Really good to see a strong upgrade from both brokers, in particular Morgan Stanley who upgraded from $7.86 (Jan) to $12.10 (Feb). With positive outcomes from the US stimulus and the likelihood of another NASDAQ selloff reduced we should hopefully see a positive week as both Zip and APT were oversold.
ZIP US growth encouraging:
- Australia remains cash EBTDA positive with the group now Cash EBTDA breakeven.
- Z1P has launched in the UK with a number of marquee brands and pointed to a strong pipeline.
- Quadpay’s 1H21 growth was rapid with TTV (A$973m) and customers (3.2m) both up >200% on pcp
- Quadpay’s net transaction margin remains above 2% and this business has improved group capital efficiency, highlighted by an improving repayment velocity and also revenue yield (25% in Dec vs ~16% in June 2020).
- Z1P is now Australia’s most downloaded BNPL App (Dec20/Jan21) while all key growth metrics, e.g. revenue, and customers etc, grew ~40%-60% for the half.
- Average funding costs reduced from 4.7% to 3.9% due to a lower average rate across the AU portfolio.
Z1P continues to trade at a significant PS discount to APT (20x vs 35x). Based on a number of Peter's interviews over the past few days it does sound like a US listing is likely as they want to close the valuation gap whilst also ensuring the best outcomes for investors![]()
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- Broker ADD - Shaw ($15.36): Morgan S ($12.10)
Broker ADD - Shaw ($15.36): Morgan S ($12.10)
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Last
$1.83 |
Change
0.025(1.39%) |
Mkt cap ! $2.310B |
Open | High | Low | Value | Volume |
$1.77 | $1.84 | $1.76 | $34.05M | 18.76M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 6757 | $1.83 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.83 | 480347 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 6757 | 1.825 |
6 | 87752 | 1.820 |
4 | 10525 | 1.815 |
7 | 521549 | 1.810 |
3 | 121460 | 1.805 |
Price($) | Vol. | No. |
---|---|---|
1.830 | 480347 | 4 |
1.835 | 1150291 | 10 |
1.840 | 183560 | 17 |
1.845 | 217271 | 14 |
1.850 | 299585 | 34 |
Last trade - 16.10pm 24/07/2024 (20 minute delay) ? |
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