Well it's brave person who reckons that the growth rates are...

Well it's brave person who reckons that the growth rates are sustainable to 2009+. May be, may be not. There should be some share price discount for the uncertainty of that.

From the Member Insight report (worth reading):-
"A constraint for the Internet advertising market may prove to be the availability of high-quality advertising
slots. Internet traffic is funneled to quite a small number of news and entertainment sites, and the
availability of advertising slots on these sites is finite. Consequently, supply side constraints may limit
business growth at some point;"
I suggest that this is no different to TV advertising space which is very much limited. What happens is that the cost of advertising goes up. However, I would have thought that this limitation would affect growth rates of companies like emitch at some time in the future. When I go online I usually check out only a handful of web sites and I use Adblock quite often!
Quote:-
"emitch has stated that it is seeking to grow its business in search-related advertising. Industry
scuttlebutt suggests that emitch may be on the cusp of launching a new brand to target this business,
and that it presents a significant opportunity for emitch in the medium term." That sounds exciting!
Quote:-
"On the basis of the above, it appears that emitch’s market position (with 10% market share) is less certain
than the other advertising-based businesses reviewed in this article. This fact alone makes it hard to justify a
significant EBITDA-multiple premium to Seek and realestate.com.au."
Bear in mind that Member Insight interviewed an expert in the industry and came away with that conclusion.
Wish I had a crystal ball.