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APT, AFTERPAY HOLDINGS LIMITED
blacksheep
post Posted: Dec 9 2019, 11:01 AM
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Jay-Z, Larry Summers on Afterpay register
Joe Aston
QUOTE
In total, there are 15.3 million options still to be converted into ordinary Afterpay shares. But there are another 21.8 million convertible from the US employee share option plan into the parent company. The recipients of these haven’t been disclosed and cannot be requisitioned. We only know that “no [key management personnel] participated”, ruling out Eisen, Hancock and Nick Molnar.

Who could possibly own all of those American options? Kanye? The Kardashians? “World-class talent in the US who are critical to delivering the group’s US growth aspirations.” New merchants then? And if Afterpay is handing out free or cheap stock to lure big retailers onto the platform (and diluting existing shareholders in perpetuity), what then are the real unit costs of onboarding? And what’s the real profit/loss profile of the business once its suppliers are paid in cash instead of paper?

These are all, yet again, the crafty tech bro practices of a start-up, not of an established ASX 100 corporation. Boy can that Eisen dance.

read more - https://www.afr.com/rear-window/jay-z-larry...20191208-p53hzq
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 29 2019, 07:02 PM
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Afterpay users could face surcharge
QUOTE
The $6 billion of buy now, pay later transactions made via Afterpay, Zip Pay and Flexi Group may soon have surcharge fees added on, because of regulator concerns other customers are subsidising users through higher prices.


QUOTE
"Afterpay is most exposed to this risk, in our view, given its economics relies on merchant fees. For Z1P, our preferred pick, this is incrementally negative."

read more - https://www.afr.com/companies/financial-ser...20191129-p53ffw
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 18 2019, 01:35 PM
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Afterpay's PR guy gifted 800,000 reasons to defend it

QUOTE
While Clegg’s spin shop Cato & Clegg is a consultant to Afterpay, and charges fees accordingly, Clegg received options reserved for “employees of the Group under the Company’s Employee Incentive Plan.” In all our days in journalism, and before it corporate affairs, we’ve never seen nor heard of anything like it.

The outstanding questions are manifold. Why would Afterpay's board issue employee share options to a non-employee? Why would it issue share options to a consultant whose firm it's already paying in cash for services? Indeed, why weren't the options issued to Cato & Clegg rather than Clegg personally? And all in exchange for what?!

https://www.afr.com/rear-window/afterpay-s-...20191117-p53bdb
https://www.shortman.com.au/stock?q=apt
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 16 2019, 09:35 PM
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In Reply To: blacksheep's post @ Oct 16 2019, 07:09 PM

Investors wise up to the tech pretenders
Elizabeth Knight
QUOTE
Is the love affair between investors and technology companies over?

The failure of consumer credit provider Latitude to reach listing altitude, the very large valuation question marks now placed on Afterpay by a prominent investment bank and the latest debt financing dilemma faced by WeWork raises this question.

These companies have two things in common - they are masquerading as technology companies and they all carry risk

Investors are wising up to what counts as a true innovation stock with real prospects..


read more - https://www.smh.com.au/business/companies/i...016-p531ak.html



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 16 2019, 07:09 PM
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In Reply To: blacksheep's post @ Oct 16 2019, 11:39 AM

QUOTE
Anthony Eisen responds to UBS Afterpay report
Afterpay chief executive Anthony Eisen disagrees the company faces significant risks of future regulation, arguing consumers know exactly what they're doing when they sign up to the service.

"I think they’ve made a choice around trust, simplicity...We never change the rules, we treat people fairly, we treat them consistently. I don't think we're changing people's [purchasing] desires," Mr Eisen told an audience at the Intersekt fintech festival in Melbourne on Wednesday.

Mr Eisen refused to be drawn on the analysis, saying he did not know the UBS research team and told the Sydney Morning Herald and The Age, "we leave it to the market to determine where we're at".

The UBS Evidence Lab note surveyed more than 1,000 customers of buy now, pay later services and suggested there were significant gaps in knowledge among consumers. It found customers who used those services were significantly more likely to have debts than those who didn't, while significant segment of customers do use these services as credit — UBS found 26 per cent of those surveyed used services like Afterpay because they couldn't afford an item otherwise. Eleven per cent had already reached their credit limits.

