Conexant is currently in the position that Trident expects to be in by late 2010: Slight positive TTM EBITDA, starting to break even on a GAAP quarterly EPS basis, with projected healthy EPS for next year.

Conexant's ratio of enterprise value to revenue is approximately 1.

So, if Trident is in a similar position a year from now (a big "if" of course), one might reasonably expect a similar ratio.

If Trident has, say, $600 million in revenue during CY 2010, this would imply an enterprise value of $600 million. If the company has pretty much burned through its cash by the end of 2010, and assuming they haven't taken on debt, then this would imply a market cap of $600 million. If we assume 115 million shares outstanding by then, this would give us a price per share of about $5.20, or about 170% above the current price.

Of course, this is not a prediction. It's a scenario. But it's just intended to give us an idea of what the stock might be worth by the end of CY 2010 if the company's projections for next year's business prospects pan out.

Note that, from a balance-sheet standpoint, Trident is much better off the Conexant, which has $311 million in long-term debt and only $125 million in cash. Of course, Trident is still burning cash at the rate of about $25 million per Q.