the biggest farce in UBS's analysis was suggesting that today's SP suggested 12.5% of the US/UK populations spending $3300 per annum in FY30.... that's right, they are looking at two existing geographies, ASSUMING no geographical expansion between now and FY30 and saying the price is stretched based on a believed up statement on a complete freeze in geographical expansions. well, obviously if you make these mistaken assumptions it looks streched??
also, the reasoning behind afterpay having no moat could be applied to paypal in the same way... but the fact is when a product is FREE to the consumer and has scale it is almost impossible to get them to switch to the same product from another provider that does the same thing
obviously im biased but i think it was a pretty poorly reasoned piece of analysis
