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APPLE (aapl) BMO (ZAAP) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of APPLE (aapl) BMO C$14.65, price C$12.01, upside +22.0%, quality 84 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
  3. Add to watchlist

Technology · CA

AA APPLE (aapl) BMO logo Broad data Sep 24, 2026

APPLE (aapl) BMO

ZAAP · NEO

Undervalued, solidFair Value upside is positive and quality is strong.

✓Fair value C$14.65 · Undervalued (+22.0%)
✓Quality 84/100
!Weak Growth (revenue 3y +1.8 %/yr)
✓Highly profitable · 27.6% net margin (TTM)
✓Moderate debt · generates free cash flow
✓8.7% dividend yield · Well covered
✓Ranks above peers (13/15)
✓Wide moat 92/100
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

C$12.01 C$9.01 Fair Value C$14.65 Nov 2025 Oct 2026

White line = price, green steps = our fair value per fiscal year. As of Sep 24, 2026.

How to read this chart

10‑month range C$9.01 – C$12.01 · fair‑value band C$9.64 – C$20.65 · the C$12.01 price screens below the C$14.65 fair value. As of Sep 24, 2026.

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Company profile

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide.

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Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple Vision Pro, Apple TV, Apple Watch, Beats products, and HomePod, as well as Apple branded and third-party accessories. It also provides AppleCare support and cloud services; and operates various platforms, including the App Store that allow customers to discover and download applications and digital content, such as books, music, video, games, and podcasts, as well as advertising services include third-party licensing arrangements and its own advertising platforms. In addition, the company offers various subscription-based services, such as Apple Arcade, a game subscription service; Apple Fitness+, a personalized fitness service; Apple Music, which offers users a curated listening experience with on-demand radio stations; Apple News+, a subscription news and magazine service; Apple TV, which offers exclusive original content and live sports; Apple Card, a co-branded credit card; and Apple Pay, a cashless payment service, as well as licenses its intellectual property. The company serves consumers, and small and mid-sized businesses; and the education, enterprise, and government markets. It distributes third-party applications for its products through the App Store. The company also sells its products through its retail and online stores, and direct sales force; and third-party cellular network carriers and resellers. The company was formerly known as Apple Computer, Inc. and changed its name to Apple Inc. in January 2007. Apple Inc. was founded in 1976 and is headquartered in Cupertino, California.

Stock analysis

APPLE (aapl) BMO CDR (CAD HEDGED) (ZAAP) currently trades at C$12.01, while our model-based Fair Value estimate is C$14.65, implying the stock looks roughly 18.0% undervalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of C$142.63 per share, and 21 of the 22 models we run sit above the C$12.01 price.

Bear case: the Asset-Based group reads lowest at C$4.82, and 1 of the 22 models stay below the price. Evidence for this calculation is high.

Scenario range: C$9.64 (bear) to C$20.65 (bull), the price of C$12.01 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 84/100 (high quality), in the Technology sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

APPLE (aapl) BMO CDR (CAD HEDGED) reported revenue of $416B in FY2025 versus $394B in FY2022, a compound +1.8%/yr. Reported net income was $112B in FY2025, compounding +3.9%/yr from FY2022.

Key figures

Market cap C$177B (≈ $125B) · P/E ratio 1.0 · P/S ratio 0.27 · EPS (TTM) C$12.04 · Dividend yield 8.7% · Net margin 26.9% · Return on equity 149% · Return on assets (EBIT) 34.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).

What moves the price

For context, the median of 10 Technology peers we cover trades at −37% fair-value upside, at 22%, ZAAP screens cheaper than that median.

Fair Value models

Bear C$9.64 Fair Value C$14.65 Bull C$20.65
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (C$10.99 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF C$99.40 C$141.30 C$200.70 77
Growth DCF C$102.89 C$142.63 C$196.81 76
Owner Earnings C$111.83 C$158.76 C$225.28 74
All 22 models by family
DCF Models
FCF DCF C$99.40 C$141.30 C$200.70 77
Owner Earnings C$111.83 C$158.76 C$225.28 74
5Y Revenue Exit C$103.60 C$158.29 C$225.57 69
5Y EBITDA Exit C$138.83 C$219.79 C$309.96 72
5Y P/E Exit C$160.19 C$257.06 C$353.07 68
10Y Revenue Exit C$97.76 C$145.91 C$203.73 64
10Y EBITDA Exit C$122.94 C$187.07 C$263.98 65
10Y P/E Exit C$136.19 C$212.02 C$294.76 61
Earnings-Based
Graham-Dodd C$74.34 C$153.51 C$193.84 63
EPV C$93.57 C$109.86 C$124.11 71
Multiples
P/E Multiple C$229.59 C$306.12 C$382.66 63
P/S Multiple C$139.40 C$185.86 C$232.33 58
P/B Multiple C$32.39 C$43.18 C$53.98 55
EV/EBIT C$229.62 C$307.54 C$385.46 66
EV/EBITDA C$186.60 C$250.17 C$313.75 67
EV/Revenue C$114.04 C$164.69 C$215.34 53
Asset-Based
NCAV (Graham) C$3.60 C$4.82 C$7.20 54
Growth DCF
Growth DCF C$102.89 C$142.63 C$196.81 76
Rev-Margin DCF C$103.60 C$159.59 C$218.53 70
Economic Profit
Residual Income C$21.92 C$25.49 C$42.60 71
ROIC Compounder C$94.86 C$112.85 C$129.61 69
Growth Earnings
Growth-Adj P/E C$165.52 C$236.45 C$307.39 65

