Let me start with some growth numbers : 12 months Y/Y EPS growth in Q1 of 2008 , … , 2011 have been 65%, 34%, 68% and 75%

Let us be bearish and consider that Apple cannot grow forever, and assume that those numbers, starting Q1 2012, are going to be 60%, 40%, 30%, 20%, 15%, 10%, 10% then starting 2018, 4 years of 5% growth (half of that of the growth of IBM now, at most one quarter of that of MSFT …) then 2 years flat and then accelerating decline to bankruptcy at the end of 2032 :(

I will also assume the interest rates to grow by 1% from 1% this year up to 6% and then stay there forever.

So ? Assuming those numbers, AAPL is worth $976 today ;)