At $216 per share, Apple – already the world’s most valuable company – would be worth about $1.3 trillion, or about the size of South Korea’s gross domestic product. Icahn said Apple should be trading at 20 times earnings per share, which taken together with net cash of $22 per share works out to $216 per share. “Also, to the extent Apple introduces a TV in FY 2016 or FY 2017, we believe this 20X multiple is conservative,” he wrote. Icahn, one of Apple’s top 10 investors, has long urged the company to buy back more shares and raise its dividend.