I only skimmed it. They said the high rev/EV value (about 80!!) was justified due to high growth but there didn't appear to be any discount for the fact that high growth would be hard to maintain.

I was also a bit confused as ARPM was $1.9m yet revenue for FY15 was forecast at $4.5m. As I said I only skim read it but with a March balance date, they must have another source of income???

Does anyone here follow PAY. I know Moosie/BFG does but I think he is banned.