 12,904 13,193 13,081 12,879 52,057
Total net sales 229,234 88,293 61,137 53,265 62,900 265,595 84,310 58,015 53,500 61,400 257,225 86,800 61,300 56,440 64,660 269,200
Product cost of sales 50,575 48,238 32,047 28,983 33,235 142,502 48,726 33,204 30,144 34,869 146,943
Service cost of sales 3,806 4,041 4,147 4,421 4,523 17,133 4,924 4,805 4,973 4,922 19,624
Total cost of sales 141,048 54,381 37,715 32,844 38,816 163,756 52,279 36,194 33,404 37,758 159,635 53,650 38,009 35,117 39,791 166,567
Gross Profit 88,186 33,912 23,422 20,421 24,084 101,839 32,031 21,821 20,096 23,642 97,590 33,150 23,291 21,323 24,870 102,634
Research and development 11,581 3,407 3,378 3,701 3,750 14,236 3,902 3,948 4,024 4,256 16,129 4,230 3,988 4,158.78 4,255 16,632
Selling, general and administrative 15,261 4,231 4,150 4,108 4,216 16,705 4,783 4,458 4,726 4,960 18,927 5,089 4,644 4,745 4,865 19,344
Total operating expenses 26,842 7,638 7,528 7,809 7,966 30,941 8,685 8,406 8,750 9,216 35,057 9,319 8,632 8,904 9,120 35,975
Operating Income 61,344 26,274 15,894 12,612 16,118 70,898 23,346 13,415 11,346 14,426 62,533 23,831 14,659 12,419 15,749 66,658
EBITDA 71,501 29,019 18,633 15,277 18,872 81,801 26,741 16,455 14,288 17,399 74,883 26,932 17,755 15,531 18,879 79,096
Interest and dividend income 5,201 1,452 1,505 1,418 1,311 5,686 1,307 1,358 1,358 1,308 5,331 1,346 1,569 1,605 1,588 6,109
Interest expense (2,323) (734) (792) (846) (868) (3,240) (890) (1,010) (1,010) (977) (3,887) (976) (1,085) (1,133) (1,150) (4,345)
Other income/(expense) (133) 38 (439) 100 (140) (441) 143 30 (98) (16) 59 15 (17) (29) (12) (44)
Total other income/(expense) 2,745 756 274 672 303 2,005 560 378 250 315 1,503 384 467 444 426 1,720
Income before income taxes 64,089 27,030 16,168 13,284 16,421 72,903 23,906 13,793 11,596 14,741 64,036 24,215 15,126 12,862 16,175 68,378
Provisions for income tax 15,738 6,965 2,346 1,765 2,296 13,372 3,941 2,232 1,884 2,395 10,453 3,935 2,458 2,090 2,628 11,111
Net income 48,351 20,065 13,822 11,519 14,125 59,531 19,965 11,561 9,711 12,346 53,583 20,280 12,668 10,772 13,546 57,267
Basic shares outstanding 5,217 5,113 5,025 4,882 4,802 4,955 4,736 4,674 4,606 4,568 4,660 4,551 4,542 4,520 4,504 4,532
Diluted shares outstanding 5,252 5,158 5,068 4,927 4,848 5,000 4,773 4,701 4,628 4,584 4,688 4,560 4,544 4,516 4,493 4,532
Basic EPS 9.27 3.92 2.75 2.36 2.94 12.01 4.22 2.47 2.11 2.70 11.50 4.46 2.79 2.38 3.01 12.64
Diluted EPS 9.21 3.89 2.73 2.34 2.91 11.91 4.18 2.46 2.10 2.69 11.43 4.45 2.79 2.39 3.01 12.64
Dividends per share 2.40 0.63 0.63 0.73 0.73 2.72 0.73 0.73 0.77 0.77 2.99 0.77 0.77 0.84 0.84 3.22
Dividend growth rate (YoY) 11% 11% 16% 16% 13% 16% 16% 5% 5% 10% 5% 5% 10% 10% 8%

Segment & Product Data Sept-17 Dec-17 Mar-18 June-18 Sept-18 Sept-18 Dec-18 Mar-19 June-19 Sept-19 Sept-19 Dec-19 Mar-20 June-20 Sept-20 Sept-20
FY 2017 F1Q18 F2Q18 F3Q18 F4Q18 FY 2018 F1Q19 F2Q19 F3Q19E F4Q19E FY 2019E F1Q20E F2Q20E F3Q20E F4Q20E FY 2020E
Sales by Geography
Total sales by geography 229,234 88,293 61,137 53,265 62,900 265,595 84,310 58,015 53,500 61,400 257,225 Primary Input: If you
86,800 think iPhones
61,300 will do
56,440 64,660 269,200
well this quarter (maybe weakness in
Estimates by Product - iPhone FY 2017 F1Q18 F2Q18 F3Q18 F4Q18 FY 2018 F1Q19 F2Q19 F3Q19E F4Q19E FY 2019E F1Q20E
China F2Q20E
improves) then F3Q20E
increase this F4Q20E FY 2020E
iPhone products revenue ($M) 139,821 61,104 37,559 29,470 36,755 164,888 51,982 31,051 26,686 32,415 142,134 growth rate. If not 30,833
49,616 decrease the rate.
26,675 33,164 140,289
iPhone product revenue growth rate (YoY) 13% 14% 20% 29% 18% -15% -17% -9% -12% -14% -5% -1% 0% 2% -1%
Estimated iPhone service revenue (prior to FY2018) 1,498 472 473 436 430 1,811
Estimates by Product - iPad FY 2017 F1Q18 F2Q18 F3Q18 F4Q18 FY 2018 F1Q19 F2Q19 F3Q19E F4Q19E FY 2019E Primary Input: If you
F1Q20E think iPad strength
F2Q20E F3Q20E F4Q20E FY 2020E
from the release of the iPad Pro in
iPad revenue ($M) 18,999 5,755 4,008 4,634 3,983 18,380 6,729 4,872 5,056 4,293 20,950 7,660will continue
November 5,509increase this
5,609 4,783 23,561
iPad revenue growth rate (YoY) 5% 4% -6% -16% 17% 22% 9% 8% growth 14%
rate. If not decrease
13% the rate.11% 11% ###
Estimated iPad service revenue (prior to FY2018) 223 107 105 107 106 425
Estimates by Product - Mac FY 2017 F1Q18 F2Q18 F3Q18 F4Q18 FY 2018 F1Q19 F2Q19 F3Q19E F4Q19E FY 2019E F1Q20E F2Q20E F3Q20E F4Q20E FY 2020E
Mac revenue ($M) 25,557 6,824 5,776 5,258 7,340 25,198 7,416 5,513 5,296 7,491 25,716 Primary7,544
Input: If you 5,512 5,356
think Mac strength 7,583 25,995
Mac product revenue growth rate (YoY) -5% 0% -5% 3% 9% -5% 1% 2% 2%
from the release 0% MacBook Air
of the new 1% 1% ###
and Mac Mini in October will continue
Estimated Mac service revenue (prior to FY2018) 293 71 72 72 71 286 increase this growth rate. If not decrease
Wearables, Home & Accessories FY 2017 F1Q18 F2Q18 F3Q18 F4Q18 FY 2018 F1Q19 F2Q19 F3Q19E F4Q19E FY 2019E the rate.
F1Q20E F2Q20E F3Q20E F4Q20E FY 2020E
Wearables, Home & Accessories revenue ($M) 12,835 5,481 3,944 3,733 4,223 17,381 7,308 5,129 4,771 5,303 22,511 9,076 6,252 5,719 6,251 27,299
Primary Input: If you think the success of
Wearables product revenue growth rate (YoY) 36% 38% 37% 31% 33% 30% 28% 26% 24% 22% 20% 18% ###
the Apple Watch and AirPods will continue
Estimated Other service revenue (prior to FY2018) 28 8 10 7 11 36 to increase this growth rate. If not
decrease the rate.
Services Revenue FY 2017 F1Q18 F2Q18 F3Q18 F4Q18 FY 2018 F1Q19 F2Q19 F3Q19E F4Q19E FY 2019E F1Q20E F2Q20E F3Q20E F4Q20E FY 2020E
Services revenue ($M) 29,980 8,471 9,190 9,548 9,981 37,190 10,875 11,450 11,691 11,898 45,914 Primary
12,904
Input: If you13,193 13,081
think the latest 12,879 52,057
Services growth rate (YoY) 18% 31% 31% 17% 28% 25% 22% 19% 19%
service offerings 15% in faster 12%
will results than 8% ###
expected expansion of the service
2016 Services revenue (as originally reported) business than increase this growth rate. If
24,348
Comparison of 2020 to 2016 not decrease the rate. 2.1x
Reconciliation FY 2017 F1Q18 F2Q18 F3Q18 F4Q18 FY 2018 F1Q19 F2Q19 F3Q19E F4Q19E FY 2019E F1Q20E F2Q20E F3Q20E F4Q20E FY 2020E
Product revenue - - - - - - - - - - - - - - - -
Service revenue - - - - - - - - - - - - - - - -
Sales by geography - - - - - - - - - - - - - - - -
Other Important Data Points FY 2017 F1Q18 F2Q18 F3Q18 F4Q18 FY 2018 F1Q19 F2Q19 F3Q19E F4Q19E FY 2019E F1Q20E F2Q20E F3Q20E F4Q20E FY 2020E
Trade Weighted U.S. Dollar Index 120 118 121 125 128 127 129
Primary Input: If you think fx,
Percent change in Dollar Index (YoY) -4% -7% -2% 5% 6% 8% 7% memory prices, and other input
Installed base of active devices (in Billions) 1.4 1.4 costs will improve, increase the
Ratio Analysis FY 2017 F1Q18 F2Q18 F3Q18 F4Q18 FY 2018 F1Q19 F2Q19 F3Q19E F4Q19E FY 2019E product gross margin.
F1Q20E If not
F2Q20E F3Q20E F4Q20E FY 2020E
decrease the margin.
Products - gross margin 36.1% 33.7% 34.3% 31.2% 30.7% 32.9% 34.1% 31.0% 30.5% 32.7% ###
Services - gross margin 58.3% 61.1% 62.8% 63.8% 62.2% 62.0% 61.8% 63.6% 62.0% 61.8% ###
Total - gross margin 38.5% 38.4% 38.3% 38.3% 38.3% 38.3% 38.0% 37.6% 37.6% 38.5% 37.9% 38.2% 38.0% 37.8% 38.5% 38.1%
Operating margin 26.8% 29.8% 26.0% 23.7% 25.6% 26.7% 27.7% 23.1% 21.2% 23.5% 24.3% 27.5% 23.9% 22.0% 24.4% 24.8%
Effective tax rate 24.6% 26% 15% 13.3% 14.0% 18% 16% 16% 16.3% 16% 16% 16% 16% 16% 16% 16%
SG&A to sales 7% 4.8% 6.8% 7.7% 6.7% 6% 5.7% 7.7% 8.8% 8.1% 5.9% 7.6% 8.4% 7.5% ###
R&D to sales 5% 3.9% 5.5% 6.9% 6.0% 5% 4.6% 6.8% 7.5% 6.9% 4.9% 6.5% 7.4% 6.6% ###
Interest income as a % of cash & investments 0.5% 0.6% 0.6% 0.6% 0.5% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% ###
Interest expense as a % of debt -0.6% -0.7% -0.7% -0.8% -0.8% -0.9% -0.9% -0.9% -0.9% -0.9% -0.9% -0.9% ###
Share Count Analysis FY 2017 F1Q18 F2Q18 F3Q18 F4Q18 FY 2018 F1Q19 F2Q19 F3Q19E F4Q19E FY 2019E F1Q20E F2Q20E F3Q20E F4Q20E FY 2020E

