Chart of the day: What Apple Inc. brings to the S&P 500March 1, 2013: 9:41 AM ET
4.7% of earnings. 4.3% of free cash flow. 3.5% of dividends paid. 9.1% of cash on hand.
FORTUNE -- A few weeks ago I got an e-mail from Laurence Balter, chief market strategist for Oracle Investment Research, chastising me for not crediting him with the downgrade -- issued in late August -- that helped lop more than $400 billion off Apple's (AAPL) market value.
I promised to keep a closer eye on his calls if he would add me to his mailing list.
He did. I have. And early Friday he issued a note titled "A 'jumbo jet' dividend ready for takeoff" that included the graph above. Apple, he estimates, could afford to pay more than 5% of the S&P 500 dividends yet currently pays considerably less.
Balter has turned around on Apple since last summer, having called a bottom at $439 in a Dec. 5 Bloomberg TV appearance. His Friday note reiterates his "strong buy" on the company and anticipates a big dividend bump.
"Buckle your seat belts," he writes.
NOTE: This is the third version Balter's Friday chart. The first two were more dramatic, but way off base.