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Google's Value? Search Me!

Contributed by mm | June 18, 2005 7:19 AM PST





Google at $300 is just absurd.

From Barron's:

Q: How about comparing Google with some other media companies?
A: It's a useful exercise, if only because it shows why Google holders might not want the stock viewed as a media company; those companies tend to trade at about twice annual revenues. Tribune (TRB), which should do $5.7 billion in revenue this year, has a market cap of $11.3 billion. Gannett (GCI) has a little higher valuation, $18.5 billion, compared with expected revenues of $7.6 billion. Clear Channel (CCU) gets a lower valuation, a market cap of $16 billion on expected revenues of $9.4 billion.

Q: But Google is growing a lot faster, and so is the market it serves.
A: Certainly true. According to Forrester Research, total U.S. online advertising and marketing spending in 2005 should hit $14.7 billion, up from $12 billion in 2004. (The Internet Advertising Bureau puts the 2004 number at a more conservative $9.6 billion.) By 2010, Forrester predicts, the total should reach $26 billion. So Google trades at about three times the entire domestic addressable market five years out.
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