There is no justification for this company to have a market...

There is no justification for this company to have a market capitalisation of over $110 million.

Webfirm has never disclosed any commercial terms with realestate.com.au nor carsales.com.au. To me that says quite a lot. They always talk about the $billions market but they don't ever say what revenues they are anticipating from the commercialisation of their products and services.

The company doesn't even turn a profit from it's current operations. It's turnover was barely $5 million in 2010.

If this company was so innovative one must ask why have the founders come to market with nothing but intellectual property? Didn't the founders make hundreds of millions on the sale of their previous venture(s)?

I'm not suggesting where the share price should be, just making the point that the value proposition is definitely not there.

Many unsuspecting shareholders have recently bought into WFM based on a "big bluesky story". Yes, one for the superfund! LOL.

Yes, Chris Morris has invested a few million dollars into WFM but that is hardly a signal to get in. When you compare his wealth to his investment it's like someone who has $100,000 in net assets and that same person invests less than $5,000. Let's say the investment is 5% of total wealth at the very most.

So in relative terms has Chris Morris made a big investment or has he taken a bit of a gamble? Clearly he too likes the story.

Chris Morris is a Board member and rightly so given his expertise, knowledge and networks in this area. Protecting his investment? Furthermore, his addition to the Board adds further credence to the story. But it is no way a guarantee for success.

I am absolutely certain there is a particular broking house out there that is pushing their clients into this stock telling them that WFM will be the next Computershare in terms of share price appreciation over many years.

This post in July 2010 re: Ann: Realestate.com.au integrates Adslot&... (392649) doesn't seem to be from your average poster who posts on HC. It suggests to me someone closer to WFM. Has that poster ever posted again? No proof though.

I don't like to see prospective shareholders get sucked in by a big huge story. Cos in reality that's all it is right now. A great one for those that got in at under 10 cents and there were lots.

At a current market capitalisation of over $110 million it's a huge punt on WFM even if they were making money.

Anyway that's my 2 bobs worth.

;)
Nic