Ann: H1 FY14 Results Presentation , page-4

Relative to Amazon? Facebook? CBA?

You are not doing anyone a favour - using a simple conventional valuation model for a company
that will need to invest heavily at this very early stage of its growth path in the very fast growing cloud computing space.

You won't have picked Google 10 years ago if you were just looking at the numbers. I am not suggesting that BPF's business model is anything like that of Google in its infancy.

Try using your valuation model on Xero.
And I am not suggesting that Xero is correctly valued.