Apple Inc AAPL

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351.00 Share Price
921,280,000 Shares Outstanding
### Market Cap

6.40 2011-Q1 EPS

25.60 Most Recent Qtr - annualized (times 4)
65,000,000,000 Cash/Liquid assets
70.55 Cash/Liquid assets per share
280.45 Share Price - Cash/Liquid assets

13.7 2011 Price/Earnings

11.0 2011 Price/Earnings without cash

NOTES: Quarterly & Annual EPS has grown every quarter/year - yet here we assume they
Apple has an unbelievable cash war chest - could easily pay a one-time special di
Apple added $6 billion ($6.50/sh) in cash to cash horde in 1st quarter alone
iPad2 is still unavailable in most stores across the country due to overwhelming d
Apple could easily earn over $30/sh in 2012, if not 2011. At a 12 P/E, that would

RISKS: sales unexpectedly slump - technology trends are notoriously difficult to predict
unable to meet overwhelming demand due to supply constraints - lose potential s
market reaction to steve jobs health news
apple is resistent to paying a dividend or buying back shares … cash is likley to co

If Apple were to trade at a p/e of 15 with earnings per share of $30, and you added in the cash horde
If Apple traded at a p/e of 12 with EPS of $30, and you did NOT add back the cash horde, it would trad
At what price is AAPL cheap? Expensive?
 t here we assume they are flat from Q1
ay a one-time special dividend of up to $50/sh and still have ample cash
1st quarter alone
due to overwhelming demand
At a 12 P/E, that would be $360/sh. … and they will have close to $80/sh in cash by 2012.

usly difficult to predict

traints - lose potential sales

res … cash is likley to continue to grow beyond already ridiculous levels

dded in the cash horde of $70+/sh, it would trade at: $520 - $170 higher than today
ash horde, it would trade at $360 - $10 higher than today.