The S&P 500 closed today with a P/E of about 16. If Apple's (NASDAQ:AAPL) after-hours slide -- currently the company is trading down 10% after earnings -- continues, Apple would be trading at about 10.6 times earnings. 

In the following video, tech analysts Eric Bleeker and Andrew Tonner discuss just how cheap the company could get. As Eric notes, after backing out cash, the "cheapness" of Apple feels downright absurd. At $460 per share, the company would trade at about 7 times earnings after backing out cash!

In the end, Eric argues that Apple is in the middle of a transition trying to establish itself for the next leg of tablet growth with the iPad Mini. That can be a challenging transition in terms of gross margins, but he believes that at today's cheap prices, investors are well compensated for risks facing the company in the coming years. To see Eric and Andrew's full thoughts, watch the following video. 

Andrew Tonner owns shares of Apple. Eric Bleeker has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Apple. 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.