Apple’s (NASDAQ:AAPL) Other Product Revenues – which include the sales of Airpods, Apple Watch, and other accessories – expanded from $24.5 billion in FY’19 to over $38 billion in FY’21. Trefis expects the metric to grow further to about $54 billion by FY’23.
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Apple’s wearables products are seeing considerable traction, driven by new product launches and a growing installed base of the iPhone, which serves as the anchor product of sorts for the Apple ecosystem.
We don’t think the growth in Apple revenue is fully priced into its stock. We value AAPL stock at about $179 per share, 20% ahead of the current market price.
|S&P 500 Return||-5%||-17%||76%|
|Trefis Multi-Strategy Portfolio||-9%||-25%||196%|
 Month-to-date and year-to-date as of 5/12/2022
 Cumulative total returns since the end of 2016