I honestly disagree that p/e is the best way to value this, I'd...

I honestly disagree that p/e is the best way to value this, I'd be keen to hear an argument for using this over an ARR multiplier. As I'm more convinced of the latter.

If you took Xero as the example, a p/e calculation would always have given you a much lower SP forecast than what occurred, in fact the difference would have been massive at times and caused you to be bearish on a phenominal growth stock (slowed now obviously) - mainly because they were pumping everything into R&D and growth, so profitability took a hit... for decades.

Thoughts?