There's the insane repeated quarterly profits sometimes growing at 75-100% (startup scale) - then there's the growing cash hoard that exerts it's own gravitational field.

These put together should make AAPL far more valuable than it is even considering it's the most valued company in the world by market cap.

By the numbers almost any way you slice it, AAPL is undervalued. Forward P/E of 8.86 is insanely low considering how diversified the company is in comparison to say, MSFT or GOOG.