You May Not Like Facebook, but Its Stock Deserves Better—at Least 20% Better

Facebook’s population is closing in on three billion people. Along the way, the company has been forced to act more like a country than a tech giant. Facebook has developed its own version of a supreme court; it operates a satellite, and it has employed former U.S. Secret Service agents to protect top executives.

On the Nasdaq market, however, Facebook (ticker: FB) is just an ordinary citizen. The stock trails Silicon Valley rivals, and it trades essentially in line with the broad market. It won’t remain this cheap for long,…