AFTPF - Afterpay: Superb Growth Perfectly Priced-In With Impending Competition Regulatory Headwinds

• Transaction volume and user base growth remain robust and planned expansion with in-store payments in partnership with Google and Apple Pay.
• International expansion opportunities in Europe and Asia to fuel long-term growth.
• Competition is heating up among BNPL players and more established fintech companies including PayPal which recently launched its BNPL service.
• We believe the company to be a good proxy to benefit from the wider BNPL market growth but also noting regulatory and competitive risks on the horizon and a stretched valuation based on P/S metrics.

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