I know this may seem counter-intuitive, but some value cash at a discount as many believe companies do not handle cash well. (Enterprise value takes market cap + debt - cash). For instance, what if the company develops a failed franchise? TTWO launched Max Payne 3 earlier this year, a highly reviewed game (metacritic score of 86, keep in mind BO2 currently has a metacritic score of 84), yet the consumer demand just was not there.
I do not generally agree with those who discount cash, and I like a strong balance sheet, but needless to say many do.