Apple’s Services Business Is Growing Like The ‘FANG’ Stocks, Should It Be Valued Like One?

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Apple’s Services business has also seen robust growth, emerging as the company’s second largest segment in terms of revenue. Apple’s Services revenues grew by 21% in calendar year 2016 (the company’s fiscal year ends September 30) to a little over $25 billion, making it almost as large as Facebook. However, Apple, and its Services operations, aren’t valued like other high-profile Internet companies such as the so-called “FANG” stocks – Facebook, Amazon, Netflix and Google (Alphabet). In this note, we take a look at some of the key drivers of Apple’s Services business and its valuation.

We have a $164 price estimate for Apple, which is slightly ahead of the current market price.

Why Apple’s Services Valuation Lags Other Internet Companies

We currently value Apple’s Services segment at about $150 billion (excluding Apple’s net cash position), using our discounted cash flow model. This translates to a forward revenue multiple of about 5x. This is well below Netflix (valued at ~7x forward revenues), Facebook (13x) and Google (6.3x). While this is partly due to slightly lower growth rates and potentially lower margins, there are also some other factors that limit Apple’s Services business from being valued like other Internet stocks. For one, Apple’s Services revenues are tied to the sales of its devices, and there could be a slowdown in sales if Apple’s hardware shipments falter. For instance, customers tend to buy the AppleCare plan at the time of their device purchases, while potentially loading up on more paid apps earlier in the life cycles of their devices. Moreover, Apple has been reluctant to leverage user data – which is extremely valuable for Internet companies – as it focuses on the privacy aspect of its devices. In contrast, Google, Amazon and Facebook have shown a willingness to work with user data from their search, e-commerce and social media operations to grow their businesses.

Apple Still Has Ambitious Plans For Services

Apple has set a target of effectively doubling its Services revenues by 2020 (~18% CAGR between 2016 and 2020). While the company has grown Services revenues at an average rate of around 23% per year over the last five years, driven by an expanding iOS user base (we estimate that the user base grew 3x between 2011 and 2016), it’s unlikely to see similar growth rates in its installed base going forward. Instead, the company will have to primarily rely on expanding its Services ARPU to meet its targets. We estimate that its ARPU (considering only iOS devices) stood at about $33 last year.

There could be multiple avenues for Apple to improve its services ARPU. Firstly, App store revenues are expanding, and there may be further scope for growth as Apple launches new developer kits such as the augmented reality-focused ARKit, which could enable a richer Services experience. Apple also earns a commission (typically 15% to 30%) from third-party subscriptions on its platform, and it could be a big beneficiary of trends such as cord cutting and a shift towards streaming music services. For instance, the number of paid subscriptions on its platforms, including both Apple and third-party services, now exceeds 185 million, marking an increase of 20 million in the last three months alone. The Apple Pay business could also see revenues accelerate (albeit from a very small base) over the next few years, as Apple has already done much of the heavy lifting in terms of building out the requisite infrastructure in many developed markets. The company’s push to capture more budget-conscious users with devices such as the $329 iPad and the iPhone SE could also help it to expand its installed base and, in turn, drive Services revenues. While we expect the Services business to be a major driver of the company’s long-term growth, its relative discount compared to the “FANG” companies does seem warranted.

 [Source”timesofindia”]

Don’t like Windows 10? Here’s how to uninstall it

With Windows 10, Microsoft has made some massive changes to the way its operating system works, and it’s managed to win over a lot of people (IT Pro included).

However, it’s not been a hit with everyone. Some don’t like the new Start menu, there have been reports of compatibility issues, and many just aren’t comfortable with it. If you’re one of the people that wish they hadn’t upgraded, fear not – you can still go back to your old version of Windows.

Be warned, though – you’ll need to act fast. Microsoft has built a feature into Windows 10 allowing users to roll back to their previous Windows version, but it’s only available for the first ten days after you install the new OS. It’s still possible to go back to an older version after this period elapses, but it’s more difficult and time-consuming.

How to uninstall Windows 10 from automatic install

Although Microsoft has denied it, a number of Windows 7 users have complained that Windows 10 has begun automatically installing on their systems (even one of IT Pro’s staff left their home computer running one evening and returned to find the installation process had started).

