Simple inv math for $SEND (Suilend) Mcap/FDV: $37m/$52m Annualised Fees & Revs: $28m & 10m Mcap/FDV-multiples to... Fees: 1.3x / 1.85x Revs: 3.7x / 5.2 Cumulative (=realised) Fees of $19m & Revs of $9.6m => Signals high income quality. Annualised income not driven by one-off gains Comps (FDV/Rev): EUL: 65x Aave: 34x KMNO: 24x What am I missing about $SEND? What's wrong with the valuation?
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