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Apple Inc Balance Sheet Sept-17 Dec-17 Mar-18 June-18 Sept-18 Sept-18 Dec-18 Mar-19 June-19 Sept-19 Sept-19 Dec-19 Mar-20 June-20 Sept-20 Sept-20
(Dollars in millions, except per share data) FY 2017 F1Q18 F2Q18 F3Q18 F4Q18 FY 2018 F1Q19 F2Q19 F3Q19E F4Q19E FY 2019E F1Q20E F2Q20E F3Q20E F4Q20E FY 2020E
Assets
Cash and equivalents 20,289 27,491 45,059 31,971 25,913 25,913 44,771 37,988 33,468 26,172 26,172 42,526 54,222 50,720 47,265 47,265
Short-term marketable securities 53,892 49,662 42,881 38,999 40,388 40,388 41,656 42,104 37,089 40,726 40,726 45,826 44,758 44,151 48,538 48,538
Accounts receivables 17,874 23,440 14,324 14,104 23,186 23,186 18,077 15,085 14,384 21,717 21,717 20,591 15,110 15,059 23,343 23,343
Inventories 4,855 4,421 7,662 5,936 3,956 3,956 4,988 4,884 4,637 4,567 4,567 4,710 6,164 5,514 4,402 4,402
Deferred tax assets - - - - - - - - - - - - - - - -
Vendor non-trade receivables 17,799 27,459 8,084 12,263 25,809 25,809 18,904 11,193 12,356 22,622 22,622 22,609 9,624 13,051 25,080 25,080
Other current assets 13,936 11,337 12,043 12,488 12,087 12,087 12,432 12,092 12,539 12,136 12,136 12,483 12,141 12,590 12,186 12,186
Total Current Assets 128,645 143,810 130,053 115,761 131,339 131,339 140,828 123,346 114,474 127,940 127,940 148,744 142,018 141,085 160,813 160,813
Long-term marketable securities 194,714 207,944 179,286 172,773 170,799 170,799 158,608 145,319 146,510 156,518 156,518 172,096 167,509 168,720 183,971 183,971
Property, plant and equipment, net 33,783 33,679 35,077 38,117 41,304 41,304 39,597 38,746 38,758 39,477 39,477 40,106 40,366 40,442 40,533 40,533
Goodwill 5,717 5,889 - - - - - - - - - - - - - -
Acquired intangible assets, net 2,298 2,149 - - - - - - - - - - - - - -
Other noncurrent assets 10,162 13,323 23,086 22,546 22,283 22,283 34,686 34,587 35,279 35,984 35,984 36,704 37,438 38,187 38,951 38,951
Total Assets 375,319 406,794 367,502 349,197 365,725 365,725 373,719 341,998 335,020 359,919 359,919 397,649 387,331 388,434 424,268 424,268
Liabilities FY 2017 F1Q18 F2Q18 F3Q18 F4Q18 FY 2018 F1Q19 F2Q19 F3Q19E F4Q19E FY 2019E F1Q20E F2Q20E F3Q20E F4Q20E FY 2020E
Accounts payable 49,049 62,985 34,311 38,489 55,888 55,888 44,293 30,443 38,659 55,520 55,520 52,503 33,223 40,895 57,894 57,894
Accrued expenses and other current liabilities 25,744 26,281 26,756 25,184 32,687 32,687 36,703 35,368 25,295 31,907 31,907 37,787 37,371 26,685 33,602 33,602
Deferred revenue (current portion) 7,548 8,044 7,775 7,403 7,543 7,543 5,546 5,532 5,995 6,260 6,260 5,895 6,053 6,206 6,289 6,289
Commercial paper/current portion of LT debt 18,473 18,478 20,478 17,472 20,748 20,748 21,741 22,429 19,668 20,428 20,428 22,896 23,889 23,944 25,187 25,187
Total Current liabilities 100,814 115,788 89,320 88,548 116,866 116,866 108,283 93,772 89,617 114,115 114,115 119,080 100,536 97,731 122,972 122,972
Deferred revenue (non-current) 2,836 3,131 3,087 2,878 2,797 2,797 - - 957 711 711 376 490 641 566 566
Long-term debt 97,207 103,922 101,362 97,128 93,735 93,735 92,989 90,201 89,246 88,456 88,456 98,113 102,418 104,350 108,680 108,680
Other non-current liabilities 40,415 43,754 46,855 45,694 45,180 45,180 54,555 52,165 50,872 50,300 50,300 60,738 58,077 56,638 56,001 56,001
Total liabilities 241,272 266,595 240,624 234,248 258,578 258,578 255,827 236,138 230,692 253,582 253,582 278,306 261,521 259,360 288,218 288,218
Commitments and contingencies - - - - - - - - - - - - - - - -
Equity FY 2017 F1Q18 F2Q18 F3Q18 F4Q18 FY 2018 F1Q19 F2Q19 F3Q19E F4Q19E FY 2019E F1Q20E F2Q20E F3Q20E F4Q20E FY 2020E
Common stock 35,867 36,447 38,044 38,624 40,201 40,201 40,970 42,801 43,089 44,253 44,253 44,467 45,747 46,050 47,276 47,276
Retained earnings 98,330 104,593 91,898 79,436 70,400 70,400 80,510 64,558 62,739 63,583 63,583 76,375 81,562 84,523 90,272 90,272
Accumulated other comprehensive income (150) (841) (3,064) (3,111) (3,454) (3,454) (3,588) (1,499) (1,499) (1,499) (1,499) (1,499) (1,499) (1,499) (1,499) (1,499)
Total shareholders' equity 134,047 140,199 126,878 114,949 107,147 107,147 117,892 105,860 104,328 106,336 106,336 119,343 125,810 129,075 136,050 136,050
Total liabilities and equity 375,319 406,794 367,502 349,197 365,725 365,725 373,719 341,998 335,020 359,919 359,919 397,649 387,331 388,434 424,268 424,268
- - - - - - - - - - - - - - - -
Balance Sheet Ratios & Assumptions Sept-17 Dec-17 Mar-18 June-18 Sept-18 Sept-18 Dec-18 Mar-19 June-19 Sept-19 Sept-19 Dec-19 Mar-20 June-20 Sept-20 Sept-20
FY 2017 F1Q18 F2Q18 F3Q18 F4Q18 FY 2018 F1Q19 F2Q19 F3Q19E F4Q19E FY 2019E F1Q20E F2Q20E F3Q20E F4Q20E FY 2020E
Investments as a % of total assets 63% 60% 61% 58% 54% 55% 55% 55% 55% 55% 55% 55% ###
Short-term securities as a % total investments 19% 19% 18% 19% 21% 22% 20% 21% 21% 21% 21% 21% ###
Day Count (number of days in the quarter) 92 90 91 92 92 90 91 92 92 91 91 92 ###
Vendor non-trade receivables turnover 2.0 4.7 2.7 1.5 2.8 3.2 2.7 1.7 2.4 3.9 2.7 1.6 ###
Inventory turnover 12.3 4.9 5.5 9.8 10.5 7.4 7.2 8.3 11.4 6.2 6.4 9.0 ###
Days of inventory on hand 7 18 16 9 9 12 13 11 8 15 14 10 ###
Receivables turnover 3.8 4.3 3.8 2.7 4.7 3.8 3.7 2.8 4.2 4.1 3.7 2.8 ###
Days sales outstanding 24 21 24 34 20 23 24 33 22 22 24 33 ###
Payables turnover 0.86 1.1 0.9 0.7 1.18 1.2 0.9 0.7 1.0 1.1 0.9 0.7 ###
Number of days of payables 107 82 107 132 78 76 105 135 90 80 106 134 ###
Cash conversion cycle (75) (43) (66) (89) (49) (40) (68) (92) (60) (42) (67) (90) ###
Accrued expenses to revenue 11% 30% 44% 47% 52% 12% 44% 61% 47% 52% 44% 61% 47% 52% ###
Total Deferred Revenue-to-Prior 4 Quarters of Revenue 5% 4% 3% 4% 2% 2% 3% 3% 2% 2% 3% 3% ###
Current Def Revenue-to-Total Def Revenue 72% 72% 72% 73% 100% 100% 86% 90% 94% 93% 91% 92% ###
Depreciation to average PP&E 8% 8% 7% 7% 8% 8% 8% 8% 8% 8% 8% 8% ###
Debt-to-Equity Ratio 87% 96% 100% 107% 97% 106% 104% 102% 101% 100% 99% 98% ###
Growth in total debt (QoQ) 6% 0% -6% 0% 0% -2% -3% 0% 11% 4% 2% 4% ###
Commercial Paper and ST Debt-to-Total Debt 15% 17% 15% 18% 19% 20% 18% 19% 19% 19% 19% 19% ###

