Ann: Interim Report & Appendix 4D H1 FY22, page-21

Still trading at 2.2 x the Lifetime Customer Value which is itself 7 years of future projected earnings. So the market cap is so irrational, that it's effectively roughly 15.5 x the LCV and that's just at the top line, that's not even profit. The difference between xero and cash machines like Afterpay, is that afterpay was highly profitable in fully expanded regions like Australia and it grew organically much faster. Xero still a sell for me until it is LCV x 1 + Last year's LCV growth.

Still, like a religion, you guys can keep buying it up at whatever price you wish and if the entire shareholder base is irrational, the price will go higher ...