Whose ox Apple has gored


Philip Elmer-DeWitt is a senior editor at Fortune.

When you look at the market caps of its competitors, the picture is pretty clear

UBS's Maynard Um posted two interesting charts in a note to clients Monday.

The first compares the growth in Apple's value since 2007 with its chief competitors in the PC and handset businesses.

Apple's (aapl) market capitalization (calculated by multiplying its share price by the number of shares outstanding) now stands at $327 billion, making it the world's most valuable technology company.

Um's thesis is that the vast majority of Apple's increased value in the past 4.5 years has come at the expense of its competitors, rather than what he calls "new industry value creation." Indeed, the chart above shows Apple's market cap growing by $191 billion since 2007 while key competitors -- ranging from Dell (dell) and Hewlett-Packard (hpq) to Nokia (nok) and Research in Motion (rimm) -- lost a combined total of $216 billion.

The second UBS chart of interest, which we've posted below the fold, was originally published in early June but is worth a second look. It's Maynard Um's attempt to quantify the so-called halo effect on Apple's computer sales of the iPod first, and then the iPhone.

"Apple shipped 53.7 million units from 2005 to 2010," Um writes. "If Apple were to grow in line with the PC market, its cumulative shipments in the same period would have been 39.3 million. The difference of roughly 14.5 million units, in our view, could be attributable to the ‘halo effect’."

It's too early to tell whether Mac sales will get another bump from the reflected glow of the iPad.

See chart below.

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