Focusing on ANZ as it is the most mature market, growth in customers numbers has been: FY17: +740k (760% growth) FY18: +1,360k (160%) FY19: +610k (28%) FY20(e): +490k (17%)
That will put the company at 3.3m customers in ANZ at the end of June, with growth having slowed to ~100k per quarter. This would indicate that around 4m will be saturation in ANZ based on the current business model (~13% of the total population). Difficult to draw any conclusions from this in relation to the US and UK other than to say there remains significant runway in both those geographies (US customer growth will be over 200% in FY20). Interesting to note that the population of Canada is ~25% greater than ANZ, so not an insignificant opportunity.
APT Price at posting:
$47.41 Sentiment: Buy Disclosure: Held
