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| This chart out together by Asymco he put together. shows the enterprise values of Mobile Smartphone Players. The enterprise values of the public companies selling 75% of allphones sold world-wide are as follows: Nokia $22.6b , RIM $13.8b , HTC $25.4b , Motorola Mobility $4.2b |
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Given the current valuations, it would not be difficult for Apple to
acquire every phone vendor except for Samsung with cash alone.
The more remarkable thing is that as market values of phone vendors
continue to decline, Apple’s cash will continue to grow dramatically. Indeed, a
time may soon come when Apple’s cash will be worth more than the entire phone
industry
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The chart below shows revenue for each quarter going back to
Q1 of 2203. (Numbers for 2007 and 2008 include Apple's new accounting
principles that account for iPhone and Apple TV sales at the time of sale, and
not annualized over a two year period as used to be required.)
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One Of the most profound effect that Apple has had on the
industry is how it has completely swallowed the lion's share of its profits, in
a very short period of time, without even commanding much market share. This Goldman Sachs research chart, via the FT, shows just how quickly Apple became the
profit leader.
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When the second quarter ends later this
month, Apple will probably have more than $70 billion in cash and marketable
securities on hand.
That's enough for it to buy every other mobile phone maker in the world except Samsung, estimates
Horace Dediu of Asymco.
He calculated the enterprise value of
HTC ($25.4 billion), Nokia ($22.6B), RIM ($13.8B), and Motorola Mobility
($4.2B), and the estimated value of the phone businesses for Samsung ($53B) and
Sony Ericsson ($3.0B).
This is just a thought experiment --
there's no reason for Apple to buy a rival phone maker. But it's another good
representation of how much of the value of the booming smartphone market is
flowing to one company.
Here's
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