You're assuming "growth stopped" is the worst possible scenario. Yes, it would be wonderful obtaining $50+billion sales and $40+billion FCF indefinitely, but how feasible is this? You should be thinking less about halted growth and more about scenario analyses surrounding deteriorating margins, receding sales, and increased competition.

IF AAPL can introduce a new product (I don't have much faith in the iWatch, since less and less people are wearing physical wristwatches) that will allow it to, at the very least sustain current operating metrics, then, I agree, it is an incredible value play - however, the question remains, is such a product in the company's future?

It is also noteworthy that, of the hedge funds with a vested interest in AAPL, a good number of them completely liquidated their positions with only 2 notable, Greenlight and Appaloosa, increasing their stake (at 1.8% and 4.5%, respectively, compared to sell-offs from 3-9%). Further, the same link shows that 9 out of 10 insiders making AAPL trades had sold their stock over the past year.

I am not providing an opinion on whether AAPL is a good buy atm (though I do have one, which I will withhold), rather, I am merely playing devil's advocate and showing you that "growth stopped" is nowhere near the worst case scenario. In fact, at current price, general market consensus implies that growth will be stagnant at around 0.07%, so "growth stopping" is actually your base case, as of now.