UTStarcom (NASDAQ:UTSI) is a global telecommunications infrastructure provider currently focused on broadband packet optical transport and wireless/fixed-line access products and solutions such as carrier Ethernet switches and carrier Wi-Fi equipment. It had a 2014 year-end net cash (cash minus all interest bearing debt liabilities) balance of $77.82 million compared its market capitalization of $100.17 million as of April 6, 2015, implying a price-to-net cash valuation multiple of 1.3 times. This suggests that the market is ascribing limited value to its core business operations and its investment portfolio. UTStarcom also trades at a significant discount to its peers at 0.87 times P/B and a trailing twelve months EV/Revenue of 0.17. My $4.87 target price implies an upside of 84%, based on UTStarcom's share price of $2.

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