Reddit earnings DD and fair value estimate

Reddit reported 254% (3.5x) and 445% (5.5x) earnings growth in its past 2 reports. I project 498% (6x) earnings growth in the upcoming report. My estimates are conservative: daily active user (DAU) growth in the high teens and revenue growth slowing to 50% over the next year. RDDT's price could reach $420 by next April without being overvalued (P/E 56, with a trailing 12-month earnings growth of 130% and a forward 12-month earnings growth of 62%). There are (often multiple) large subs for almost every animal, sports team, hobby, interest, country, city, profession, and everything else. * 96% of the world's population is outside the US. International users grew 28% last quarter and already outnumber US users—they will drive growth for the next 2 decades. * Institutions are managed by older people who haven't seen this on the ground—we're early. Full investment thesis is in my March 29 post.