Been read that article long ago and honestly don't really bother...

Been read that article long ago and honestly don't really bother with his analysis. We all can make money by correctly predicting the value of a company by just plugging all the numbers to our spreadsheet with our pre-determined model. Loopholes in that analysis was that too many assumptions made, which are not correctly verified, and his model maybe best applied to growth or matured SaaS where they already have established user bases, while BTH they are just newly start-up. I'm not sure what's the valuation of Xero looks like when applying to his model when they were just newly start-up like BTH. And of course, Xero is completely different right now given its current situation. And I'm also questioning how this applied to UPD, current MC of nearly 650M, with just minimal revenue of a few hundred thousands. I'm pretty sure the numbers will come out ridiculous when plugging into the model. Last, just want to say that we all have to crawl before we can walk and we just can't demand a baby to walk before crawling.