The monetization potential of this company is massive (geofilters, sponsored content, hardware with spectacles, etc.) and there's no direct comp for that. Pokemon Go showed us the bleeding of digital to physical, and Snap has the potential to be the first company to unlock value from it (ex. geofilters). Plus you can view SNAP as a call option on AR and their potential to be the main camera (when something exciting happens, which app do you open first? For at least in my social circle its by far Snapchat not the Camera app/twitter/etc).
That being said, they face a massive threat from Instagram Stories and now WhatsApp Stories. Though a caveat - while their DAU growth has slowed, it's actually been in international markets primarily (and I think wrongly they don't care enough about dealing with low-bandwith, "unexciting" users). If they can keep a healthy growth in US to escape the FB threat they can afford to lose internationally.
Their first 1-2 earning report will be very revealing for SNAP b/c the expectations have been set and I'm looking for them to do the following: 1) Raise ARPU at similar rates 2) Maintain healthy DAU growth in the US 3) Create new product innovation around AR/Spectacles/Lenses.
If they don't hit at least one of those goals (and preferably two or all three), than I would be very concerned for them.