&gt; A P&#x2F;E of 8 would be way overvalued.<p>I disagree. For one thing, a P&#x2F;E of 8 is standard for industries which most think are either declining or entirely stable. Benjamin Graham used 8.5 as a &quot;no-growth&quot; P&#x2F;E so it&#x27;s hardly insane. [1]<a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Benjamin_Graham_formula" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Benjamin_Graham_formula</a><p>Moreover, even without feature expansion, I do think Twitter will see growth, though that growth will be minimal. At the very least they stand to benefit from the ever-increasing number of people on the internet.