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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Afterpay Limited    APT   AU000000APT1

AFTERPAY LIMITED

(APT)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 01/18
132.01 AUD   -0.86%
01/15Australia shares pare gains as health stocks offset U.S. stimulus boost
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01/14AFTERPAY : Grows Canadian Footprint with Expansion into Quebec
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01/12Australia shares flat as markets eye stimulus, earnings
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Australian regulator says one in five buy-now-pay-later users missing payments

11/16/2020 | 05:12am EST

Nov 16 (Reuters) - One in five consumers using buy-now-pay-later (BNPL) services were missing payments and some were facing financial hardship, Australia's corporate regulator said in a highly anticipated report on Monday about the booming industry.

The report by the Australian Securities and Investments Commission (ASIC) fell short of calling for regulation, but warned that some consumers were cutting back on or going without essentials and even taking additional loans to make payments on time.

"Buy now pay later arrangements are clearly popular as a payment method. While working for the majority of users, some consumers are suffering harm," ASIC said.

Even before this year's coronavirus-driven shift online, nearly a third of Australia's adult population had a BNPL account last June, according to the report.

Since then, BNPL firms have seen an explosive rise in user growth and greater investor interest with Afterpay Ltd becoming one of Australia's 15 most valuable companies.

However, growth of the largely unregulated industry has also led to increasing scrutiny.

Australia's central bank is reviewing the BNPL 'no-surcharge' rule, while UK's Financial Conduct Authority is looking at unsecured credit and is expected to release a report in early 2021.

ASIC's latest report is a follow-up to the one in 2018 that looked into consumer harm and potential regulation of the sector.

During 2018–19, missed payment fee revenue for six BNPL providers under the review climbed 38% to more than A$43 million ($31.35 million).

RBC Capital Markets said Monday's report showed that "most of the metrics have not deteriorated versus the initial report".

ASIC said data between January and June showed a decline in the number of transactions involving a missed payment.

Despite some of the findings, RBC does not expect any adverse impact to Afterpay or its smaller rival Zip Co Ltd . The companies in separate statements said they welcomed the report.

($1 = 1.3716 Australian dollars)

(Reporting by Shruti Sonal and Nikhil Kurian Nainan in Bengaluru; Editing by Lincoln Feast and Amy Caren Daniel)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED -0.86% 132.01 End-of-day quote.11.87%
FLEXIGROUP LIMITED -1.80% 1.09 End-of-day quote.-3.11%
OPENPAY GROUP LTD 1.27% 2.4 End-of-day quote.6.19%
ZIP CO LIMITED 2.14% 5.73 End-of-day quote.8.32%
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Financials
Sales 2021 956 M 737 M 737 M
Net income 2021 14,3 M 11,0 M 11,0 M
Net cash 2021 381 M 293 M 293 M
P/E ratio 2021 1 431x
Yield 2021 -
Capitalization 37 643 M 28 925 M 29 013 M
EV / Sales 2021 39,0x
EV / Sales 2022 24,9x
Nbr of Employees 665
Free-Float 67,4%
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Technical analysis trends AFTERPAY LIMITED
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 105,14 AUD
Last Close Price 132,01 AUD
Spread / Highest target 6,05%
Spread / Average Target -20,4%
Spread / Lowest Target -77,3%
EPS Revisions
Managers and Directors
NameTitle
Anthony Mathew Eisen Co-CEO, Executive Director & Managing Director
Nicholas David Molnar Co-CEO, Executive Director & Managing Director
Elana Rubin Independent Chairman
Frerk-Malte Feller Global Chief Operating Officer
Rebecca Lowde Chief Financial Officer
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