APT Chart, page-1621

I understand you have a set view on the market direction however your points above need some review/rebuttal.

'Interest' is the differentiator between the CC model & Afterpay's BNPL model, not the 'interest rate'. A lower interest rate doesn't change the proposition of Afterpay to a CC.

APT is not priced for exponential growth but 'expected' growth. This is a big difference - if it was exponential price would be $100.

Your view of regulation is fair, but discounts the ability of the company to navigate the environment. & Considering debts are gone after 6 weeks, APT is not really a contributor to growing, out of control debts for a consumer.

Your point on being valued as a FSP is the UBS view. To date, they are wrong, but this is definitely a possible future valuation method. This discounts the value in the referral service on both sides of the transaction, ability to grow transactions, size & customer numbers, scaleable model, network effect, takeup as a product & a service & the stickiness of Afterpay's customers.