Global equities research in innovation & tech

Vishal Hargovan

An innovation focussed investment company

Granite Bay Capital

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Equity Bottom-Up

Key points
<ul>
<li>Afterpay is well on its way to becoming an "Internet Scale" company facilitating viral customer growth in multiple markets.</li>
<li>AfterPay’s flywheel results in aggregation of demand and supply with exceptionally low marginal cost of acquisition.</li>
<li>Afterpay is exposed to two winning trends - growth in eCommerce and migration away from credit cards.</li>
<li>Afterpay is Global - low-cost acquisitions in Europe and Asia will enable it to scale in new geographies quickly and attract global retailers.</li>
<li>It brings retailers new customers, higher conversion, hard to reach millennials and higher AOVs.</li>
<li>It drives repeat purchases with each new cohort increasing frequency of use over the previous cohort.</li>
<li>We still see further upside, despite Afterpay being up almost 5X since the beginning of 2020 (valuation article to follow).</li>
</ul>

Key points

Afterpay is well on its way to becoming an "Internet Scale" company facilitating viral customer growth in multiple markets.
AfterPay’s flywheel results in aggregation of demand and supply with exceptionally low marginal cost of acquisition.
Afterpay is exposed to two winning trends - growth in eCommerce and migration away from credit cards.
Afterpay is Global - low-cost acquisitions in Europe and Asia will enable it to scale in new geographies quickly and attract global retailers.
It brings retailers new customers, higher conversion, hard to reach millennials and higher AOVs.
It drives repeat purchases with each new cohort increasing frequency of use over the previous cohort.
We still see further upside, despite Afterpay being up almost 5X since the beginning of 2020 (valuation article to follow).


Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Capital Markets

Affirm Holdings  / Equity Capital Markets

Founded in 2012 by PayPal co-founder Max Levchin, Affirm is mobile-first non-bank lender with innovative business model offering “Buy Now, Pay Later” (BNPL) lending products for consumers and effective commerce solutions for merchants. Peloton, Casper Sleep, Walmart, Gucci, The RealReal, Expedia and Priceline.com have merchant partnership agreements with Affirm. A number of such high traffic e-commerce platforms as Shopify, Magento, WooCommerce and BigCommerce can be integrated within the Affirm’s network seamlessly. Morgan Stanley, Goldman Sachs and Allen &amp; Company are lead underwriters on the upcoming IPO, that could come early next year. Affirm raised more than $1.5 billion in funding over 9 rounds, according to Pitchbook and Crunchbase. Their latest $500 million Series G round was led by GIC, Durable Capital Partners and brought Affirm’s private valuation to ~$5 billion.

Founded in 2012 by PayPal co-founder Max Levchin, Affirm is mobile-first non-bank lender with innovative business model offering “Buy Now, Pay Later” (BNPL) lending products for consumers and effective commerce solutions for merchants. Peloton, Casper Sleep, Walmart, Gucci, The RealReal, Expedia and Priceline.com have merchant partnership agreements with Affirm. A number of such high traffic e-commerce platforms as Shopify, Magento, WooCommerce and BigCommerce can be integrated within the Affirm’s network seamlessly. Morgan Stanley, Goldman Sachs and Allen &amp; Company are lead underwriters on the upcoming IPO, that could come early next year. Affirm raised more than $1.5 billion in funding over 9 rounds, according to Pitchbook and Crunchbase. Their latest $500 million Series G round was led by GIC, Durable Capital Partners and brought Affirm’s private valuation to ~$5 billion.

Affirm Holdings Pre-IPO Analysis. Follow The Most Famous "Buy Now, Pay Later" Trend

United States

Affirm Holdings, Inc. is a financial technology company. The Company builds platform for digital and mobile-first commerce. Affirm Holdings offers financial services tool that allows consumers to purchase goods and services. Affirm Holdings serves customers worldwide.

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Affirm Holdings (AFRM US)

Afterpay - An Internet Scale Company

Afterpay is on its way to becoming an "Internet Scale" company. We still see further upside driven by two winning trends - growth in eCommerce and...

Vishal Hargovan

Affirm Holdings Pre-IPO Analysis. Follow The Most Famous "Buy Now, Pay Later" Trend

We forecast substantial post-IPO upside for shares of Affirm in long-awaited IPO and believe fintech decacorn may become a clear leader with 30%+...

Andrei Zakharov

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