Good question. We aren't privy to the data revenue share arrangements so I went with a conservative PE ratio of 20.
I say conservative based on the following:
> Facebook and Alphabet trade at a PE in the low to mid 30s
> Afterpay and Zip have no earnings yet have MCs in the billions (different offering but reflect market conditions)
> LinkedIn sold for $26.6 billion and at the time had an implied PE ratio of 300+
Clearly this is a pre-revenue operation, and in an area (music credits / neighbouring rights) that people don't readily understand.
However, once we see confirmation of revenue, things will change extremely quickly.
Does that make sense?
$1 Club - JXT – mining the new gold - Data, page-6
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