Advertising P/E Multiples : 15 for Offline / 40 for Online.

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Originally uploaded by benbarren.

Internet Stock Blog have an interesting argument that public ad agency parent groups (who control advertiser offline marketing spends) are a good way to buy into internet advertising (given companies like google are valued so heavily on a earnings multiple to growth basis)

"For exposure to the online advertising bonanza, I’m not convinced the internet stocks are the best places to put your money.. The trouble is that the dotcoms are commanding some very pricey valuations. So, what should investors be buying? By my reckoning, winning stocks are likely to be advertising groups that make and manage advertisers’ spending."