Z1P valuations, page-8

It will stay out of whack until:
- Receivables turnover increases significantly, reflecting greater contribution of Pay in 4 type products (ie. Quadpay and Zip Pay)
- Credit losses improve - hopefully on the horizon from lower arrears rates and again greater contribution from above
- Interest expense improves - again related to higher contribution of Pay in 4 voumes.
- Significantly improved stability in share float - i.e. having the market awash with shares so traders/shorters can easily move the price is not attractive
- Quadpay name change to Zip - global brand recognition
- US-based institutional investors (attracting potentially higher multiples similar to US-listed stocks)
- US-based retailer investors (as above)
- More enterprise merchants in US for Quadpay
- Confirmation of merchant fee maintenance from Tap&Zip - I personally believe this one is fine, but not all share that view

The play here is simple - you either believe the above will happen in 2021 and the stock will re-rate significantly from here, or you don't. But if the above doesn't happen, this will continue to f*ck about in the mid-single digits. There's no mystery.