Is Apple Inc. (Nasdaq: AAPL) Undervalued?

Apple Inc. (Nasdaq: AAPL ) last year passed Microsoft Corp. (Nasdaq: MSFT ) to become the largest technology company by market capitalization. Overall, it's now second only to Exxon MobilCorp. (NYSE: XOM ) in size. But shockingly, even at $323 billion, Apple still looks cheap. After all, the company still sports a tiny 13-times forward earnings multiple.