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Whose Notebook PC Business Is Most Valuable?

Nov 06, 2009 - 3:19 PM EST

Based on our Discounted Cash Flow (DCF) analysis of the notebook PC businesses of Apple (AAPL), HP (HPQ) and Dell (DELL), we've estimated that Apple's notebook business is more valuable than that of HP and Dell combined. Apple's higher valuation is driven by three factors: (1) higher average notebook pricing compared to HP and Dell (2) growing market share (3) higher margins (making Apple notebooks more profitable).

Notebook PC Valuation

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Source: Seeking Alpha (Nov 06, 2009 - 3:19 PM EST)