Barclay's initiated coverage of Acacia Research this week indicating that more research firms and analysts believe that the IP licencing model is attractive.
In the report as is customary they show comparable valuations for similar companies. Wi-Lan is included in this list which shows the following Price/Earnings multiples of the various companies based on estimates for 2012 earnings:
Acacia 18.1x ARM Holdings 47.9x CEVA Inc. 34.4x Dolby Labs 14.5x Interdigital 17.5x MIPS Tech 16.1x Qualcomm 17.0x ROVI 19.2x RPX Corp. 37.0x Tessera 8.7x Average 23.0x
Wi-LAN 10.7x
WiLan's P/E multiple is based on the consensus eps # for 2012 of .80.
This number is low and could easily increase to $1.00+/- in the next six months.
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