RESN - Resonant: A Speculative 5G Opportunity

• Resonant is a minnow amongst giants, and its stock is on fire year to date.
• The company claims to have developed a standardized method to design RF filters suitable for 5G devices - competing with Qorvo, Skyworks and others.
• The company has opted for an intellectual property licensing business model, in the manner of Qualcomm, ARM and others. This isn't without challenges in the analog domain.
• We rate the stock at Neutral, as it's below our usual $1bn EV floor, but we own the name personally as a result of its speculative appeal.

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