What is a reasonable price?

It depends on the business model, but we use revenue or EBITDA multiples together with a cash flow discount model. Sometimes we will compare it to lookalike companies.  

We are backing it by identifying core support levels. Sometimes we can "bring the price to us" by short option premium to own.  

Price is important, but in our case, it is more important to be right about:

1. Identifying how close the company is to product-market fit and the ignition of hyper-growth.

2. Will the hyper-growth translate in the future to sustainable free cash flow and healthy compounding