I Don't Get ItAccording to GMC based on their 2014E WiLAN is trading at 2.4 EV/Sales and 4.3 EV/EBITDA vs an avg of 3.6 and 13.8 for comparables in the industry. The P/E ratio for this year is even more out of whack - at 6.8x vs a mean of 18.9x for the industry (excl WIN). For whatever reason WiLAN isn't being fully valued wrt their peers and this has been going on for so long now that it's become accepted as the norm. Other than the accumulation theory I don't get why WiLAN is being afforded the Rodney Dangerfield complex. I mean they have been successful reaching settlements and they pay a dividend. And they are still going after the few remaining hold-outs who have managed to foil them thus far - which is a very good sign they are on the right side of the law and it's just a matter of time justice will prevail.
So what's not to like? Other than the accumulation / take-over theory I just don't get it?