Apple Inc Cash Flow Statement Sept-17 Dec-17 Mar-18 June-18 Sept-18 Sept-18 Dec-18 Mar-19 June-19 Sept-19 Sept-19 Dec-19 Mar-20 June-20 Sept-20 Sept-20
(Dollars in millions, except per share data) FY 2017 F1Q18 F2Q18 F3Q18 F4Q18 FY 2018 F1Q19 F2Q19 F3Q19E F4Q19E FY 2019E F1Q20E F2Q20E F3Q20E F4Q20E FY 2020E
Cash flows from operating activities
Net income (loss) 48,351 20,065 13,822 11,519 14,125 59,531 19,965 11,561 9,711 12,346 53,583 20,280 12,668 10,772 13,546 57,267
Total depreciation and amortization 10,157 2,745 2,739 2,665 2,754 10,903 3,395 3,040 2,942 2,973 12,350 3,101 3,096 3,112 3,130 12,438
Share-based compensation expense 4,840 1,296 1,348 1,351 1,345 5,340 1,559 1,514 1,418 1,443 5,934 1,389 1,379 1,496 1,520 5,783
Deferred income taxes, net 5,966 (33,737) (498) 1,126 519 (32,590) 53 (177) - - (124) - - - - -
Other (166) (11) (140) (259) (34) (444) (54) (161) - - (215) - - - - -
Change in operating assets and liabilities
Accounts receivable (2,093) (5,570) 9,093 233 (9,078) (5,322) 5,130 2,964 701 (7,333) 1,462 1,126 5,482 51 (8,284) (1,625)
Inventories (2,723) 434 (3,241) 1,693 1,942 828 (1,076) 70 247 70 (689) (143) (1,454) 650 1,113 165
Vendor non-trade receivables (4,254) (9,660) 19,375 (4,179) (13,546) (8,010) 6,905 7,711 (1,163) (10,265) 3,187 13 12,985 (3,427) (12,029) (2,459)
Other current and non-current assets (5,318) (197) (856) 988 (358) (423) (886) 169 (1,139) (303) (2,158) (1,066) (393) (1,197) (359) (3,016)
Accounts payable 9,618 14,588 (27,808) 2,081 20,314 9,175 (8,501) (11,523) 8,216 16,862 5,053 (3,018) (19,280) 7,672 16,998 2,373
Deferred revenue (626) 791 (313) (581) 59 (44) (370) (170) 463 264 188 (365) 158 153 83 30
Other current and non-current liabilities (154) 37,549 1,609 (2,149) 1,481 38,490 570 (3,843) (11,366) 6,040 (8,598) 16,317 (3,077) (12,125) 6,280 7,395
Net cash provided by operating activities 63,598 28,293 15,130 14,488 19,523 77,434 26,690 11,155 10,030 22,097 69,972 37,633 11,565 7,157 21,996 78,352
Cash flows from investing activities
Purchases of marketable securities (159,486) (41,272) (7,177) (7,684) (15,223) (71,356) (7,077) (6,777) 3,824 (13,645) (23,675) (20,677) 5,655 (605) (19,638) (35,265)
Proceeds from maturities of securities 31,775 14,048 17,836 14,406 9,591 55,881 7,203 9,677 16,880 -
Proceeds from sales of securities 94,564 16,801 22,141 2,672 6,224 47,838 9,723 12,912 22,635 -
Payments made for acquisitions (329) (173) (132) (126) (290) (721) (167) (124) (291) -
Payments for acquisition of PPE (12,451) (2,810) (4,195) (3,267) (3,041) (13,313) (3,355) (2,363) (2,954) (3,692) (12,364) (3,729) (3,356) (3,188) (3,220) (13,494)
Payments for acquisition of intangible assets (344) (154) 154 - - - - - - - - - - - - -
Other investing activities (175) (30) 83 (2,054) (262) (2,263) (483) 23 - - (460) - - - - -
Net cash provided by (used for) investing (46,446) (13,590) 28,710 3,947 (3,001) 16,066 5,844 13,348 870 (17,337) 2,725 (24,406) 2,299 (3,793) (22,858) (48,759)
Cash flows from financing activities
Proceeds from issuance of common stock 555 - 327 1 341 669 - 390 - - 390 - - - - -
Excess tax benefits from equity awards 627 - - - - - - - - - - - - - - -

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 Taxes paid related to equity awards (1,874) (1,038) (152) (1,077) (260) (2,527) (1,318) (109) (1,130) (279) (2,836) (1,174) (99) (1,192) (294) (2,759)
Dividends paid (outflow reported as negative) (12,769) (3,339) (3,190) (3,653) (3,530) (13,712) (3,568) (3,443) (3,531) (3,501) (14,043) (3,488) (3,481) (3,811) (3,797) (14,577)
Repurchase of common stock (32,900) (10,095) (22,756) (20,783) (19,104) (72,738) (8,796) (23,702) (8,000) (8,000) (48,498) (4,000) (4,000) (4,000) (4,000) (16,000)
Proceeds from issuance of long-term debt 25,162 6,969 (500) 500 - 6,969 - - (955) (790) (1,745) 9,657 4,305 1,932 4,330 20,224
Proceeds from issuance of commercial paper 3,852 2 (1) (11) (27) (37) 6 (6) (2,761) 760 (2,001) 2,468 993 55 1,243 4,759
Other financing activities - - - (6,500) - (6,500) - (2,587) 957 (245) (1,876) (336) 114 151 (75) (145)
Net cash provided by (used for) financing (17,347) (7,501) (26,272) (31,523) (22,580) (87,876) (13,676) (29,457) (15,420) (12,056) (70,610) 3,127 (2,167) (6,865) (2,593) (8,499)
Net increase (decrease) in cash and equivalents (195) 7,202 17,568 (13,088) (6,058) 5,624 18,858 (4,954) (4,520) (7,297) 2,088 16,354 11,696 (3,502) (3,455) 21,094
Cash and equivalents at beginning of period 20,484 20,289 27,491 45,059 31,971 20,289 25,913 44,771 39,817 35,297 25,913 28,001 44,355 56,051 52,549 28,001
Cash and equivalents at end of period 20,289 27,491 45,059 31,971 25,913 25,913 44,771 39,817 35,297 28,001 28,001 44,355 56,051 52,549 49,094 49,094
Restricted Cash 1,829 1,829 1,829 1,829 1,829 1,829 1,829 1,829 1,829
Cash and equivalents at end of period (exRestricted Cash) 37,988 33,468 26,172 26,172 42,526 54,222 50,720 47,265 47,265
CFO less Capex 51,147 25,483 10,935 11,221 16,482 64,121 23,335 8,792 7,077 18,405 57,608 33,904 8,209 3,969 18,776 64,858
Free Cash Flow to Firm (FCFF)* 54,625 29,163 14,598 14,666 19,924 67,563 26,784 12,178 10,351 21,678 60,882 68,882
DCF Period (approximate number of years) - - 1.0 2.0
Discounted FCFF 54,625 67,563 56,011 58,301
Net Cash and investments per share
Cash and investments 268,895 285,097 267,226 243,743 237,100 237,100 245,035 225,411 217,067 223,416 223,416 260,447 266,488 263,591 279,774 279,774
Total Debt 115,680 122,400 121,840 114,600 114,483 114,483 114,730 112,630 108,914 108,884 108,884 121,008 126,307 128,294 133,866 133,866
Net Cash per share 29.17 31.54 28.68 26.21 25.29 24.52 27.30 23.99 23.37 24.98 24.43 30.58 30.85 29.96 32.47 32.19

