I've been thinking about different approaches to valuation. Customer bases for example have wildly different values. Three UK companies:

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ASOS (y/e Aug 2017)
Sales £1.9bn
PBT £80m
Active customers 16.5m

ASOS annual PBT/customer £5

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Tesco (y/e Feb 2018)

  • Sales £51bn
  • PBT £1.3bn
  • Active customers 40m (based on 79m shopping trips/week - I've assumed that customers visit twice/week on average)

TSCO annual PBT/customer £33

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CMC Markets (y/e Mar 2018(e))

  • Sales £185m
  • PBT £57.5m
  • Active customers 39K

CMCX annual PBT/customer £1,475

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CMC Markets seemingly have got a licence to print money.

Can you think of any other listed company that has such an elevated profit/customer?

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