Back out the expected average cash balance in 2013 of about $150B, and then, look at the price to sales based on estimated 2013 revenues. You will get something around 2 times (not 3.14). Then, with a P/E ex-cash in 2013 of less than 8X and the high return on equity and growth rates, you have to draw your own conclusions. Personally, of all the stocks I watch, AAPL is my number one pick for this year from these levels. It may be bumping through the fiscal cliff negotiations, like all stocks, but the data coming out since Friday on market share and iPad Mini sales and their limited cannibalization of iPad sales suggest a tremendous quarter in the works.
Thks. but am still clueless ,seriously ,how can you grow and have sales so unpropotionated to price ? Is it not growing enough then or has price gone too high. p/s ..in order to go lower ,price has to come down or sales increase or both..