I thought this chart was telling. Lots of people in previous threads throwing about 5.5x multiples like that’s a baseline but it’s clear that those multiples are not what the market is prepared to pay now except for a select few.
For what it’s worth I think SEA is discounted but there’s a long way to go and lots of things need to go right for the SP to be more than $1
Ann: Corporate Presentation, page-9
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