$3.75? Not out of reach short term. Let's work backwards.With 170 Milion shares FD that equates to a Mkt Cap of $637.5 MM CAD ($500 MM USD)
Assume that when the rubber hits the road (sales) that the market gives a 30-40 P/E multiple.
Licensing and SaaS have high margins so another assumption would be to ascribe an 80% Margin to the cash flow.
Using USD:
A $15MM Annual Revenue @ 80% Margin equals $12 Million.
A 30X Multiple would give a (12 x 30) $360 Million Mkt Cap.
A 40X Multiple would give a (12 x 40) $480 Million Mkt Cap. BINGO!
Note: Adobe trades at a 40X multiple due to its' SaaS business model.
30 million devices, @ $0.50/annually per device, would give $15 million Gross Revenue.
How many camera devices are out there...and how many will there be?
I dare say "More than Carter has little liver pills".
Or as Carl Sagan would say: "Billions and Billions".