From AFR
Shaw tips Zip's QuadPay to deliver blockbuster quarterTom Richardson
Broker Shaw and Partners has kept a buy rating and conviction pick rating on Zip Co saying QuadPay is likely to be the fastest growing buy now, pay later business in the US in Q1 FY 2021.
Shaw is tipping 360 per cent year-on-year growth for QuadPay based on internet traffic data, app download data, and its active merchant sales pipeline.
"The opportunity internationally to create significant LTV and disaggregate traditional financial channels is massive and has never been stronger in the current environment," the broker wrote.
"Online sales (typically only early BNPL medium) are comping +30% YoY currently and excluding grocery have been 40% of total sales through parts of COVID. This is likely to continue over the near term, with significant cyber events and Prime Day in October. Irrespective of competition we see all US and international BNPL participants accelerating out to January in a blue ocean."
The broker said Zip shares are trading at a 60 per cent valuation discount to Afterpay and 50 per cent discount to Sezzle.
"The environment for a structural change in payments has never been better internationally and the fastest growing US BNPL is going to print in a few weeks," the broker wrote.
It has a $10 share price target on Zip and is forecasting a net loss of $79.7 million on revenue of $330 million in FY 2021.
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