Steve Jobs made sure he left a legacy behind that would create an even brigther future for Apple
Steve Jobs said one of his crowning achievements was the people he left in place to run apple after he was gone. Not only was he a product visionary but he was just as visionary in making sure his team would continue on in his legacy and bring apple to new heights. I think people discount this. If you believe Jobs was a genius you should believe that when he passed away he did not leave his beloved company for dead. Apple’s best years lie ahead IMHO.
Apple is still dirt cheap here at < 12 times 2012 earnings of $50/share ex-cash. Well under average market multiple. Amazing when you consider it is growing at over 5 times the average company growth rate!
It’s a strong buy all the way up to $1200 where the multiple gets around 20 times earnings ex-cash. Still a more than 50% discount to apple’s growth rate so that is conservative by any fundamental analysis. All earnings estimates for ’13 and out are far too low. same as they were a year ago for 2012 and now you see how dramatically analysts upped their ’12 estimates. They will do same for ’13 and for ’14 but only while in that year thus always making it look like the next year growth plummets to < 10%. Trust me it won’t fall in the next two years.
China Mobile coming online with 600 million potential buyers. iTV. Plus renews on all the idevices and mac’s penetrating enterprise finally as the idevices act like trojan’s in every corporation.