Can Telstra really maintain a 45% valuation premium to Apple?

Apple shares jumped another 1.3 per cent overnight, extending this week’s rally to $US126.46, or a market capitalisation of $US736 billion, which is a record high for any company ever. What drove the company higher was the fact that Carl Icahn, the activist shareholder, published a letter saying the company was cheap. He demanded an increased buyback by Apple of its “dramatically undervalued shares”. In his letter he wrote that the shares were worth $US216 each, and he holds a position worth around $US6.5 billion. If he gets his wish, Apple would be worth $US1.26 trillion. Is Apple cheap as...

Apple shares jumped another 1.3 per cent overnight, extending this week’s rally to $US126.46, or a market capitalisation of $US736 billion, which is a record high for any company ever.

What drove the company higher was the fact that Carl Icahn, the activist shareholder, published a letter saying the company was cheap. He demanded an increased buyback by Apple of its “dramatically undervalued shares”.

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