Interesting I haven't read up on Apple's intention with regard to its offshore profits. It's cash balance is a huge book value item so perhaps I would add it on top of the V formula. Because the V formula is really just estimating enterprise value without regard to cash/liabilities. The flipside is that value formula also entails what would be used to pay off debt holders: so for a significantly leveraged company, I would subtract their long-term debt from the V.
Disclaimer: I am not a financial advisor/expert, this is not investment advice.