nicfrazier
2021-11-17
oof
Better Buy: Square vs. Afterpay<blockquote>更好的选择：Square与Afterpay</blockquote>
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Is that a great deal, or was it a mistake?","content":"<p><b>Square</b>(NYSE:SQ), the company that brought <b>Bitcoin</b> to the masses and is revolutionizing the whole banking sector, surprised a lot of Fools when it made a deal to buy <b>Afterpay</b>(OTC:AFTP.F), the Australian creator of the \"buy now, pay later\" (BNPL) space that has taken the world by storm. Afterpay has upended the whole notion of credit by making it free (if you pay on time).</p><p><blockquote><b>平方</b>（纽约证券交易所代码：SQ），该公司带来了<b>比特币</b>并正在彻底改变整个银行业，当它达成收购交易时，让许多傻瓜感到惊讶<b>Afterpay</b>（场外交易代码：AFTP.F），风靡全球的“先买后付”（BNPL）空间的澳大利亚创造者。Afterpay使其免费（如果您按时付款），颠覆了整个信贷概念。</blockquote></p><p> Some Fools were unhappy that Square bought the unprofitable-but-fast-growing Australian superstar, arguing that CEO Jack Dorsey paid too much. Nonetheless, Dorsey has been right over and over again in the fintech space, so the criticisms of this merger weren't too loud. Still, some people might wish the union would fall apart. If it did, which company would you rather own?</p><p><blockquote>一些傻瓜对Square收购这位尚未盈利但发展迅速的澳大利亚巨星感到不满，认为首席执行官杰克·多西支付的费用太高。尽管如此，多尔西在金融科技领域一次又一次地说对了，所以对这次合并的批评并不是太大。尽管如此，有些人可能希望工会分崩离析。如果是的话，你更愿意拥有哪家公司？</blockquote></p><p> Fool contributor Anders Bylund says Square would be his choice, while Fool writer Taylor Carmichael opts for Afterpay. And here's why we think this way.</p><p><blockquote>Fool撰稿人Anders Bylund表示Square将是他的选择，而Fool作家Taylor Carmichael则选择Afterpay。这就是我们这样想的原因。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/59fdacdf33b923f349ae38588b04f176\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Square is obviously the safer way into this future merger</b></p><p><blockquote><b>Square显然是未来合并的更安全方式</b></blockquote></p><p> <b>Anders Bylund(Square shares, please):</b>I'll concede that the Afterpay merger looks extremely likely to succeed. Every merger faces some challenges, but the arguments against this transaction have been muttered, not shouted. The regulatory approvals are continuing apace, and Square's shareholders approved the buyout with an overwhelming 99.8% of shareholder votes being cast in favor of the deal. The hurdles in front of the final approval are falling one by one, and the last John Hancock should be in place early next year.</p><p><blockquote><b>Anders Bylund（请分享Square股份）：</b>我承认Afterpay合并看起来极有可能成功。每一次合并都面临一些挑战，但反对这笔交易的论据一直在喃喃自语，而不是大声疾呼。监管部门的批准仍在快速进行，Square的股东以压倒性的99.8%的股东投票批准了此次收购。最终批准面前的障碍正在一个接一个地落下，最后一个约翰·汉考克应该会在明年初到位。</blockquote></p><p> And there isn't much room for arbitrage here, either. Afterpay shares currently trade at 36.9% of Square's stock price, which is just a hair below the proposed stock-swap offer of 0.375 Square stubs for each Afterpay share. This ratio has been stable since Day One:</p><p><blockquote>而且这里也没有太大的套利空间。Afterpay股票目前的交易价格为Square股价的36.9%，仅略低于每股Afterpay股票0.375 Square stubs的拟议股票交换报价。该比率自第一天起一直保持稳定：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eadb1031cd47e47b7b1758c53da2edd1\" tg-width=\"720\" tg-height=\"480\" width=\"100%\" height=\"auto\"><span>SQ DATA BY YCHARTS</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的SQ数据</span></p></blockquote></p><p> Still, nothing is absolutely guaranteed until the ink is dry on the final paperwork. This is especially true for mergers going across national borders. For example, American semiconductor giant <b>Qualcomm</b>(NASDAQ:QCOM) was just one step or two away from completing its proposed $44 billion buyout of <b>NXP Semiconductors</b>(NASDAQ:NXPI) in 2018, until geopolitical concernsstopped that deal in its tracks. If this could happen to Qualcomm and NXP, it could happen to Square and Afterpay as well.