Anyone got a link to the MS report/release?
I only see a tidbit from the AFR:
"We forecast Afterpay to reach mid 30 per cent EBITDA margins 2023-24/2024-25," writes analyst Andrei Stadnik, who says the company is yet to achieve operating scale as it expands through North America, but still achieves a comparable margin in the Australian business.
"The Australian business has had greater than 30 per cent underlying EBITDA margin in 2017-18 and 2018-19, despite not being at full scale."
EBITDA margins for payments companies are in the mid to high 30 per cent range and without a physical distribution footprint, Morgan Stanley think it's credible for Afterpay too.
