India’s internet stocks trade at 30-50x EBITDA. UBS says growth can still pay for the premium

India’s internet stocks trade at valuations that would look expensive in many other markets. Yet UBS believes the premium can be justified if companies continue to deliver strong growth and demonstrate a path to profitability. Indian internet companies trade at around 30-50 times EBITDA, according to Navin Killa, UBS’s head for Asia-Pacific media, telecom and internet. Chinese companies trade at lower multiples, while the US and most other regions sit somewhere in between. The difference, Killa said, partly reflects India’s faster growth. Internet categories in India are expanding at roughly mid-20s to low-30s percentages, compared with growth in the teens…