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> and x20.5 for EBITDA (40% margin seems reasonable in the telcos industry)

There EBITDA appears to be negative. 40% margin is "Gross margin" and is certainly not a valid EBITDA figure.

40% is a valid EBITDA margin for telcos. Twilio is indeed slightly negative in terms of adjusted EBITDA (around -5%) but market cap of tech companies is usually rather based on NTM EBITDA or industry average EBITDA - see prospectus of IPOs

> market cap of tech companies is usually rather based on NTM EBITDA

This is almost entirely false.

> 40% is a valid EBITDA margin for telcos

Uh what? I didn't state that 40% wasn't valid. I simply stated that gross margin != EBITDA.

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