AfterPay

Profit Statement 2017 2018 2019
Sales AUD mil 22.9 114 218
Gross Profit AUD mil 17.6 85.7 158
EBITDA AUD mil 3.87 17.5 -9.33
EBIT AUD mil 1.16 0.186 -31.7
Financing Cost AUD mil 0 0 0
Pre-Tax Profit AUD mil -14.4 -7.59 -42.8
Net Profit AUD mil -9.62 -8.98 -42.9
Dividends AUD mil 0 0 0
Balance Sheet 2017 2018 2019
Total Assets AUD mil 240 392 820
Non-Current Assets AUD mil 91.5 88.8 124
Current Assets AUD mil 149 303 696
Working Capital AUD mil 74.5 195 337
Shareholders' Equity AUD mil 160 184 649
Liabilities AUD mil 80.2 209 172
Total Debt AUD mil 46.7 162 50.2
Net Debt AUD mil 17.1 129 -181
Ratios 2017 2018 2019
ROE % -9.71 -5.22 -10.3
ROCE % -10.5 -3.99 -11.5
Gross Margin % 77.0 75.2 72.7
EBITDA Margin % 16.9 15.4 -4.28
EBIT Margin % 5.07 0.163 -14.5
Net Margin % -42.0 -7.88 -19.7
Net Debt/EBITDA 4.43 7.37 19.4
Net Debt/Equity 0.107 0.703 -0.279
Cost of Financing % 0 0 0
Valuation 2017 2018 2019
Market Capitalisation USD mil 494 1,525 4,313
Enterprise Value (EV) USD mil 508 1,616 4,185
Number Of Shares mil 182 231 244
Share Price AUD 3.48 9.35 25.1
EV/EBITDA 175 124 -606
EV/Sales 29.5 19.1 25.9
Price/Earnings (P/E) -65.9 -241 -143
Price/Book Value (P/BV) 3.96 11.8 9.42
Dividend Yield % 0 0 0

