Oh right, I'm not really that across their actual merchant data, although I'd imagine it's all in that report and others... As @Christos12 said, their actual growth has been nowhere near as strong as a % as say APT... whether this is a good or bad thing, is debatable too as clearly their bad debts are notably lower than APT... so its a trade off between bad debts and a huge growth driven Valuation.... I don't necessarily have an issue with their slower trajectory.
This is all largely irrelevant in regards to my commentary... as speed more so determines how hard and when they run into the given liquidity wall... My commentary is more around the fact that, the business are basing their break even forecasts upon essentially more than doubling their book ( and sure, within a short period - namely financial year or so) which seems unreasonable for a couple reasons a) they have never exhibited such growth before b) they don't have anywhere near the balance sheet currently to support the debt required to fund it and would have to at minimum raise a fair whack to achieve it ...
So it's either they try break even by FY20, and in that case, they will need to grow faster and further than they ever have in a short period, and raise a lot of money... or they grow slower, and push out their break even further down the track, but burn even more money through longer time spent incurring losses... and raise alot of money... either way People ( market/broker, whoever) are simply ignoring the concept of pre-money valuation and ignoring the imminent cash crunch on the horizon.... and as previously mentioned this is a far more capital intensive model than APT...
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