(This is in reply to Eqz, but the post button doesn't work when...

(This is in reply to Eqz, but the post button doesn't work when I click on "reply").

I actually did assign value to OSX's IP. It's in the last para of my post. I also included future earnings in my $5 million arbitrary total value, but stayed conservative on this and maintained them at $1 million, the amount of current annual revenue. This may be considered pessimistic, but without a trend that points to a marked escalation of sales, I'm more comfortable being cautious. As I wrote, future earnings are too nebulous for me to budget on, unless there's a clear trend showing that it's worth doing so.

There are many stocks (mostly big, long-established companies, but also some small and recent ones) that by my definition are fairly priced based on their current financials and the likely outlook for the market they're in. In those cases, I have more confidence budgeting on future earnings. But of course "fair" will change when the circumstances change.