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|Includes: Apple Inc. (AAPL)

The independent research provided on this website is certainly appreciated.

There are plenty of comments about iphone sales and their timing, but does it really matter if you believe in Apples' position in information technology and electronic device world. It's probably also worth taking a quick look at valuation. Sitting in Melbourne, Australia this isn't paramount to me and I'm sure others can and have focused on it in more detail.

Ex cash of $123B (and debt) the Apple Core is worth approximately $400B. Current Market Cap is $562B.

However, the relevance of the cash is probably greatest in terms of dividend capacity, unless Apple becomes more acquisitive......unlikely. In any other regard maybe someone would look at the cash and see Apple as a target........unlikely. Although maybe a Government with trillions of dollars in debt would look to issue bonds to fund an Apple acquisition and use the net cash to make some interest or principal repayments or create some sort of fiscal stimulus.

More likely it will form the basis of funding for Apples' erstwhile litigation...........and dividends to stockholders - the ordinary ones' of which are any economy's greatest asset.

Additionally one can look at the earnings ex the cash. Ex net cash which would be generating net interest to Apple of around $2B pa (maybe more), the stock is on a current year PE of ≥15x.

In the absence of further product development, which is probably occurring with gusto anyway (Apple TV..........) Apple stock price outlook would appear linked to economic (NYSEARCA:EU) issues and iphone and ipad evolution and their market shares.

Andrew D Turner (adt) (occasionally)

Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in AAPL over the next 72 hours.