If you’ve returned to your PC to find that it has somehow upgraded itself to Windows 10 without your consent, this tutorial will also apply to you.

Previously, once you switched (or your computer switched) to Windows 10, you had 30 days in which to convert back to your previous OS. Once you’ve installed the Anniversary Update, that time falls from 30 days to only ten days. Microsoft has said the change was made following “user research” that revealed most users reverted within the first several days, and shortening the time to 10 days frees up the 3GB to 5GB of storage space that was holding onto the previous OS.

When your PC upgrades to Windows 10, the old operating system is kept on the hard drive for around a month; after the Anniversary Update, that falls to just 10 days. This means that you haven’t got long to decide whether or not you like the new OS.

Before you do this, it is a good idea to make sure all data is backed up using either an external hard drive or a cloud-based backup service. You may also want to ensure your old Windows 7 or Windows 8 product key is to hand just to be doubly careful.

To roll back to your previous version of the OS, go to the Start menu and choose ‘Settings’, then ‘Update & security’. Choose ‘Recovery’ in the left-hand panel and, on the right, find ‘Go back to Windows 8.1′ or ‘Go back to Windows 7’. Click the ‘Get started’ button below that and follow instructions.

Once you have gone back to the old version of Windows, older programs may need to be installed.

Of course, this will only work if you still have the Windows.old folder (C:\Windows.old). If you can’t find it or you have deleted it, then you are out of luck.

A complete reinstall may be your only option if the rollback method described above is no longer available.

This can also have the effect of removing tons of bloatware that have clogged up your operating system, slowing it down.

A clean install is different from the Reset you PC option in Windows 8 and above. This can often re-install junkware that came from the manufacturer with the laptop.

This uses just the Windows media (CD or USB) and nothing else and should result in a faster PC as well. It is also a way of dealing with any malware-infected machines or those that have been riddled with ransomware and had data encrypted.

To perform a clean install, insert the Windows DVD into the disc drive or insert a USB containing the Windows installation media into a free USB port. Then turn on the computer (or restart it).

Look for Press any key to boot from CD or DVD or Press any key to boot from an external device. Pressing a key will force the computer to boot from either the Windows DVD or a flash drive with the Windows 8 installation files on it.

If you can’t find your old disc, as long as you have the product keys, you can download Windows installation media and burn the ISO file to a disc or copy it to a USB drive using Microsoft’s Windows USB/DVD download tool.

On a Windows 7 PC, look for a “certificate of authenticity” sticker with a key on it. It is normally on the underside of a laptop or at the back of a desktop PC. For Windows 8 PCs, the key can be embedded in your computer’s firmware. This means Windows 8.1 will automatically detect it and allow reinstallation of Windows 8.1 without even asking for a key.

 

 

[Source:- ITpro]

6 Things We’d Like to See in Pokemon Sun and Moon

image description

As we wait for the release of the recently announced Pokemon Sun and Moon, Game Rant takes a look at what features we’d like to see in the upcoming titles.

Despite the excitement of Pokemon Sun and Moon‘s announcement during Nintendo’s Pokemon-themed direct, very little has been revealed about the upcoming game besides the fact that it will be a new main series title.

Due to the lack of information in the company’s brief presentation, all we can do is speculate about the upcoming games, though some eagle-eyed fans have noticed that the presented concept art hints at the next adventure possibly having a tropical setting. While we don’t know much about what the new titles are going to be like, here are just some of the things we hope will be in Pokemon Sun and Moon.


A Better Rival

Pokemon Rivals

The original Pokemon games had great rivals that would occasionally pop up to test the player’s skills in battle. The Kanto region had Blue, Johto had Silver, and Hoenn had May/Brendan – as well as Wally. The thing is, as the games go on, The Pokemon Company seem to be diluting down the rival experience in place of allowing more characters to join the player’s journey. In the latest region, Kalos, the player has 4 friends that will turn up from time to time.

