Apple has turned a strong 5 year run into a key valuation question for investors, with the Discounted Cash Flow (DCF) intrinsic value estimate sitting below the current share price while market based multiples look closer to fair.

A 116.9% total return over 5 years means anyone who stayed in Apple has already been well rewarded, which raises the bar for future returns from today’s valuation.
New AI infused hardware like Apple Watch Series 12 and the coming iPhone 18 may support expectations…