Greed, I looked for a "short" model, not a dissertation (g). Assuming everything is well, Nokia will pay between $80 to $90 MM going forward, they are 35% of the whole market, so the whole market should be in the $300 MM annually. Did I get these assumptions right (even though some numbers in the $400 MM plus range were thrown in the dissertation). It also seems that from the Nokia stream of royalties some $ 24 MM goes to someone else (Tantivy), but not clear if that is only of Nokia's payment or the "whole cake"...
I could not find which one of the 100 standards is going to be dominating five years hence either. Is that important?
But in any event, if that model is so rosy, why is the stock not at $60 or north of there? It seems all the good news is out, are there any "bad news", like short life left in the basic patents? (What happens after 2006?)
(By the way, last I knew, Arthur D. Little was broke and have not issued any reports for at least two years now, that must be an old one).
Zeev
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