Klarna , Afterpay and Credit Checks, page-230

I'm actually not trying to justify anything.

GMV equates almost directly with revenue. Also assuming a stable NTM (which it has been to date) it is also a direct reflection of profit (NTL is already captured in NTM). If you had read and understood my original valuation post you would know that it was caveated in relation to NTM and growth rates. If these change (which will invariably happen to growth over time) the relationship between GMV and market capitalisation will also change.

The fact that you think it is the stupidest chart you've ever seen doesn't really surprise me and is a very poor reflection on your analytical ability.