This document provides an analysis of Apple's (AAPL) valuation. It includes sections on Apple's corporate overview, financials, competitive landscape, trends and forecasts, key assumptions for valuation, a discounted cash flow valuation, and a conclusion. The summary values Apple at around $240 currently, believing the iPhone will maintain innovation leadership, Google will not dominate with Android, Apple can succeed without Steve Jobs, and the anticipated iTablet will compensate for slower desktop and laptop growth.