Replying to myself as no bites from the bulls
So market is valuing each customer as worth $2000 to the company.
But what are they really worth.
$10 billion in GMV from 10 million customers giving average annual spend of $1000.
Companies own figures 1.2% NTM ( highly questionable) but let's run with it.
Annual value per customer $12
Lets assume a lifetime value per customer of three years before novelty wears off and research showing 65 % of users in financial stress.
So lifetime value of each active customer $36
Current active customers 10 million so Market Cap $360 million or circa $1.50 per share.
Looking forward and assuming doubling of active customers fair value $3 per share equivalent to current book value after CR
Looking at Opex as a percentage of revenue it is ridiculously high for a company that states 80 percent of revenues are on-line and proves business is not scalable and will never make an operating profit
