KGN and TPW are not the correct comps to be using against ART - they are far more capital intensive and larger businesses.
Also just stating that HPG's EV/Sales multiple is half that of ART doesn't mean ART's is unjustified - you must look at revenue CAGR forecasts alongside EV/Sales multiples in order to get an idea of whether or not a certain valuation is fair.
i.e. Hypothetically if ART is offering a 3 year revenue CAGR of 50% going forward compared to HPG's at 15%, then a higher multiple is warranted.
On that note does anyone have the actual figures for the above example^?
IPO - Airtasker Limited - 22 March 2021 #, page-26
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