The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- Now that we have read numerous obituaries and tributes, it's time for us cold-hearted capitalists to focus on how Apple can enhance shareholder value going forward. Apple stock is trading at a lousy multiple given the company's industry-leading revenue and growth rate. This is a company that could generate $45 per share in earnings at some point in the next couple of years, and given the growth rate, why shouldn't it trade at at least 25 times earnings, plus cash? That would imply a stock trading at well over $1,000 per share. But it's not. It closed yesterday at $378.25. How can Apple's new CEO and board improve this situation? I have a seven-step plan Apple's new CEO and board can adopt. Here is the summary:
- Offer an iPhone with a keyboard, to take market share from RIM's BlackBerry.
- Stop discriminating against T-Mobile USA for the iPhone.
- Offer a seven-inch iPad to bridge the gap between the iPad 2 and the iPod Touch.
- Enable Adobe Flash in the iOS browser.
- Sell highly profitable adult content in the iOS AppStore.
- Split the stock 10:1.
- Introduce a juicy dividend to return money to shareholders.