(1) Price to Book
Cash by end of the year = 4Billion
Patent portfolio = 3Billion
Other tangible assets = 5Billion
Just plain book value = 12Billion+ or $21/share. 2.5x Book is still too cheap
As BB10 takes off internationally, EPS hits $2Billion runrate per year or $3.80. A 13 PE gets 50. Still cheap for the growth
It is a question of when?
I think RIM will be black by Q2.
Market looks ahead at least six months, right?