Apple 2.0

Covering the business that Steve Jobs built

How much is AAPL worth?

April 17, 2010: 4:32 PM ET

$267 a share, according to Trefis.com's model. But feel free to build your own.

Source: Trefis.com

The analysts at Trefis figure that the iPhone accounts for 51.5% and the iPad only 4.3% of Apple's (AAPL) fair market value, which they estimate at about $267 a share -- nearly $20 above Friday's closing price.

How do we know? Because their model of the company (right) -- fully interactive and satisfyingly drillable -- is neatly displayed at trefis.com, along with 100 other equally detailed analyses of the company's business.

It's a game anybody can play. Think the guys at Trefis are underestimating the growth of the iPad or the rate at which the iPhone's gross profit margin will erode? Just click and drag their trend lines up or down to build your own Apple model.

John Egbert, a vice president at Barclays Capital has done it (his AAPL price target: $345.48). So has Daniel ("Deagol") Tello ($390), Financial Alchemist's Turley Muller ($380) and Roberto Osario, Director of Equity Research at Evnine and Associates ($247.40).

Trefis, accord to their spokesperson, is a Boston-based startup created by MIT and Cornell engineers with backgrounds in investment banking and consulting. Their website is currently in beta. Membership is free -- for now.

[Follow Philip Elmer-DeWitt on Twitter @philiped]

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About This Author
Philip Elmer-Dewitt
Philip Elmer-DeWitt
Editor, Apple 2.0, Fortune

Philip Elmer-DeWitt has been following Apple since 1982, first for Time Magazine, and now on the Web for Fortune.com.

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