Valuing an Emergent Tech Growth Stock like Pushpay, page-4

Thanks for your feedback Rokewa.
I agree with product development being a key factor impacting on profitability and that this is a driver of future revenue gain, if the company is successful. Another key factor is usually sales effort, and this certainly applies to both XRO and PPH as they build up their customer bases overseas and especially the USA. Significant costs are incurred in building sales and can be seen as investment, even if it cannot be capitalised like product development.
I normally use estimated revenue for the next year rather than current year (either from company guidance or my own assessment) but with any valuation measure, high growth should be expressed by a high valuation, just as PE's are normally raised for growing companies.
Yes, I do seek a comparative measure across different companies because that helps determine over and under valued companies.
I prefer to use the operating margin rather than gross revenue because that reflects much better the profitability. Not all companies identify this up-front, in which case I will fall back to gross revenue, unless I really want to dig into the accounts and try and work out the margin.
Agreed that the SP usually bakes in future expectation, as it does for companies producing profits. If the valuation falls low but my expectation of growth remains high, then the company is undervalued by the market and worth looking at to buy. A comparative measure helps assess what low and high mean.