FB stock is up over 100% since 2014 when UAFRS showed much cheaper valuations than as-reported P/Es

As-reported Forward P/E showed a supposedly ver-expensive 40x

In reality, UAFRS based V/E’ showed multiples that have not broken 25x

Meanwhile, as-reported profitability levels have incorrectly shown depressed levels, when in fact FB generates massive cash

(Issues in R&D, leases, asset growth)