People value a company forward - everything is too easy with hindsight.
The forward value includes fees and other ventures AM might go in, such as hardware sale, manufacturing, distribution, and everything else.

Example: current valuation for Tesla is looking at perfect execution for the next 8-10 years. Meanwhile bears (lingo for "the ones saying it will go down / want it to go down") are saying that "$TSLA isn't worth half it's current valuation by looking at current sales" (paraphrase) - everyone has an agenda, and only the fool blindly listens.