Afterpay Valuation, page-1369

4% (revenue) minus expenses minus losses.

apply that at customer level, per transaction (or purchase) ...we are talking paper thin.

i don't need to read a stack of charts or financial reports to confirm the bleeding obvious.

not all apt customers default, not all apt customers pay 25% upfront ...we are simply talking per purchase transaction ..

as I've said before (and I don't see this as a risk because apt usage per customer is over 10 and increasing), if there's insufficient volume (purchase activity) then this strips away healthy margins

pls read my comments carefully... no volume, then apt will be in a world of pain