December 2010
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Day December 25, 2010

Apple now trading at 10.5 times Deagol's fwd EPS estimate ex cash

Apple now trading at 12.9 times Deagol’s fwd EPS estimate (10.5x after excluding cash).

Deagol’s AAPL Model: Fiscal 1Q 2011 Final Estimates.

The revenue growth rate is expected to continue at 66% (following 61% and 67% for previous two quarters). Earnings growth is also expected to be maintained at 70% as it has been over the full calendar year.

Apple continues to be one of the cheapest stocks in the S&P 500 when measured by growth multiples.

After years spent thinking about it, I can only conclude that the company’s depressed valuation is due to the uncertainty surrounding the CEO succession plans.