XPER - Xperi's Shares Are Surprisingly Cheap

Xperi (XPER) closed its merger with TiVo (TIVO) at the beginning of the month, and the combined company is actually surprisingly cheap, given the cash flow and earnings.

While neither of these companies are high growers, and there is a really quite substantial net debt of $777M, there seem to be enough pockets of potential growth, as well as cost and revenue synergy opportunities for the combined company to thrive financially.

There is a slide from the TiVo acquisition announcement deck that gives a nice overview of the company:

The company has two segments, product

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