Cash Flow Ratios & Assumptions Sept-17 Dec-17 Mar-18 June-18 Sept-18 Sept-18 Dec-18 Mar-19 June-19 Sept-19 Sept-19 Dec-19 Mar-20 June-20 Sept-20 Sept-20
FY 2017 F1Q18 F2Q18 F3Q18 F4Q18 FY 2018 F1Q19 F2Q19 F3Q19E F4Q19E FY 2019E F1Q20E F2Q20E F3Q20E F4Q20E FY 2020E
Ratios
Share-based compensation to Sales 1.5% 2.2% 2.5% 2.1% 1.8% 2.6% 2.7% 2.4% 1.6% 2.3% 2.7% 2.4% ###
Tax on equity awards as a % of SBC 80% 11% 80% 19% 85% 7% 80% 19% 85% 7% 80% 19% ###
Revenue growth rate (YoY) 13% 16% 17% 20% 16% -5% -5% 0% -2% -3% 3% 6% 5% 5% 5%
CFO Growth Rate (YoY) 5% 21% 73% 25% 22% -6% -26% -31% 13% -10% 41% 4% -29% 0% 12%
Net Cash from Operations growth rate (YoY) 5% 21% 73% 25% 22% -6% -26% -31% 13% -10% 41% 4% -29% 0% 12%
Capex-to-Sales 5% 5% 5% 5%
Capex growth rate (QoQ) -27% 49% -22% -7% 10% -30% 25% 25% 1% -10% -5% 1% ###

Multiple Valuation
P/E 3-month average 15.9x
P/E 3-month high 17.5x
P/E 3-month low 14.3x
P/E used for valuation 15.0x
Adjustments -
Implied P/E 12-month target value $180
DCF check (0)
Discounted Cash Flow Valuation

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Last updated: 5/30/2019

iPhone Revenue Forecast

$60,000 40.0% iPhone: Drop in growth rate for F1Q
$50,000 30.0% F2Q2019
$40,000 20.0%
$30,000 10.0%
$20,000 0.0%
$10,000 -10.0%
$0 -20.0%
F3Q18 F4Q18 F1Q19 F2Q19 F3Q19E F4Q19E F1Q20E F2Q20E
iPhone products revenue ($M)
iPhone product revenue growth rate (YoY)

$9,000
iPad Revenue Forecast 25.0% iPad: F1Q19 increase due to release
$8,000 20.0%
$7,000 15.0% F2Q2019
$6,000 10.0%
$5,000 5.0%
$4,000 0.0%
$3,000 -5.0%
$2,000 -10.0%
$1,000 -15.0%
$0 -20.0%
F3Q18 F4Q18 F1Q19 F2Q19 F3Q19E F4Q19E F1Q20E F2Q20E

iPad revenue ($M) iPad revenue growth rate (YoY)

$8,000
Mac Revenue Forecast 10.0% Mac: F1Q19 increase due to releas
$7,000 8.0% F2Q2019
$6,000 6.0%
$5,000 4.0%
$4,000 2.0%
$3,000 0.0%
$2,000 -2.0%
$1,000 -4.0%
$0 -6.0%
F3Q18 F4Q18 F1Q19 F2Q19 F3Q19E F4Q19E F1Q20E F2Q20E

Mac revenue ($M) Mac product revenue growth rate (YoY)

Wearables & Accessories Revenue Forecast Wearables: Strength in AirPods and

$10,000 40.0%
$9,000 35.0% F2Q2019
$8,000
30.0%
$7,000
$6,000 25.0%
$5,000 20.0%
$4,000 15.0%
$3,000
10.0%
$2,000
$1,000 5.0%
$0 0.0%
F3Q18 F4Q18 F1Q19 F2Q19 F3Q19E F4Q19E F1Q20E F2Q20E
$9,000 35.0%
$8,000
30.0%
$7,000
$6,000 25.0%
$5,000 20.0%
$4,000 15.0%
$3,000
10.0%
$2,000
$1,000 5.0%
$0 0.0%
F3Q18 F4Q18 F1Q19 F2Q19 F3Q19E F4Q19E F1Q20E F2Q20E
Wearables, Home & Accessories revenue ($M)
Wearables product revenue growth rate (YoY)

Services Revenue Forecast Target double the Fiscal 2016 Seriv

$14,000 35.0%
F2Q2019
$12,000 30.0%
$10,000 25.0%
$8,000 20.0%
$6,000 15.0%
$4,000 10.0%
$2,000 5.0%
$0 0.0%
F3Q18 F4Q18 F1Q19 F2Q19 F3Q19E F4Q19E F1Q20E F2Q20E

Services revenue ($M) Services growth rate (YoY)

one: Drop in growth rate for F1Q2019 due to: FX/China weakness, drop in subsidies, battery replacement program.

d: F1Q19 increase due to release of iPad Pro in November 2018.

c: F1Q19 increase due to release of Macbook Air and Mac Mini in October 2018.

arables: Strength in AirPods and Apple Watch

get double the Fiscal 2016 Serives revenue by Fiscal 2020 (~$48.7B)
Last updated: 5/30/2019
Purpose: This worksheet tracks the mean monthly share return and standard deviation.
Adjusted Monthly Diff from
Date Open High Low Close Volume
Close return mean
5/1/2018 166.41 190.37 165.27 186.87 183.361 620976300
6/1/2018 187.99 194.2 180.73 185.11 182.3345 527624500 -0.56% -0.75%
7/1/2018 183.82 195.96 183.42 190.29 187.4368 393691400 2.80% 2.60%
8/1/2018 199.13 228.87 197.31 227.63 224.217 700273700 19.62% 19.43%
9/1/2018 228.41 229.67 215.3 225.74 223.1351 678972000 -0.48% -0.68%
10/1/2018 227.95 233.47 206.09 218.86 216.3345 789748500 -3.05% -3.24%
11/1/2018 219.05 222.36 170.26 178.58 176.5193 961326400 -18.40% -18.60%
12/1/2018 184.46 184.94 146.59 157.74 156.4638 898922500 -11.36% -11.56%
1/1/2019 154.89 169 142 166.44 165.0934 828019300 5.52% 5.32%
2/1/2019 166.96 175.87 165.93 173.15 171.7491 472540600 4.03% 3.84%
3/1/2019 174.28 197.69 169.5 189.95 189.2213 650945900 10.17% 9.98%
4/1/2019 191.64 208.48 188.38 200.67 199.9002 506117700 5.64% 5.45%
5/1/2019 209.88 215.31 176 177.38 176.6995 691165400 -11.61% -11.80%
Mean 0.19%
Sum of squared differences
Variance
Standard Deviation
check
Absolute value of mean monthly return
 Diff
Squared

0.00006
0.00068
0.03775
0.00005
0.00105
0.03459
0.01335
0.00283
0.00147
0.00996
0.00297
0.01392

0.11868
0.0098899
9.94%
0.00%
0.19%
https://fred.stlouisfed.org/series/DTWEXB
FRED Graph Observations
Federal Reserve Economic Data
Link: https://fred.stlouisfed.org
Help: https://fred.stlouisfed.org/help-faq
Economic Research Division
Federal Reserve Bank of St. Louis

DTWEXB Trade Weighted U.S. Dollar Index: Broad, Goods, Index Jan 1997=100, Daily, Not Seasonally Adjusted

