LIVEWIRE: afterpay-what-s-a-billion-dollar-revenue-line-worth, page-7

Not exactly a compelling price target range $30 - $40. Midpoint provides 20% CAGR investment return over the 3 years from FY19 to FY22.

Not that I agree with their target.

I think the "++" In the "$20B ++" GMV represents not just UK but US upside. $40B in FY22 possible. 20 million customers, $2k per year per customer. That's only with say 4.5% US population penetration (15 M/ 327M), 3% UK population penetration (2M/ 66M) and 10% ANZ population penetration (3M / 30M) . Currently have 8% ANZ population penetration. That implies $30B coming from the US alone.