Quarterly Top Picks - April 1, 2013

Daniel Kim

Wi-LAN Inc.

-Proven track record with management targeting large and growing markets ($1.5T, a factor higher than previous verticals). Based on management's near-perfect track record, we expect the company will successfully license all of the cellphone, base station and DTV markets.

-Our DCF analysis of signed CFs (inc. $175M in cash) suggests a value of $3.56/sh, plus a $0.16/sh annual dividend. We are hard pressed to find any other stock in our coverage universe with so many large catalysts and so under valued relative to its peers, 4.8x forward P/E vs. peers at 16.0x.