Here is my LTM GMV v market cap graph to the end of February. The January and February numbers are my estimates based on the actuals to end of December and shouldn't be far off the mark (they may be subject to revision after the next update). As a result of the malaise of the last couple of weeks, the actual SP is currently at a ~10% discount to theoretical (it was at a ~12% discount at the end of December).
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