</p><p><blockquote>尽管如此，在最终文件上的墨水干了之前，没有什么是绝对保证的。对于跨国合并来说尤其如此。比如美国半导体巨头<b>Qualcomm</b>（纳斯达克：QCOM）距离完成其440亿美元收购的提议仅一两步之遥<b>恩智浦半导体</b>（纳斯达克：NXPI）2018年，直到地缘政治担忧阻止了该交易。如果这种情况可能发生在高通和恩智浦身上，那么它也可能发生在Square和Afterpay身上。</blockquote></p><p> On that note, there's a small chance that it actually matters whether you're buying Afterpay or Square shares today. If the deal falls apart for some reason, the American financial technology company looks like the safer stock to hold for the long haul. Both companies are growing their revenues at similar speeds, but Square is also an effective cash machine while Afterpay consistently reports negative earnings before interest, taxes, depreciation, and amortization (EBITDA) -- and the cash is only burning faster over time:</p><p><blockquote>在这一点上，您今天购买Afterpay还是Square股票实际上很有可能很重要。如果交易因某种原因失败，这家美国金融科技公司看起来是长期持有的更安全的股票。两家公司的收入增长速度相似，但Square也是一台有效的提款机，而Afterpay的息税折旧摊销前利润(EBITDA)一直为负，而且随着时间的推移，现金只会燃烧得更快：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edf20f5aa51051163c88a319a0fc117b\" tg-width=\"720\" tg-height=\"449\" width=\"100%\" height=\"auto\"><span>AFTPF EBITDA (TTM) DATA BY YCHARTS. TTM = TRAILING-12-MONTHS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的AFTPF EBITDA(TTM)数据。TTM=过去12个月。</span></p></blockquote></p><p> So this discussion is largely academic, but Square offers the better entry into the proposed merger just in case something goes wrong at the last minute.</p><p><blockquote>因此，这种讨论很大程度上是学术性的，但Square为拟议的合并提供了更好的入口，以防在最后一刻出现问题。</blockquote></p><p> <b>Square is marrying up</b></p><p><blockquote><b>Square要结婚了</b></blockquote></p><p> <b>Taylor Carmichael(Afterpay):</b>I'm extremely bullish on Square, and I think Jack Dorsey is a genius. So it's pretty much impossible for me to be negative on Square. On the other hand, I'm probably the biggest fan of Afterpay at the Motley Fool. So let me speak on why Square was so willing to pay up for Afterpay, and why you want to own that Australian powerhouse if these two companies end up in divorce court (heaven forbid!)</p><p><blockquote><b>泰勒·卡迈克尔（后付费）：</b>我非常看好Square，我认为Jack Dorsey是个天才。所以我几乎不可能对Square持否定态度。另一方面，我可能是Motley Fool Afterpay的最大粉丝。所以让我来谈谈为什么Square如此愿意支付Afterpay，以及如果这两家公司最终上了离婚法庭（但愿不会如此！）</blockquote></p><p> Afterpay is top dog and first mover in the BNPL space. If you don't know what that is, it'sinterest-free credit. Retailers happily pay for Afterpay's service, because it makes their revenues spike way higher.<b>Affirm</b>(NASDAQ:AFRM) and <b>PayPal</b>(NASDAQ:PYPL) are both copycats in this space. And Afterpay is still way ahead. For instance, on PayPal's recent earnings report, the company reported that it had processed $5.4 billion in total product volume (TPV) since the launch of the service a year ago. Afterpay dwarfs that number, reporting $22.4 billion in underlying sales.</p><p><blockquote>Afterpay是BNPL领域的领头羊和先行者。如果你不知道那是什么，那就是无息信贷。零售商很乐意为Afterpay的服务付费，因为这使他们的收入飙升。<b>申明</b>（纳斯达克：AFRM）和<b>PayPal</b>（纳斯达克：PYPL）都是这个领域的模仿者。Afterpay仍然遥遥领先。例如，在PayPal最近的收益报告中，该公司报告称，自一年前推出该服务以来，它已处理了54亿美元的产品总量(TPV)。Afterpay的基本销售额为224亿美元，令这个数字相形见绌。</blockquote></p><p></p><p> Of course, competing with PayPal is a bit scary, as the American juggernaut has a massive network in place. Nonetheless, Afterpay invented the BNPL space, and it's Afterpay that is revolutionizing consumer debt around the world. Ultimately, credit cards are doomed, at least in retail. And it's Afterpay that is killing that sector.</p><p><blockquote>当然，与PayPal竞争有点可怕，因为美国巨头拥有庞大的网络。尽管如此，Afterpay发明了BNPL领域，正是Afterpay正在彻底改变世界各地的消费者债务。最终，信用卡注定要失败，至少在零售业是这样。正是Afterpay正在扼杀这个行业。