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"Apple (NASDAQ: AAPL) is offering a rare opportunity and is now one of our favorite ideas for investors with a multi-year time horizon," says Bill Martin

In his BullMarket.com, the trading and investing expert explains, "Our bullish thesis on Apple revolves around cash; both the cash on its balance sheet and the cash it is able to generate."

"With approximately $24.5 billion in cash and no debt, about $27.50 of Apple's share price is cash. Meanwhile, the company generated $9.1 billion in cash the past fiscal year.

"Given the way revenue with the iPhone is reported (it's recognized over the life of a contract, not upfront), the cash Apple generates is actually a lot higher than what its earnings indicate. 

"Combined, this makes common metrics like P/E ratios not a great way to value the company. If you instead substitute an Enterprise Value (which is basically the market cap with net debt or cash added back in) to cash flow ratio, the stock is trading at only about a 6x multiple.

"That is extremely cheap for a stock with strong long-term growth prospects. Even if cash flow was cut in half next year, we could argue the stock is cheap.

"Outside all the number crunching, Apple still has some of the most popular products out there. The Apple brand is as strong as it has ever been, and while consumer-oriented companies are facing some daunting near-term headwinds given the economy, Apple is probably the best positioned. 

"While the number of gifts under the Christmas tree will surely be less than last year, we'd bet that Apple's products will make up a greater percentage than last year.

"In fact, CNBC recently reported that while retail traffic has been poor, anecdotally Apple stores remain packed. To get a clear dominant industry leader like Apple at current prices is a rare opportunity."