Apple Inc (NASDAQ:AAPL) doesn’t have the same buzz it once did. But AAPL stock has never been more fundamentally sound.

Apple, as a company, has grown increasingly ho-hum amid a never-ending parade of iPhones. The few attempts Apple has made at creating something new — Exhibit A: the Apple Watch — have failed to wow consumers and investors the way they did when Steve Jobs was running the show.

Instead, Apple has become something else. It’s now a reliable, steady growth company that is deeply embedded in the everyday fabric of American life.

‘Boring’ Suits AAPL Stock

Gone are the days of consistent double-digit sales and earnings growth. However, after experiencing a rare top-line decline in 2016, Apple’s sales have rebounded nicely this year. It’s improved in each of the last four quarters, along with profits. The apparent stabilizing has had a profound effect on the AAPL stock price: AAPL is up 50% this year, putting it on track for its best year since 2010.

And there’s reason to believe the run is far from over. Trading at a mere 14 times forward earnings estimates, AAPL stock is cheap, especially for a blue-chip tech stock. Alphabet Inc (NASDAQ: GOOGL,NASDAQ:GOOG) has a forward price-to-earnings ratio of 25 — Amazon.com, Inc.’s (NASDAQ:AMZN) is 34, Facebook Inc’s (NASDAQ:FB) is 27, and Microsoft Corporation’s (NASDAQ:MSFT) is 22.

Meanwhile, Apple’s earnings growth is expected to pick up steam next year. Analysts project a 24.5% earnings-per-share improvement, which would be its second-best annual top-line increase since 2012. That makes the forward P/E of 14 look even cheaper.

Steady Growth Works for AAPL Stock

From a product standpoint, Apple has a few things in the hopper other than its bread-and-butter iPhones. In early 2018, the company plans to roll out the HomePod, smart speakers that are basically its answer to the Amazon Echo and the Google Home. With more than 15 million Echos already sold, the HomePod could be a big new revenue stream for Apple — that is if people can stomach the hefty $350 price tag.

Further down the road, Apple is working on artificial intelligence projects including “autonomous car systems” (Tim Cook’s words) and medical research devices. “Smart glasses” — an Apple Watch for your eyes, in essence — is also under construction, according to a Bloomberg report.

None of those may have the “wow” factor of the iPhone or iPad when they first came out. Chances are, they won’t move the needle much for AAPL stock. What they will do is create new potential avenues for growth, and perhaps make Apple less reliant on the success of its iPhones. Boring works as long as it’s paired with steady top- and bottom-line growth. Lately, that’s been a winning formula for AAPL stock.

Bottom Line on AAPL Stock

Can AAPL come close to its 2017 performance in 2018 without any real wow-factor new products? If sales and earnings improve the way they’re expected to — or better — then why not? At current valuations, AAPL stock is a bargain.

Wall Street’s love affair with Apple is over. The company’s top-secret product launches don’t fascinate, or generate the same instant post-launch returns, the way they once did. But in place of all that sizzle is a meat-and-potatoes company with a steady formula for growth that’s working. After pulling back pretty substantially in 2015 and 2016, AAPL stock became oversold.

Given a fresh look, investors started seeing Apple for what it is now — instead of lamenting what it used to be.

Right now, they’re liking the new AAPL.

As of this writing, Chris Fraley did not hold a position in any of the aforementioned securities.