Ann: Pushpay 2019 Interim Report, page-25

Thanks @Rokewa. There is no doubt the company has achieved a great deal in a short space of time, with very capable leadership, though the recent complete sellout of one of the co-founders is a bit of a yellow flag.

I would posit that all that success (and more) is reflected in the valuation accorded to the business. The fundamentals could catch up in time of course, but I am usually loathe to play that kind of game especially for a business that is barely profitable, so