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 April 27, 2004
GOOGLE: A NAME OR A VALUATION?....Google is expected to go public shortly at a valuation of about $25 billion. John Quiggin looks at Google's economic fundamentals and concludes, "I find it hard to draw a plausible earnings path that would yield a present value of $25 billion at any reasonable discount rate." Well, duh. It's an internet company, John. Its valuation is based on the following: (a) it will never have any substantial competition, (b) earnings will increase 100% per year for the next century, (c) earnings growth is a discredited way of valuing companies anyway, and (d) you just don't get it, do you? And they let this man have a blog? —Kevin Drum 1:51 PM Permalink | Trackbacks | Comments (0)Comments
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