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Real Networks - Turning Up The Heat

Jul. 08, 2020 7:26 AM ETRealNetworks, Inc. (RNWK)CETX, DCMYY, FLIR, MARK
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.


  • RNWK has assigned Walter Candelu as VP for the Middle East. Mr. Candelu brings experience and leadership to the new SAFR office in Dubai.
  • Recently Candelu was the Head of Sales and Business Development for G4S with a successful track record of large-scale deployments for security operations and infrastructure.
  • GS4 has experience in the "return to home" industry, particularly in thermal detection. Investors have long awaited the marriage of such technology to SAFR's facial rec platform as a catalyst.
  • After yesterday's news of NTT Docomo Open Cloud marrying to SAFR for deployments in Japan starting 09-01-2020, this is a tell that RNWK's SAFR platform is ready for showtime.
  • No matter how you slice and dice it, RNWK is substantially undervalued.  Applying 80% ownership x $4 per share value to its streaming business NAPSTER - $3.20 - plus $0.50-$1.00 per share value to its gaming business and another $1-$2 for SAFR generates a sum of the parts (SOTP) valuation for RNWK today of $6.  Now that the word is getting out that SAFR is ready for launch with a multi-billion dollar global communications giant's cloud (NTT Docomo Open Cloud) along with the potential to marry thermal detection technology, and considering the Company's music/games businesses are "stay at home" plays that are thriving in the pandemic, we recommend aggressive purchase of RNWK.  We reiterate our BUY recommendation.

Canelu Hire PR


GS4 Website - Return To Work Solutions



GS4 Temperature Screening Brochure


RNWK Cap Table @ $1.59


RNWK Breakout Underway - Golden Cross / Record Historical Volume


Author Comment

Thanks to TabbyStar for input on the SOTP valuation for RNWK.  It is likely conservative based on recurring revenues for NAPSTER, comparable multiples for gaming, and when compared to the $200MM market cap of facial rec pure play MARK with minimal revenues and a weaker balance sheet.

Analyst's Disclosure: I am/we are long RNWK.

We intend to provide additional commentary in our ongoing coverage of RNWK.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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