The thing is, while Blue and Silver’s teams would fill up and develop alongside the player’s, even the last time you encounter your friends in Pokemon X and Y, they still haven’t caught 6 Pokemon. Not only does this make them easier to beat but it actually serves to remove almost all of the threat in them challenging you to a battle. Here’s hoping that Sun and Moon brings back that same intensity that we saw when facing Blue in the Pokemon league for the first time.


Original Pokemon

Pokemon Rainbow

One thing that made Pokemon X and so great was the inclusion of classic creatures, as well as the new additions to the Kalos Pokedex. While Generation 6 delivered a range of fresh and unique Pokemon, the power of nostalgia is strong, especially for Pokemon fans. With the inclusion of the brand new Mega Evolution, old favorites suddenly became important and usable creatures again.

Of course we’re all wanting to see what The Pokemon Company delivers in terms of new creatures, but adopting X and Y‘s method of blending the old with the new might be the best tactic to ensure popularity of the new games. Maybe Sun and Moon will once again give players a second starter Pokemon, this time in the form of the second generation’s Cyndaquil, Totodile, or Chikorita.


Higher Difficulty

Pokemon Red Versus Giovanni

Despite Pokemon being a game generally aimed towards children, Nintendo has always been good at making its titles fun for all ages and the older fanbase isn’t about to abandon the franchise, especially during the Year of Pokemon. That said, it would be nice to see the Big N raise the difficulty just a little from it’s level in X and Y. The original games had just the right amount of difficulty to add a challenge while still keeping the game fun.

In the last original title, however, players had access to an exp. share that simultaneously levelled up all of their Pokemon at once, regardless of whether or not they were ever sent out in battle. This resulted in the player having a high level team with very little effort and led to many complaining that the game’s ultimate challenge, the Elite 4, required almost no preparation to beat. While an easy Pokemon game does remove the need to grind levels, it takes away from the great sense of achievement that we felt after finally beating a difficult gym leader or challenging rival fight.


More Evolution/Mega Evolutions

Pokemon X Y Mega Charizard Blastoise Venasaur

It’s almost guaranteed that we’ll be getting a new range of Mega Evolutions in order to capitalize on the new feature that was introduced in the past couple games, but a few new regular Pokemon evolutions would be welcomed also. Pokemon such as Dunsparce, Farfetch’d, and Shuckle are long overdue a new form in order to make the creatures relevant and worthwhile in battle again.

In terms of new Megas, it’ll be interesting to see if the developers give any more starter Pokemon a Mega Evolution in much the same way as they did with Gen 1 and Gen 3. A Mega Typhlosion or Empoleon would be sure to be met with a great reception, due to the popularity of the two. It’d also be interesting to see creatures like Dragonite, Flygon, or Rapidash get a Mega form because, frankly, it’s upsetting that they haven’t already received the upgrade.


Return of the Roller Skates

Pokemon skates

Pokemon X/Y’s addition of the roller skates was one of the things that made the game stand out in comparison to the other main series titles. Ever since the series began, trainers have been confined to a blocky movement pattern that only allowed them to move in 4 different directions. Then out came the roller skates and suddenly every Pokemon master could move fluidly and quickly at a push of the CirclePad. Yes, bikes are available too, but there was just something fresh and new about the skates that made them so much fun to use.

Not only were the skates practical but trainers could also learn tricks including a stylish “Cosmic Flip”. Sadly, Alpha Sapphire and Omega Ruby removed the option to skate in order to stay true to the original games, but with Sun and Moon on the way, Nintendo should certainly consider bringing back the transport method.


Pokemon Followers

Pokemon Walking

Something that nearly every Pokemon fan wants to see is the return of the Pokemon follower. First seen in Pokemon Yellow where Pikachu could tail behind its trainer and be interacted with to check its mood, the Pokemon follower feature has been vastly underused ever since. Only appearing once more in Heart Gold/Soul Silver, Pokemon followers are well overdue a comeback.

Of course, it’d require a lot of effort to implement such a feature now, both because of the sheer number of Pokemon sprites that would need to be produced and because of the 3-dimensional movement but it’s sure to be very much appreciated by almost all of the Pokemon fanbase.


