Neonode: Values must unlock eventually
We have updated our Neonode research following its Q4 report and increased our valuation. The turnaround has turned credible, in our view, due to the new ownership. We see a limited downside as there are underlying values in Neonode's highly profitable base of recurring license revenue that could be unlocked if the business does not turn. We include a SOTP to highlight the stock market's excessively pessimistic view of the new module business..