DW8 Growth, page-10573

Have been looking at TAM when international expansion commences in places mentioned by DW8.

Australia - $20B GMV & 190M cases pa
UK - $55B GMV & 522M cases pa
USA - $264B GMV & 2.5B cases pa
Europe - $600B GMV & 5.7B cases pa
Canada - $30B GMV & 285M cases pa
Hong Kong - $6B GMV & 57M cases pa
Singapore - $4.5B GMV & 43M cases pa

Total = $979.5B GMV & 9.3B cases pa

1% market share is $9.8B GMV x 7% fees = $686M revenue all gross profit.
1% market share is 93M cases x $15 = $1.4B revenue x 20% = $280M gross profit.

1% market share = $2.08B revenue & $966M gross profit.

$966M gross profit less 30% expenses of $290M = $676M EBITDA x 0.7 = $473.2M NPAT x PE40 = $18.9B MC.