NTE is really even more undervalued than you indicate IMO. If you take out $200M in cash from market cap (since there is virtually no debt and there are strong positive earnings) and then recalculate you get a P/E of about 6.5 which to me better reflects the current status of the company. That does not in any way reflect the value of the property which even by conservative estimates is worth probably hundreds of millions (note: since this cannot be monetized for possibly as long as 3 years I cannot place a real value here).
The only real negative is uncertainty of first quarter earnings which will have some difficulty beating the previous blow out quarter but should way outperform the year ago quarter.
Management has already guided down for Q1. The indication was it would not approach Q4 but would exceed the year ago Q1. That alone will increase the trailing P/E which is the indicator we have until some firms start covering this story.
It is impossible to gauge what the forward P/E is going to be at this point. Even for the best analyst, there are too many variables. I've seen estimates from $2/share to over $4/share.
I personally think it will be a little bit over $3.60/share.
In 18-24 months, I think earnings MIGHT be over $4/share if the company is successful in getting a few more contracts and Apple keeps going well.
Remember, they are going to have PLENTY of capital (retained earnings) to work with. $3/share in retained earnings will be able to build new factories, buy new machinery and hire plenty of additional workers.