Expanded Calculation: As we approach to Projected Revenue for Full Fiscal Year, current EV/R multiples will continue to decline. That is why you pay high multiples in the beginning, because outlook is based on Full Fiscal Year targets, not temporary quarterly hiccups. I should also note that in my previous tweet, I used ***lower end*** Projected Full Fiscal Year revenues for both $LSPD.CA and $SHOP (just to be safe). On a ***lower end*** Forward EV/R calculation, there is about 39% upside for $LSPD.CA and 9% upside for $SHOP to reach their fair values. Now let's take a look at ***higher end Full Fiscal Year companies' outlook:*** $LSPD.CA = in the range $117 to $119 million $SHOP = in the range $1.545 to $1.555 billion For $LSPD.CA to reach fair value, there is 42% upside. For $SHOP to reach fair value, there is 10% upside. * Quality growth stocks rarely stop at "fair value". Investors pay premium for L/G growth.