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The Van Eck Model for High Cash Flow
We're assuming that the market will pay something like 30 times free cash flow. That equates to a 3% yield, which is something that feels very normal. The margins are enormous. This kind of business model is very high cash flow. There's a ton of value that comes to this directly in cash. You don't see any of that here. And to the point on monetary premium, our terminal valuation, so what multiple on that revenue number will investors pay in 2030? It's kind of the $100 trillion question, we hope.