Jef, as you said at some situation all bets are off !

Why so many tech companies are valued at over a billion without making a dime in profit

By Vice News on Mar 6, 2017

There are currently about 200 “unicorns,” privately held companies valued at over a billion dollars, and most of them are tech companies. Considering that many of them have never turned a profit, does this make sense? We take a look at how investors decide what a company is worth and whether their efforts are closer to an art or a science.

https://news.vice.com/story/why-so-many-tech-companies-are-valued-at-over-a-billion-without-making-a-dime-in-profit