Also, standard multipliers are pointless on "unicorns". You have to figure out potential for future growth and the potential of the space itself.

Facebook bought instragam for $1 billion even though there was no significant revenue or income. But the potential for growth of instagram itself and the photo sharing social media space was immense.

With established companies like walmart in establish spaces like retail, you know what you are getting. With tech unicorns, it's a bit of a gamble.