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Nice post. I agree. I think FB valuation is fair, if not possibly cheap. Even looking at the math and using some assumptions about EBITDA growth (40%/annum next 5 years, 9% thereafter), Capex and capex growth ($1b in 2011, 40%), depreciation (10% of Capex), WACC = 11% (Equity beta assumed at 1.2, market risk premium at 7.5%), the $100bil valuation seems sane.
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