Regardless if the firm is 100 years old or a week old, the stock will trade on EARNINGS. IBM will EARN over $15 in 2012 and $20 by 2015. Currently, the stock is trading 13 times 2012 earnings, and growing earnings at a 15% clip YOY. Therefore, IBM is cheap right here. The stock is 8% off its 52 week high and will make new highs this year.