APT Margin Transaction Losses, page-109

Is it actually the other way around? That believers on here are trying to justify why

APT is "worth" 50% of Telstra, and 33% of NAB
How APT is ever going to make $1 Billion in year in NPAT to justify it's current market cap
Why no one else won't be able to replicate what they do, or use their extensive existing business's to leverage off and do something similar (ie VISA or M/C, or AMEX, or any large global bank for example)
Why its not just a fad..
Why CC is dead (when data says not really)


Look, clearly its an interesting space, I'm just not sure that the current valuations applied to the BNPL brigade make much sense..

Recall 420 stocks a few years ago?
Recall Lithium stocks?


In 2 years time, will all of the BNPL crop be 30-50% of current market caps, and everyone will be frothing at the mouth about some other new hot sector?