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Cramer: Greatest advertising machine of all time

(Click for video linked to a searchable transcript of this Mad Money segment)

Plenty is said about this company both good and bad, but all Jim Cramer cares about are the numbers.

And after poring over Facebook earnings, he can't help but wonder if the stock is a big fat bargain.

"Looking at 2016 and 2017 earnings projections, this stock appears to be incredibly cheap," Cramer noted.

"In fact, given that we have to judge a company's price to earnings multiple in the context of its growth rate, you could argue that Facebook could go up another 50% and still not be as expensive as the average growth stock.

That's certainly food for thought.

Erik Dreyer | Stone | Getty Images

But the pièce de résistance may be what Facebook just said about advertising.

Mobile ad revenue reached 53 percent in the fourth quarter and for the first time comprised more than half of Facebook's total advertising business.

That could be huge.

"Facebook might end up being the greatest advertising vehicle of all time," Cramer added. "It can be used for branding, it can be used for direct marketing, it can be used locally, it can be used nationally. And in almost every case it targets the desirable younger demographic."

"I used to wonder if Facebook could one day rival television for advertisers," mused the "Mad Money" host. "Now I realize I wasn't giving them enough credit! I can see Facebook taking serious ad dollars that would be destined for elsewhere."

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After the company's woeful IPO in 2012, it appears Facebook has finally won over the Street. Shares surged 14% on Thursday as pros digested the quarterly report.

"The simple fact of Facebook is that it's the fastest growing big capitalization stock in America," Cramer said. "This is certainly Facebook's moment. And I think the moment could last for quite some time."

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