DR...Not to prolong this discussion....but, the premise of dividing a market cap into components, derived by segregating the respective revenue and associated margins, is a specious one to begin with. However, the fact that QCOM derives more than half of its revenues from a lower-margin business segment underscores my point even more. I.e, IDCC' s valuation is not "diluted" by a lower margin segment.
Anyway, to clear this up (I hope), my original point about relative market caps was simply a comment on Nuke John's post about LTE patent values. It is just one of a myriad of metrics that doesn't seem to make sense to me.
If one asked me to prioritize the apparent anomalous metrics in valuing IDCC, relative MC would be near the end of the list. P/E of 8 or so (actually closer to 5--ex cash) vis-a-vis net margins of 45% would be the most glaring disparity.
Thanks for the response.
GLTA
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