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It has to be worth more than the 150mill market cap for 50 mill users that Pattersons suggest.
Patterson say they are targetting 10 to 50 millions user in year one. (before the CR).
If 50 mill users generates $3 arpu that is 150 million in revenue conservative. That would give a Net Profit of more than 50mill, for an eps of 50cents, at a p/e of 30 is $15 a share for a mcap of 1.5 billion.

So in my opinion Pattersons has understated the Mcap by a factor of ten.

They valued it using the skype metric of $3 a user. Skype had little revenue when sold.
Zip expects revenue of 2 to 4 dollars a user. So valuing using skype is not realistic.
It it was valued using the skype metric of $1000 a user that is 50mill *1000
Valuing at $9 a user is 50mill *9 macap is $450 million

http://www.forbes.com/sites/ericjac...llion-once-it-monetizes-like-its-asian-peers/
Well, firstly, I’ve heard that that 280 million user number is inaccurate and that the number is closer to 100 million users.  Even if that’s right, Rakuten only paid $9/user

http://www.techtimes.com/articles/3...der-selling-bbm-in-light-of-whatsapp-sale.htm
Wells Fargo analyst Maynard Um pointed out in a note to clients that Viber sold for just $900 million or $8.57 per user