In Part I, I went over the modeling assumptions regarding Apple's (AAPL) valuation. Applying these numbers, Apple's median enterprise valuation comes to $648.9 billion, or 15.8% above its current $560.4 billion (as of June 4, 2016). The company's market capitalization is valued at $588.3 billion, or 9.7% above its $536.3 billion market figure (as of June 4, 2016). This comes to a projected price of $107.39 per share. Sensitivity adjustments are made for the long-term growth rate, g, of 2.00%, in increments of 50 basis points. (Image source: author) -- The same is done for Apple's cost of capital at +/- 50 basis points, using a conservative perpetual growth rate of 2%. (Image source: author) -- Apple has a trailing-twelve-months revenue multiple of just 2.4x and an EBITDA multiple of 7x, normally multiples reserved for companies undergoing some type of preliminary signs of distress, such as revenue decline or margin contraction. My calculations place Apple's 2016's revenue and EBITDA multiples at 3.9x and 11.7x, respectively, and its implied terminal EBITDA multiple at 10.8x, which is more in line with the industry. If we wish to concentrate on the basis of year-over-year revenue projections, the following chart provides estimates from 0%-6% YOY sales growth: (Image source: author) With such pessimistic forward-looking Y/Y revenue figures, I believe the company's value is still fundamentally out of line with its intrinsic value. Last week's price behavior began to see more of a convergence toward the general area where I believe Apple should be trading. Disclosure: Long AAPL