—Thomas Wiesel analyst Christa Quarles digs a little deeper into the numbers, forecasting 2010 revenue and EBITDA of $786 million and $111 million, respectively, to derive a value of $1.7 billion for Skype (the same value eBay attributes to it on its books).  Quarles says the spinoff confirms the acquisition didn’t work for eBay but also highlights the continued growth of the Skype service; revenue has more than doubled every year since 2005, according to Quarles.

—Credit Suisse analyst Spencer Wang, meanwhile, values Skype at $1.85 billlion.

What can’t be forecast is how investors will view internet companies in general when next year rolls around.  Right now sentiment appears to be improving (eBay stock was up about 50% in the past six weeks), but if the economy takes another turn for the worse, that could, of course, negatively impact a Skype valuation even if the company’s revenue and profit continue to growl.