Chart - Z1P, page-110

I am not having a go at you at all. Trying to help and be useful.

I believe Zip Co is heavily undervalued.

I am excited about what you are writing and how you are thinking about Zip Co business and SP. However I am starting to think you have a bit of bee in your bonnet about these fact regarding these ratios of APT versus Z1P in different timelines - e.g. APT in April 2019 versus Z1P today. It's like when you buy a green car and all of a sudden you start seeing green cars everywhere (because you are looking for it). It's called confirmation bias.

The main driver of SP and MC is perceived growth potential of the business and there are a lot of differences between today and April 2019 that will impact this perceived growth potential of the business:

1. Much less competition in BNPL in April 2019 compared to today. This impacts perceived growth potential.
2. Smaller penetration rates and customer adoption in April 2019 compared to today. This impacts perceived growth potential.
3. More people using Credit Cards (less intention to adopt BNPL)
4. A lot less merchants back then compared to now.

IMO, I think the above things would have created higher perceived growth potential for APT compared to today's environment for Z1P.

I believe Zip Co is heavily undervalued.