Investors in the content distribution giant have had a wild ride over the past decade. After the stock's IPO in 2002 at $15, investors saw somewhat choppy waters before a precipitous rise from $60 to $300 in fifteen months during 2010-2011. After bouncing handedly off the $300 resistance level, the stock plummeted back down to $60 in just four months and has traded in a $50 range for the past year before exploding upward earlier this year. Even though the stock is trading at a 45% discount to its 2011 highs, it is still running at a 120x forward multiple, a valuation that many analysts don't think will be sustainable. While the company is expensive on a P/E and Price/Book valuation, its Price/Cash Flow multiple (4.74x) speaks to a competitive pricing. It seems as though the operating cash flows are not yet fully reflected in the share price.