I've had my eye on this company for a while as sort of "second derivative" on mobile/handset play. I'm not sure I fully understand the business and its application, not being a science guy. Trying to understand their processes (ie. purity, etc.) is it proprietary and competitively distinct, or are they price takers in a commodity-levered business.
Your conservative valuation/entry point with tangible equity makes a lot of sense. I may begin to add.
Anyway, good post and I'll be following it a little more closely.