Apple (NASDAQ:AAPL) gets its fair share of headlines. With such an active rumor mill, it's easy for Apple investors to get caught up in short-term nonsense that often has no impact whatsoever on the underlying business. So in the following video, Fool contributor Daniel Sparks stepped back to get a big-picture look at Apple stock today.

Apple is a cash cow. In fact, in the trailing 12 months Apple has raked in a whopping $44.2 billion in free cash flow. Is the market appropriately valuing this healthy stream of cash produced by a market leader? Daniel doesn't think so. In fact, he argues that a conservative discounted cash flow valuation suggests Apple is trading at a 30% discount to fair value.

Check out the video to see what exactly Daniel thinks Apple stock is worth.