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Valuing a Forum

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Are there any precedents for valuing a forum?

Apart from obvious return on capital from adverts, any suggestions on how to benchmark?

Many Thanks
 
How about:
36 x monthly profit

There is much more to it than that including

- How many members
- What subject the forum is about
- How big is the audience you are trying to attract
- Long term potential
- Brandability
- Avenues in which the business could be increased

Lots of variables to consider ;)
 
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