From a purely hard asset point of view, exactly what assets does Apple have? They certainly have a tremendous cash hoard but what else. Do they own any of their own manufacturing facilities or anything else for that matter?
Exxon-Mobile on the other hand has a boatload of hard assets, yet their market value is not what Apple’s is.
Apple’s worth is based upon their over valued stock and a lot of hype, in the long run I would rather own Exxon.
Fortunately for you they actually sell stock for Exxon or you can buy any other stock that appeals to you, at least currently you can as of yet there is no window that requires you to buy Apple, how cool is that?
They own quite a bit of Intellectual Property. . . a good number of stores that are not leased, Several HUGE server farms, their headquarter campus, The manufacturing machinery that is leased to the contract assemblers, and someone who knows brands, just valued the BRAND at $120 BiLLION. That hoard of cash is over $180 billion, about now (although it may have been reduced by the dividend that paid last week) and they own quite a few other companies outright.
As to your claim that Apple's stock is "over valued", most analysts are claiming it is way undervalued. You do what you want. . . but you really don't have a clue.