I agree with your sentiment although EV/ Revenue multiples are...

I agree with your sentiment although EV/ Revenue multiples are commonly used by analysts when comparing SAAS businesses. For a real purist NPAT which forms part of reported EPS and ROE are subject to accounting treatment, therefore cashflow metrics are better in my opinion.

Quote from Seth Klarman: (I know it doesn't really apply to this situation but I like it anyway)

“In our view, there is no such thing as a value company. Price is the essential determinant in every investment equation. At some price, every company is a buy; at some price, every company is a hold; and at a still higher price, every company is a sell. We do not really recognize the concept of a value company.”