More than a month after Dixons said it was planning spin off part of Freeserve there's still little indication about what the subscription-free ISP might be worth. This is a problem, especially for those investors eager to carve themselves a slice of the Internet pie before it goes off. Buoyed by the hype immediately following the IPO announcement, some analysts said Freeserve was worth a staggering $2.5 billion even though it looks like it will only turnover a measly £9 million in its first year. Other reports have valued the ISP at less than £100 million. Even John Clare, CEO of Dixons, has gone on record to say that it's difficult to value Freeserve. According to Fletcher Research, Freeserve's value depends on exactly what it is: portal, major e-commerce player or sexy Net company that sends the blood pressure of investors gushing through the roof. If it's just a Web site with the potential to become e-commerce portal some time in the future it could be worth anything from £200 million to £750 million, reckon the whiz kids at Fletch. Include its 1.5 million punters into the equation and upgrade it to a major e-commerce player in its own right and people will need to buy a new calculator to accommodate all the noughts. But if investors look at Freeserve like it's dressed in high heels, fishnet stockings and a tight little nurses uniform then the sky's the limit. Fletch reckons if this is the case, it could be worth more than £4 billion. Phwooar. We'll have a piece of that. ® See also Dixons explores Freeserve sell-off Dixons Freeserve tags July for £2.5 billion IPO