Telink Licencing Agreement, page-10

So I have just managed to find some pricing information on Telink TSLR8266 chip (US$1.50 each) this is the single BLE protocol chip.
I have not been able to find pricing for the all-in-one chip TLSR8269 that ADRC will be on, but one would assume it is worth more.

So from this I have made some very back of the envelope calculations that I am happy to have picked apart.

Telink is on track to deliver 100 million chips this year and triple that figure for 2017.

Assuming (conservatively) one third of those are ADRC embedded IoT chips.

100 million x $1.50 = $150 million
$150 million x 17.95% fee to Xped = $26.9 million

Assuming a conservative P/E of 20

$26.9 million x 20 = $538 million Market Cap off the Telink deal alone.

Thought? / where did I go wrong?