Investors used to paying big for Apple (NASDAQ:AAPL) are now finding the company at surprisingly reasonable multiples.

In the video below, technology analyst Eric Bleeker looks at valuing Apple using an enterprise-value-to-free-cash-flow ratio. While that might sound complex, it's basically a way to separate out a company's cash from its value, and then divide that by the amount of cash its business has generated across the past year. The lower the multiple, the "cheaper" a company is. Using this ratio, we find just how cheap Apple has become compared to some of its big tech peers.

Apple 6.3
Microsoft (NASDAQ:MSFT) 6.3
Google (NASDAQ:GOOGL) 15.1
Qualcomm (NASDAQ:QCOM) 18.0

Source: S&P Capital IQ.

Eric discusses whether investors are underestimating the "stickiness" of Apple's platform at these prices and compares the company's valuation relative to other smartphone plays. In the end, he says whether or not you believe Apple is now cheap comes down to your feeling on whether it's a software company with highly locked-in users, or a hardware company facing a decline from peak margins and uncertain future growth. To see his full thoughts, watch the video below.