Afterpay Valuation, page-4406

Affirm shares rose 98 per cent in its first day's trading, giving it a market valuation about the same as Afterpay.This did not escape the attention of local investors aware of the fact that Afterpay arguably has a better technology platform than Affirm thanks to founders Anthony Eisen and Nick Molnar.When Morgan Stanley analyst Andrei Stadnik this week upgraded his share price target for Afterpay from $120 to $136 he highlighted Afterpay's 24.7 per cent market share in the US compared to Affirm's 19.8 per cent.Repeat usageAfterpay is not only growing faster than Affirm, it has compelling statistics showing rapidly rising levels of repeat business by existing Afterpay customers. The level of repeat customer usage seems to increase over time.Stadnik's note pointed out that Afterpay's earliest Australian customer cohorts transacted 25 times a year compared with five times for a customer in their first year of using Afterpay.