Straight out of the Shaws report:
Significant relative value on offer – There are three US BNPL companies listed. SZL is apure play delivering A$110m in TV a month, APT $530m and Quad $160m. SZL has 1.8mcustomers, APT has 6.5m customers and Quad has 2.5m. Over time customers onhomogenous products are created equal in our view and such an APT valuation ofcustomers implies a valuation for USA/Quad alone at $6.3Bn. This is twice the currentmarket cap with no value for Zip core (second largest ANZ BNPL), no value for Zip biz,pocketbook and further international growth. With Zip trading at a 65% discount to APTwith higher NTM’s from Quad and greater USA growth leverage, this has typically beenrectified by relative outperformance. We forecast 3.6m customers in FY21e.
Broker Research, page-140
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$1.88 |
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Mkt cap ! $2.373B | |||
| Open | High | Low | Value | Volume |
| $1.91 | $1.95 | $1.87 | $25.30M | 13.26M |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 10000 | $1.87 |
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| Price($) | Vol. | No. |
|---|---|---|
| $1.88 | 68338 | 6 |
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