Would Afterpay survive if 40 per cent of its customers defaulted?

Would Afterpay survive if 40 per cent of its customers defaulted? That's one of the scenarios investors are crunching the numbers on as queues of freshly unemployed people snake around Centrelink offices around the country.

- Citi's stress testing indicates Afterpay can withstand a material impact to its cash flow even if net transaction losses more than triple from 0.5 per cent in the first half of this year to 1.8 per cent in the current half year, and sales on its platform do not increase.

- Afterpay investor ECP Asset Management published a report saying it has modelled a scenario where 40 per cent of Afterpay's existing customers default by year's end and the Sydney fund manager is confident the tech finance stock can survive.

- According to Ophir Asset Management, the online component of Afterpay's business is a silver lining for the stock and the fund manager contends that a dash to safety might also explain the share price dives."The steepness of the falls also potentially indicates how short-term focused and defensive some investors have become," said Ophir's senior portfolio manager Andrew Mitchell.

- Wall Street Journal analyst ratings: Currently, no analyst thinks Afterpay’s shares are worth a Sell rating, with 4 deeming them a Hold and 8 a Buy.