APT is over-priced NOW and will lead the fall of BNPL share prices!, page-54

No matter the amount of money Afterpay spend on advertising, they won't grow at the rates they have in Australia.

Really? I suggest you check your facts.

FY17 was Afterpay's first proper year of operations in ANZ - it generated $561m of GMV and had customers of 840k. In FY18, GMV was $2,172m and customers were 2.2m. That is growth of 287% and 162% respectively.

FY19 was Afterpay's first proper year of operations in the US - it generated $927m of GMV and had customers of 1.8m. In FY20, GMV was $3,990m and customers were 5.6m. That is growth of 330% and 211% respectively.

Afterpay is already growing at a faster rate in the US than it was at an equivalent point in the life cycle in ANZ.