Unfortunately APT’s value is not a simple function of its customers, or its GMV for that matter. In a bear market that heuristic doesn’t work, because who knows what profitability APT will have in a recession. It would only take a 1% incremental bad debt on GMV to knock out its profitability after a “good times” 2% NTM and a ~1% opex estimate.
Ann: Afterpay Funding Position, page-61
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