Afterpay Valuation, page-547

Hey Mal, many thanks for taking the time to provide such a detailed explanation of your valuation methodology for APT. Whilst the mathematical formulas sitting behind it are a little over my head, the gist seems to accord with my opening post on this thread - that the market cap will move in a generally linear relationship to GMV provided growth rates and margins remain constant. As growth starts to slow (which must inevitably happen), the MC will become less than 1x GMV. Of course, the potential offset to this is the company's ability to monetise its data base which could add a significant source of revenue outside of GMV (but inexorably linked to it).

For the purposes of the poll, are willing willing to throw an SP prediction out there for a bit of fun?