I find more interesting to look at their return on investments.
Looking at the 3 main listed Australian e-commerce companies (KGN, TPW and RBL), really interesting to note that they have a very low level of invested capital, as they do need much assets. For example, TPW and RBL have a negative working capital due their very low inventories, explained by their business model : essentially drop shipping for TPW and manufacturing on demand for RBL.
As the 3 Australian ecommerce companies have turned profitable, they have already reached a high level of return on invested capital, which do not seem to be reflected in their share price.
High PE justified, page-9
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