Z1P valuations, page-13

Zip currently generates 7.5 percent margin not 7 sebby the extra 0.5 percent is significant when Afterpay generates 4.5. ie zip Generates 66 % more revenue per TTV dollar than Afterpay, that is a monstrous difference. If you consider zips bobber figures were on par with Afterpays FY annual report in term of annualised sales and customer numbers.

What's really exciting about this is Zop has the superior.revenue generating model compared to Afterpay. It gives them more fat to buffer against regulatory change and introducing new products

if 1 in 10 customers start using tap and zip for everyday spend and that 1 in ten customer spends 20 K a year instead of the 2 K before, assuming before each 10 customers over a year generated 20 K in TTV sales. Now with the 1 spending 20k instead of 2, total TTV for these customers will increase to 38 K. Nearly a doubling in TTV. And that's one in 10 zip customers, not an unrealistic number. I'm one of those people. The more customers that move to a tap and zip model means zip raises the value of each customer more than any traditional bnpl customer. It's a magic model. Afterpay only generates revenue once a customer buys somwthing discretionary like make up or clothing their two biggest industry streams. But people don't buy clothes and make up every month. They buy it when sales are on and usually 2-4 Times a year. So Afterpay is only getting value for customer 2-4 times a year using logic on discretionary spending.
everyday spend generates a customer that is generating revenue for Zip daily, 365 times a year. I cannot think of a day in the last 2 months I haven't bought something all using tap and zip.

So we need to consider not just how.much a company cycles over its debt sheet but how often their customers are repeat buyers on the platform and how many times a year. Zip is effectively able to say their customers spend far more on their platform than Afterpays per customer meaning a higher spending customer. That says to me Zips platform is better value than Afterpays from a merchant point of view to because customers use the zip platform more frequently