Conclusion

Still Play Pokemon Mid Twenties

Despite the first Pokemon titles coming out 20 years ago, fans of the series are still playing the games today, and this is reflected in the success of Nintendo’s second most popular franchise as the sales increase with each generation. While the old classics still have a great deal of replay value, it’s important that the Big N learns from its successes and puts a great deal of time into making sure Pokemon Sun and Moon are remembered as fondly.

Regardless of whether any or all of the features on our list are added to the next Pokemon games, it seems hard for Nintendo to do anything profoundly wrong with this legendary series. With that said, it’s no stretch to say that we’re all very excited to see how Sun and Moon turn out.

 

[Source:- Gamerant]

6 Things We’d Like to See in Pokemon Sun and Moon

image description

As we wait for the release of the recently announced Pokemon Sun and Moon, Game Rant takes a look at what features we’d like to see in the upcoming titles.

Despite the excitement of Pokemon Sun and Moon‘s announcement during Nintendo’s Pokemon-themed direct, very little has been revealed about the upcoming game besides the fact that it will be a new main series title.

Due to the lack of information in the company’s brief presentation, all we can do is speculate about the upcoming games, though some eagle-eyed fans have noticed that the presented concept art hints at the next adventure possibly having a tropical setting. While we don’t know much about what the new titles are going to be like, here are just some of the things we hope will be in Pokemon Sun and Moon.


A Better Rival

Pokemon Rivals

The original Pokemon games had great rivals that would occasionally pop up to test the player’s skills in battle. The Kanto region had Blue, Johto had Silver, and Hoenn had May/Brendan – as well as Wally. The thing is, as the games go on, The Pokemon Company seem to be diluting down the rival experience in place of allowing more characters to join the player’s journey. In the latest region, Kalos, the player has 4 friends that will turn up from time to time.

The thing is, while Blue and Silver’s teams would fill up and develop alongside the player’s, even the last time you encounter your friends in Pokemon X and Y, they still haven’t caught 6 Pokemon. Not only does this make them easier to beat but it actually serves to remove almost all of the threat in them challenging you to a battle. Here’s hoping that Sun and Moon brings back that same intensity that we saw when facing Blue in the Pokemon league for the first time.


Original Pokemon

Pokemon Rainbow

One thing that made Pokemon X and so great was the inclusion of classic creatures, as well as the new additions to the Kalos Pokedex. While Generation 6 delivered a range of fresh and uniquePokemon, the power of nostalgia is strong, especially for Pokemon fans. With the inclusion of the brand new Mega Evolution, old favorites suddenly became important and usable creatures again.

Of course we’re all wanting to see what The Pokemon Company delivers in terms of new creatures, but adopting X and Y‘s method of blending the old with the new might be the best tactic to ensure popularity of the new games. Maybe Sun and Moon will once again give players a second starterPokemon, this time in the form of the second generation’s Cyndaquil, Totodile, or Chikorita.


Higher Difficulty

Pokemon Red Versus Giovanni

Despite Pokemon being a game generally aimed towards children, Nintendo has always been good at making its titles fun for all ages and the older fanbase isn’t about to abandon the franchise, especially during the Year of Pokemon. That said, it would be nice to see the Big N raise the difficulty just a little from it’s level in X and Y. The original games had just the right amount of difficulty to add a challenge while still keeping the game fun.

In the last original title, however, players had access to an exp. share that simultaneously levelled up all of their Pokemon at once, regardless of whether or not they were ever sent out in battle. This resulted in the player having a high level team with very little effort and led to many complaining that the game’s ultimate challenge, the Elite 4, required almost no preparation to beat. While an easyPokemon game does remove the need to grind levels, it takes away from the great sense of achievement that we felt after finally beating a difficult gym leader or challenging rival fight.


More Evolution/Mega Evolutions

Pokemon X Y Mega Charizard Blastoise Venasaur

It’s almost guaranteed that we’ll be getting a new range of Mega Evolutions in order to capitalize on the new feature that was introduced in the past couple games, but a few new regular Pokemon evolutions would be welcomed also. Pokemon such as Dunsparce, Farfetch’d, and Shuckle are long overdue a new form in order to make the creatures relevant and worthwhile in battle again.

