Market caps of bnpls

A quick post to reflect Bnpl market caps it’s really odd we are not really seeing any form of consistency

Klarna is the papa bear of the Bnpl world with a market cap of approx 10 billion usd based on last cap raise(jan to sept 2020 total transaction volume of 35 billion usd and net operating income of 732 million usd). they will easily deliver over 1 billion usd operating income when you add oct-nov-dec. total customers 75 million. 11 million active monthly customers

Afterpay -revenues for 2020 annual report (aug 2020- 502 million aud. 9.9 million total customer ( much less monthly users). Market cap 27 billion aud or about 21 billion usd total contract value of about 11 billion

first thing here i see apt market cap is 54x annual revenue. Klarnas is 10x annual revenue. Something is amiss with that

Sezzle- last quarterly 318 million aud, looking to achieve 1.4 billion AUD total sale by calender year 2020 and achieved 5.8 percent of UMS 0.2 up on previous quarter, giving ballpark annual revenue of about 60 million. Sezzles market cap of 1.2 billion means it's trading at a multiple of about 20x revenue

Zip- they are now doing circa 7 billion AUD total transaction volume a year . Quad pay Us only- did 264 million total volume in November alone which is 65 % month on month growth and over 200 percent you. Revenues for zip are approx 315 million. It's market cap is 2.7 billion and that's a 9x multiple of revenue.

What really stands out is Afterpay is overvalued. It's 54xmultiple makes no sense. The market leader Klarna trades at a 10x revenue multiple to mkt cap which is likely where all these bnpl will sit as they mature. This suggests to me corrections should be coming on these 4 shares as they are all growing quickly in multiple markets. Zip seems to be the lowest multiple and best bargain at this stage , then Klarna, then Sezzle then afterpay