</blockquote></p><p> One of the ways Afterpay is winning is by providing its service in brick-and-mortar retailers. Indeed, that's why the Australian company is such a good match for Square, since both companies are going after real-world market opportunities, not just internet commerce. So while PayPal and Affirm are seeing some internet tailwinds because of the lockdown, Afterpay absolutely crushed expectations in spite of the lockdown.</p><p><blockquote>Afterpay获胜的方式之一是在实体零售商中提供服务。事实上，这就是为什么这家澳大利亚公司与Square如此匹配，因为两家公司都在追求现实世界的市场机会，而不仅仅是互联网商务。因此，虽然PayPal和Affirm因封锁而看到了一些互联网顺风车，但尽管有封锁，Afterpay绝对超出了预期。</blockquote></p><p> The other thing that's amazing about Afterpay is that it sees itself as a consumer brand first and foremost. So, for instance, Sept. 9-12 is designated \"Afterpay Day,\" when the company offers killer deals to all its subscribers across its whole universe of retailers.</p><p><blockquote>Afterpay的另一个令人惊讶的地方是，它首先将自己视为一个消费品牌。因此，例如，9月9日至12日被指定为“后付费日”，该公司向其整个零售商领域的所有订户提供杀手级交易。</blockquote></p><p> All this success makes Afterpay a stronger stock. Don't believe me? Check out the stock charts. Let's compare Afterpay stock with the two titans of fintech, PayPal and Square.</p><p><blockquote>所有这些成功使Afterpay成为一只更强大的股票。不相信我？查看股票图表。让我们将Afterpay股票与金融科技两大巨头PayPal和Square进行比较。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffadef41cf18514f905fe65e0e26d42f\" tg-width=\"720\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>AFTPF DATA BY YCHARTS</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的AFTPF数据</span></p></blockquote></p><p> It's not even close. And mind you, we're looking at the American Depository Receipts (ADR), trading here since 2018. Afterpay was an insane stock in the Australian markets for a full year before its ADR showed up.</p><p><blockquote>差远了。请注意，我们正在关注自2018年以来在这里交易的美国存托凭证(ADR)。在ADR出现之前，Afterpay在澳大利亚市场上整整一年都是一只疯狂的股票。</blockquote></p><p> If you have two amazing companies that are taking over the world, as an investor you usually want to be in the smaller one. As dynamic and wonderful as Square has been, Afterpay has been a significantly stronger stock for shareholders over the last several years.</p><p><blockquote>如果你有两家了不起的公司正在接管世界，作为投资者，你通常希望投资较小的公司。尽管Square充满活力且精彩，但Afterpay在过去几年中对股东来说一直是一只明显更强劲的股票。</blockquote></p><p> It's a happy union for sure. Nonetheless, if you dig into the numbers, you can see why Square paid so much for Afterpay.</p><p><blockquote>这肯定是一个幸福的结合。尽管如此，如果你深入研究这些数字，你就会明白为什么Square为Afterpay支付了如此多的费用。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Better Buy: Square vs. Afterpay<blockquote>更好的选择：Square与Afterpay</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBetter Buy: Square vs. Afterpay<blockquote>更好的选择：Square与Afterpay</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-11-17 17:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Square</b>(NYSE:SQ), the company that brought <b>Bitcoin</b> to the masses and is revolutionizing the whole banking sector, surprised a lot of Fools when it made a deal to buy <b>Afterpay</b>(OTC:AFTP.F), the Australian creator of the \"buy now, pay later\" (BNPL) space that has taken the world by storm. Afterpay has upended the whole notion of credit by making it free (if you pay on time).</p><p><blockquote><b>平方</b>（纽约证券交易所代码：SQ），该公司带来了<b>比特币</b>并正在彻底改变整个银行业，当它达成收购交易时，让许多傻瓜感到惊讶<b>Afterpay</b>（场外交易代码：AFTP.F），风靡全球的“先买后付”（BNPL）空间的澳大利亚创造者。Afterpay使其免费（如果您按时付款），颠覆了整个信贷概念。</blockquote></p><p> Some Fools were unhappy that Square bought the unprofitable-but-fast-growing Australian superstar, arguing that CEO Jack Dorsey paid too much. Nonetheless, Dorsey has been right over and over again in the fintech space, so the criticisms of this merger weren't too loud. Still, some people might wish the union would fall apart. If it did, which company would you rather own?</p><p><blockquote>一些傻瓜对Square收购这位尚未盈利但发展迅速的澳大利亚巨星感到不满，认为首席执行官杰克·多西支付的费用太高。