Invesotpedia: Apple May Yet Be Unreasonably Cheap

Everybody knows the Apple (Nasdaq:AAPL) story. The iPhone is everywhere and Apple seems to be one of the only companies to make money in tablets, notebooks and consumer electronics retailing. With upwards of 50 sell-side analysts covering Apple and institutions holding 71% of the shares, and online financial commentators going to the Apple well time after time for click-throughs, it would seem startling if there was anything unexpected to the Apple story. Yet, despite all of this, Apple shares actually look undervalued on even rather conservative expectations.

Plenty of Growth Drivers  
Even with the iPhone already being the share leader in smartphones, Apple can reasonably expect even more growth here for many years. Smartphones are still not the dominant cell phone type in North America, let alone the rest of the world. While Samsung, Google (Nasdaq:GOOG) and a revived Nokia (NYSE:NOK) will try to chip away at Apple's business, underlying market growth should keep the phone business moving forward for many additional years.

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