Trefis provides some great reports that show up in my Etrade account. Their analysis is very thorough. I especially like how they break down different business units and how much of a stock’s share price is tied to each unit.

Trefis values Facebook (based on the limited pre-IPO information they have) at $74 Billion, based largely on their advertising business and growth via a growing user base (from 800 million to 2.6 billion) and increased ad revenues from video and music services Facebook is working on.

Here is the report.

They go into how their estimates could be tweaked to get to a $100B valuation. It’s interesting to see this analysis getting to a $100B valuation without any new revenue streams outside of advertising. They basically give the very very optimistic view in terms to user and ad revenue growth.