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Technology Stocks : The New Qualcomm - a S&P500 company
QCOM 174.01-0.3%Nov 14 9:30 AM EST
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To: moat who wrote (729)8/11/1999 9:37:00 AM
From: Art Bechhoefer  Read Replies (1) of 13582
 
I believe the key 459 patent runs for at least another five or six years, but there are so many patents granted more recently, covering essential aspects of CDMA, that the only threat to CDMA and QUALCOMM's patent coverage would come from a system yet to be invented. Ownership of intellectual property gives QCOM a great deal of real value that does not appear on its books. You can ascribe patent development costs to the asset value of the patent (as is often done in order to defer year-to-year expenses), but there is no accepted accounting practice that ascribes asset value to patents on the basis of potential earnings increases. It is precisely this hard-to-identify value (which doesn't appear on the balance sheet) which gives the company its intrinsic value. That's why in my view the stock is still a bargain.
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