In terms of new Megas, it’ll be interesting to see if the developers give any more starter Pokemon a Mega Evolution in much the same way as they did with Gen 1 and Gen 3. A Mega Typhlosion or Empoleon would be sure to be met with a great reception, due to the popularity of the two. It’d also be interesting to see creatures like Dragonite, Flygon, or Rapidash get a Mega form because, frankly, it’s upsetting that they haven’t already received the upgrade.


Return of the Roller Skates

Pokemon skates

Pokemon X/Y’s addition of the roller skates was one of the things that made the game stand out in comparison to the other main series titles. Ever since the series began, trainers have been confined to a blocky movement pattern that only allowed them to move in 4 different directions. Then out came the roller skates and suddenly every Pokemon master could move fluidly and quickly at a push of the CirclePad. Yes, bikes are available too, but there was just something fresh and new about the skates that made them so much fun to use.

Not only were the skates practical but trainers could also learn tricks including a stylish “Cosmic Flip”. Sadly, Alpha Sapphire and Omega Ruby removed the option to skate in order to stay true to the original games, but with Sun and Moon on the way, Nintendo should certainly consider bringing back the transport method.


Pokemon Followers

Pokemon Walking

Something that nearly every Pokemon fan wants to see is the return of the Pokemon follower. First seen in Pokemon Yellow where Pikachu could tail behind its trainer and be interacted with to check its mood, the Pokemon follower feature has been vastly underused ever since. Only appearing once more in Heart Gold/Soul Silver, Pokemon followers are well overdue a comeback.

Of course, it’d require a lot of effort to implement such a feature now, both because of the sheer number of Pokemon sprites that would need to be produced and because of the 3-dimensional movement but it’s sure to be very much appreciated by almost all of the Pokemon fanbase.


Conclusion

Still Play Pokemon Mid Twenties

Despite the first Pokemon titles coming out 20 years ago, fans of the series are still playing the games today, and this is reflected in the success of Nintendo’s second most popular franchise as the sales increase with each generation. While the old classics still have a great deal of replay value, it’s important that the Big N learns from its successes and puts a great deal of time into making sure Pokemon Sun and Moon are remembered as fondly.

Regardless of whether any or all of the features on our list are added to the next Pokemon games, it seems hard for Nintendo to do anything profoundly wrong with this legendary series. With that said, it’s no stretch to say that we’re all very excited to see how Sun and Moon turn out.

Pokemon Sun and Moon are slated for a Holiday 2016 release for Nintendo 3DS.

 

[Source:- Gamerant]

German court rules Facebook like button may break law

German court bans a shopping website from using the "like" function of its Facebook page if it did not warn customers

German court bans a shopping website from using the “like” function of its Facebook page if it did not warn customers that their data was being recorded

Facebook ‘like’ buttons on commercial websites break German law if users are not warned that their personal data is being shared, a court ruled on Wednesday.

In a potentially significant ruling for the social media giant, the court banned a shopping website from using the function on its pages if it did not first warn customers their data was being recorded.

The Fashion ID site, run by the Peek & Cloppenburg brand, was warned that it could be fined 250,000 euros ($275,000) for every breach of the order, seen by AFP.

The retailer will now be forced to warn users that ‘liking’ the site on Facebook grants permission for the company to log their IP address.

They will also be forced to tell users that they can withdraw their consent at any time.

Fashion ID will now be able to appeal the order, made in a civil court in Dusseldorf after a case was brought by the Verbraucherzentrale consumer organisation.

The body accused the site of failing to abide by Germany’s strict data protection laws, a particularly sensitive subject in the country.

In a statement they warned that users’ browsing data was transferred to Facebook on pages with like buttons, even if they were not signed up to the website.

Facebook’s use of data is already under scrutiny in the country where web users are protected by strong privacy rules.

The German competition commission opened an investigation into Facebook earlier this month over suspicions that it is abusing its dominant market position to impose illegal terms and conditions on its users.

“For web services like Facebook that are funded by advertising, users’ data has enormous value. That is exactly why we must also examine any abuse of their dominant position (to see) if they have sufficiently explained the means and extent of data collection to their users,” Germany’s Federal Cartel Office said in a statement.

[Source:- Phys.org]