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.
