Thanks for updating your valuation after I asked for some feedback on valuation methods.

Am I correct in saying it seems like the NPAT-based DCF approach is a bit more conservative, rooting value in current earnings and cash flow to predict future profits with a greater margin of safety?

Whereas the ARR multiple method leans more on the idea (and some faith) that revenue growth, recurring subscriptions, and R&D on a slower-growing cost base generally characteristic of SaaS companies will translate to future outsized profits?

Is that a fair take on the valuation choices with a business like this?