INVN post-earnings move and valuation ?3

INVN hit a high of 12.60 this so far this morning.  Subtracting out about $3 of net cash on the balance sheet results in a hybrid PE of 16 at that level.  So, as I write in my upcoming article, that's about fair value for those who wish to ignore all positive future indicators.  I think we'll see better stock prices next year, and maybe sooner depending on what sell-side analysts have to say.  One should always consider how gains or losses will affect taxes, due to short and long term characterizations.