There is a simple reason that the images in the article display a 3.5% royalty rate for GOOG infringement, doesn't mention the ADT/TYCO settlements, and uses a calculation that emplys a 7% discount rate:
It's not the author's work. He stole the information from lake Street Capital Market's initiation coverage analyst report and doesn't even give them credit, despite the source tag in each image. And that report was published on March 13, 2013.
The author almost certainly doesn't even have access to the full report. Hhe just borrowed the images I photoshopped last year to share with the community. The yellow highlighting and blue borders were my edits to the material. Take a look at my post #29373 on 3-23-2013 and compare the images to those used in the article.
bottomline: it's a worthless blog article from someone who doesn't understand the investment.
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