Afterpay Valuation, page-3016

I update the graph at the end of each month. Currently the theoretical price is ~$49, hence the catalyst for me to change my sentiment from Buy to Hold. There have however been a number of recent events which go some way toward explaining the divergence away from the 1.13x GMV relationship (acceleration of trend toward on-line shopping, Tencent taking a meaningful stake in the company and Inclusion of Afterpay in the MSCI index).