nich you're totally wrong you can't just compare Afterpays higher merchant fees to zips fees, because zip has a 2 tier fee model charging both merchant and consumer so the only way to compare revenue per dollar is to look at Afterpays total revenue ( merchant fees plus late fees) compared to Zips merchant fees + consumer fees And doing so you get apt 4.2% it was 4.48 % Oct 2020 FY And zips is 6.8% and they've had tap and zip out some time FY 2020 zips revenue per dollar was 7.5 %.
Remembering zip had the cash back off in Dec that propelled it app to number 1 and that cost the business millions to acquire these new customers but it's worked.
bnpl is in a race to go global and acquire companies. So yes you can absolutely compare Zips total numbers including quadpay. It's been 100% acquired ie its not just the ANZ business anymore so trying to compare growth of Afterpay globally to zips ANZ business and saying Afterpay is growing faster organically totally disregards that quad is growing at 250% organically in the world's biggest market against Afterpays 190% in the US; and the US represents a larger and larger portion of total revenue. Just look to Afterpays h12021 report they say the US arm contributed the most revenue That is going to be the case for Zip very shortly too....
Yeah nah, nich you can compare total aggregate numbers. In summary zip has now overtaken Afterpay on all these metrics. It's a hard pill to swallow, especially with Afterpays market cap which is running at 80x fy2020 revenues vs zips 38x Clearly there is a valuation gap here haha and shouldn't be since zip on the whole is growing 30 percent faster and generating 60 percent more reveneue on every dollar sold!
Look out Zip train coming through, went straight pastthe Afterpay stop, didn't have time to stop, just waived as it zipped past!
Z1P Price at posting:
$11.08 Sentiment: Buy Disclosure: Held
(20min delay)