Well, using the back of a napkin, $2 would be an over $800M market cap. It would take an 80 P/E on $10M earnings or a 40 P/E on $20M (etc). That's $2.5M or $5M per quarter.

And remember, if you ignore expenses, you still need to at least double earnings to get to license amounts if they are split 50/50. So $20M or $40M per year in licenses assuming a 100% margin.

$2 is extremely difficult to justify IMO. Rambus (and this stock is not rambus) has a 28 P/E. Qualcomm has a 20. For a $2PPS on a 20 P/E, PTSC would need to earn $40M a year.

It may not be fair or valuable to use traditional valuation methods for PTSC but market cap is certainly a good place to start. $800M is extremely high.