Preliminary Estimates for Fiscal Q2 2009

3mo ending Mar-2009:

FY09Q2    Revenue($B)  EPS($)
------    -----------  ------
Apple guidance   7.80    0.95
Analysts cons.   7.91    1.07
My estimate      8.45    1.29
My non-GAAP e.   8.90    1.47

Product  Units(M)
-------  --------
Mac          2.35
iPhone       3.10
iPod         9.50

12mo ending Sep-2009:

FY09      Revenue($B)  EPS($)
----      -----------  ------
Analysts cons.  35.12    5.14
My estimate     37.32    5.97
My non-gaap e.  41.82    7.93

Stock valuation:

Window  12mo starting   EPS(e)  PPS(25x)
------  -------------   ------  --------
Trailing       Apr-08     5.51       138
Fair value     Apr-09     6.84       171
1-year target  Jan-10     8.53       213
Analysts mean target                 124

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