In my last posting, we looked at some calculations for the stock market equivalent of royalties that operators such as AT&T, Deutsche Telekom and O2 are required to pay Apple, and the result was a sum of $90 billion. Let me be the first to admit that this constitutes an exceedingly bold statement.

My estimate was based on set current values (P/E ratio and profits), assumptions (number of iPhone users) and unknowns (royalty regulations). Let’s begin by taking a look at the set values.