Straight out of the Shaws report:
Significant relative value on offer – There are three US BNPL companies listed. SZL is apure play delivering A$110m in TV a month, APT $530m and Quad $160m. SZL has 1.8mcustomers, APT has 6.5m customers and Quad has 2.5m. Over time customers onhomogenous products are created equal in our view and such an APT valuation ofcustomers implies a valuation for USA/Quad alone at $6.3Bn. This is twice the currentmarket cap with no value for Zip core (second largest ANZ BNPL), no value for Zip biz,pocketbook and further international growth. With Zip trading at a 65% discount to APTwith higher NTM’s from Quad and greater USA growth leverage, this has typically beenrectified by relative outperformance. We forecast 3.6m customers in FY21e.
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$2.85 |
Change
-0.020(0.70%) |
Mkt cap ! $3.720B |
Open | High | Low | Value | Volume |
$2.83 | $2.99 | $2.83 | $32.53M | 11.16M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
26 | 283125 | $2.85 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.86 | 200 | 1 |
View Market Depth
No. | Vol. | Price($) |
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26 | 283125 | 2.850 |
20 | 152575 | 2.840 |
24 | 511317 | 2.830 |
35 | 292714 | 2.820 |
13 | 172266 | 2.810 |
Price($) | Vol. | No. |
---|---|---|
2.860 | 200 | 1 |
2.870 | 50529 | 6 |
2.880 | 127700 | 14 |
2.890 | 441424 | 6 |
2.900 | 179295 | 5 |
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