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01 Communique Laboratory Inc V.ONE

Alternate Symbol(s):  OONEF

01 Communique Laboratory Inc. is a Canada-based enterprise level cybersecurity provider. The Company has two business units. Its primary focus is on its cyber security business unit focusing on post-quantum cybersecurity with the development and commercialization of its IronCAP technology. IronCAP patent protected cryptographic system is an advanced Goppa code-based post-quantum cryptographic technology that can be implemented on classical computer systems. The Company’s other business unit consists of its remote access business which provides its customers with a suite of secure remote access services and products under its I’m InTouch and I’m OnCall product offerings. Its IronCAP Toolkits are available to vendors and can be used by vendors to build secure post-quantum systems for blockchain, 5G/IoT, data storage, encryption, digital signing and comply with the PKCS#11, OpenSSL and OpenPGP standards. Its IronCAP X is a cybersecurity product for email/file encryption.


TSXV:ONE - Post by User

Post by pemican21on Mar 05, 2013 3:35pm
544 Views
Post# 21081900

MGI

MGI

01 Communique Laboratory Inc. (TSX:ONE): Q1/13 Results; Upcoming Trial Should Improve Visibility

Rating: Speculative Buy

Price Target: $2.20 per share

Current Price: $1.16 per share

 

·         01 Communique’s reported Q1/13 results, which were in line our expectations;

·         With our valuation hinging on the estimated royalties from LogMeIn (LOGM:Q, not rated) and Citrix Systems (CTXS:Q, not rated), the Q1/13 results have limited impact to our outlook and valuation;

·         We believe investors should continue to focus on the potential for a considerable settlement or damages award in the near term from the Company’s litigation with LogMeIn, with the trial set to begin March 18, 2013;

·         We continue to value ONE based on a NPV of estimated royalties from LogMeIn and Citrix;

·         Our DCF includes back damages from LogMeIn in F2013 and Citrix in F2014, as well as ongoing royalties from LogMeIn beginning in Q1/13 and from Citrix beginning in Q1/14, but does not include any value from the potential for treble damages in either case or additional potential licensees, including those through the partnership with Wi-LAN;

·         We are maintaining our SPECULATIVE BUY rating and 12-month target price of $2.20 on 01 Communique Laboratory Inc.  Upside potential to our DCF valuation exists from higher than expected royalty rates, the potential to be granted treble damages for wilful infringement, and additional licensees. The primary risks to our estimates include failure to reach license agreements, unfavourable court decisions, and lower than expected royalty rates.

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