1. Zillow's adjusted EBITDA margin is expected to expand to 23% this year and potentially reach 25% by 2025; 2. Assuming a 12% topline growth next year, Zillow's EBITDA could hit $650 million, making its stock priced at 22x forward EBITDA; 3. The valuation presents a fair entry point for new investors, though it's not the most attractive investment currently available.