My assumption is based on if a business can achieve US$25M...

My assumption is based on if a business can achieve US$25M EBITDA and can demonstrate growth potential of say 40% year on year - this is an assumption i have made in this case based on GMV's business model.
A company that can achieve this growth would have a PE of 40 as a minimum, hence 40 x US$25 = US$1B.
To support this valuation I compared this to an ASX listed company who has recently reported $43M EBITDA with 40% growth in the last year. This company currently has a MC of $1.88B.
I know its not an ideal or thorough calculation but certainly close enough for a ball park estimate.

How do you get US$100m MC for US$25M EBITDA?
That is crazy cheap even for a business that showed little to no growth.