Well, its a pretty good rough indication Steve. Stocks are about flat since pre Covid. They just went down, then up, then down again. NZ is not a tech stock either - traditional businesses moved less. The $10m ish EBITDA pre Australia is a fact as well and 7x that for the biggest player in NZ seems reasonable. But, maybe, its only worth $50m. Doesn't make much difference really. If Smartpay's Aussie acquiring business was categorised as a SAS business, and it has similar characteristics, it would be worth about 10x sales with current growth rate. That's $600m+ just for Australia.
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