A recent article on the valuation of companies such as Snap includes a call for a new method to value firms that don’t have any assets or revenue—just the potential in terms of technology and user base. “I don’t think people have really got their heads around how to value these,” says Marco Schwartz, head of U.K. equity capital markets advisory at KPMG. “We haven’t seen these companies that have great ideas and long customer lists, but have been unable to generate either revenue or profit, mature. It needs a different valuation of growth.” Since its IPO in March, Snap stock has continued to gradually depreciate in value.