$AOL $SCOR $IACI $OMC $RLOC $GOOG $IPG $LNKD Price of Online Business ex-Print 5.7x EV/EBITDA - below market $Y $Y.CA

$400M Annual Revenue

$176M Annual EBITDA

43% EBITDA Margins

10%+ Growth

EV/EBITDA ex-Print

($339+$672)/$176M = 5.7x

Considering that the market rate for this sort of business is higher, I find this unsustainably cheap.

Oh, and please pay no attention to the FACT that you get an additional $275M+ of EBITDA from the print side thrown in for free.

I am compelled to BUY. Anyone who understands this situation probably feels the same way.

Here is a quick list of EV/EBITDA comparables that I didn't ferret and just pulled:

AOL - 5.1x (perhaps aol is undervalued as well..., too bad they don't get a comparable print business thrown in.)

SCOR - 40.2x probably a crap multiple here)

IACI - 8.61x

LNKD - 126x (Linkedin is so far out of any value investor's price range that it's hardly a comparable)

P - NA no ebitda

GOOG - 14.83x

RLOC - 28.2x

OMC - 8.88x

IPG - 8.88x

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