Shopify earns the majority of its income from their website platform, whereby users pay a monthly fee, a recurring SAAS business model which produces high quality, high gross margin recurring revenues.
Because Afterpay is a consumer facing business, naturally the market is bigger in #'s; however Shopify earns much more per customer, has a huge ATM as well.
I would say Shopify is valued accurately much higher than APT at this stage because it has a lower risk business model (doesn't take risks with lending money), and is a highly sought after business model. It has also proven itself; going from managing websites to Shopify Pay, Shopify Capital, now fulfillment, etc..Afterpay hasn't done or added anything yet (its still a very young company) apart from the "Pay in 4" business model.
APT Price at posting:
$25.72 Sentiment: Buy Disclosure: Held