Bill Gurley of Benchmark Capital posted an article on his website this past May discussing the limitations of using a price / revenue multiple as a basis for company valuation. Here's a link: abovethecrowd.com/2011/05/24/all-revenue-is-not-created-equal-the-keys-to-the-10x-revenue-club/. I agree with much of what Bill says in his article and think it is good read for anyone interested in valuation.
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