If it then carried that 2013 0.00% growth rate into 2014, the company would have $230 billion in cash or just about $250 in cash per share. 2015 it would have $300 billion in cash or $330 in cash per share. Again, that assumes 0.00% growth for 2013, 2014, and 2015. So if Apple grows 0.00%, then by 2015, it will have more cash per share than the stock is trading at today.
(Via Daring Fireball.)
Those numbers aren’t tricks. Apple is a beast with cash. But Zaky assumes the world in 2015 will be a later version of the world in 2011. Apple introduced the iPhone in 2007. Is 2011 just 2007 4.0?