Ann: Q3 FY22 Results - Zip Accelerates Path to Profitability, page-105

Bought APT at IPO, sold at $45 and was called an idiot. Shorted APT from just below its high to as low as $90 and Z1P from $12 to as low as $8 (dynamic positions) and was called a bitter moron, particulary from the $150+ APT rampers that still feature on these forums having a dig at poor long suffering Z1P share holders.

All of this was so predictable in the BNPL space - the share price range far less so. Only 14 months ago many investors who hadn't heard of Z1P or APT pre-IPO were talking these BNPL stocks to the moon ("look at the share price you moron"). Regulation, merchant fee pressure and rising bad debts were always going to squeeze margins (I was called an idiot on here and APT forums in the past for suggesting so). That was predictable. When the market would wake up to it, was not.

ZIP has been oversold. The business is indeed in a watershed period where it may well not ultimately survive. That's why its trading at less than a tenth of its recent market cap.

$1 is cheap for what I'd describe as a 60 delta $4 call option expiring in 2024, in effect. I will have a little punt. Growth is going to slow soon, and %TTV debts probably worsen still temporarily, but I suspect they will maintain enough net margin to get there (just).

Sorry so many hindsight "I told you so" commentators on here (where were you in February 2021?), I couldn't resist commenting.