I expect AAPL to maintain an EBITDA margin of 33% long-term. The company’s costs are relatively variable to the point where margins stay fairly constant regardless of the sales environment. I also expect revenue growth of approximately 3% long-term. This is revised down relative to expectations 1-2 years ago.The charts below provide adjustments based on sensitivity adjustments of these assumptions. In the first chart, I maintain the 33% EBITDA margin assumption to project intrinsic share price value based on Y/Y revenue growth figures ranging from 1.5%-5.0% in increments of 50 basis points. In the second chart, I maintain the 3% Y/Y revenue growth figure and adjust the long-term EBITDA margin assumption from 29%-37% in increments of 100 basis points.