It's been good sport to bash PC market laggard Microsoft (NASDAQ:MSFT) over the past decade. For one thing, the company's shares have handily underperformed the market in the past 10 years, despite having arguably the strongest hand in technology at the start of the decade. This ugly dynamic has helped to keep the company looking perennially cheap on the surface. However, over the past several months, the company's shares have edged up nicely to the point where the Redmond-based software giant no longer look like a bargain. And while that much is undeniable, the company might actually be cheaper than many investors think. Fool contributor Andrew Tonner explains in the following video.

Fool contributor Andrew Tonner has no position in any stocks mentioned. Follow Andrew and all his writing on Twitter: @AndrewTonnerThe Motley Fool owns shares of Microsoft. 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.