Quarterly Earnings Multiples: The new normal?

Based on the new iOS units numbers released I revised at the numbers for next quarter and it’s very probable that EPS will be over $5.25.

As recently as 2007 Apple was priced 50x one year’s earnings.

Now it’s priced 47x one quarter’s earnings.

Should we consider applying old yearly earnings multiples to quarterly earnings as the new valuation normal?