Apple’s earnings will grow 25-30% per year through 2015 thanks mainly to the iPhone’s addressable subscriber base, Piper Jaffray analyst Gene Munster told clients in a note today — as reported by “Fortune” (http://macte.ch/KnfI8).
He thinks most folks are underestimating the company’s opportunity to grow its mobile business over the next five years. Munster expects the iPhone, which represents 39% of Apple’s revenues today, to at least keep pace with the smartphone’s current growth rate of 35% per year and sell 200 million units in 2015. That implies that more than 40% of Apple’s revenue stream will grow at the rate of 35% per year from 2013 to 2015.
The analyst expects the iPad to grow faster than the iPhone, and the Mac and iPod to grow more slowly. “The net is we believe a sustainable 25-30% growth rate in earnings could be achievable through 2015,” he told clients.