Thank you for taking the time to respond. I agree with a chunk of what you wrote and disagree with a lot as well. Ultimately I wouldn't have an issue if they presented the ANZ segment EBITDA in the accounts and left it at that. But the profitability (or otherwise) of the ANZ segment is key here and they're constantly spruiking a supremely optimistic calculation. They know that doing this will cause unrealistic optimism around the long term profitability of the company and it's exactly the type of thing done in pump and dump stock promotes. If they're really wanting to turn afterpay into a long term profitable business they should do less pumping and dumping.
And hold your outrage over me calling them liars. Is it a lie to tell customers they'll never be charged more than the late fees, then sell the debt when customers can't pay to debt collectors who add on significantly more fees? I'd say yes and I know examples where they did that in the past (not sure if they still do). Is it a lie to claim they're not in the credit lending business and they're not a payment platform to avoid regulation? I'd say yes but maybe you disagree. I've got strong evidence of far more egregious lies than these but that'll come out in time.
APT Price at posting:
$73.50 Sentiment: Sell Disclosure: Not Held
