VOLTAIRE'S PORCH-MODERATED Message Board

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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: RR who wrote (59378)	10/8/2003 6:53:18 PM
From: Sully-	Read Replies (1) of 65232

Valuations remain meaningless. YHOO now trades @ 118x pro forma earnings after including today's earnings announcement. YHOO pro forma earnings are expected to grow approx 45% next year. That has YHOO trading at 80x forward pro forma earnings. YHOO share price has gone up over 400% in the last 12 months. Their pro forma earnings grew 100% +/- mostly due to terrible prior yr earnings. Bulls are foaming at the mouth over YHOO's numbers & the prospects for huge share price increases going forward. That means YHOO's P/E will go from nose bleed valuations today to stratospheric level P/E's. And we're supposed to be living in a GAAP earnings world. Hmmmm....... I'm not very impressed. Must be me.

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