Larry, if you think that ANCR is overvalued (with an order on the table for $100 MM from Sun), at a capitalization of $700 MM , I wonder what would you think of JNPR with sales about three times as much (and growing quite rapidly, close to 100% every quarter so far) and a valuation of $7 billions. I think that both of these are on the cusp of "J" curve explosion of their sales. If Valence ever gets to this point, the floorless will become, as the bulls say, a non issue. If VLNC delays reaching that point for too long, the floorless might become a major issue. By the way, I think that both ANCR and JNPR are a little rich here, but ANCR for instance is doing the smart thing and going for a secondary at these prices. That is the right way to finance their business, not what they did before. Of course, now they can, then, they possibly could not.
Zeev |
