This thing has a market cap of NZ$5.8BILLION; it had $220m cash...

This thing has a market cap of NZ$5.8BILLION; it had $220m cash at end December 2013 so the enterprise value is about NZ$5.5billion. They currently generate revenue of about $330/customer from the A&NZ customer base and lose money because of development and ad costs. They have got to 250,000 customers - which was easy to see from the appendix 4C cash flow report - when some of the competition was asleep. Now both MYOB and Reckon have competing products with payments options which at least match XRO. I have no quibble with the XRO product - very good - but the current market cap is assuming revenue/customer of about $350, EBITDA margin of 66% (loss at present!) around 1.5million customers and an EV/EBITDA multiple around 17x. The bubble is being helped by a very tight share register, no ability to borrow stock to short, and things like the Bronte Capital blog in January and now this FTSE index inclusion. No issue with the company or its product but the market value is now in mania territory. The market cap is now the same as Seek's was two weeks ago. If you look at the way these A&NZ tech/glamour stocks have gone in February - vertical - you'd be a bit concerned. Rod should have another share issue or sell some stock