By Philip Elmer-DeWitt
April 17, 2010

$267 a share, according to Trefis.com’s model. But feel free to build your own.

The analysts at Trefis figure that the iPhone accounts for 51.5% and the iPad only 4.3% of Apple’s AAPL fair market value, which they estimate at about $267 a share — nearly $20 above Friday’s closing price.

How do we know? Because their model of the company (right) — fully interactive and satisfyingly drillable — is neatly displayed at trefis.com, along with 100 other equally detailed analyses of the company’s business.

It’s a game anybody can play. Think the guys at Trefis are underestimating the growth of the iPad or the rate at which the iPhone’s gross profit margin will erode? Just click and drag their trend lines up or down to build your own Apple model.

John Egbert, a vice president at Barclays Capital has done it (his AAPL price target: $345.48). So has Daniel (“Deagol”) Tello ($390), Financial Alchemist’s Turley Muller ($380) and Roberto Osario, Director of Equity Research at Evnine and Associates ($247.40).

Trefis, accord to their spokesperson, is a Boston-based startup created by MIT and Cornell engineers with backgrounds in investment banking and consulting. Their website is currently in beta. Membership is free — for now.

[Follow Philip Elmer-DeWitt on Twitter @philiped]

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