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Von,

While I share your scepticism, there are billion dollar shares with only "potential" earnings also.

Take LynasCorp for example, ~1.2Bn dollar company.

0 Earnings thus far. All they have is assets + potential.

What assets does P1 have? we don't know, thats something I assume the valuators will.

Potential? well, if P1 ever actually does something, depending how successful:

110$/card/year, 20million cards.. 2.2 bn dollars/year - costs.. lets say 2/3 (as per most big bank costs). so their earnings potential could be 700million dollars.

Do I believe this? Not personally no, but it's not so far fetched an idea.