Afterpay Valuation, page-3800

There have been numerous posted in these threads since the company launched in the US. Sorry, but I don't have the time to sift back through endless posts to find them. Maybe others with a more exact memory can provide you with the examples. What I can say is that you are definitely wrong when it comes to this point.

I'd also suggest you read the research report from Hayden Capital who independently researched this exact point - refer to page 18 of the attached

http://www.haydencapital.com/wp-content/uploads/Hayden-Captal_APT-Presentation.pdf