The purpose of this thesis is to investigate the valuation of an internet firm in Korea assuming that the revenue of the firm follows a mean-reversion process. The valuation is based on the Schwartz-Moon model. The estimation method using this paper is the OLS, unlike the suggestion by Schwartz and Moon. The result of the empirical study using a Monte Carlo simulation shows that the Schwartz-Moon model can partially rationalize the high P/E ratio of internet firms relative to the average of the market.