The shares are poised for a spectacular collapse as Candy Crush eventually slows down. However, there is a real business behind King that has nothing to do wit

The shares are poised for a spectacular collapse as Candy Crush eventually slows down. However, there is a real business behind King that has nothing to do with flash-in-the-pan apps. King.com's primary business was, until recently, a skill games tournament site. They are the largest such site in the world and have been in business for over 10 years. They still own it but have rebranded that part of the business as RoyalGames.com. Only about $20 million of their revenue came from this business in 2013, but that is the only predictable part of the company. The rest is sure to go down from where it is today. If you buy the shares, base the value on the Royal Games revenue - not on mobile apps that will quickly lose steam. It's about 1% of revenue. Take their IPO price, subtract 99%, and you have the appropriate valuation.