WIN announced a long-term license renewal with Samsung. This renewal is longer and more encompassing than our estimate. We est. this deal to be worth $1.04 per share (discounted at 5% per year) to our signed deals NAV (prior est. $0.38/share). The share price should respond accordingly.

? The early renewal involves WIN's entire wireless portfolio including LTE and a larger Samsung portfolio vs. a materially smaller and narrower portfolio in 2009. We estimate this deal to be worth between $100MM and $200MM vs. IDCC's $400MM settlement involving more patents in 2009.

? In addition to its size, "collaboration" with Samsung was hinted by COO Michael Vladescu. Recall Vladescu was also instrumental in Samsung's collaboration and license agreements while at MOSAID. This relationship likely helped with the early renewal and lack of litigation.

? Our SO rating and $8 PT remain. Our NAV is now ~$5.00+. Shares are materially undervalued and in the short-term should catch-up with our NAV of signed deals. Major catalysts include 1) Base station trial July 1, 2013 and 2) Handset case scheduled for October 7, 2013.