Ann: Appendix 4E - Preliminary Final Report, page-131

here is the other concern.

they currently earn circa 1.3% on sales
Allowing $10m for costs p.a, id need to see say $30m income p.a to justify market cap of say $400m (around double from here)

To get to $30m income they need to be doing $2bln+ in sales p.a (50% of afterpay), and to be honest I don't see them getting there even on current form.

They haven't even done 90m in sales in 18 months, last Q was 30m in sales (120m pa)  and $400k revenue $1.5m YOY

They are miles away, sure its early doors albeit they have been around a few years, not 6 months, I think they can take "some" market share, but will it be enough?

I'm still not convinced.
Yes APT stats at the same time showed A,B and C, but they have a more rounded business plan IMO and captured the most important market, millennials and the new market for those that don't like using credit cards, which is the opposite to SPT which seems to have been built to capture cc users.

Anyway just putting out my thoughts, I'll do some more modelling on their numbers.