TD values BBM at $800M after Facebook/WhatsApp. Tencent/Naver sell off.

|By:, SA News Editor

TD Securities has doubled its estimated valuation for BBM to $800M following the Facebook/WhatsApp deal, and raised its BlackBerry (BBRY +5.5%) PT to $10.50 from $9.50.

TD observes Facebook is paying $42/user for WhatsApp ($19B for 450M MAUs), and that assigning a similar multiple to BBM's 80M MAUs would make the business worth $3.36B ($6.41/share). But (while believing the deal highlights the value of messaging platforms) it doesn't think BBM and WhatsApp's valuations are "really comparable," given the latter's smaller scale.

Wells Fargo notes another messaging platform, Viber, was recently sold at a price of $8.57/user ($900M for 105M MAUs), and is skeptical BlackBerry will try to sell BBM rather than monetize it.

While BlackBerry rallies on account of the deal, WhatsApp rivals Tencent (TCEHY -3.2%) and Naver (NHNCF -8.1%) have sold off overseas on worries about tougher competition. Tencent's WeChat is the dominant mobile messaging platform in China, and Naver's Line rules the roost in Japan.

Yesterday: BlackBerry rises AH due to Facebook/WhatsApp