Earlier in the month, I had AAPL median-valued at $107 per share. Now I’ve dropped it to $98, or roughly the break-even point on the shares that I own. Smartphone shipments to businesses were down 21% quarter-to-quarter in Q1 2016 (roughly flat year-to-year) and tablet shipments were down 35% Q/Q and down 10% Y/Y. I also think this is indicative of a secular trend. As we already knew, there is a lot of competition in this space, phone/tablet life cycles continue to increase based on more durable technology, older phones/tablets continue to support the newest operating systems, leaving more saturation and waning demand in the market. I believe these elements will continue to support a sales lag.Accordingly, I believe AAPL has just 4.5% upside over its current price. This places AAPL at a fair EBITDA multiple of 10.8x with a terminal EBITDA multiple of approximately 10.0x.Projected financial metrics (EBITDA, NOPAT, free cash flow, and working capital):Share price estimations based on various sensitivity parameters: