Investors may rue the unit sales shortfall at Apple, but Wall Street canit punish the stock any worse than it already has. In fact, Morningstar.com calls buying Appleis stock at todayis price of $19.50 a "no-brainer."

Fred Anderson, Appleis CFO, reported that Apple has $4 billion in cash and $800 million in liquid investments, which means the companyis cash and investments, with the debt subtracted, is worth $12 per share alone. Thus, the market is valuing the rest of Appleis franchise — all the companyis patents, software and hardware products and future potential at about a measly $7.50 a share.

Morningstaris Pat Dorsey claims, "So, the business is being valued in the neighborhood of $2.6 billion, which is 0.4 times next yearis expected revenues and around 8 times expected earnings per share."

While, we donit agree that Appleis business is valued at 8 times next yearis expected earnings per share (itis really closer to 5 times 2001is earnings) we do agree that AAPL is a no-brainer.

OK, letis do the math: thatis a $1 per share for Mac OS X, another dollar for the QuickTime franchise, add another dollar for PowerMac G4s, one for Power Books, another buck per share for the iMac paradigm, throw in a buck for the iBook and $2 per share for the entire future earning potential of the company and all the hot new Mac products in the tube.

Weill throw in the G4 Cube, iMovie, the Apple Store, a couple of bona fide geniuses, 11,800 employees and all the companyis physical assets for free. Thatis quite a deal, eh?

For other stories regarding Appleis stock activity, visit our recently updated Apple Stock Watch Special Report

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