India, March 22 -- The Sensex swings up and down but cricket's economy is rock solid. It has no turbulence, never tanks and moves only in one direction-always north. The valuation numbers of IPL teams, expected to be high, have caught industry experts by surprise. Seems the ball hit the bat higher than expected, and trade pundits misread the bounce on cricket's financial pitch. Media reports suggest RCB is valued above $2 billion, RR in excess of $1.5.

Before trying to figure out these numbers, best to pull back to look at how valuation works. There is an accepted formula, to zero in on the right value. Experts look at revenue, profitability, future projections, quality of governance, brand value, fan base, supply side scarcity, barriers...