My valuation method? The industry determines the valuation...

My valuation method? The industry determines the valuation method, i am just a punter. TNT has decided the valuation method as they are literally acquiring companies at these multiples.

I have not ignored their intention to develop proprietary products. My point is that to value them at SaaS multiples without proof of concept or traction is naive.

You are correct that they are aggresively growing. Have you looked at the organic growth? Declining revenue for 3 consecutive years until they made acquisitions? Declining revenue for 3 years is not a mature business? Flick a switch, make 3 acquisitions and no organic growth and presto a 15x multiple?

Never meant to be patronising. Assuming a mature company is one that sits on it's laurels is juvenile.