In the year of growth prior to the doughnut hole, Wave's P/S ratio was in the 10-15 area for much of the time.
In an early stage market that is coming into being, this doesn't strike me as wild pricing.
For a company in a more mature online market, something like a P/S ratio of 7 isn't abnormal eg Google, Adobe.
A P/S ratio of less than 2 is extremely low for a company that isn't losing money and has some sort of growth rate.
So there's a substantial multiplier simply in operating like a going concern. That's the key point that is worth underlining. It doesn't get made often. Folks prefer to talk about grander ambitions.
This is why embedded income is interesting. It can take Wave to the place that changes the P/S multiple.