Few years back when money was cheap evaluations were fairly...

Few years back when money was cheap evaluations were fairly Lofty for High growth Tech Comp that could demonstrate high growth YOY with high profit margins
Since inflation kicked in and borrowing cost has gone up, a lot of that lalla valuation was squeezed out of the game.
Nowadays software Comp, have to prove CFP sometimes by reducing costs (which is mostly done by reduction of headcount ).
before they climb up the ladder of multiples to revenue. such as XERO

Other factors such as earning stability and YOY growth in revenue and profitability, mind you the longer the better such as TNE or a Moat of sorts such as WTC or ALU also contribute to higher valuation.

ATV still has the unknown financial cloud hovering over it. i believe once they move away from danger zone of CR and gain traction in ARR growth with CFP, the valuation will certainly change upward.

as an example DSE a comp, mentioned above has just turned profitable this year with good YOY growth ( fluctuate 70% to 30%) high margins with ARR of 40m has 24m in the bank and M/C of 240m that is EV of 220m so around 5.5 x , if ATV could get a x 3 to revenue then SP would be around 10c
Time will tell