Ann: Quarterly Update & Appendix 4C, page-7

All long holders here know the lower level of valuation that this can (and did) reach. When thinking about an upper limit, that is hard to say but just for reference, and again without trying to draw any analogy other than the extreme behaviour of the market at times, gsw had a market cap of 800mil with acv of 800k. Acv ratio of 1000.
Bid which one could argue has similar ‘upside’/tam/global and scalable etc, has a mc of 50mil with acv of 4.6mil. Acv ratio of 10.

So I guess a good valuation starting point will be somewhere in the middle...!