Dude, what's my subscriber base?

This one made me wince. I don't know how Net2Phone shareholders are expected to accurately assess the value of their company when the information available doesn't even give them the basis for a crude EV per sub calculation. Here's the granular detail on subscribers:

"Net2Phone has routed billions of VoIP minutes globally, servicing more than 100,000 users in the US as well as hundreds of thousands of more overseas."

I guess Vonage at least may be relieved about this. The lack of a relevant read-across from the M&A world might take a little pressure off the IPO valuation. Then again, it probably won't be any consolation that a company potentially half its size is being valued at just $161m.