尽管如此，多尔西在金融科技领域一次又一次地说对了，所以对这次合并的批评并不是太大。尽管如此，有些人可能希望工会分崩离析。如果是的话，你更愿意拥有哪家公司？</blockquote></p><p> Fool contributor Anders Bylund says Square would be his choice, while Fool writer Taylor Carmichael opts for Afterpay. And here's why we think this way.</p><p><blockquote>Fool撰稿人Anders Bylund表示Square将是他的选择，而Fool作家Taylor Carmichael则选择Afterpay。这就是我们这样想的原因。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/59fdacdf33b923f349ae38588b04f176\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Square is obviously the safer way into this future merger</b></p><p><blockquote><b>Square显然是未来合并的更安全方式</b></blockquote></p><p> <b>Anders Bylund(Square shares, please):</b>I'll concede that the Afterpay merger looks extremely likely to succeed. Every merger faces some challenges, but the arguments against this transaction have been muttered, not shouted. The regulatory approvals are continuing apace, and Square's shareholders approved the buyout with an overwhelming 99.8% of shareholder votes being cast in favor of the deal. The hurdles in front of the final approval are falling one by one, and the last John Hancock should be in place early next year.</p><p><blockquote><b>Anders Bylund（请分享Square股份）：</b>我承认Afterpay合并看起来极有可能成功。每一次合并都面临一些挑战，但反对这笔交易的论据一直在喃喃自语，而不是大声疾呼。监管部门的批准仍在快速进行，Square的股东以压倒性的99.8%的股东投票批准了此次收购。最终批准面前的障碍正在一个接一个地落下，最后一个约翰·汉考克应该会在明年初到位。</blockquote></p><p> And there isn't much room for arbitrage here, either. Afterpay shares currently trade at 36.9% of Square's stock price, which is just a hair below the proposed stock-swap offer of 0.375 Square stubs for each Afterpay share. This ratio has been stable since Day One:</p><p><blockquote>而且这里也没有太大的套利空间。Afterpay股票目前的交易价格为Square股价的36.9%，仅略低于每股Afterpay股票0.375 Square stubs的拟议股票交换报价。该比率自第一天起一直保持稳定：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eadb1031cd47e47b7b1758c53da2edd1\" tg-width=\"720\" tg-height=\"480\" width=\"100%\" height=\"auto\"><span>SQ DATA BY YCHARTS</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的SQ数据</span></p></blockquote></p><p> Still, nothing is absolutely guaranteed until the ink is dry on the final paperwork. This is especially true for mergers going across national borders. For example, American semiconductor giant <b>Qualcomm</b>(NASDAQ:QCOM) was just one step or two away from completing its proposed $44 billion buyout of <b>NXP Semiconductors</b>(NASDAQ:NXPI) in 2018, until geopolitical concernsstopped that deal in its tracks. If this could happen to Qualcomm and NXP, it could happen to Square and Afterpay as well.</p><p><blockquote>尽管如此，在最终文件上的墨水干了之前，没有什么是绝对保证的。对于跨国合并来说尤其如此。比如美国半导体巨头<b>Qualcomm</b>（纳斯达克：QCOM）距离完成其440亿美元收购的提议仅一两步之遥<b>恩智浦半导体</b>（纳斯达克：NXPI）2018年，直到地缘政治担忧阻止了该交易。如果这种情况可能发生在高通和恩智浦身上，那么它也可能发生在Square和Afterpay身上。</blockquote></p><p> On that note, there's a small chance that it actually matters whether you're buying Afterpay or Square shares today. If the deal falls apart for some reason, the American financial technology company looks like the safer stock to hold for the long haul. Both companies are growing their revenues at similar speeds, but Square is also an effective cash machine while Afterpay consistently reports negative earnings before interest, taxes, depreciation, and amortization (EBITDA) -- and the cash is only burning faster over time:</p><p><blockquote>在这一点上，您今天购买Afterpay还是Square股票实际上很有可能很重要。如果交易因某种原因失败，这家美国金融科技公司看起来是长期持有的更安全的股票。两家公司的收入增长速度相似，但Square也是一台有效的提款机，而Afterpay的息税折旧摊销前利润(EBITDA)一直为负，而且随着时间的推移，现金只会燃烧得更快：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edf20f5aa51051163c88a319a0fc117b\" tg-width=\"720\" tg-height=\"449\" width=\"100%\" height=\"auto\"><span>AFTPF EBITDA (TTM) DATA BY YCHARTS. TTM = TRAILING-12-MONTHS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的AFTPF EBITDA(TTM)数据。