MSFT Market cap 226.82 Billion
Enterprise value: 173.13 Billion
Microsoft is undervalued by 53.69 Billion. They have $60 Billion in cash just sitting around. An entity as big as Apple ($554 Billion) could buy out MSFT, Strip off the $60 Billion in cash to pay for the transaction, and with the economies of merging the software houses would have the biggest corporation in World History, over One $Trillion dollars, more than the annual income of the U.S. Treasury. Point in fact.