Yeah again all well and good, but all your metrics are...

Yeah again all well and good, but all your metrics are applicable to any company, so you haven't narrowed down an actual valuation here, just the parameters to make such a valuation.

The current partnerships? Currently not worth much or showing potential to show much.
The IP? Potential but still months away.
Management? Strong
The industry? Positive but not value adding at this point with no reach.

I agree with all your metrics and potential parameters, but I never based my opinion on only revenue, like people are trying to pigeon hole. I don't believe ESH is in as strong a position in the things you listed than most people are implying. I think those multipliers can all currently be used, and perhaps you could try putting a number to it or doing some comparative market analysis, but I think factoring in all those things you listed, the market cap should be no where near the current.