Frequency: Daily
observation_dateDTWEXB Average Fiscal Quarter
2014-03-04 103.0021
2014-03-05 102.8080
2014-03-06 102.3192
2014-03-07 102.5876
2014-03-10 102.7164
2014-03-11 102.7356
2014-03-12 102.8149
2014-03-13 102.5381
2014-03-14 102.6056
2014-03-18 102.6583
2014-03-19 102.7651
2014-03-20 103.4348
2014-03-21 103.2975
2014-03-24 103.1579
2014-03-25 103.0401
2014-03-26 102.9436
2014-03-27 102.7649
2014-03-28 102.7968
2014-03-31 102.6653
2014-04-01 102.5222
2014-04-02 102.7169
2014-04-03 102.9270
2014-04-04 102.6318
2014-04-07 102.5091
2014-04-08 102.0625
2014-04-09 102.0719
2014-04-10 101.9259
2014-04-11 102.0482
2014-04-14 102.2362
2014-04-15 102.3873
2014-04-16 102.3773
2014-04-17 102.3162
2014-04-18 102.3872
2014-04-21 102.4699
2014-04-22 102.5387
2014-04-23 102.6038
2014-04-24 102.6017
2014-04-25 102.6466
2014-04-28 102.6126
2014-04-29 102.5102
2014-04-30 102.3811
2014-05-01 102.3614
2014-05-02 102.3055
2014-05-05 102.2011
2014-05-06 101.8847
2014-05-07 101.8819
2014-05-08 101.8083
2014-05-09 102.0938
2014-05-12 102.1003
2014-05-13 102.1018
2014-05-14 102.0091
2014-05-15 102.1253
2014-05-16 102.0303
2014-05-19 101.9223
2014-05-20 102.0948
2014-05-21 102.1768
2014-05-22 102.1123
2014-05-23 102.1235
2014-05-27 102.2770
2014-05-28 102.3157
2014-05-29 102.1187
2014-05-30 102.2024
2014-06-02 102.4469
2014-06-03 102.5041
2014-06-04 102.5715
2014-06-05 102.4196
2014-06-06 102.3360
2014-06-09 102.3771
2014-06-10 102.4618
2014-06-11 102.3843
2014-06-12 102.2183
2014-06-13 102.3196
2014-06-16 102.2970
2014-06-17 102.5265
2014-06-18 102.4950
2014-06-19 102.1894
2014-06-20 102.2035
2014-06-23 102.0661
2014-06-24 102.1398
2014-06-25 102.0298
2014-06-26 101.9789
2014-06-27 101.8206
2014-06-30 101.6172
2014-07-01 101.5561
2014-07-02 101.6800
2014-07-03 101.7480
2014-07-07 101.8005
2014-07-08 101.7315
2014-07-09 101.6290
2014-07-10 101.7181
2014-07-11 101.8240
2014-07-14 101.8228
2014-07-15 102.0063
2014-07-16 102.0249
2014-07-17 102.0941
2014-07-18 102.0989
2014-07-21 102.0393
2014-07-22 102.0464
2014-07-23 101.9971
2014-07-24 102.0873
2014-07-25 102.2204
2014-07-28 102.2276
2014-07-29 102.4268
2014-07-30 102.7184
2014-07-31 102.8330
2014-08-01 102.8743
2014-08-04 102.8425
2014-08-05 103.0578
2014-08-06 102.9940
2014-08-07 103.0281
2014-08-08 102.9669
2014-08-11 102.8286
2014-08-12 102.8821
2014-08-13 102.8112
2014-08-14 102.6968
2014-08-15 102.6210
2014-08-18 102.5741
2014-08-19 102.7503
2014-08-20 102.9190
2014-08-21 103.0052
2014-08-22 103.1269
2014-08-25 103.2458
2014-08-26 103.1897
2014-08-27 103.0064
2014-08-28 103.0349
2014-08-29 103.0684
2014-09-02 103.4227
2014-09-03 103.2116
2014-09-04 103.6003
2014-09-05 103.5531
2014-09-08 103.7259
2014-09-09 104.1884
2014-09-10 104.1792
2014-09-11 104.2405
2014-09-12 104.4033
2014-09-15 104.4826
2014-09-16 104.2234
2014-09-17 104.2869
2014-09-18 104.5271
2014-09-19 104.7282
2014-09-22 104.8530
2014-09-23 104.8877
2014-09-24 105.0177
2014-09-25 105.2662
2014-09-26 105.5741
2014-09-29 105.7702
2014-09-30 105.9187
2014-10-01 105.9380
2014-10-02 105.6909
2014-10-03 106.3541
2014-10-06 105.9432
2014-10-07 105.8436
2014-10-08 105.9041
2014-10-09 105.5605
2014-10-10 105.8078
2014-10-14 105.7662
2014-10-15 105.7127
2014-10-16 105.6599
2014-10-17 105.6812
2014-10-20 105.6580
2014-10-21 105.6143
2014-10-22 105.8265
2014-10-23 105.9812
2014-10-24 105.8641
2014-10-27 105.9288
2014-10-28 105.6156
2014-10-29 105.4152
2014-10-30 105.8359
2014-10-31 106.5307
2014-11-03 106.9690
2014-11-04 106.9872
2014-11-05 107.2755
2014-11-06 107.6017
2014-11-07 107.5143
2014-11-10 107.4035
2014-11-12 107.3853
2014-11-13 107.5954
2014-11-14 107.6151
2014-11-17 107.7255
2014-11-18 107.5125
2014-11-19 107.7519
2014-11-20 107.7698
2014-11-21 107.8031
2014-11-24 107.9431
2014-11-25 107.8136
2014-11-26 107.7466
2014-11-28 108.6566
2014-12-01 108.5540
2014-12-02 109.1314
2014-12-03 109.2572
2014-12-04 109.1007
2014-12-05 109.7828
2014-12-08 110.0316
2014-12-09 109.5507
2014-12-10 109.7534
2014-12-11 110.2040
2014-12-12 110.1715
2014-12-15 110.5371
2014-12-16 110.4169
2014-12-17 110.3730
2014-12-18 110.6071
2014-12-19 110.8753
2014-12-22 110.7703
2014-12-23 111.1174
2014-12-24 111.0504
2014-12-29 111.1902
2014-12-30 110.8644
2014-12-31 111.0738
2015-01-02 111.6852
2015-01-05 112.3254
2015-01-06 112.1016
2015-01-07 112.4336
2015-01-08 112.0596
2015-01-09 111.9052
2015-01-12 112.0182
2015-01-13 112.0622
2015-01-14 111.8773
2015-01-15 111.8911
2015-01-16 112.0592
2015-01-20 112.3884
2015-01-21 112.6051
2015-01-22 112.7187
2015-01-23 113.1599
2015-01-26 113.3625
2015-01-27 113.0168
2015-01-28 113.3484
2015-01-29 114.1467
2015-01-30 114.4698
2015-02-02 114.0885
2015-02-03 113.4656
2015-02-04 113.6375
2015-02-05 113.3626
2015-02-06 113.9949
2015-02-09 113.8461
2015-02-10 114.1379
2015-02-11 114.6429
2015-02-12 113.8116
2015-02-13 113.6874
2015-02-18 114.1224
2015-02-19 114.0098
2015-02-20 114.2029
2015-02-23 114.4195
2015-02-24 114.4165
2015-02-25 113.9132
2015-02-26 114.3377
2015-02-27 114.4668
2015-03-02 114.6877
2015-03-03 114.4229
2015-03-04 114.9886
2015-03-06 116.2411
2015-03-09 116.3391
2015-03-10 116.9655
2015-03-11 117.3451
2015-03-12 116.9802
2015-03-13 117.7111
2015-03-16 117.4431
2015-03-17 117.3439
2015-03-18 117.1146
2015-03-19 116.8430
2015-03-20 115.8666
2015-03-23 115.1989
2015-03-24 115.0968
2015-03-25 114.9296
2015-03-26 115.2175
2015-03-27 115.5594
2015-03-30 116.0341
2015-03-31 116.0825
2015-04-01 115.6828
2015-04-02 115.2715
2015-04-03 114.4885
2015-04-06 114.3727
2015-04-07 115.0368
2015-04-08 115.0088
2015-04-09 115.5788
2015-04-10 116.0151
2015-04-13 116.3194
2015-04-14 115.6136
2015-04-15 115.7308
2015-04-16 114.8323
2015-04-17 114.9072
2015-04-20 115.0912
2015-04-21 115.1648
2015-04-22 115.1654
2015-04-23 114.7529
2015-04-24 114.4818
2015-04-27 114.3227
2015-04-28 113.7386
2015-04-29 113.1975
2015-04-30 113.9418
2015-05-01 114.2566
2015-05-04 114.3032
2015-05-05 113.8740
2015-05-06 113.3233
2015-05-07 113.8335
2015-05-08 113.5168
2015-05-11 114.0112
2015-05-12 113.5973
2015-05-13 113.0492
2015-05-14 112.9184
2015-05-15 112.6879
2015-05-18 113.2480
2015-05-19 113.9798
2015-05-20 114.2082
2015-05-21 114.0238
2015-05-22 114.4649
2015-05-26 115.3675
2015-05-27 115.5505
2015-05-28 115.5730
2015-05-29 115.3927
2015-06-01 115.8876
2015-06-02 115.1350
2015-06-03 114.8380
2015-06-04 115.2072
2015-06-05 115.8773
2015-06-08 115.5341
2015-06-09 114.9919
2015-06-10 114.5567
2015-06-11 114.8503
2015-06-12 114.6791
2015-06-15 114.7673
2015-06-16 114.8143
2015-06-17 114.8444
2015-06-18 113.8771
2015-06-19 114.2330
2015-06-22 114.1570
2015-06-23 114.7336
2015-06-24 115.0215
2015-06-25 114.9359
2015-06-26 115.2106
2015-06-29 115.1877
2015-06-30 115.2961
2015-07-01 115.7791
