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Block Inc. is best known in Australia for its $29bn acquisition of “buy now, pay later” company Afterpay, but this San Francisco-based fintech has many other strings to its bow, plus it resides in the heart of the US-based technology hub.
US payment fintech Block Inc. purchased the old Afterpay, a stock which delivered stellar gains to the early investors and losses to those who jumped on board too late. The “Buy now, pay later” space has recently struggled on several levels, including regulatory issues over the last 18-months which has seen the stock plunge over 65%.
The BNPL space has endured a really tough 2021 with APT down 25% even after enjoying a takeover bid from US peer Square (SQ US), which is actually now called Block following a name change – I wonder home much that dramatic change cost! This week’s seen the payments goliath make fresh lows for the year before rallying over 5% yesterday, the...
Yesterday saw APT drop over 6% as it moves in line with US suitors Square (SQ US) overnight price gyrations plus it was announced to the market that a shareholder vote around the takeover had been pushed back until early 2022 due to delays with Spanish regulations. We are neutral APT but if the Square deal “falls over” – which is very unlikely - we can...
Coming into 2021 the BNPL stocks such as Afterpay (APT) and Zip (Z1P) dominated the dinner party conversation when the stock market became the topic of choice yet here we are today with a market 12% higher and both of these major sector names struggling to be positive, even after APT has received a takeover bid. The trade simply became too...
It may surprise many that like the Australian Tech Sector APT is actually down for 2021 even following a takeover bid, not great when the ASX200 has rallied more than 10% over the same period. The trouble is that the bid by Twitter billionaire Jack Dorsey’s Square (SQ US) is script based hence if we see the US payment behemoths stock fall the strong likelihood is APT will follow suit.
Companies reporting today include: 3P Learning Ltd. (3PL), APA Group (APA), Acrow Formwork & Construction (ACF), Adbri Ltd. (ABC), Afterpay Ltd. (APT), Aurelia Metals Ltd. (AMI), Austin Engineering Ltd. (ANG), Australian Unity Office Fund (AOF), Australian Vintage Ltd. (AVG), Bravura Solutions Ltd. (BVS), Growthpoint (GOZ), IDP Education Ltd. (IEL), Ive Group (IGL), Iluka Resources (ILU), Medibank Private (MPL), National Storage REIT (NSR), Nine Entertainment (NEC), Northern Star (NST), Orocobre (ORE), Platinum Asset Management (PTM), Seven Group (SVW), Wisetech (WTC), Worley (WOR), Zip Co. (Z1P)
APT +18.77% : The major news of the day / week / month, potentially year is US based Square taking out Afterpay (APT) in a deal valued at ~$39bn or $126.21 per share. representing a ~30% premium to the last close and ~21.9% to the 10 day VWAP. This deal is all ‘scrip’ meaning it’s all shares in the combined entity, it appears...
APT +1.64%: Showed it’s hand today by announcing that it will launch a new banking app for its 3 million-plus Australian users in October. They’ll be able to distribute deposit products and debit cards and provide general financial product advice and are being backed by Westpac (WBC) to do it. Having savings / spending accounts on the APT platform will drive more BNPL adoption (they expect) and is an indication of where the sector will head i.e. digital wallets allowing millennials to do everything from buying stuff, saving money, to investing and superannuation.
As mentioned earlier the positive side of the coin is these moves plus the others by the likes of Commonwealth Bank (CBA) signals loud and clear that the BNPL offering is here to stay and the winners are likely to prosper in a meaningful manner for a couple of obvious reasons:
MM is bullish on SQ2
MM is neutral toward SQ2
MM is neutral APT around $85
MM is neutral APT
MM is neutral the BNPL stocks
MM is neutral APT
MM is now neutral APT over the coming weeks / months
MM remains bullish the likes of APT and Z1P
MM is bullish BNPL short to medium term
MM likes the Australian BNPL space after its ~50% correction
Block (SQ2) provides payment services. The company offers an installment payment service that is free for customers who pay on time. Afterpay serves customers in Australia, New Zealand, the United States, and the United Kingdom.
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