Afterpay Valuation, page-1249

What? What happens when transaction volume declines? The warehouse facility just tops up. Not sure in what world Afterpay becomes a sitting duck, especially considering much of their costs are related to expansion and IT (both of which can be scaled back if needed) and more importantly variable costs (costs related to each purchase).

You are also completely ignoring the positives for APT regarding COVID-19. Lucky for you I've summarised it:
https://hotcopper.com.au/threads/objective-analysis-covid-19-positives.5391751/#.XuMB1WgzaUk

If you disagree, perhaps a look at the share price will give you an indication on how the market feels about APT in COVID-19.