I don't think you'd apply a 50% cut to market cap, as the market...

I don't think you'd apply a 50% cut to market cap, as the market cap recently has certainly not priced that cash receipts / positive cashflow directly as revenue / profit. Otherwise SP would be way higher than it is. Better off updating models and seeing how the long-term profitability stands.

Maybe this is a good opportunity for me to learn how to build financial models and quantitatively price companies! Something I'm keen to master.