Completely Disagree. OPY is the 2nd lowest valuation (right now trading at roughly 7.9x FY21 expected revenue). LBY is the lowest valuation (right now trading at roughly 4.4x FY21 expected revenue).
SZL trading at 11.0x
Z1P trading at 11.2x
APT trading at 35.9x
And HUM, isn't truly really BNPL. The bulk of its revenue is not capital light fast turnover BNPL (arguably only a portion, albeit now larger portion, of ZIP's business is BNPL, as a large amount of capital is tied up in personal loans). And Humm isn't growing fast enough (FY20 was 17% YoY growth, which is laughable) compared to the others, which is why it has a lower valuation (which is deserved).
The 2 companies that are trading at a significant discount in this sector are Laybuy and Afterpay.
And for people who say "but Afterpay has never made a profit" need to better review the financials. They made ~$150m in Australia in FY20, and you can guarantee that they will make a lot more in FY21. This business model is skewed to ensure that only profitable customers remain on the platform long term.
Cheers
Marv
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