Agree. And their execution has been flawless. But APT was +$1bn market cap when they were printing txn volume numbers zip is doing now and zip's model is more profitable. Why the valuation difference?
Yes, the US is a big market and APT certainly has the track record to grab market share but basing your merchant fees at +4-5% out to the year 2200 is not realistic - unless you want to produce a model that gives you a valuation of +$20. Competition will force their pricing lower over time and their margin will be squeezed massively. If their average merchant fee drops from 4 to 3% their net transaction margin drops from 2 to 1%. And the UK?? Bought an operating buy now pay later business, raised $130m to fund it and radio silence for 6 months. Interesting.
Again, can't fault APTs execution but I think zip is grossly undervalued.
Ann: Quarterly Report and Appendix 4C, page-48
-
- There are more pages in this discussion • 103 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Add ZIP (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$2.79 |
Change
-0.010(0.36%) |
Mkt cap ! $3.642B | |||
| Open | High | Low | Value | Volume |
| $2.80 | $2.81 | $2.74 | $25.49M | 9.190M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 11942 | $2.78 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.79 | 30971 | 2 |
View Market Depth
| Last trade - 16.10pm 27/09/2024 (20 minute delay) ? |
| ZIP (ASX) Chart |