eBay (EBAY) Listings Still Strong, Stock Still Cheap

After years of malaise, bizarre acquisitions (e.g., Internet phone company Skype), and increasing competition, eBay’s stock has been left for dead. Specifically, it now trades at just north of 15X free cash flow, a level normally reserved for moribund old media companies.

With a new CEO and a new focus on its user interface, however, eBay finally appears to be headed in the right direction. What’s more, listing trends in the core business continue to exceed expectations. eBay has recently changed its pricing, so it’s hard to draw a direct correlation between listings and revenue, but so far the Q2 listing trends are positive. JP Morgan’s Imran Khan…

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Disclosure: Henry Blodget has a long-term position in EBAY.

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