have termed it as a good bet to ride the fintech wave in india others are concerned about the companys valuation and have termed it as expensive for a firm that has reported losses for the last eight yearsthe company is seeking a valuation of 20 billion at a 49 times price to fy21 sales considering the current operating matrix the valuation seems expensive considering longterm growth perspective current financial parameters and rich valuations only risktolerant investors with a medium to longterm horizon should subscribe to the offer said yesha shah research head samco securitiesaswath damodaran professor of finance stern school of business new york university wrote on his 4 october blog that given almost all of the value of paytm comes from future expectations and there is significant uncertainty on every dimension it should come as no surprise that the range on estimated value is immense with a 3 chance that the firms equity is worth nothing more than rs 2 trillion approx 27 billion at the 90th percentile