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summary Unit 2016 2017 2018 2019
income statement        
Sales AUD mil 1.38 22.9    
Gross Profit AUD mil 1.12 17.6    
EBIT AUD mil -3.86 1.16    
Net Profit AUD mil -3.55 -9.62    
ROE % -9.33 -9.71    
EBIT Margin % -279 5.07    
Net Margin % -257 -42.0    
balance sheet        
Total Assets AUD mil 39.0 240    
Non-Current Assets AUD mil 11.5 91.5    
Current Assets AUD mil 27.5 149    
Shareholders' Equity AUD mil 38.1 160    
Liabilities AUD mil 0.931 80.2    
Non-Current Liabilities AUD mil 0.003 48.6    
Current Liabilities AUD mil 0.928 31.6    
Net Debt/EBITDA 11.7 4.43    
Net Debt/Equity -0.518 0.107    
Cost of Financing % ... 0    
cash flow        
Total Cash From Operations AUD mil -8.23 -79.0    
Total Cash From Investing AUD mil -0.033 -0.078    
Total Cash From Financing AUD mil -8.27 -79.1    
Net Change In Cash AUD mil -16.5 -158    
valuation        
Market Capitalisation USD mil ... 494    
Number Of Shares mil 64.3 182    
Share Price AUD ... 3.48    
Earnings Per Share (EPS) AUD -0.055 -0.053    
Book Value Per Share AUD 0.592 0.880    
Dividend Per Share AUD 0 0    
Price/Earnings (P/E) ... -65.9    
Price/Book Value (P/BV) ... 3.96    
Dividend Yield % ... 0    
Earnings Per Share Growth % ... -4.31    
Book Value Per Share Growth % ... 48.6    
income statement Unit 2016 2017 2018 2019
income statement        
Sales AUD mil 1.38 22.9    
Cost of Goods & Services AUD mil 0.258 5.26    
Gross Profit AUD mil 1.12 17.6    
Staff Cost AUD mil 1.23 4.73    
Other Cost AUD mil 1.58 9.04    
EBITDA AUD mil -1.69 3.87    
Depreciation AUD mil 2.17 2.71    
EBIT AUD mil -3.86 1.16    
Financing Cost AUD mil 0 0    
Extraordinary Cost AUD mil -0.169 15.6    
Pre-Tax Profit AUD mil -3.69 -14.4    
Tax AUD mil -0.138 -4.80    
Minorities AUD mil 0 0    
Net Profit AUD mil -3.55 -9.62    
Dividends AUD mil 0 0    
growth rates        
Total Revenue Growth % ... 1,556    
Operating Cost Growth % ... 390    
EBITDA Growth % ... -329    
EBIT Growth % ... -130    
Pre-Tax Profit Growth % ... 291    
Net Profit Growth % ... 171    
ratios        
ROE % -9.33 -9.71    
ROCE % ... -10.5    
Gross Margin % 81.3 77.0    
EBITDA Margin % -122 16.9    
EBIT Margin % -279 5.07    
Net Margin % -257 -42.0    
Payout Ratio % 0 0    
Cost of Financing % ... 0    
Net Debt/EBITDA 11.7 4.43    
balance sheet Unit 2016 2017 2018 2019
balance sheet        
Non-Current Assets AUD mil 11.5 91.5    
Property, Plant & Equipment AUD mil 0.028 4.46    
Intangible Assets AUD mil 10.8 76.5    
Goodwill AUD mil 0 23.6    
Current Assets AUD mil 27.5 149    
Inventories AUD mil 0 0    
Receivables AUD mil 7.23 98.4    
Cash & Cash Equivalents AUD mil 19.7 29.6    
Total Assets AUD mil 39.0 240    
Shareholders' Equity AUD mil 38.1 160    
Of Which Minority Interest AUD mil 0 0    
Liabilities AUD mil 0.931 80.2    
Non-Current Liabilities AUD mil 0.003 48.6    
Long-Term Debt AUD mil 0 46.7    
Current Liabilities AUD mil 0.928 31.6    
Short-Term Debt AUD mil 0 0    
Trade Payables AUD mil 0.871 23.9    
Equity And Liabilities AUD mil 39.0 240    
growth rates        
Total Asset Growth % ... 516    
Shareholders' Equity Growth % ... 321    
Net Debt Growth % ... -187    
Total Debt Growth % ... ...    
ratios        
Total Debt AUD mil 0 46.7    
Net Debt AUD mil -19.7 17.1    
Working Capital AUD mil 6.36 74.5    
Capital Employed AUD mil 17.8 166    
Net Debt/Equity -0.518 0.107    
Cost of Financing % ... 0    
cash flow Unit 2016 2017 2018 2019
cash flow        
Net Profit AUD mil -3.55 -9.62    
Depreciation AUD mil 2.17 2.71    
Non-Cash Items AUD mil ... -3.94    
Change in Working Capital AUD mil ... -68.1    
Total Cash From Operations AUD mil -8.23 -79.0    
Capital Expenditures AUD mil -0.033 -0.078    
Other Investments AUD mil 0 0    
Total Cash From Investing AUD mil -0.033 -0.078    
Issuance Of Shares AUD mil ... 132    
Issuance Of Debt AUD mil ... 46.7    
Total Cash From Financing AUD mil -8.27 -79.1    
Net Change In Cash AUD mil -16.5 -158    
ratios        
Days Sales Outstanding days 1,908 1,568    
Days Sales Of Inventory days 0 0    
Days Payable Outstanding days 1,230 1,657    
Cash Conversion Cycle days 678 -89.7    
Cash Earnings AUD mil -1.38 -6.91    
Cash Earnings Per Share AUD -0.021 -0.038    
Price/Cash Earnings (P/CE) ... -91.7    
Free Cash Flow AUD mil -8.27 -79.1    
Free Cash Flow Yield % ... -12.0    
other data Unit 2016 2017 2018 2019
other data        
ROA % -9.11 -6.89    
Gross Margin % 81.3 77.0    
Staff Cost (As % Of Total Cost) % 23.4 21.8    
Effective Tax Rate % 3.73 33.3    
Enterprise Value (EV) USD mil ... 508    
EV/EBITDA ... 175    
EV/Capital Employed ... 3.92    
EV/Sales ... 29.5    
EV/EBIT ... 582    

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AfterPay Logo

Finance

AfterPay has been growing its sales by a year on average in the last 5 years. EBITDA has grown by 0% during that time to total of AUD -9.33 mil in 2019, or -4.28% of sales. That’s compared to -23.5% average margin seen in last five years.

The company netted AUD -42.9 mil in 2019 implying ROE of -10.3% and ROCE of -11.5%. Again, the average figures were -8.64% and -8.66%, respectively when looking at the previous 5 years.

AfterPay’s net debt amounted to AUD -181 mil at the end of 2019, or -0.279 of equity. When compared to EBITDA, net debt was 19.4x, up when compared to average of 10.7x seen in the last 5 years.

Valuation

AfterPay stock traded at AUD 25.1 per share at the end of 2019 resulting in a market capitalization of USD 4,313 mil. Over the previous five years, stock price grew by 0% or % a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of -606x and price to earnings (PE) of -143x as of 2019.