Using a $2bn valuation for the patent portfolio, split 50/50 with TPL gives a price in the region of $2.50. Once expenses, taxes and other deductibles are offset it would drop to nearer $1.50. As the licensing fees would then be exhausted, what would lift the price to $5.00. Ascribing a p/e ratio greater than 1 would be redundant as all revenue has been factored.

Be well