Bell Porter reiterate buy, page-20

I understand you have a counter point of view - let me ask a couple of questions - because below is all that really matters - regulation/competition/profitability will all be affected by below.
What current lifetime value do you put on Afterpay's existing customers? 0? $100? $1000? $2000?
When do you think Afterpay's growth in customer numbers stalls in AUS/US/UK?
With APT's average customer spend in Australia increasing - it would suggest that this is potentially simply a transfer of shopping habits from CC/Debit Cards directly to APT for convenience - would you agree?
Do you think APT's model is an unprofitable model - note not FY17/18/19 - but in the future as a growing, but maturing business?