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  "documentTitle": "Apple Inc. (AAPL)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2013-02-21 00:00:00",
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  "notes": "This slide is part of the Greenlight Capital activist campaign against Apple, specifically advocating for capital return.",
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      "text": "In this scenario, Apple unlocks up to $89 a share in value.",
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      "text": "15% fewer shares means 17% higher earnings. You can see that EPS goes from $45 to about $53. We assume that the P/E stays constant on the higher earnings so the post-tender value is $528 per share. When you blend the $528 per share on the 85% of remaining shares with the 15% of shares that are tendered at $600, you get a combined value to shareholders of $539 per share. In this scenario, Apple unlocks up to $89 a share in value. To the extent that the market is already crediting Apple for the cash, the P/E post repurchase will shrink, and the amount unlocked would be lower. Just like the one-time dividend, this plan will unlock between $0 and $89 per share. The large repurchase is a more tax-efficient way for shareholders to get to the same place.",
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      "text": "FY 2013E Net income ($ billions) $42.5; Pro forma shares outstanding (millions) 805; Pro forma EPS $53; Post-deal P/E multiple 10.0x; Pro forma Apple share price $528; 15% sold at $600 plus 85% of shares at $528 $539; Current stock price $450; Value unlocked $89",
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      "text": "Large One-Time Share Repurchase",
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