Before you get too excited… Here is what Cannacord built into their $2.75 end of 2023 price target
Segment / Multiple / EBITDA / Total
ITS / 12 / 22 / 268
Licensing / 6 / 13 / 77
Corp / 11/ (11) / (123)
Apple - / - / 72 cash
Cash - / - / 79
Debt - / - / (62)
Total - / 24 / 311
Total equity value 2.73 / share (113M shares - not fully diluted)
Updates for lower net cash from Apple Proceeds of $50M post tax and interest is $2.53/share to the Cannacord model.
A 10% return for holding for next year. That assumes they also now sell WiLan for $77 Million which is 20k patent / 30K adjusted for lower ownership. Blackberry was only 17k /patent. If they achieve Blackberry price, the target price falls to $2.40.
This is a 5-10% return for an end of 2023 target price.
IMO: Be careful to listen to these pumpers that are looking to unload their position. Selling WiLan won't be a catalyst and will be a drawn out affair. That is what you are betting on now. Apple was already fully priced in.