Valuing AAPL only on cash

CNNMoney published an article linking AAPL's stock price to it's cash value. Using the numbers from the balance sheet seems striking when you realize it's strong earnings growth from it's income statement. This would seem to undervalue the stock if it's earnings growth is not being factored into it's stock price. Either the stock price will rise to add this value or growth will decrease. I think Apple's growth will continue even at rates that should give the stock some lift. See the article here: http://tech.fortune.cnn.com/2012/05/07/the-market-values-apples-earnings-growth-at-0-00/?source=yahoo_quote