gassin, We are at a loss attempting to value the likes of SMA...

gassin,
We are at a loss attempting to value the likes of SMA using traditional profit/loss metrics.
Take ZIP for example...It has worse figures than SMA ( much worse), but a larger MC.
The market appears to pay more attention to:
# User number.....Growing....The average user acquisition cost is roughly $2 , perhaps a lot more for subscribers....The market sees value in the 5m users.
# Subscription.....Growing...More content.
# Retention rate....80%.
# Growth projections....High ceiling.
# Gross profit margins....Not a capital intensive business , hence healthy profit margin.
# The inherent value of the customer data base that could be highly lucrative in targeted add campaigns/analytics.
We could choose to be bookkeepers or accept the market's method of valuing a certain business.
Don't fight the market....You will be at the losing end.