Really good to see a strong upgrade from both brokers, in particular Morgan Stanley who upgraded from $7.86 (Jan) to $12.10 (Feb). With positive outcomes from the US stimulus and the likelihood of another NASDAQ selloff reduced we should hopefully see a positive week as both Zip and APT were oversold.
ZIP US growth encouraging:
- Australia remains cash EBTDA positive with the group now Cash EBTDA breakeven.
- Z1P has launched in the UK with a number of marquee brands and pointed to a strong pipeline.
- Quadpay’s 1H21 growth was rapid with TTV (A$973m) and customers (3.2m) both up >200% on pcp
- Quadpay’s net transaction margin remains above 2% and this business has improved group capital efficiency, highlighted by an improving repayment velocity and also revenue yield (25% in Dec vs ~16% in June 2020).
- Z1P is now Australia’s most downloaded BNPL App (Dec20/Jan21) while all key growth metrics, e.g. revenue, and customers etc, grew ~40%-60% for the half.
- Average funding costs reduced from 4.7% to 3.9% due to a lower average rate across the AU portfolio.
Z1P continues to trade at a significant PS discount to APT (20x vs 35x). Based on a number of Peter's interviews over the past few days it does sound like a US listing is likely as they want to close the valuation gap whilst also ensuring the best outcomes for investors
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Last
$1.69 |
Change
0.165(10.8%) |
Mkt cap ! $1.904B |
Open | High | Low | Value | Volume |
$1.55 | $1.69 | $1.54 | $34.28M | 20.88M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 107872 | $1.69 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.69 | 87594 | 9 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 107872 | 1.685 |
4 | 24285 | 1.680 |
2 | 1572 | 1.675 |
4 | 43883 | 1.670 |
3 | 126035 | 1.665 |
Price($) | Vol. | No. |
---|---|---|
1.690 | 87594 | 9 |
1.695 | 17300 | 3 |
1.700 | 863471 | 39 |
1.705 | 54422 | 1 |
1.710 | 106270 | 6 |
Last trade - 16.10pm 04/07/2024 (20 minute delay) ? |
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