When have you seen any stock trade on a 1:1 basis with their earnings? A fair valuation and par valuation are different things. A fair valuation for a stock making 100M, to me is about 20x100M. Putting it at 2B around 60 cents per share. Now consider the nature of the industry and potential for growth, especially with Bill's aggressive growth plan, market cap can easily be 40, 50, 60, 100 X earnings.