I included taxes (see prior post). Also, DRAM business is projected at $18 billion for this year, and will likely grow much more over the next few years (recall that avg mb's are now in the 128-256 range or so). My estimates are very conservative as they include no royalties for controllers or for any other of RMBS' target businesses, nor do they consider all the back royalties RMBS would be owed.
RMBS contends that its overall annual target base is $200 billion. Consider upside valuations if even a fraction of this target is hit: e.g., $50 billion at 2% avg royalty with 20 pe yields 120 dollar stock.
As for approrpiateness of pe, current interest rates will likely maintain 20 pe given inverse pe/rate principles.
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