@Charlie346 Cashburn is half-yearly (total cash 138 to 114)= 24m...

@Charlie346

Cashburn is half-yearly (total cash 138 to 114)= 24m
They have changed the way they capitalise R&D so I use this figure...This is a major half on half improvement though from ~45m the previous 2 halves.

I have used a few different models...here is the output of one below. I have normalised PEs with various assumptions based off the underling GM. All US stocks bar xero. All numbers are trailing.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11
1	YEAR	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016
2	S&P PS	1.5	0.9	1.2	1.3	1.2	1.3	1.7	1.8	1.8	2
3	CRM PS	11.8	4	7.5	11.4	6.6	8.2	8.7	7.2	8.1	6
4	CRM GM	76.1	77.1	79.5	80.2	80.5	78.4	77.6	76.2	76	75.2
5	CRM growth	50.61	43.82	21.25	26.93	36.77	34.58	33.47	32	24.07
6	CRM "PE"	38.76	12.97	23.58	35.54	20.50	26.15	28.03	23.62	26.64	19.95
7	CRM "PEG"	0.256277	0.538222	1.67229	0.761118	0.711122	0.810536	0.705768	0.832648	0.8287
8
9	XRO PS							107.5	29.1	19.5	12.4
10	XRO GM								65	69.8	75.9
11	XRO growth							109.94	84.78	53.56
12	XRO PE								111.92	69.84	40.84
13	XRO PEG							1.018038	0.823808	0.762569
14
15	WKDAY PS					38.5	34.6	20.9	14.1	8.9
16	GM						51.37	57.42	62.3	66.39	67.79
17	growth							103.57	71.36	68.01	47.53
18	PE							150.64	83.87	53.10	32.82
19	PEG							1.454517	1.175286	0.780699	0.690552
20
21	ZEN PS								16.4	11.6	6.8
22	GM						65.3	66	63.8	67.8	69.9
23	growth							88.46	76.35	64.32	49.45
24	PE								64.26	42.77	24.32
25	PEG								0.841694	0.665001	0.491819
26
27	NOW PS						9.1	19.7	15.9	14.4	9.4
28	GM				62.6	65.9	57.3	63.4	63.6	67.2	71.3
29	growth					113.81	90.01	74.24	60.74	47.31	38.29
30	PE						39.70	77.68	62.50	53.57	32.96
31	PEG						0.441099	1.046355	1.028976	1.132349	0.860782

The output when I was still adding was something like (forward)

	Column 1
1	{colgroup}
2	{col=64x@}{/col}
3	{/colgroup}
4	7.299270073
5	78
6	40
7	23.40
8	0.58487

Right now trailing is:

	Column 1
1	{colgroup}
2	{col=64x@}{/col}
3	{/colgroup}
4	10.16949153
5	78
6	40
7	32.59
8	0.814863[/FONT][/SIZE]

	Column 1

And forward is:

	Column 1
1	{colgroup}
2	{col=64x@}{/col}
3	{/colgroup}
4	7.532956685
5	78
6	40
7	24.14
8	0.603602[/FONT][/SIZE]

Anyway as you know modelling depends a lot on the inputs which are pretty hard to get right.
My main comparator (what I hope Xero can achieve) is CRM.
If you go back through my posting history you will find lots of posts with the rest of the investment case for Xero