RE:RE:RE:RE:And it begins… new analyst coverage 3.80 target It is a PDF and can't post it. It is 40 pages with lots of charts and analysis.
All I can say is that it is a very excellent overview of the businesses and future prospects. I shared with you all the really big takeaways is a view in the fact that ETC revenue could double from 100->200M from just winning the historical share of the CURRENT pipeline. And they view that is possibly going even higher as ETC is the only provider that offers end to end integration including the backend.
They also included an Apple Settlement analysis which essentially QTRH takes half of the award off but then they gross up the win for just iPhone X. So it looks like they are banking on a $75 million Apple settlement.
Coincidentally, QTRH is putting up $75M cash to buy ETC and the other half with debt.
Now, wouldn't that be quite the September that an Apple settlement enabled a strategic acquisition of ETC.
Everyone saves face. Apple gets a discount. WiLan can say that they got a highly prized asset that could be worth multiples of what they paid. And they can continue to consolidate the ITS industry with the same net cash position as had prior to the deal.
And WiLan can take a 25 cent per unit award to the rest of the handset and wireless players and say that this is what Apple paid. That would fill the coffers to achieve the remaining $250M ITS acquisition goal.