RE: Byron Capital's Buy recommendationSRK, I completely agree with your calculations. The market is assigning zero value to Wi-Lan's nearly 3,000 patents and is only giving it 'credit' for the cash they have and the contracts they have signed to-date. It's COMICAL to believe that Wi-Lan will NEVER sign a new contract again...EVER...and that their patents have no value to other firms. No future LG signing, no other big-five manufacturer V-Chip signings, no HTC signing, no Apple et Al signing, no Nokia renewal, no Samsung renewal, no RIM renewal, no one attempting to purchase patents, no one trying to take over the Wi-Lan, etc, etc, etc....
It's beyond belief that the market can't at least give some probabilty to one or more of these things coming to fruition. The only thing I can see is that there have been a few big sellers this year of stock for reasons other than valuation (Acuity to name one obvious one) that has driven down the stock price. There still seems to be some big sellers that haven't been satisfied yet.
The market seems to be shaking it's head at the price movement and are waiting for the share price to settle down before taking any major positions. This has finally occurred in the last few days with help of the share buy-back so maybe the shares will start moving up gradually before year-end. If ANYTHING positive in the way of signifcant signings (or positive '402 patent oucome) comes out, the stock is coiled and ready to spring 25-30% in the blink of an eye and then continue on a steady upwards trajectory.
Those are my 2 cents....
Chi.