At its current price, Apple (AAPL) sells at a PE of under 12.5. Take out all the billions in cash it has sloshing around, and that's under 10.
But the "oh nos" won't stop. Most prominently, there's this chart from Horace Dediu of Asymco, showing Apple as having been never more than a niche platform, and Google's (GOOG) Android quickly taking the place of Microsoft (MSFT) Windows.
Sure, the argument goes, iOS is more profitable than Android, Android is fragmented, and Apple has three-quarters of platform revenue, but for how long?
Apple has to gain market share to remain relevant, and that requires a big cut to profit margins. It requires a major attitude adjustment on the part of Apple management, from managing for profit to managing for share.
There are signs the company "gets it," however, especially in its actions on patents in recent weeks. The company is still filing patents, it's still getting sued, but the new suits are mainly from non-operating companies (many call them trolls), while the settlements are with major operating companies like HTC. It's also reportedly looking into arbitration in its fight with Google's Motorola unit.
That would only be a first step. The second step would be a recovery of market share. But doesn't the launch of the iPad Mini mean that second step is also being started? Sure, it has a sticker price of $329, but that's today's undiscounted price. Do you mean to say that price won't be cut when supply catches up with demand? And remember, according to the latest PriceGrabber survey, Christmas shoppers are asking for Apple by name - don't get me a tablet, get me an iPad.
Then there's the Apple TV. This has been rumored for years, but there are new indications it's finally coming out, next year, a large Retina screen, plenty of DVR room (linked to the iCloud), full integration with existing content business models of all types, but putting a big bullseye on cable's $150/month all-we-can-make-you-buy pricing models.
Yes, Apple has problems. The market share thing is a problem. But it's a problem that can be addressed, and there is no proof that Tim Cook is unwilling or unable to address it. He has the resources to do so. So back up the wahmbulance and take others' bearishness as your buy signal. Apple is cheap as chips.