You are grossly oversimplying this. You are taking mature stock...

You are grossly oversimplying this. You are taking mature stock valuations and trying to figure out why Afterpay doesn't match that profile and are then saying why would anyone buy it.

Valuations of growth stocks are completely different to valuations of mature blue chips. Hence comparing PE, dividends, profits is non-sensical. If you want to understand why people are buying Afterpay despite them not being profitable I would encourage reading through their interim and full year reports which should give you some indication on what APT, as a company, could be 5-10 years down the line.