I want to briefly provide my view on why the brokers use of DCF...

I want to briefly provide my view on why the brokers use of DCF expresses a fundamental misunderstanding of the PNV business that leads to undervaluation. I promise this is worth your time.

A key aspect of PNV is that it doesn't sell BTM to 16y.o girls that change their minds every second day about what's fashionable. Our customers are surgeons, the top 1% of minds in society making life and death decisions daily while adhering to the highest standard of care for which BTM meets this need. Our surgeons product purchase decisions are sticky as DW has made clear, so in that respect, PNV revenues are much like a subscription to Netflix, or Norton, or name your favourite SaaS, only stickier. Its not difficult to to ask for metrics like sales per hospital, or per surgeon, etc... So in this sense, PNV is comparable to the highest quality subscription service, with 90% product margins and high double digit sale growth, etc... so PNV deserves to be valued as such, i.e. bleedingly high revenue multiple.

I encourage you to DYOR on how SaaS businesses are valued, it'll only take a few minutes of your day, you'll see what I've just explained. You'll clearly recognise why DCF may be considered less appropriate.