How much is Blackberry worth?

RIM people tell me that they now have 3 million users, last six months bringing in a cool million, Great news for the company, but just wanted to do a little valuation check on the company. Stock market values RIM at $13.04 billion, or roughly $4347 a subscriber. Ironically, the market cap, hence the value of a subscriber dropped by nearly a third in the time the company added a million subscribers. Meanwhile, yet another RIM is Dead article, this one from Bloomberg Markets Magazine. (pdf alert)