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NEW YORK (TheStreet) --'s (AMZN) - Get, Inc. Report hefty share price tag has scared investors off the stock in the past, some of whom believe that the share price is a significant overpay relative to the company's actual value and financial performance.

Veteran fund manager Bill Miller thinks that skeptical investors don't understand the company's valuation.

"The underlying business model has a marginal return on capital of triple digits," Miller said Monday on CNBC's "Halftime Report." "And then when you sort through the math of all that, what that means is that value creation happens roughly at the same rate as sales growth happens. So Amazon sales are growing 30%... that also means that the underlying business value is growing at 30%."

Miller is the chairman of LMM Investments, which oversees roughly $1.8 billion in assets. He rose to prominence after a value trust fund he ran for Legg Mason beat the S&P 500 for 15 straight years.

Shares of were higher in Monday afternoon trading.

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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate AMAZON.COM INC as a Buy with a ratings score of B-. COM INC (AMZN) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, expanding profit margins and good cash flow from operations. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.You can view the full analysis from the report here: AMZN

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