AFR.RBC Capital Markets says the quarterly update "sees some continued moderation in the growth of the core business, largely in line with our expectations."
The broker says trading in the first quarter benefited from the shift to online spending as these companies acquire many customers at checkout.
"While the top-line performance is pleasing, the fact that arrears rates have seen a significant step-down in 1Q21 and hardship claims non-existent highlights the advantage that the BNPL players have with low account balances, dynamic credit-decisioning, and high receivable book turnover."
RBC Capital markets expects Zip’s higher-quality customer profile to somewhat mitigate potential risks associated with government stimulus roll-off in the near term.T
he broker remains positive on Zip given multiple growth options both domestically and offshore, and as the business continues to expand its presence in the Australia market.
RBC Capital Markets has an outperform rating and a $10 a share price target.
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