TTM=过去12个月。</span></p></blockquote></p><p> So this discussion is largely academic, but Square offers the better entry into the proposed merger just in case something goes wrong at the last minute.</p><p><blockquote>因此，这种讨论很大程度上是学术性的，但Square为拟议的合并提供了更好的入口，以防在最后一刻出现问题。</blockquote></p><p> <b>Square is marrying up</b></p><p><blockquote><b>Square要结婚了</b></blockquote></p><p> <b>Taylor Carmichael(Afterpay):</b>I'm extremely bullish on Square, and I think Jack Dorsey is a genius. So it's pretty much impossible for me to be negative on Square. On the other hand, I'm probably the biggest fan of Afterpay at the Motley Fool. So let me speak on why Square was so willing to pay up for Afterpay, and why you want to own that Australian powerhouse if these two companies end up in divorce court (heaven forbid!)</p><p><blockquote><b>泰勒·卡迈克尔（后付费）：</b>我非常看好Square，我认为Jack Dorsey是个天才。所以我几乎不可能对Square持否定态度。另一方面，我可能是Motley Fool Afterpay的最大粉丝。所以让我来谈谈为什么Square如此愿意支付Afterpay，以及如果这两家公司最终上了离婚法庭（但愿不会如此！）</blockquote></p><p> Afterpay is top dog and first mover in the BNPL space. If you don't know what that is, it'sinterest-free credit. Retailers happily pay for Afterpay's service, because it makes their revenues spike way higher.<b>Affirm</b>(NASDAQ:AFRM) and <b>PayPal</b>(NASDAQ:PYPL) are both copycats in this space. And Afterpay is still way ahead. For instance, on PayPal's recent earnings report, the company reported that it had processed $5.4 billion in total product volume (TPV) since the launch of the service a year ago. Afterpay dwarfs that number, reporting $22.4 billion in underlying sales.</p><p><blockquote>Afterpay是BNPL领域的领头羊和先行者。如果你不知道那是什么，那就是无息信贷。零售商很乐意为Afterpay的服务付费，因为这使他们的收入飙升。<b>申明</b>（纳斯达克：AFRM）和<b>PayPal</b>（纳斯达克：PYPL）都是这个领域的模仿者。Afterpay仍然遥遥领先。例如，在PayPal最近的收益报告中，该公司报告称，自一年前推出该服务以来，它已处理了54亿美元的产品总量(TPV)。Afterpay的基本销售额为224亿美元，令这个数字相形见绌。</blockquote></p><p></p><p> Of course, competing with PayPal is a bit scary, as the American juggernaut has a massive network in place. Nonetheless, Afterpay invented the BNPL space, and it's Afterpay that is revolutionizing consumer debt around the world. Ultimately, credit cards are doomed, at least in retail. And it's Afterpay that is killing that sector.</p><p><blockquote>当然，与PayPal竞争有点可怕，因为美国巨头拥有庞大的网络。尽管如此，Afterpay发明了BNPL领域，正是Afterpay正在彻底改变世界各地的消费者债务。最终，信用卡注定要失败，至少在零售业是这样。正是Afterpay正在扼杀这个行业。</blockquote></p><p> One of the ways Afterpay is winning is by providing its service in brick-and-mortar retailers. Indeed, that's why the Australian company is such a good match for Square, since both companies are going after real-world market opportunities, not just internet commerce. So while PayPal and Affirm are seeing some internet tailwinds because of the lockdown, Afterpay absolutely crushed expectations in spite of the lockdown.</p><p><blockquote>Afterpay获胜的方式之一是在实体零售商中提供服务。事实上，这就是为什么这家澳大利亚公司与Square如此匹配，因为两家公司都在追求现实世界的市场机会，而不仅仅是互联网商务。因此，虽然PayPal和Affirm因封锁而看到了一些互联网顺风车，但尽管有封锁，Afterpay绝对超出了预期。</blockquote></p><p> The other thing that's amazing about Afterpay is that it sees itself as a consumer brand first and foremost. So, for instance, Sept. 9-12 is designated \"Afterpay Day,\" when the company offers killer deals to all its subscribers across its whole universe of retailers.</p><p><blockquote>Afterpay的另一个令人惊讶的地方是，它首先将自己视为一个消费品牌。因此，例如，9月9日至12日被指定为“后付费日”，该公司向其整个零售商领域的所有订户提供杀手级交易。</blockquote></p><p> All this success makes Afterpay a stronger stock. Don't believe me? Check out the stock charts. Let's compare Afterpay stock with the two titans of fintech, PayPal and Square.</p><p><blockquote>所有这些成功使Afterpay成为一只更强大的股票。不相信我？查看股票图表。让我们将Afterpay股票与金融科技两大巨头PayPal和Square进行比较。