IBM reported less than expected results and a tepid outlook, yet its PE is a bit over 13 with no indication of strong revenue growth or innovative new producs. Its dividend is less than Apple's and its total equity would be wiped out if it wrote off its Goodwill. Hence, its equity is only supported by the dubious "asset" of Goodwill.
On the other hand, Apple's equity is supported by cash and that cash will still continue to grow even with the share buyback and enhanced dividend. While I was hoping that the new products werre coming this summer, I believe Tim Cook when he said there are great new products and services on the horizon