Ann: FY20 Results Presentation, page-279

You are speaking as if we have beaten the virus.

The virus is still around, banks have just stopped the home loan repayment holidays and the JobKeeper is not being received by some and also being substantially reduced for others.

This tells me that Afterpay debt for most will not be a priority.. people won't be worried about buying luxury goods or clothes, when they can hardly pay their mortgage and food/utilities.

Afterpay rode the JobKeeper wave (excess cash for most), but reality will hit in 2-4 months time. The majority of Aussies are financially illiterate and basically see money/spend money, they don't plan for future issues. Plus Afterpay is tailored towards the lower end/younger crowd, that don't need to undertake a credit check.. good luck with that.

The real damage (if you believe won't occur) hasn't been experienced by Afterpay.. because it hasn't happened yet. Likely to start being felt at the end of this calendar year.

The current share price is trading at 3 x FV value.. stop pretending it's a bargain.

You have regulators on your tail, Paypal, potential growing bad debts issues in the next 2-3 months and trading in a tech bubble.