The product category Apple (AAPL) pioneered in the mid-aughts, Internet-enabled portable time-wasting devices, has matured.

Formerly the trend-setter, Apple is now as likely to be a trend-follower. It’s developed markets maturing, Apple must now rely on more price-sensitive emerging markets to provide growth opportunities. This is likely to be difficult considering its premium-priced devices.

Apple’s got a mountain of cash stranded overseas and for cultural reasons, there’s almost zero chance that it will use that cash to make a bold international acquisition. It will need to pay a big tax bill or leave that cash overseas.

iPhone sales will stagnate and the company has no new great product ideas on the horizon.

Still, stock is undervalued. Subscribers and Alumni of IOI training courses can read the full IOI Tear Sheet GreenLock in the Research section. We’ll have more research out about Apple in the near future.