Last quarter, Apple (NASDAQ:AAPL) aggressively bought back a massive $16 billion in shares, wowing investors in the process. The Mac maker is now stepping in to take advantage of its low valuation metrics, and investors will benefit through earnings accretion as Apple continues to repurchase shares at bargain prices.

All of the usual opportunities in mid-range iPhones and new product categories remain, but it's hard to ignore how cheap shares are relative to the market right now. Incremental new opportunities aren't even priced in to the current earnings multiple.

In the following video, Fool contributor Evan Niu, CFA, and Eric Bleeker, CFA, discuss Apple's compelling valuation.