Kelster:
I think you are on track with your thought process. P/E`s are driven by future earnings potential, not one time payments. I think market cap is another way to look at it. With Rambus at $2-3B Mkt cap......it think they are a good analogy for PTSC. Putting us at $7 to $10 PPS max.
Hope it can go higher but it will need significantly more FUTURE revenue, recurring revenue prospects to drive the mkt cap and make it PE driven.
biomedman