2015-07-02 115.6798
2015-07-06 115.9269
2015-07-07 116.5546
2015-07-08 116.2316
2015-07-09 116.3170
2015-07-10 115.9792
2015-07-13 116.3564
2015-07-14 116.2778
2015-07-15 116.8023
2015-07-16 116.9618
2015-07-17 117.3229
2015-07-20 117.4937
2015-07-21 117.1813
2015-07-22 117.5900
2015-07-23 117.5667
2015-07-24 117.8397
2015-07-27 117.5402
2015-07-28 117.5414
2015-07-29 117.4491
2015-07-30 118.2980
2015-07-31 117.6531
2015-08-03 118.1050
2015-08-04 118.1106
2015-08-05 118.7498
2015-08-06 118.6193
2015-08-07 118.3322
2015-08-10 118.0899
2015-08-11 119.0389
2015-08-12 118.6744
2015-08-13 119.1068
2015-08-14 119.1336
2015-08-17 119.3824
2015-08-18 119.5018
2015-08-19 119.6770
2015-08-20 119.3773
2015-08-21 119.4313
2015-08-24 119.2508
2015-08-25 119.6317
2015-08-26 119.8356
2015-08-27 119.6840
2015-08-28 119.8359
2015-08-31 119.7022
2015-09-01 119.5875
2015-09-02 119.9170
2015-09-03 119.9794
2015-09-04 120.2374
2015-09-08 119.9869
2015-09-09 120.1238
2015-09-10 119.8368
2015-09-11 119.8004
2015-09-14 119.6740
2015-09-15 119.7907
2015-09-16 119.2577
2015-09-17 119.2548
2015-09-18 118.9609
2015-09-21 119.8050
2015-09-22 120.3712
2015-09-23 120.8261
2015-09-24 120.6309
2015-09-25 120.5414
2015-09-28 120.5732
2015-09-29 120.6840
2015-09-30 120.4554
2015-10-01 120.1891
2015-10-02 119.8576
2015-10-05 119.5600
2015-10-06 119.2501
2015-10-07 118.8880
2015-10-08 118.7178
2015-10-09 118.1129
2015-10-13 118.4498
2015-10-14 118.1724
2015-10-15 117.6690
2015-10-16 118.0282
2015-10-19 118.4463
2015-10-20 118.3940
2015-10-21 118.8469
2015-10-22 119.0979
2015-10-23 119.4649
2015-10-26 119.2436
2015-10-27 119.5397
2015-10-28 119.2766
2015-10-29 119.8739
2015-10-30 119.2417
2015-11-02 119.2443
2015-11-03 119.2546
2015-11-04 119.7419
2015-11-05 119.8297
2015-11-06 120.7408
2015-11-09 121.0007
2015-11-10 121.0721
2015-11-12 120.9201
2015-11-13 121.1691
2015-11-16 121.3487
2015-11-17 121.4487
2015-11-18 121.5008
2015-11-19 120.7009
2015-11-20 120.8727
2015-11-23 121.2279
2015-11-24 120.8511
2015-11-25 120.9697
2015-11-27 121.3866
2015-11-30 121.4280
2015-12-01 121.2031
2015-12-02 121.4557
2015-12-03 120.7523
2015-12-04 120.6702
2015-12-07 121.4832
2015-12-08 121.7362
2015-12-09 121.4163
2015-12-10 121.4932
2015-12-11 121.9970
2015-12-14 122.0296
2015-12-15 122.1028
2015-12-16 122.2457
2015-12-17 123.0876
2015-12-18 122.5332
2015-12-21 122.6476
2015-12-22 122.4293
2015-12-23 122.3762
2015-12-24 122.2836
2015-12-28 122.2991
2015-12-29 122.4124
2015-12-30 122.7588
2015-12-31 122.5837
2016-01-04 123.4970
2016-01-05 123.5787
2016-01-06 123.9953
2016-01-07 124.0731
2016-01-08 124.4441
2016-01-11 124.4245
2016-01-12 124.7145
2016-01-13 124.5450
2016-01-14 124.7930
2016-01-15 125.1417
2016-01-19 125.1875
2016-01-20 125.7582
2016-01-21 125.4212
2016-01-27 124.9103
2016-01-28 124.6163
2016-01-29 124.9387
2016-02-01 124.7316
2016-02-02 124.9987
2016-02-03 124.0601
2016-02-04 122.9850
2016-02-05 123.6953
2016-02-08 123.8319
2016-02-09 123.5474
2016-02-10 123.6665
2016-02-11 123.5700
2016-02-12 123.7055
2016-02-16 123.7971
2016-02-17 123.1762
2016-02-18 123.1912
2016-02-19 123.2689
2016-02-22 123.0853
2016-02-23 123.4448
2016-02-24 123.4302
2016-02-25 123.2036
2016-02-26 123.6734
2016-02-29 123.5523
2016-03-01 123.2184
2016-03-02 123.0909
2016-03-03 122.5112
2016-03-04 121.8420
2016-03-07 121.8406
2016-03-08 122.0640
2016-03-09 121.6460
2016-03-10 121.6333
2016-03-11 121.0113
2016-03-14 121.4321
2016-03-15 121.8374
2016-03-16 122.0486
2016-03-17 119.6412
2016-03-18 119.5981
2016-03-21 119.9323
2016-03-22 119.9571
2016-03-23 120.7454
2016-03-24 121.0407
2016-03-25 120.9909
2016-03-28 120.5920
2016-03-29 120.6162
2016-03-30 119.3976
2016-03-31 119.0352
2016-04-01 119.4394
2016-04-04 119.5683
2016-04-05 120.1025
2016-04-06 119.6853
2016-04-07 119.9972
2016-04-08 119.5306
2016-04-11 119.0796
2016-04-12 118.9259
2016-04-13 119.2756
2016-04-14 119.2975
2016-04-15 119.3201
2016-04-18 119.1245
2016-04-19 118.3877
2016-04-20 118.5123
2016-04-21 119.0124
2016-04-22 119.4479
2016-04-25 119.4019
2016-04-26 118.9723
2016-04-27 119.0636
2016-04-28 118.3706
2016-04-29 117.9844
2016-05-02 117.8318
2016-05-03 118.5529
2016-05-04 119.2000
2016-05-05 119.4671
2016-05-06 119.5898
2016-05-09 120.2017
2016-05-10 120.0853
2016-05-11 119.5020
2016-05-12 119.9485
2016-05-13 120.5275
2016-05-16 120.3926
2016-05-17 120.3584
2016-05-18 120.8509
2016-05-19 121.5959
2016-05-20 121.5348
2016-05-23 121.6293
2016-05-24 121.6634
2016-05-25 121.5683
2016-05-26 121.2641
2016-05-27 121.4568
2016-05-31 121.8333
2016-06-01 121.8493
2016-06-02 121.8463
2016-06-03 120.7835
2016-06-06 120.5501
2016-06-07 120.1666
2016-06-08 119.4872
2016-06-09 119.9132
2016-06-10 120.4202
2016-06-13 120.8411
2016-06-14 121.3436
2016-06-15 121.0905
2016-06-16 121.5503
2016-06-17 120.8650
2016-06-20 120.2059
2016-06-21 120.3457
2016-06-22 120.0885
2016-06-23 119.5841
2016-06-24 121.4044
2016-06-27 122.3985
2016-06-28 121.9898
2016-06-29 121.0761
2016-06-30 121.3552
2016-07-01 120.8551
2016-07-05 121.6497
2016-07-06 121.7717
2016-07-07 121.7905
2016-07-08 121.5928
2016-07-11 121.7347
2016-07-12 121.3498
2016-07-13 121.2607
2016-07-14 120.9949
2016-07-15 121.5111
2016-07-18 121.5001
2016-07-19 121.8770
2016-07-20 121.9095
2016-07-21 121.8558
2016-07-22 122.2059
2016-07-25 122.4184
2016-07-26 122.2830
2016-07-27 122.4372
2016-07-28 121.9480
2016-07-29 121.0503
2016-08-01 121.1396
2016-08-02 120.8655
2016-08-03 121.1199
2016-08-04 121.0650
2016-08-05 121.5045
2016-08-08 121.2812
2016-08-09 120.8259
2016-08-10 120.3886
2016-08-11 120.2481
2016-08-12 120.2509
2016-08-15 119.9692
2016-08-16 119.4747
2016-08-17 120.0424
2016-08-18 119.4093
2016-08-19 119.9461
2016-08-22 120.1494
2016-08-23 120.0838
2016-08-24 120.4833
2016-08-25 120.3366
2016-08-26 120.3730
2016-08-29 121.0700
2016-08-30 121.4972
2016-08-31 121.6157
2016-09-01 121.4077
2016-09-02 121.2493
2016-09-06 120.1736
2016-09-07 120.1392
2016-09-08 120.4432
2016-09-09 121.2095
2016-09-12 121.3896
2016-09-13 121.7592
2016-09-14 121.7001
2016-09-15 121.7105
2016-09-16 122.4093
2016-09-19 122.0995
2016-09-20 122.3791
2016-09-21 122.1599
2016-09-22 121.4310
2016-09-23 121.8823
2016-09-26 121.8824
2016-09-27 121.6991
2016-09-28 121.7766
2016-09-29 121.4388
2016-09-30 121.4347 Sept-2016 F4Q2016
2016-10-03 121.6379
2016-10-04 121.7876
2016-10-05 121.9323
2016-10-06 122.1278
2016-10-07 122.3818
2016-10-11 122.5904
2016-10-12 122.8999
2016-10-13 122.7980
2016-10-14 122.8929
2016-10-17 122.7445
2016-10-18 122.3227
2016-10-19 122.2133
2016-10-20 122.5717
2016-10-21 123.0934
2016-10-24 123.0427
2016-10-25 122.8525
2016-10-26 123.0059
2016-10-27 123.4242
2016-10-28 123.3093
2016-10-31 123.2421
2016-11-01 123.2113
