$2 PARTY, page-2370

Are you looking at current fundamentals or future forward looking fundamentals? I don't think anyone is claiming $10 based on current fundamentals, however the market is naturally forward looking so most valuation models tend to make their valuation from a forward looking perspective as well (ie forecasting future financials). I would say $300m EBITDA fairly realistic looking forward a few years from now, perhaps even conservative (especially if rates come down heavily). They recorded $30m in the first half alone, and as growth continues to accelerate as they expand further into the US market the margins should continue to expand, meaning profit should grow at an accelerated rate relative to revenue. The market will anticipate this well before it happens, and will therefore value it well before it happens. People need to stop looking at current fundamentals when assessing a valuation, as current fundamentals will always give you an ultra conservative valuation for a high growth company and the market will always look ahead when coming up with its own valuation. For a fast growing company like this, what level of EBITDA do you believe would be needed to justify a circa $10 billion market cap?