Doma, (edited)
Listen, you gotta understand I am being conservative, and realitic.
First of all, I am not subscribing to the fact that Wave will get $50. I think that's high and as per Wave commentary ("there are many versions of eTS priced differently") I doubt many will be sold for that price. There will be product bundling, multi-seat or site-licensing of eTS, there will be discounts and packaging agreements. Any and all will reduce this figure. I think $50 will come from Joe Isuzu sitting in his home office who needs the software. That's not going to happen much until a few years from now when the public starts to realize what's up, and can get TPM product. By then, the price for Wave's eTS will probably have been reduced just to remain competitive, anyway, and the model has to be totally changed.
Secondly, Embassy IP licensing agreements make it a lot easier to deploy software since it will be an open-door relationship. Right now we have no confirmation that IBM is marketing Wave eTS, nor is HP (sure, we know better, but its not a FACT...yet). Infineon is only a "marketing arrangement". However, NSM licensed E IP. We have a bundling agreement and will have revenue RIGHT AWAY from that. That's a fact (which can also change, but I doubt it) and with more facts, more valuation. IMO, I think the "street" will view an IP relationship more valuable than you think.
Thirdly, none of us know how many TPM will be turned on. What if its only 10%, or 5%? I just don't want to get ahead of myself. My expectations are low, so the results will easily beat (hopefully). I know, I know, probably more will be turned on.
Same with wireless or Broadcom or anyone. We only know Intel and NSM right now - and expect to see something with Infineon and HP and IBM. Until those are facts, one cannot start assuming.
I will be adjusting my view as more PUBLIC information is released. But I don't believe anything until I see the check clear into Wave's bank account. Just being realistic.
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