ft.com worth $355 million?

PaidContent points to the rumours swirling around a potential sale of the Financial Times:

Research published by Morgan Stanley says the paper could fetch about $1.2 billion and values its website, FT.com, at about $355 million.

Last I hear, ft.com had around 90,000 paying subscribers. I don’t know what share of their revenue comes from non-subs, I’d assume less than 20 per cent. But that valuation looks pretty steep given those subscriber numbers.