There's only about 1bn smartphone users, of which Whatsapp probably has 45% penetration, and some other large percentage are on competing platforms. Yes, that 1

There's only about 1bn smartphone users, of which Whatsapp probably has 45% penetration, and some other large percentage are on competing platforms. Yes, that 1bn is growing, but it's also moving into market segments with much lower income levels. Even if we think this is going to increase 4x that probably doesn't justify a 12X sales valuation.