I do not disagree with a lot of what you say but at the end of the day Zip is merely a financial service provider like WBC ANZ NAB MQG.
Investors have jumped on it as a FinTech as we have very little in the form of technology stocks in Australia.
Its core business is money lending and not technology and should be valued as such.
As it's loss making and expected to be for some considerable time the only comparable metric is price to sales of which for Zip currently stands at 15 way ahead of its peer group
Its exponential growth phase is over due to the entry of a multitude of competitors and margin pressure
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