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April 03, 2006

FaceBook is Worth $2 billion?

posted by MR WAVETHEORY at 4/03/2006 02:18:00 AM
I'd like a show of hands of people who think that a company with less than $20 million in revenues is worth $2 billion. Please raise your hands. Yes. You in the back, wearing the pin-striped suit.

I could not believe it when I heard that figure mentioned as I am sure of anyone with a sane mind. Let's put things into perspective. FaceBook may be cool, but the traffic data shows that the site is not all that hot. Look no further than this graphic which shows that traffic has all but stalled at the uber site for college students.











If the hyper growth of FaceBook were the reason for its high valuation, then investors should be more than a little suspect of the true value of this company whose traditional metrics of valuation (such as let us not forget, P/E, P/Sales, free cash flow) are so out of wack as to make any student of investing question why they don't teach the metrics of the new economy in school. I think you know the answer why!?!

Thus, I beg anyone with a sane mind to question why this company is worth $2 billion, especially when this number is no longer just being passed around the rumor mill, but has actually made it to the front page of the WSJ.

Deja vu? Dot-com bubble?

Mr Wave Theory

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