Full story available soon.

https://www.smh.com.au/business/markets/ing...016-p5313w.html




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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 16 2019, 11:39 AM
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In Reply To: blacksheep's post @ Oct 9 2019, 01:22 PM

UBS initiates Afterpay Touch with 'sell'
By Lucy Battersby
QUOTE
UBS analysts have started covering the buy-now-pay-later (BNPL) sector with a price target of just $17.25 for Afterpay Touch, which is half today's price of $34.59. They also have a 'sell' recommendation on Zip with a $4.80 price target, it is trading 4.2 per cent lower at $5.20.

"To justify Afterpay's share price, we estimate gross merchandise value needs to grow to about $175 billion by 2029-30,'' the analysts note.

"This could require about 47 million customers, or a combined 18 per cent/12.5 per cent/12.5 per cent of the Australia/US/UK adult populations collectively spending about $3,800 per year (more than double ANZ per customer spend in 2018-19). Less growth is priced in for Zip than for Afterpay, which we believe is fair given Zip's smaller customer base and underlying sales today.''

The UBS team, led by Tom Beadle and Jonathan Mott, argue the BNPL sector is at risk of further regulation with 64 per cent of users agreeing it is a credit service. This means the sector is at risk of further regulation, which is not being priced into share prices.

UBS analysis found BNPL drives sales, but users tend to be younger, wealthier and employed, but more indebted.

"In our view, this could suggest either 1) that BNPL services are filtering out potential customers who are on lower incomes or not in full time employment of 2) if existing consumers are early adopters, credit quality could fall if BNPL becomes more mass-market,'' the analysts write.


Total short positions as at 9/10/19 = 2.13%
https://www.shortman.com.au/stock?q=apt
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 

sentifi.com

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blacksheep
post Posted: Oct 9 2019, 01:22 PM
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In Reply To: blacksheep's post @ Oct 8 2019, 11:19 AM

David Hancock leaves Afterpay
By Lucy Battersby
QUOTE
Yesterday evening Afterpay Touch announced David Hancock is resigning as a director, effective from yesterday. He has been an independent non-executive director since 30 March, 2017, when Afterpay and Touchcorp merged. He will remain as a consultant.

As he is no longer a director, Mr Hancock will no longer have to update the market when he sells his shares. However a final notice reveals his has options that allow him to buy $99 million worth of Afterpay shares (at today's price) for just $7.5 million. He owns a further ordinary 950,000 shares, which are worth $32.5 million at today's price.

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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 8 2019, 11:19 AM
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In Reply To: blacksheep's post @ Oct 8 2019, 10:53 AM

Interesting video - https://www.youtube.com/watch?v=f2CdnZTlXME...eature=youtu.be - Affirm, Afterpay, and Klarna need true moats against competitors

extract of AFR article - WeWork's IPO-killer gives his Afterpay verdict
Stocks 'will likely be halved in the next 12 months'
QUOTE
Galloway argues that Visa’s announcement in July that it would enter the buy now, pay later space later this year was very bad news for Afterpay, Affirm and Klarna.

He says card companies have strong instalment products in other markets – Brazil is a good example, where instalment-type products account for 50 per cent of the consumer credit market – and is it likely that Mastercard quickly follows Visa’s lead.

“Brand identity goes a long way, and these companies have been explicit in targeting young professionals without credit cards. But they are likely over-valued,” Galloway says, arguing that while Mastercard and Visa are valued at 18 times and 19 times revenue respectively, Afterpay is trading on 37 times.

https://www.afr.com/chanticleer/wework-s-ip...20191008-p52yjy



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 8 2019, 10:53 AM
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Posts: 6,791
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In Reply To: nipper's post @ Sep 30 2019, 04:27 PM

Afterpay down in anticipation
By Lucy Battersby
QUOTE
Shares in Afterpay Touch are down 3.3 per cent today to $33.76 without any news coming out from the company and industry news focused on the Latitude public offering.

However, traders may be anticipating a large sale after the Australian Financial Review last week pointed out executive director David Hancock's $136 million worth of shares are released from voluntary escrow today, according to an item in last week's Rear Window column. However, he is unlikely to be able to sell right now given Afterpay has just handed AUSTRAC its audit report, but the contents of the report are not widely known beyond the Afterpay boardroom.

https://www.shortman.com.au/stock?q=apt
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Sep 30 2019, 04:27 PM
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In Reply To: blacksheep's post @ Sep 30 2019, 04:10 PM

Latitude Financial Services allude to this in the PDS
- Challenge of declining credit card usage;
- installment loans, personal and car loans seen as a bit old-fashioned
- Needing to reinvent into the *buy now, pay later* market.

QUOTE
From the prospectus: "There has been an increased preference of customers for debit over credit products and a decline in demand for unsecured personal lending."




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

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