The study explores the relationship between industry life cycles and business valuation, focusing on internet-enabled business models. It evaluates the bases and drivers of relative valuation over time, identifying shifts from revenue to profitability multiples and from profitability to combined growth and profitability drivers. The study highlights the importance of clustering business models for accurate valuation and suggests future research directions, including adjusting assumptions, understanding the importance of historical vs. forecast financials, and exploring new variables and frameworks.