The Afterpay Touch Group Ltd (ASX:APT) share price has soared $2.54 or 23.26 per cent higher to $13.46 in late Thursday trade after the ‘buy now pay later’ technology payments company provided a quarterly business update.
Afterpay Touch was already one of the hottest ASX 200 stocks, but today’s share price gain has put it firmly at the top of the pack, the Afterpay share price now up 334 per cent in the past 12 months.
Afterpay shares are popular amongst a number of top performing fund managers, including Alex Waislitz’s Thorney Technologies and Chris Prunty’s QVG Opportunities Fund.
With today’s surge, Afterpay shares have already smashed through the $11.15 share price target set by Goldman Sachs just a few weeks ago.
Afterpay by the numbers
The growth numbers show why Afterpay Touch shares are going totally nuts today…
- FY18 underlying sales up 289 per cent over the prior year.
- Q4 FY18 underlying sales up 171 per cent over the prior year.
- 16,500 retailers, with between 600 and 1,000 new businesses being added per month.
- 2.2 million customers live and transacted since inception, with an average of 3,600 new customers being added per day.
- it is estimated over 10 per cent of the purchasing Australian population has transacted with Afterpay since inception.
- The Afterpay mobile app has been downloaded more than 1.6 million times.
- In the US, since launching in mid-May 2018, over 400 retailer contracts have been signed.
- In its first full month operating in the US — June 2018 — over $11 million of underlying sales were processed, something that took 16 months to achieve in Australia.
- The millennial market in the US has a population of 63 million compared with Australia of 6 million. 67 per cent of US people aged 18-29 do not own a credit card.
A little over two weeks ago I said the current Afterpay Touch valuation is off the charts, as is the current growth rate. The shares are volatile, the potential enormous. Buy them now and check back in 5 years.
You could be forgiven for checking back on the Afterpay Touch share price on a day like today.
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