Yes, 25x is a high multiple. Similar to US stocks at the moment...

Yes, 25x is a high multiple. Similar to US stocks at the moment and not unusual for growth stocks I understand.

Beyond high PE, I do take your previous posts (here and elsewhere with another company in the similar market space to ZML) about cost of funds going forward.

At the moment, I'm still holding due to market size and business model. However, I am currently reviewing PE multiples for growth stocks, valuation metrics, and resource constraints that often curb development and growth phases. For example, cost of growth, cost of (and access to) funds, lack of organisational process/systems (not technical), and insufficient managerial capability.