From my experience, company’s that are constantly spruiking and using rubbery numbers generally get found out very quickly. AfterPay has gone from zero to an ASX20 stock in 5 years, so forgive me for being relatively dismissive of your conspiracy theories. Moreover, far more experienced investors than me who have no doubt had direct access to management on due diligence calls (the underwriters of the latest cap raise for example) are also satisfied that the company’s financial disclosure is acceptable. Even UBS hasn’t accused Afterpay of any irregular accounting.
What evidence do you have that Afterpay “sells” it’s overdue receivables to debt collectors and that they have the right to levy additional charges on the customer? Afterpay’s accounts show that they pay a not insignificant amount in debt recovery costs which would indicate they employ a 3rd party to assist in recovering overdue amounts, as opposed to selling the receivable for pennies in the dollar (if they did this they wouldn’t typically have such a large amount of debt recovery expenses). If you have information to the contrary I would be keen to hear it?
