Of course, this 0.00% assumed growth rate omits the obvious, which is that a company as successful as Apple has a lot of competition brewing in each of its mark

Of course, this 0.00% assumed growth rate omits the obvious, which is that a company as successful as Apple has a lot of competition brewing in each of its markets, and a negative growth rate is certainly possible. Technology is an industry where you run to stay still. Apple's cash flows are far less predictable than, say, Procter and Gamble's. What's Apple has done in the last ten years could continue for another ten, or reverse entirely.