I suppose where people will differ then is what year you dial back the growth. When they released results a couple weeks ago, they said TTV was up 60% on pcp. Compare that to FY19 TTV growth of 75%, so if the FY20 TTV growth ends up being around 60% you could see growth in earnings about the same as FY18 (~100%).
If I use a long-term growth rate of 2%, and use the following growth rates for FCF (defined for ease as Cash from Ops - Cash from Investing) it gets me a value of $30 per share (starting at FY19's FCF of $34m):
FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 1 100% 50% 20% 10% 5% 3% 2.5% 2%
Are we overvalued?, page-5
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