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffadef41cf18514f905fe65e0e26d42f\" tg-width=\"720\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>AFTPF DATA BY YCHARTS</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的AFTPF数据</span></p></blockquote></p><p> It's not even close. And mind you, we're looking at the American Depository Receipts (ADR), trading here since 2018. Afterpay was an insane stock in the Australian markets for a full year before its ADR showed up.</p><p><blockquote>差远了。请注意，我们正在关注自2018年以来在这里交易的美国存托凭证(ADR)。在ADR出现之前，Afterpay在澳大利亚市场上整整一年都是一只疯狂的股票。</blockquote></p><p> If you have two amazing companies that are taking over the world, as an investor you usually want to be in the smaller one. As dynamic and wonderful as Square has been, Afterpay has been a significantly stronger stock for shareholders over the last several years.</p><p><blockquote>如果你有两家了不起的公司正在接管世界，作为投资者，你通常希望投资较小的公司。尽管Square充满活力且精彩，但Afterpay在过去几年中对股东来说一直是一只明显更强劲的股票。</blockquote></p><p> It's a happy union for sure. Nonetheless, if you dig into the numbers, you can see why Square paid so much for Afterpay.</p><p><blockquote>这肯定是一个幸福的结合。尽管如此，如果你深入研究这些数字，你就会明白为什么Square为Afterpay支付了如此多的费用。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/11/16/better-buy-square-vs-afterpay/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.fool.com/investing/2021/11/16/better-buy-square-vs-afterpay/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121662992","content_text":"Square(NYSE:SQ), the company that brought Bitcoin to the masses and is revolutionizing the whole banking sector, surprised a lot of Fools when it made a deal to buy Afterpay(OTC:AFTP.F), the Australian creator of the \"buy now, pay later\" (BNPL) space that has taken the world by storm. Afterpay has upended the whole notion of credit by making it free (if you pay on time).\nSome Fools were unhappy that Square bought the unprofitable-but-fast-growing Australian superstar, arguing that CEO Jack Dorsey paid too much. Nonetheless, Dorsey has been right over and over again in the fintech space, so the criticisms of this merger weren't too loud. Still, some people might wish the union would fall apart. If it did, which company would you rather own?\nFool contributor Anders Bylund says Square would be his choice, while Fool writer Taylor Carmichael opts for Afterpay. And here's why we think this way.\nIMAGE SOURCE: GETTY IMAGES.\nSquare is obviously the safer way into this future merger\nAnders Bylund(Square shares, please):I'll concede that the Afterpay merger looks extremely likely to succeed. Every merger faces some challenges, but the arguments against this transaction have been muttered, not shouted. The regulatory approvals are continuing apace, and Square's shareholders approved the buyout with an overwhelming 99.8% of shareholder votes being cast in favor of the deal. The hurdles in front of the final approval are falling one by one, and the last John Hancock should be in place early next year.\nAnd there isn't much room for arbitrage here, either. Afterpay shares currently trade at 36.9% of Square's stock price, which is just a hair below the proposed stock-swap offer of 0.375 Square stubs for each Afterpay share. This ratio has been stable since Day One:\nSQ DATA BY YCHARTS\nStill, nothing is absolutely guaranteed until the ink is dry on the final paperwork. This is especially true for mergers going across national borders. For example, American semiconductor giant Qualcomm(NASDAQ:QCOM) was just one step or two away from completing its proposed $44 billion buyout of NXP Semiconductors(NASDAQ:NXPI) in 2018, until geopolitical concernsstopped that deal in its tracks. If this could happen to Qualcomm and NXP, it could happen to Square and Afterpay as well.