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INVN and Apple worries ?1

15:55 15-Dec-15


Two subscribers have written in about INVN pricing recently.  Recent declines seem to be due to the Apple weakness that I've long anticipated.  I've just submitted an article on the topic, which has a fairly bullish tone.  It also contains the following example on the potential of data platforms like Coursa:
If the ~2.5M people who bought Apple watches this year were to use them with Coursa for just one hour per week, that would represent over $5M in recurring annual revenue.  Given that the Watch is still just a small slice of a nascent market, the opportunity is significant.
After subtracting out a net $3 per share on the balance sheet, INVN sports a hybrid PE under 12, after recent declines.  I've been saying that the stock would be vulnerable to broader market movements, and that may continue to be the case, but I still like that valuation.