One More Bullish Play

I just bought a April $210 call on AAPL for $18.25. I just don't think Apple's true earnings power is priced into the stock yet, especially when discounted for AAPL's $34 billion cash hoard.

Logic behind my reasoning. Current Apple market cap = $186 billion. The Enterprise value of the firm is hence $186 - $34 = $152 billion. Earnings last quarter of $2.85 billion, lets assume that was an above average quarter, even though the holiday quarter should be even better. So, $2.5 billion * 4 quarters = $10 billion in earnings. Still paying P/E ratio of $152 billion/$10 billion = 15.2 when market cap is discounted for cash on hand.

I plan on buying another April $210 call if AAPL dips.