Agreed mate, no matter which way you slice and dice it from a...

Agreed mate, no matter which way you slice and dice it from a valuation perspective ZIP is trading at an incredibly huge and unwarranted discount.

Based on Affirms valuation multiples for current and forward revenue guidance provided in their first earnings update, Zip should be at the very least >$30 a share today on a like for like basis. And this is not considering all of Zip’s other upside potential with having far more customers vs Affirm, is growing 2x their rate, a more diverse and versatile product, and way more impressive management at the wheel going out of their way to grow shareholder value.

And vs APT, I find Morgan Stanley have historically been the most accurate analyst over the years with a current 12-month target of $170 a share based on a ~28x FY22e revenue. That implies they are forecasting ~$1.7bn turnover for APT in FY22, given ZIP's current annualised revenue of $500m is roughly half that of APT's current $920m a year, you could argue ZIP hitting somewhere between $800 - $900m (half APT) in FY22 is easily achievable based on our current growth rate, that would imply at least a +$40 share price today for Zip using similar valuation metrics..