that you didn't understand anything I wrote about the not existing connection between the book value -that you described here for the third time in your anticipation-, the marketvalue of a company and the shareprice!

With an annual revenue of $1 billion, the eps would be $2.50. You are suggesting, on that basis, a P/E ratio in the 40's, pricing each share at over $100.00. As I tried to explain,

In general, a high P/E suggests that investors are expecting higher earnings growth in the future compared to companies with a lower P/E.

I then asked,

Given the posited $2.50 per share income for the first 12 months, what higher earnings growth are you expecting in subsequent years(excluding acquisitions), and what P/E would you give it?

My apologies if you found this difficult to comprehend.

With what is currently known about the licensing structure, I don't see higher earnings growth(acquistions excluded)and humbly suggest a P/E ratio in the low single digits.

Be well