Ann: 2021 Annual Meeting Presentation, page-7

So it took 10 years for Xero to hit 360 ARR and in the nearly 4 years since then they are on track for 1.1b ARR. ( yes revenue trials this by a bit)

So in under half the time they have increased ARR by 200%. That’s growth to me, with a very sticky product.
And as always indicated by Xero, they reinvest close to all their funding to develop the ecosystem and growth

Is it over valued? probably. Has it always been over valued the whole way through? I would say almost certainly yes. Most of my best investments have been over valued at buy in, but I guess that’s the price of entry in the short term.

Xero is volatile alright so offers some good opportunists to buy in atleast once or twice a year. Has already pinged between 140s down to 100s and now back to 140s in the last 6 months.

Full disclosure I bought in at $15, $22 and $64. So yes I am sitting pretty but you gotta ride the ups and downs of the market when you find a quality business.