@huntermitI hope your numbers are right but apologies to me it...

@huntermit

I hope your numbers are right but apologies to me it doesn't look right. I would suggest start from Propsectus and read it in detail (I am guessing here and if you have apologies in advance) because I can't see where you getting all this debt in calculation for a capital light business.
For example when you book a RV you pay a fee in advance say you pay $1000 Camplify takes $260 out of it and then it has few days (I don't have figures) before they pay 740 to RV owner.
So there will be Gross income which is $1000 in this case but actual income for clamlify is $260 less operational expenses depreciation etc.

But 740 will be shown as liability till it is paid to RV owner

Hope that makes sense (again I hope you have calculated in that way because I can't make sense out of liability myself so apologies) Please keep up the good work as it's a good way to do valuation as long as you get the right numbers interpretation otherwise model can give wrong numbers not because model wasn't right but imputed numbers were not correct and you miss an opportunity not because of not doing research but because inputed numbers were wrong not saying it's case but I am still perplexed with debt and change in that will change your NPAT and free cash flow numbers including valuation when you take debt way plus don't forget when company is growing at 50% it is still cheap at 50 PE compared to one growing at 5% at 15 PE in LT

Also I suggest have a look what Andy Crebar wrote in his blog about Camplify to get better understanding https://www.andycrebar.com/p/camplify-deep-dive