broker updates, page-15

They are so dumb it's frightening. $130b x 2.1ntm is $2730m in margin or $10.26 per share. If you assume gmv was still going up at way less than the current rate, say 50% a year, that would be a conservative peg ratio of 1 at $513 share price or 136b market cap - maintaining the roughly 1:1 gmv and market cap we have seen so far.

They are suggesting that a company with $2.73b in cash coming in before fixed office costs is only worth $11b odd... roughly pe of 4-5... even though it's growing at more than 100% period on period.

That's how ludicrous they are.