I agree with your analysis, with the exception being that the ratio considers earnings and not revenue. But, considering the cost of revenue is relatively small, it may be discounted to a large degree. In addition, this model only works for the recurring revenue stream.

The question is, will revenue and associated earnings from patent licensing (in terms of one time fees) ever be considered recurring revenue, since the ratio is basically an infinite term capitalization?

If analysts don't come on board with the recurring theme, then we are left with book value or cash, or revenue derived from eVU sales or non-IFE ventures.

Skreal