I'm sorry, but founders are not a 'moat'. But yes, first-mover advantage is a big deal in this scenario. While I can see people having multiple apps on their phones, Afterpay, Zippay etc I don't believe its because they want to use them interchangeably, but instead it's because some shops offer one or the other. When both are offered you'd be more likely to use your favorite.
Afterpay's first-mover advantage has automatically made it the go-to (or favourite) app for most BNPL users. This can be considered 'moat'. However, in the long run this doesn't mean Afterpay's margin's won't be squeezed. Realistically speaking the margins will come down.
But remember, this is currently an $8 billion company that could have margins (albeit lower) produced in all major economies in the world as well as receiving revenue from being a market place and trend analysis. Even if you take a bad scenario of lower margins, this company in the long run could be valued at multiples from now and paying a fat divvie (very long term).
Personally I don't believe that APT has as much moat as people like to believe but even the worst case scenario is looking rosy. All in my opinion of course.
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