Afterpay Valuation, page-401

I should start of by saying that I don't think a recession is on the horizon any time soon, especially if the trade war de-escalates.

I still think your view doesn't really represent reality in how a stock is valued. In any valuation model the growth rate (g) of a stock is the most dominant variable. Any slight increases/decreases to g will have huge implication to share prices. I have no doubt that APT would survive a recession, however, it's share price would be impacted substantially due to down-revised g.

If you want to see what happens to the share price of APT when the market is spooked by a possible recession you can have a look at what happened to APT at September through December last year. SP dropped almost 50%. If a recession was positive for APT this should have spiked (however thats super unrealistic)