Since John Chen became CEO of BlackBerry Ltd. (TSX:BB)(NASDAQ:BBRY) in late 2013, the company has, without a doubt, made tremendous progress. But the shares remain stuck at $10.

So, that leads us to the all-important question, the one that’s very difficult to answer: is this price a bargain?

Why $10 is pricey

After accounting for net debt, BlackBerry is valued at US$2.7 billion. This works out to roughly 0.9 times trailing revenues. For most companies, this ratio would be very low.

But for BlackBerry, this is a very high number. The company’s revenues are still shrinking, and it still makes practically zero profits. To put this in perspective, even if BlackBerry were to stop its revenue slide AND achieve a 5% profit margin after tax, the stock would still trade at 18 times earnings. Meanwhile, the banks trade for about 12 times earnings, and most are still growing their bottom lines.

Now, this may be a simplistic approach, but there’s a very important point to be made here: a lot of optimism is already built into BlackBerry’s stock price. So, even if Mr. Chen does get BlackBerry on solid footing, there may not be any upside for the shares.

Why $10 is a bargain

For months, I have argued that BlackBerry’s assets and capabilities would be more valuable in another company’s hands. And when looking at the numbers, BlackBerry starts to look like a real bargain.

Back in January Reuters reported that Samsung wanted to buy BlackBerry for US$7.5 billion, or roughly US$15 per share. And even though neither side officially confirmed the report, pundits generally agreed that the move made sense for Samsung.

The Korean giant has had trouble gaining traction in the enterprise market, and BlackBerry could have helped with that. Samsung also covets BlackBerry’s patents. As a bonus, Samsung would own QNX, an operating system that has made great progress in the lucrative Internet of Things market.

Unfortunately, BlackBerry rejected the offer, claiming it was too low. So, to put this in perspective, Samsung wanted to pay US$15 per share. BlackBerry said this was unreasonably low. And you can buy shares for $10. All of a sudden, the stock looks like a bargain.

And since then, there have been some very positive developments for BlackBerry. Most notably, it has signed a big licensing deal with Cisco Systems, Inc., providing a big boost to its software division.

What should you do?

BlackBerry remains one of Canada’s most polarizing stocks, and for good reason. There’s a strong case that this stock is too expensive, and also a strong case that this is a bargain.

There’s no point pretending to have the answer. But one thing is clear: there’s a lot of uncertainty surrounding BlackBerry. And for that reason, you shouldn’t devote a large chunk of your portfolio to the name. If you’re looking for a stock with a less cloudy future, be sure to check out the free report below.

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Fool contributor Benjamin Sinclair has no position in any stocks mentioned.