Over the past three months, Apple's stock has dropped 35%, falling from an all-time high of above $700 to its current price of around $450 per share. Apple currently trades at 10 times its trailing-12-month earnings and 6 to 7 times its forward earnings.

In this video, technology and telecom analyst Andrew Tonner talks about the reasons Apple still represents a good value, including customer engagement elements such as the "sticky experience" of the Apple apps "ecosystem"; lower price points in emerging markets, where it faces strong opposition from Google; and potential capital returns in the form of dividends backed by its $137 billion in cash on Apple's balance sheet.

Andrew Tonner owns shares of Apple. The Motley Fool recommends and owns shares of Apple and Google. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.