UBS Sell and $17 target!, page-53

Part of the UBS thesis is that (they claim) APT doesn’t allow the merchant to pass on APTs merchant charge to the customer. This was ruled illegal for credit cards and they think the same will eventually happen to BNPL, which they believe will reduce the attractiveness of BNPL to customers.

UBS also think APTs forecast of capturing 12% of US retail sales as optimistic and think competition will limit APT to 7%.

Full disclosure - I sold out for a handsome profit when the AUSTRAC news broke, but hope to re-enter at some point. Congrats to those who
hung on until now.