They are expected to generate over 90% of their value after 2020 This is true of many startups, especially in a low rate environment. It's the "Terminal Value"

They are expected to generate over 90% of their value after 2020 This is true of many startups, especially in a low rate environment. It's the "Terminal Value" in the calculation that drives value. Of course the Terminal Value also is extremely volatile, and changes a lot to small changes in inputs.