Apple's cash has no value because it is never coming back to shareholders. therefore you have to value it and NOT take any cash into account. Also the cash just erodes annually to inflation becoming worth less and less.
So you have it trading at 10 times estimates earnings and zero to negative growth. The market has this right. Value is between 400 and 500 max. Closer to the 400 to 450 is the more likely
The market would be far kinder if Apple did give away the $147/share. It seems like the market is being excessively harsh because Apple is showing no signs of wanting to part with its precious.