Einhorn noted that to work out the value this unlocks, we have to guess how much value the market already places on Apple’s cash. If the market gives it no credit and it returns all its cash, then the cash returned is found value. This means the dividend unlocks the whole $150 billion or $20 per share. This might occur if the return on assets is boosted to more than 83 percent ($50 billion ÷ $60 billion). Profitability like that justifies a PE multiple of 14 times or higher. In that event, the market cap would stay unchanged at $500 billion. Shareholders get $150 billion and keep stock with
...more
Isso aqui tb n entendi