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Quality Score breakdown

Overall quality 84/100

Of which business quality 79 · Market factors (momentum, volatility) 69

Profitability 97
Margins and returns on capital today
Quality Growth 72
Are margins and returns improving?
Cashflow 77
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 63
Price trend over the last 3–12 months (market factor)
52W Momentum 77
Distance to the 52-week high (market factor)
Net Issuance 100
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+6.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.8%
What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+15.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.7%
Dividend (yield on the price)8.7%
Profit margin 2022 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.30% → 32%

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Consumer Electronics · 117 stocks

Beats the industry median on 13/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 84 · Top 25%
Fair Value upside +22.0% · Above median
Profitability
Return on equity (TTM) 148.8% · Top 25%
Return on assets 27.1% · Top 25%
Net margin (TTM) 27.6% · Top 25%
Operating margin (TTM) 32.6% · Top 25%
Growth and dividend
Revenue growth 16.4% · Above median
Dividend yield (TTM) 8.7% · Top 25%
Balance sheet
Debt / equity 1.06× · Highest 25%

Valuation Multiplesvs Consumer Electronics median · lower = cheaper

P/E (TTM) 1.0× · Cheapest 25%
P/B 1.69× · Pricier than median
P/S (TTM) 0.27× · Cheapest 25%
P/FCF 1.3× · Cheapest 25%
EV/EBITDA 1.0× · Cheapest 25%
PEG 0.07× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)63 · sector 7
FUTURE (revenue growth)82 · sector 28
PAST (return on equity)100 · sector 22
HEALTH (low debt)47 · sector 96
DIVIDEND (yield)100 · sector 33

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Consumer Electronics stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Samsung Electronics Co 005930 276,000 KRW 162,073 KRW −41%
Sony Group SONY $23.37 $30.22 +29%
Xiaomi Corporation 1810 HK$25.90 HK$44.42 +72%
LG Electronics Inc 066570 216,000 KRW 91,357 KRW −58%
Huaqin Co 603296 ¥79.11 ¥65.71 −17%
LG Corp 003550 111,900 KRW 64,594 KRW −42%
Goertek Inc 002241 ¥23.94 ¥14.66 −39%
Anker Innovations Limited 300866 ¥122.60 ¥77.69 −37%
Shenzhen Transsion Holdings 688036 ¥54.92 ¥54.13 −1%
Dixon Technologies (India) Limited DIXON ₹13,390 ₹4,022 −70%

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Cite: Fair Value Calculator (2026). "APPLE (aapl) BMO CDR (CAD HEDGED) Fair Value". https://www.fairvalue-calculator.com/stock/ZAAP

