In an investor day slide labeled “illustrative” from a company presentation, Lemonade (LMND) lays out a “simplified approach to valuation” of its shares that contends that $1B gross earned premiums, or GEP, grown at a 30% seven-year compound annual growth rate, to which it applies a 12% ratio of adjusted EBITDA, yields a net present value per share of $90-plus.
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