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.
Straight out of the Shaws report: Significant relative value on...
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Last
$1.60 |
Change
0.028(1.75%) |
Mkt cap ! $1.802B | |||
| Open | High | Low | Value | Volume |
| $1.60 | $1.63 | $1.57 | $19.28M | 12.03M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 18 | 85268 | $1.60 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.61 | 309587 | 31 |
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| Last trade - 14.49pm 16/07/2024 (20 minute delay) ? |
| ZIP (ASX) Chart |