Z1P -1.46%: the BNPL company posted 1st quarter numbers with significant growth not enough to impress the market. Transaction Value toped $1.9b, up 101% for the year though this does come with a number of acquisitions contributing to the headline. International was strong, UK tracking to over $100m in annualised TV just a quarter after launching and USA up nearly 200% compared to the 1st quarter of 2021. Revenues came in at $132.8m, up 8% on pcp. It remains cheap vs peers, particularly Afterpay, though they are under a takeover offer. Zip will also have to contend with more and more competitors including Apple, as well as the big banks conjuring up new, more flexible products.
MM is Neutral Z1P
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