Consider FZO for 2018, page-22

SaaS companies are probably valued at some of the highest revenue multiples in the industry. But 20 times is over the top, imo. Here is an artiicle which gives some guidelines, but for me 10 times revenue once we get some significant revenue in the next few years seems about right.

https://techcrunch.com/2016/10/07/determining-the-worth-of-your-saas-company/

A2M at $3 had an MC of around $2B. At that time it had revenues of around $450M. So 4.5 times revenue. Very different businesses, though. Better local comparisons would be xero or a better still, a fast growing consumer product SaaS company. Can't think of any local comparators atm, but the analyst report may have had some comparators. Have to check.