2016-11-02 123.1609
2016-11-03 123.0173
2016-11-04 122.8412
2016-11-07 122.7989
2016-11-08 122.5558
2016-11-09 124.0105
2016-11-10 125.3572
2016-11-14 126.7384
2016-11-15 126.2724
2016-11-16 126.3434
2016-11-17 126.4200
2016-11-18 127.1363
2016-11-21 127.0455
2016-11-22 126.9970
2016-11-23 127.6608
2016-11-25 127.6295
2016-11-28 127.3151
2016-11-29 127.2371
2016-11-30 127.3440
2016-12-01 127.2727
2016-12-02 126.9232
2016-12-05 126.7098
2016-12-06 126.5216
2016-12-07 126.2384
2016-12-08 126.5997
2016-12-09 126.9037
2016-12-12 126.5244
2016-12-13 126.3995
2016-12-14 126.3524
2016-12-15 128.4575
2016-12-16 128.0438
2016-12-19 128.0451
2016-12-20 128.2851
2016-12-21 128.2196
2016-12-22 128.4727
2016-12-23 128.4091
2016-12-27 128.5865
2016-12-28 128.8712
2016-12-29 128.2915
2016-12-30 127.9973 125.2801 Dec-2016 F1Q2017
2017-01-03 128.7580
2017-01-04 128.5398
2017-01-05 127.5844
2017-01-06 127.9861
2017-01-09 128.0519
2017-01-10 128.1577
2017-01-11 128.6652
2017-01-12 127.3450
2017-01-13 127.5552
2017-01-17 126.7785
2017-01-18 127.2209
2017-01-19 127.8718
2017-01-23 126.7542
2017-01-24 126.5720
2017-01-25 126.5030
2017-01-26 126.8499
2017-01-27 126.6392
2017-01-30 126.2660
2017-01-31 125.7556
2017-02-01 125.9309
2017-02-02 125.3965
2017-02-03 125.0782
2017-02-06 125.4892
2017-02-07 125.8945
2017-02-08 125.6068
2017-02-09 125.7772
2017-02-10 125.6234
2017-02-13 125.8207
2017-02-14 125.8262
2017-02-15 125.6477
2017-02-16 125.4249
2017-02-17 125.8437
2017-02-21 126.0408
2017-02-22 125.6343
2017-02-23 125.0473
2017-02-24 125.2118
2017-02-27 125.0730
2017-02-28 125.3934
2017-03-01 125.8382
2017-03-02 126.2589
2017-03-03 126.0589
2017-03-06 125.8393
2017-03-07 125.8326
2017-03-08 126.3012
2017-03-09 126.4401
2017-03-10 126.0438
2017-03-13 125.8355
2017-03-14 126.0060
2017-03-15 125.7875
2017-03-16 124.8907
2017-03-17 124.6577
2017-03-20 124.4008
2017-03-21 124.1710
2017-03-22 124.1389
2017-03-23 124.1401
2017-03-24 123.9600
2017-03-27 123.5402
2017-03-28 123.7349
2017-03-29 124.0300
2017-03-30 123.8476
2017-03-31 124.1269 125.9262 Mar-2017 F2Q2017
2017-04-03 124.1834
2017-04-04 124.3205
2017-04-05 124.2906
2017-04-06 124.3734
2017-04-07 124.4095
2017-04-10 124.4773
2017-04-11 124.3722
2017-04-12 124.2637
2017-04-13 123.8309
2017-04-14 123.8531
2017-04-17 123.6423
2017-04-18 123.5967
2017-04-19 124.1595
2017-04-20 123.9783
2017-04-21 124.1695
2017-04-24 123.7081
2017-04-25 123.8590
2017-04-26 124.3370
2017-04-27 124.3915
2017-04-28 124.1803
2017-05-01 123.9763
2017-05-02 124.0578
2017-05-03 124.0522
2017-05-04 124.3215
2017-05-05 124.2034
2017-05-08 124.5196
2017-05-09 124.8389
2017-05-10 124.5386
2017-05-11 124.4716
2017-05-12 124.1333
2017-05-15 123.7166
2017-05-16 123.3557
2017-05-17 123.1092
2017-05-18 123.6707
2017-05-19 123.0696
2017-05-22 122.9058
2017-05-23 123.0627
2017-05-24 123.0453
2017-05-25 122.7053
2017-05-26 122.7692
2017-05-30 122.8616
2017-05-31 122.5504
2017-06-01 122.5485
2017-06-02 122.4415
2017-06-05 122.2087
2017-06-06 121.9205
2017-06-07 122.0424
2017-06-08 122.0669
2017-06-09 122.1669
2017-06-12 122.1853
2017-06-13 121.8463
2017-06-14 121.2687
2017-06-15 122.1151
2017-06-16 121.8658
2017-06-19 122.0271
2017-06-20 122.5609
2017-06-21 122.6341
2017-06-22 122.4655
2017-06-23 122.1593
2017-06-26 122.0559
2017-06-27 121.8397
2017-06-28 121.3806
2017-06-29 121.3068
2017-06-30 121.2889 123.2301 June-2017 F3Q2017
2017-07-03 121.7641
2017-07-05 122.0035
2017-07-06 121.7853
2017-07-07 121.6759
2017-07-10 121.5079
2017-07-11 121.4875
2017-07-12 120.8946
2017-07-13 120.8369
2017-07-14 120.1919
2017-07-17 120.2104
2017-07-18 119.6745
2017-07-19 119.6818
2017-07-20 119.4980
2017-07-21 119.4474
2017-07-24 119.4485
2017-07-25 119.5442
2017-07-26 119.6445
2017-07-27 119.4500
2017-07-28 119.1658
2017-07-31 119.0543
2017-08-01 119.0812
2017-08-02 118.9931
2017-08-03 119.0579
2017-08-04 119.5022
2017-08-07 119.5861
2017-08-08 119.5783
2017-08-09 119.5249
2017-08-10 119.3104
2017-08-11 119.1768
2017-08-14 119.2278
2017-08-15 119.6249
2017-08-16 119.5863
2017-08-17 119.2989
2017-08-18 119.1631
2017-08-21 118.8460
2017-08-22 118.9333
2017-08-23 118.8936
2017-08-24 118.8452
2017-08-25 118.4109
2017-08-28 118.2150
2017-08-29 118.1189
2017-08-30 118.4163
2017-08-31 118.3726
2017-09-01 118.0239
2017-09-05 117.8253
2017-09-06 117.4478
2017-09-07 116.8156
2017-09-08 116.7198
2017-09-11 117.1151
2017-09-12 117.3186
2017-09-13 117.6628
2017-09-14 117.6496
2017-09-15 117.3644
2017-09-18 117.7116
2017-09-19 117.6988
2017-09-20 117.5044
2017-09-21 118.0249
2017-09-22 117.8412
2017-09-25 118.4539
2017-09-26 118.9306
2017-09-27 119.2453
2017-09-28 119.4517
2017-09-29 119.2721 119.0922 Sept-2017 F4Q2017
2017-10-02 119.5503
2017-10-03 119.5045
2017-10-04 119.4184
2017-10-05 119.7341
2017-10-06 119.9479
2017-10-10 119.3700
2017-10-11 119.3886
2017-10-12 119.3960
2017-10-13 119.3511
2017-10-16 119.6406
2017-10-17 120.0415
2017-10-18 119.8619
2017-10-19 119.5770
2017-10-20 120.1686
2017-10-23 120.3749
2017-10-24 120.5508
2017-10-25 120.5407
2017-10-26 120.7827
2017-10-27 121.3015
2017-10-30 121.0627
2017-10-31 120.9444
2017-11-01 120.8867
2017-11-02 120.6253
2017-11-03 121.0757
2017-11-06 120.8408
2017-11-07 121.0840
2017-11-08 120.8080
2017-11-09 120.7020
2017-11-13 120.9177
2017-11-14 120.6496
2017-11-15 120.5898
2017-11-16 120.3562
2017-11-17 120.0765
2017-11-20 120.3473
2017-11-21 120.0523
2017-11-22 119.5992
2017-11-24 119.0493
2017-11-27 119.1349
2017-11-28 119.3079
2017-11-29 119.3605
2017-11-30 119.5178
2017-12-01 119.2166
2017-12-04 119.4777
2017-12-05 119.5711
2017-12-06 119.9478
2017-12-07 120.1026
2017-12-08 120.3128
2017-12-11 120.1665
2017-12-12 120.6106
2017-12-13 120.3551
2017-12-14 120.1644
2017-12-15 120.1886
2017-12-18 119.9698
2017-12-19 120.1876
2017-12-20 119.8684
2017-12-21 119.9287
2017-12-22 120.1416
2017-12-26 119.9781
2017-12-27 119.8821
2017-12-28 119.5086
2017-12-29 119.0471 120.0675 Dec-2017 F1Q2018
2018-01-02 118.5803
2018-01-03 118.6052
2018-01-04 118.3948
2018-01-05 118.2680
2018-01-08 118.5030
2018-01-09 118.8654
2018-01-10 118.5504
2018-01-11 118.3887
2018-01-12 117.7672
2018-01-16 117.1712
2018-01-17 117.0006
2018-01-18 116.8991
2018-01-19 116.7397
2018-01-22 116.9237
2018-01-23 116.8130
2018-01-24 115.8563
2018-01-25 115.2149
2018-01-26 115.3967
2018-01-29 115.8373
2018-01-30 115.8343
2018-01-31 115.4529
2018-02-01 115.1867
2018-02-02 115.8271
2018-02-05 117.0447
2018-02-06 117.2092
2018-02-07 117.7398
2018-02-08 118.4378
2018-02-09 118.3327
2018-02-12 118.1318
2018-02-13 117.8681
2018-02-14 117.5674
2018-02-15 117.0706
2018-02-16 117.1116
2018-02-20 117.7090
2018-02-21 117.9500
2018-02-22 117.9866
2018-02-23 117.7761
2018-02-26 117.7844
2018-02-27 118.2520