Frequently asked questions

Is APPLE (aapl) BMO (ZAAP) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of C$14.65 versus a price of C$12.01, about +22% upside (undervalued).
What is the fair value of ZAAP?
Our model-based fair value for APPLE (aapl) BMO CDR (CAD HEDGED) is C$14.65 (as of Sep 24, 2026), built from audited fundamentals. The current price: C$12.01.
What is the quality score of ZAAP?
APPLE (aapl) BMO CDR (CAD HEDGED) has a Quality Score of 84/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for APPLE (aapl) BMO (ZAAP)?
Our model-based price target is the fair value of C$14.65 (as of Sep 24, 2026) from 22 valuation models. Cautious scenario C$9.64, optimistic scenario C$20.65. It is a calculation from audited fundamentals, not an analyst target.
What is the APPLE (aapl) BMO CDR (CAD HEDGED) stock forecast for 2026?
Our models put fair value at C$14.65, about +22% upside versus a price of C$12.01 (undervalued). Cautious scenario C$9.64, optimistic scenario C$20.65. The calculation is refreshed regularly with new filings.
What is the revenue of APPLE (aapl) BMO (ZAAP)?
APPLE (aapl) BMO CDR (CAD HEDGED) reported trailing-twelve-month revenue of about C$467B (latest available figure, as of Sep 24, 2026).
Does APPLE (aapl) BMO CDR (CAD HEDGED) pay a dividend?
APPLE (aapl) BMO CDR (CAD HEDGED) currently shows a dividend yield of about 8.74% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of APPLE (aapl) BMO (ZAAP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For APPLE (aapl) BMO CDR (CAD HEDGED) it is C$14.65 per share (as of Sep 24, 2026), against a price of C$12.01. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is APPLE (aapl) BMO CDR (CAD HEDGED) stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ZAAP trades below its calculated fair value: price C$12.01, fair value C$14.65, a gap of about +22% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ZAAP?
No. The price is what the market pays today (C$12.01); the fair value is what the company's own numbers justify (C$14.65). For APPLE (aapl) BMO CDR (CAD HEDGED) the two are C$2.64 per share apart. That gap is exactly why we show both numbers side by side.
How much is APPLE (aapl) BMO CDR (CAD HEDGED) worth?
The market values APPLE (aapl) BMO CDR (CAD HEDGED) at about C$177B (market capitalisation, as of Sep 24, 2026). Per share that is C$12.01; our models calculate a fair value of C$14.65 per share.
What do the bullish and bearish scenarios say about ZAAP?
Our models span a range for APPLE (aapl) BMO CDR (CAD HEDGED): cautious scenario C$9.64, base C$14.65, optimistic C$20.65 per share (as of Sep 24, 2026, price C$12.01). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZAAP?
APPLE (aapl) BMO CDR (CAD HEDGED) trades at a price-to-earnings ratio of 1.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$14.65 is built from several models across several years. Other multiples: PEG 0.1, P/B 1.7, P/S 0.3, EV/EBITDA 1.0.
What is the PEG ratio of ZAAP?
The PEG ratio of APPLE (aapl) BMO CDR (CAD HEDGED) is 0.07 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of APPLE (aapl) BMO (ZAAP)?
Balance-sheet figures for APPLE (aapl) BMO CDR (CAD HEDGED) (as of Sep 24, 2026): return on equity 148.8%, debt of 1.06 per unit of equity. They feed the Quality Score of 84/100, which measures business quality independently of the share price.
Which stocks are comparable to APPLE (aapl) BMO CDR (CAD HEDGED)?
From the same area (Technology) we also value Samsung Electronics Co, Sony Group, Xiaomi Corporation, LG Electronics Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is APPLE (aapl) BMO CDR (CAD HEDGED) stock attractive at the current price?
The data as of Sep 24, 2026: price C$12.01, calculated fair value C$14.65 (+22%), Quality Score 84/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ZAAP calculated?
We run APPLE (aapl) BMO CDR (CAD HEDGED) through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of C$14.65, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. APPLE (aapl) BMO CDR (CAD HEDGED) currently trades 18 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of APPLE (aapl) BMO (ZAAP)?
The closing price on Oct 1, 2026 was C$12.01. Our model-based fair value is C$14.65, about +22% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with APPLE (aapl) BMO CDR (CAD HEDGED) right now?
A fairly wide model range (C$9.64 to C$20.65) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.

Key figures of APPLE (aapl) BMO CDR (CAD HEDGED)

How large is the market capitalisation of APPLE (aapl) BMO (ZAAP)?
The market capitalisation of APPLE (aapl) BMO CDR (CAD HEDGED) is C$177B (≈ $125B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of APPLE (aapl) BMO (ZAAP)?
The price-to-sales ratio of APPLE (aapl) BMO CDR (CAD HEDGED) is 0.27 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of APPLE (aapl) BMO (ZAAP)?
Earnings per share at APPLE (aapl) BMO CDR (CAD HEDGED) are C$12.04 (price ÷ EPS = P/E 1.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of APPLE (aapl) BMO (ZAAP)?
The dividend yield of APPLE (aapl) BMO CDR (CAD HEDGED) is 8.7% (payout 8.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of APPLE (aapl) BMO (ZAAP)?
The net margin of APPLE (aapl) BMO CDR (CAD HEDGED) is 26.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of APPLE (aapl) BMO (ZAAP)?
The return on equity (ROE) of APPLE (aapl) BMO CDR (CAD HEDGED) is 149% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of APPLE (aapl) BMO (ZAAP)?
On an EBIT basis the return on assets of APPLE (aapl) BMO CDR (CAD HEDGED) is 34.3% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of APPLE (aapl) BMO (ZAAP)?
The operating margin of APPLE (aapl) BMO CDR (CAD HEDGED) is 32.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at APPLE (aapl) BMO (ZAAP)?
Revenue at APPLE (aapl) BMO CDR (CAD HEDGED) is growing +16.4% versus a year earlier (3y avg +1.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at APPLE (aapl) BMO (ZAAP)?
Earnings per share at APPLE (aapl) BMO CDR (CAD HEDGED) are growing +28.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does APPLE (aapl) BMO (ZAAP) generate?
The free cash flow of APPLE (aapl) BMO CDR (CAD HEDGED) is C$98.8B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does APPLE (aapl) BMO (ZAAP) carry?
The net debt of APPLE (aapl) BMO CDR (CAD HEDGED) is C$62.7B (fiscal year 2025, ≈ 0.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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