\nOn that note, there's a small chance that it actually matters whether you're buying Afterpay or Square shares today. If the deal falls apart for some reason, the American financial technology company looks like the safer stock to hold for the long haul. Both companies are growing their revenues at similar speeds, but Square is also an effective cash machine while Afterpay consistently reports negative earnings before interest, taxes, depreciation, and amortization (EBITDA) -- and the cash is only burning faster over time:\nAFTPF EBITDA (TTM) DATA BY YCHARTS. TTM = TRAILING-12-MONTHS.\nSo this discussion is largely academic, but Square offers the better entry into the proposed merger just in case something goes wrong at the last minute.\nSquare is marrying up\nTaylor Carmichael(Afterpay):I'm extremely bullish on Square, and I think Jack Dorsey is a genius. So it's pretty much impossible for me to be negative on Square. On the other hand, I'm probably the biggest fan of Afterpay at the Motley Fool. So let me speak on why Square was so willing to pay up for Afterpay, and why you want to own that Australian powerhouse if these two companies end up in divorce court (heaven forbid!)\nAfterpay is top dog and first mover in the BNPL space. If you don't know what that is, it'sinterest-free credit. Retailers happily pay for Afterpay's service, because it makes their revenues spike way higher.Affirm(NASDAQ:AFRM) and PayPal(NASDAQ:PYPL) are both copycats in this space. And Afterpay is still way ahead. For instance, on PayPal's recent earnings report, the company reported that it had processed $5.4 billion in total product volume (TPV) since the launch of the service a year ago. Afterpay dwarfs that number, reporting $22.4 billion in underlying sales.\nOf course, competing with PayPal is a bit scary, as the American juggernaut has a massive network in place. Nonetheless, Afterpay invented the BNPL space, and it's Afterpay that is revolutionizing consumer debt around the world. Ultimately, credit cards are doomed, at least in retail. And it's Afterpay that is killing that sector.\nOne of the ways Afterpay is winning is by providing its service in brick-and-mortar retailers. Indeed, that's why the Australian company is such a good match for Square, since both companies are going after real-world market opportunities, not just internet commerce. So while PayPal and Affirm are seeing some internet tailwinds because of the lockdown, Afterpay absolutely crushed expectations in spite of the lockdown.\nThe other thing that's amazing about Afterpay is that it sees itself as a consumer brand first and foremost. So, for instance, Sept. 9-12 is designated \"Afterpay Day,\" when the company offers killer deals to all its subscribers across its whole universe of retailers.\nAll this success makes Afterpay a stronger stock. Don't believe me? Check out the stock charts. Let's compare Afterpay stock with the two titans of fintech, PayPal and Square.\nAFTPF DATA BY YCHARTS\nIt's not even close. And mind you, we're looking at the American Depository Receipts (ADR), trading here since 2018. Afterpay was an insane stock in the Australian markets for a full year before its ADR showed up.\nIf you have two amazing companies that are taking over the world, as an investor you usually want to be in the smaller one. As dynamic and wonderful as Square has been, Afterpay has been a significantly stronger stock for shareholders over the last several years.\nIt's a happy union for sure. Nonetheless, if you dig into the numbers, you can see why Square paid so much for Afterpay.","news_type":1,"symbols_score_info":{"SQ":0.9,"AFTPF":0.9}},"isVote":1,"tweetType":1,"viewCount":3678,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/878942832"}
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