2018-02-28 118.4674
2018-03-01 118.6877
2018-03-05 118.4939
2018-03-06 117.8662
2018-03-07 118.1871
2018-03-08 118.4087
2018-03-09 118.0450
2018-03-12 118.0677
2018-03-13 117.8386
2018-03-14 117.9499
2018-03-15 118.3023
2018-03-16 118.5386
2018-03-19 118.4697
2018-03-20 118.6531
2018-03-22 118.1591
2018-03-23 117.8978
2018-03-26 117.2848
2018-03-27 117.4453
2018-03-28 117.6919
2018-03-29 117.7571
2018-03-30 117.5476 117.5968 March-2018 F2Q2018
2018-04-02 117.7785
2018-04-03 117.6617
2018-04-04 117.7659
2018-04-05 117.8583
2018-04-06 117.9479
2018-04-09 117.7151
2018-04-10 117.5436
2018-04-11 117.2751
2018-04-12 117.4840
2018-04-13 117.4133
2018-04-16 117.2731
2018-04-17 117.2452
2018-04-18 117.2913
2018-04-19 117.7163
2018-04-20 118.3993
2018-04-23 119.2260
2018-04-24 119.0615
2018-04-25 119.6656
2018-04-26 119.6924
2018-04-27 119.4572
2018-04-30 119.6435
2018-05-01 120.0488
2018-05-02 120.5326
2018-05-03 120.5187
2018-05-04 120.5874
2018-05-07 120.9468
2018-05-08 121.4435
2018-05-09 121.2599
2018-05-10 120.7179
2018-05-11 120.5902
2018-05-14 120.7367
2018-05-15 121.6247
2018-05-16 121.6937
2018-05-17 121.7543
2018-05-18 122.1372
2018-05-21 122.0788
2018-05-22 121.5904
2018-05-23 122.1076
2018-05-24 121.8872
2018-05-25 121.9869
2018-05-29 122.6587
2018-05-30 122.1239
2018-05-31 122.4385
2018-06-01 122.2880
2018-06-04 122.2627
2018-06-05 122.7177
2018-06-06 122.1857
2018-06-07 122.5276
2018-06-08 122.5787
2018-06-11 122.5841
2018-06-12 122.6992
2018-06-13 122.7362
2018-06-14 123.3362
2018-06-15 123.8937
2018-06-18 124.0451
2018-06-19 124.2425
2018-06-20 124.0655
2018-06-21 124.2438
2018-06-22 123.9419
2018-06-25 124.0071
2018-06-26 124.0701
2018-06-27 124.6998
2018-06-28 124.6752
2018-06-29 124.0902 121.0073 June-2018 F3Q2018
2018-07-02 125.1150
2018-07-03 124.2052
2018-07-05 123.8557
2018-07-06 123.5223
2018-07-09 123.4684
2018-07-10 123.4375
2018-07-11 123.8013
2018-07-12 123.6970
2018-07-13 124.0447
2018-07-16 123.8055
2018-07-17 124.1290
2018-07-18 124.3310
2018-07-19 125.0268
2018-07-20 124.3986
2018-07-23 124.5591
2018-07-24 124.3202
2018-07-25 123.9892
2018-07-26 124.0102
2018-07-27 123.9187
2018-07-30 123.7400
2018-07-31 123.8624
2018-08-01 124.0491
2018-08-02 124.3622
2018-08-03 124.1840
2018-08-06 124.4571
2018-08-07 124.1580
2018-08-08 124.3422
2018-08-09 124.5806
2018-08-10 125.5571
2018-08-13 126.2071
2018-08-14 125.9784
2018-08-15 126.5585
2018-08-16 125.9545
2018-08-17 125.8486
2018-08-20 125.6364
2018-08-21 125.7390
2018-08-22 125.5490
2018-08-23 126.0393
2018-08-24 125.4264
2018-08-27 125.1053
2018-08-28 125.1792
2018-08-29 125.5459
2018-08-30 126.0355
2018-08-31 126.1898
2018-09-04 126.7975
2018-09-05 126.6803
2018-09-06 126.5885
2018-09-07 126.5362
2018-09-10 126.6735
2018-09-11 126.7097
2018-09-12 126.1974
2018-09-13 125.8869
2018-09-14 126.0604
2018-09-17 125.8909
2018-09-18 125.7447
2018-09-19 125.6036
2018-09-20 125.4496
2018-09-21 125.4405
2018-09-24 125.4706
2018-09-25 125.6824
2018-09-26 125.6497
2018-09-27 125.9495
2018-09-28 125.7435 125.1218 Sept-2018 F4Q2018
2018-10-01 125.7557
2018-10-02 125.8272
2018-10-03 126.1101
2018-10-04 126.6826
2018-10-05 126.5577
2018-10-09 126.7269
2018-10-10 126.6941
2018-10-11 126.4244
2018-10-12 126.4103
2018-10-15 126.0664
2018-10-16 125.9068
2018-10-17 126.2000
2018-10-18 126.8851
2018-10-19 126.9082
2018-10-22 127.2528
2018-10-23 127.2405
2018-10-24 127.4632
2018-10-25 127.5598
2018-10-26 127.5457
2018-10-29 128.0132
2018-10-30 128.3623
2018-10-31 128.6810
2018-11-01 127.9457
2018-11-02 127.6676
2018-11-05 127.7882
2018-11-06 127.6388
2018-11-07 127.3236
2018-11-08 127.7589
2018-11-09 128.6471
2018-11-13 128.8618
2018-11-14 128.6656
2018-11-15 128.4857
2018-11-16 128.0171
2018-11-19 128.1014
2018-11-20 128.3703
2018-11-21 128.1826
2018-11-23 128.6386
2018-11-26 128.7956
2018-11-27 129.0857
2018-11-28 129.0293
2018-11-29 128.3571
2018-11-30 128.6004
2018-12-03 128.0623
2018-12-04 128.1072
2018-12-06 128.6261
2018-12-07 128.2899
2018-12-10 128.9331
2018-12-11 129.0316
2018-12-12 128.4774
2018-12-13 128.6938
2018-12-14 129.1264
2018-12-17 128.7972
2018-12-18 128.7814
2018-12-19 128.4192
2018-12-20 128.3810
2018-12-21 128.6229
2018-12-24 128.6152
2018-12-26 128.5052
2018-12-27 128.3583
2018-12-28 128.1009
2018-12-31 127.9541 127.8544 Dec-2018 F1Q2019
2019-01-02 128.0905
2019-01-03 127.8011
2019-01-04 127.2994
2019-01-07 126.8464
2019-01-08 127.0383
2019-01-09 126.3773
2019-01-10 126.2563
2019-01-11 126.2047
2019-01-15 126.5220
2019-01-16 126.3093
2019-01-17 126.6483
2019-01-18 126.7962
2019-01-22 127.1167
2019-01-23 126.9192
2019-01-24 126.9617
2019-01-25 126.3092
2019-01-28 126.3975 126.82 Average before guidance given (i.e. considered in guidance)
2019-01-29 126.4248 126.97 Average after guidance given
2019-01-30 126.4274 Conclusion: The dollar increased in value after management fi
2019-01-31 125.8651
2019-02-01 126.1608
2019-02-04 126.2739
2019-02-05 126.4210
2019-02-06 126.6091
2019-02-07 126.8195
2019-02-08 126.8811
2019-02-11 127.5013
2019-02-12 127.1787
2019-02-13 127.3720
2019-02-14 127.5450
2019-02-15 127.4294
2019-02-19 127.0074
2019-02-21 126.8940
2019-02-22 126.6305
2019-02-25 126.4529
2019-02-26 126.4304
2019-02-27 126.3836
2019-02-28 126.5825
2019-03-01 126.9546
2019-03-04 127.0980
2019-03-05 127.2029
2019-03-06 127.3939
2019-03-07 127.9288
2019-03-08 127.7933
2019-03-11 127.7356
2019-03-12 127.3475
2019-03-13 127.1674
2019-03-14 127.2654
2019-03-15 127.0297
2019-03-18 126.8670
2019-03-19 126.6530
2019-03-20 126.5232
2019-03-21 126.5312
2019-03-22 127.1187
2019-03-25 126.8219
2019-03-26 127.0708
2019-03-27 127.5954
2019-03-28 127.7378
2019-03-29 127.5660 126.9252 Mar-2019 F2Q2019
2019-04-01 127.3586
2019-04-02 127.5555
2019-04-03 127.1584
2019-04-04 127.4030
2019-04-05 127.4003
2019-04-08 127.1175
2019-04-09 126.9430
2019-04-10 126.8383
2019-04-11 127.0600
2019-04-12 126.7494
2019-04-15 126.8968
2019-04-16 127.1256
2019-04-17 126.9083
2019-04-18 127.1286
2019-04-19 127.1098
2019-04-22 127.2007
2019-04-23 127.6525
2019-04-24 127.9332
2019-04-25 128.3248
2019-04-26 128.0031
2019-04-29 128.0608
2019-04-30 127.8902 Date of Last guidance
2019-05-01 127.5676
2019-05-02 128.1458
2019-05-03 127.8526
2019-05-06 128.0088
2019-05-07 128.2591
2019-05-08 128.1582
2019-05-09 128.5811
2019-05-10 128.2596
2019-05-13 128.7446
2019-05-14 128.7557
2019-05-15 128.6654
2019-05-16 128.8590
2019-05-17 129.3362
2019-05-20 129.1963
2019-05-21 129.1579
2019-05-22 129.1097
2019-05-23 129.1082
2019-05-24 128.9340 0.8%
asonally Adjusted
considered in guidance)

alue after management finished their guidance, but not significantly, so te strength of the dollar should already be included in the guidanc
ady be included in the guidance.