The biggest reason I see to sell Afterpay are the followingIt...

The biggest reason I see to sell Afterpay are the followingIt charges the highest merchant fees in the industry at 6-7 percent yet generates the lowest revenue to TTV dollar sold; begs the question how and why these two are opposed. Higher merchant fees should correlate to higher percent revenue return off TTV. Peers analysis. Klarna and Affirm. Affirm generated 50 percent more revenue than Afterpay looking at FY2020 and both growing same pace. Affirm is focused on UD market which is 10x size of ANZ and biggest in world. yet Afterpay is valued 40 billion and affirm at 34 billion. Affirm generates 50 percent more revenue I'd be concerned oncompsny culture, why are employee feedback scores continually decreasing on Glassdoor on the ANZ site and the US site. Poorcture svoreswillgave an impact to cost ofhire and being able to attract key talent. This normally takes longer to see the effects of but generally results in higher staff turnover, poorer staff morale, decreased customer service scores , higher staff wagescosts to offset poor culture.its why Amazon AWS group pay the highest in industry ( to offset poor culture)competitors catching Afterpay is another big concern. The FOMO and first mover advantage has been a big justification for Afterpay to have the highest multiple valuation of any bnpl company. But zip as an example now generates near 50 percent of its revenue from Quadpay that continues to skew towards quadpay. And quadpay is growing in faster percentages than Afterpay in the US. This is important as it shows quadpay generates 60 percent higher revenue per TTV dollar and it's growing faster. You'd expect Afterpay to be growing faster both in absolute and in percentages given its larger size and huge marketing efforts and greater savings it has from the capital raiseLack of clarity on the costs to finish acquisition of clearpayIt made the news, the company that owns the last ten percent t of clear pay is valuing that at quarter of a billion. Afterpay thinks it can buy that ten percent for less than 20 million based on its latest annual report. Greater transparency needed as this could chew up a quarter of its latest cap raising.Business execution risk - Afterpay is the only bnpl that experienced a quarter on quarter flatline growth in the US over the last 12 monthsLame.of.product diversity and only targeting discretionary spend means customers can't buy what they want; this is a biggie. I've jumped on YouTube and Twitter feeds and many Afterpay customers want access to their preferred merchants. Either Afterpay need to sign on merchants far more quickly or consider following the market leader in buy anywhere, Zip, and offer something similar to Zip. Unfortunately due to its lower 4.48 % margins it hasn't got the fat to do this.Regulatory risk; reserve have capped visa and MasterCard transaction fees before and already talk of it. With the highest merchant fees in the industry if the RBA and other countries put a 5 percent cap on merchant fees this will crush Afterpays model