Continued from Part I and Part II -- Final Thoughts Despite the pessimism over Apple and its falling revenues, the market has likely overreacted. The company no longer has much of a growth story in front of it on the consumer electronics front. But it is in position to continue to create value as a mature tech conglomerate and the company has the full potential to leverage the value of its brand to innovate and potentially become a market leader in other high-growth segments. Its fall in sales is also remaining directly proportional to its operating expenses as a matter of the company's operating leverage. Namely, Apple's fixed costs are relatively low, leaving costs as directly proportion to sales. As a result, from year to year, the margins reflected as one proceeds down the line items shouldn't be too significantly affected. EBITDA and net income margins should stay relatively constant at 32%-33% and 18%-19%, respectively. Consequently, the current threat to its financials is predominantly limited to a top-line contraction rather than an outright secular slimming of its margins. Apple is no longer an investment that should expect to return 15% annualized (as of today), so if high returns is your goal, it's best to look elsewhere. But this is still a company that has some capital appreciation upside in front of it, a forward-looking 6% ROIC-WACC spread, and is currently being treated by the market as a company with just 1%-2% year-over-year revenue growth in front of it. If you require double-digit return, AAPL isn't going to be your first option and selling might be justified in that case. I have 10% median upside on the stock as of the time of this writing and added to my current position just above 91 a couple weeks ago at projected 15% upside. The lagging revenues are likely nothing overly concerning moving forward, as the company didn't squeeze in the release of a frontline blockbuster product during this particular fiscal year and the iPhone 6s cycle has been notably slow with fewer consumers willing or needing to upgrade. Pushing revenue into the $300 billion range will take a combination of time and diversification into additional high-growth markets and perhaps high-growth tech sub-segments. A 3%-6% year-over-year revenue increase is probably a realistic goal for the company long-term. However, a price in the low-to-mid 90's (as we saw earlier this week) suggests an overly bearish sentiment regarding the company's revenue generating capability going forward. -- Disclosure: Long AAPL