Future Risks, page-4

Don't forget that: "Afterpay's credit risk assessment models improve as its transaction history deepens; and the retailer and shopper data it collects offers insight into consumer purchasing decisions," Goldman says .

This will lay "the foundation for numerous value-added services to come that should entrench Afterpay's position in Australia's retail ecosystem."

Goldman is forecasting earnings before interest, tax, depreciation and amortisation to grow 21 times in 2017 to 2020.