By BusinessInsiderApple stock has tanked 35% from its all-time high, and now sits at $450.If things go badly for Apple over the next several years, the stock could fall a lot farther from here.But if things go even moderately well, the stock should deliver a compelling return.Why?Because, at $450, the stock looks cheap.At $450, Apple stock is trading at 10X trailing earnings per share.For a company that is still expected to grow, albeit at a much reduced rate, that's an attractive valuation.Importantly, Apple also has $135 billion of cash and no debt. Much of this cash is available to be returned to shareholders in the form of stock buybacks and, possibly, dividend increases. So it's worth considering Apple's market value and multiple excluding this cash.Excluding its cash, Apple's business is now valued at about $300 billion, or 2X revenue. Apple's business currently earns about $40 billion a year. So Apple's business is valued at about 7-times earnings.