The blogosphere is tittering about Apple’s AAPL second quarter earnings report, I decided to take a look back at the valuation report I did on the company in October of last year for YCharts. While I took a lot of flack from Apple fanboys when the report was published, re-reading it this morning, I think my comments about the company have been shown to be right on target. The valuation, too, looks pretty solid and, in fact, an investor who had invested in Apple when this report was published would have done very well for him or herself.

Key take-aways from the report are:

  • Apple’s non-iPhone products (everything from desktop computers to watches) are essentially accessories for its main product — mobile phones.
  • Oft-quoted market share statistics mean very little — for all makers of mobile phones, the key to business success is monetizing the installed base.
  • The Apple of 2015 looks a lot more like the Sony of the 1980s than it looks like the Apple of?the mid-aughts.

Read the full report below!

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