One of the simplest ways to do valuation is to look at Free Cash Flow (FCF) or Discounted Cash Flow (DCF) and then divide it by (discount rate - growth rate). Now, if the growth rate is fairly large, the denominator becomes very small and can drive even a moderate FCF to cause a very high valuation, which is what seems to be happening here.

If interested search for FCF valuation, etc. there's a lot of info out there.