Google Inc (NASDAQ GOOG) is really an undervalued growth story, says a recent research note from Bernstein Research. Google has so many promising ventures unrelated to search they are almost too numerous to count. Bernstein is infatuated with Google for good reason. The firm bestowed on the tech giant its “Best of Bernstein” label, making it a top pick at the firm.

Bernstein notes that there is still much more growth in search engine revenue, Google’s core business, but it is that core that is being overshadowed by “optionality on promising businesses hiding in the other revenue line,” the report highlighted.

Bernstein expects Google Inc (NASDAQ GOOG) revenue to grow 20 percent in 2015 and thinks the stock price has the same growth potential. This growth will come in search, but almost more significantly Google’s future growth and upside could come from any number of projects entirely unrelated to search.

Google Inc (NASDAQ GOOG) News: The Google Growth

Revenue in areas not related to search are poised to grow at “high double digit rates” for the next few years, the report notes. In the intermediate term, Google play and Google cloud will be strong drivers of growth. The report noted that Google’s “nascent enterprise cloud businesses” could grow from close to $500 million in revenue in 2013 to several billion in revenue over the coming years.

But that’s not all. “We think one should expect some of Google Inc (NASDAQ GOOG)’s longer term investments and initiatives, e.g., in local advertising, in mobile-enabled offline payments, in Google Fiber, in Glass, or in self-driving cars to succeed,” the report said. In fact, the these could become multi-billion dollar businesses worth tens of billions of dollars in several years from now, according to Bernstein’s best case scenario.

Google Inc Financial News (NASDAQ GOOG)

Comparisons of Google Inc (NASDAQ GOOG) to Facebook Inc (NASDAQ FB) might be noteworthy. Google is much less dependent on its “core” business than is Facebook and as a sidebar is engaged in business endeavors that work to assist their users and improve society. Google fiber and offering a choice against the controlling cable / telcom monopoly is one area this shows.

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