The only question that remains to be answered is growth at what cost?

Even with these questions, what is clear is that Apple stock at current levels still seems too cheap to ignore. It's true that Apple's glory days have yet to return. But I'm nonetheless certain that the worst days are in the rear.

Consider that even when adjusting out Apple's $150 billion in cash, and adding in just modest cash-flow projections, the stock still supports a fair value of $525 today. But given the growth projections of these new hardware launches, I'm betting that the stock reaches $650 a share in the next 12 months.

Can the 5C answer that call?

At the time of publication, the author has been long AAPL for several years.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.
Richard Saintvilus is a co-founder of StockSaints.com where he serves as CEO and editor-in-chief. After 20 years in the IT industry, including 5 years as a high school computer teacher, Saintvilus decided his second act would be as a stock analyst - bringing logic from an investor's point of view. His goal is to remove the complicated aspect of investing and present it to readers in a way that makes sense.

His background in engineering has provided him with strong analytical skills. That, along with 15 years of trading and investing, has given him the tools needed to assess equities and appraise value. Richard is a Warren Buffett disciple who bases investment decisions on the quality of a company's management, growth aspects, return on equity, and price-to-earnings ratio.

His work has been featured on CNBC, Yahoo! Finance, MSN Money, Forbes, Motley Fool and numerous other outlets.

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