You are comparing apples v oranges. The APT TTV number of $4.1b is for the Sept quarter (against Zip's Dec quarter). Afterpay's Dec quarter will be ~$5.6b (they haven't reported any quarterly numbers yet). The customer number of 11.2m is as at 30 Sept - it will be ~2m higher at 31 Dec. Your merchant number of 48k is just ANZ at 30 Sept - globally it will be ~73k at 31 Dec. Suggest you re-run your analysis on a like for like basis.
I do however agree that Zip looks very good value v Afterpay and exceptional value v Affirm at current market cap levels. Personally I attribute limited value to Zip outside of its Quadpay operations. Quadpay is probably worth $6b-$10b based on the current market cap of Afterpay and Affirm (subject to there being no "surprises" in Quadpay's half yearly accounts).
Ann: ZIP CEMENTS ITSELF AS A TRUE GLOBAL BNPL LEADER, page-315
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| Open | High | Low | Value | Volume |
| $2.98 | $3.06 | $2.91 | $36.55M | 12.23M |
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| No. | Vol. | Price($) |
|---|---|---|
| 8 | 43995 | $2.92 |
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| Price($) | Vol. | No. |
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| $2.93 | 8392 | 1 |
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