Sorry, just saw this... Yeh, I mean, to me, its definitely...

Sorry, just saw this... Yeh, I mean, to me, its definitely creative... this is a Saas metric...and agreed, I am unsure what is driving their assumptions... Problem is, lifetime val methodology is ok for SAAS/tech subscription, where SAAS scales with size, but isnt exposed to huge credit risk and write offs all sitting on its balance sheet... This valuation method also conveniently wont include all the write offs the business will face over the next X years... as only gross margin is being utilised, in the calc... which tells really only half the story... but valuing this business is hard... and very unlike Z1p - who ive noticed Z1p are now trying to jump on the band wagon by using revenue multiples to justify val, as they continue to miss profitability targets - which is just not befitting for their more traditional credit model... where as APT has astronomical growth, book turn is hugely quick, and TAM is huge... so I think people will continue to struggle to value it, until such a time that growth tapers...