Notwithstanding some of the falls we’ve seen today, ASX buy now, pay later (BNPL) shares have been among those leading the market recovery since the March downturn. All the market’s BNPL shares have recorded significant increases as demand for their services continues rising despite the coronavirus crisis. On that note, let’s take a look at how the ASX’s four favourite BNPL shares are performing.

How are ASX BNPL shares performing?

Afterpay Ltd (ASX: APT)

Afterpay is the largest BNPL provider by market capitalisation. In fact, the meteoric rise of the Afterpay share price has led it to close in on the S&P/ASX 20 (ASX: XTL). The Afterpay share price fell to a low of $8.90 in March but has since gained 649% to currently trade at $66.72 (at the time of writing). In its most recent update, Afterpay reported underlying sales of $11.1 billion in FY20, up 112% on the prior corresponding period.

Afterpay’s underlying sales have definitely been accelerating, with Q4 FY20 sales of $3.8 billion, up 127% on Q4 FY19. Q4 FY20 saw the highest quarterly sales performance ever, reflecting the increasing shift to online spending throughout the pandemic. Active customer numbers also grew to 9.9 million for FY20, a 116% increase on FY19. This also highlights the attractiveness of Afterpay’s budget-focused business model in the current economic environment.

Active merchants reached 55.4k in FY20, a 72% increase over FY19. This was driven by strong merchant acceptance in the United States and United Kingdom, key growth markets for Afterpay. Active merchants in the US increased to 11.5k at 30 June 2020, up from 3.8k at 30 June 2019. Expansion into Canada is also expected in Q1 FY21. The UK exceeded 1k merchants in its first 12 months of operation.

Afterpay announced an $800 million capital raise yesterday. The funds are to be used for investing in growing underlying sales and prioritising global expansion in the short term. Since COVID-19 took hold, there has been a growing shift towards online spending. Furthermore, consumers have increasingly focused on budgeting whilst apparently developing somewhat of an aversion to traditional credit products. These trends organically increase the attractiveness of Afterpay’s business model. As such, the company intends to leverage this momentum to expand customer offerings and potentially launch into new markets in late 2020 or early 2021. This week’s announcement also included advice that the company’s founders would each be selling down 10% of their respective holdings. Afterpay shares were placed in a trading halt yesterday and, so far, have fallen 2.13% since recommencing trade today.

Zip Co Ltd (ASX: Z1P)

The Zip Co share price has gained 414% from its March low and is currently trading at $6.04. In its most recent update, Zip Co reported a strong month in May. This included a 78% year-on-year increase in monthly revenue to $15.6 million. Transaction volumes also increased 63% to $189.3 million. The company reported that it remains on track to hit its FY20 target of $2.2 billion in annualised transaction volume.

Zip Co has also noted the shift away from cash to digital, contactless payments and eCommerce.  The company expects eCommerce penetration to remain at elevated levels post COVID-19. This is largely due to increased numbers of consumers gaining familiarity with shopping online and, as such, more retailers investing in the space. Nonetheless, the economic downturn raises the spectre of bad debts for BNPL providers that extend credit to customers. 

Zip Co reported net bad debts increased to 2.16% in May, up from 1.99% in April. Prudently however, the company did advise it has tightened its onboarding credit requirements. Furthermore, no material change to the number of requests for hardship assistance were reported. These requests peaked at the end of March at less than 0.8% of receivables. Monthly arrears for Zip Co actually declined to 1.47% in May, down from 1.57% in April, an impressive result in the current climate.  

Sezzle Inc (ASX: SZL)

The Sezzle share price has soared an incredible 1256% from a low of 37 cents in March and is now trading at $5.02. The company’s share price was bolstered by its announcement yesterday that annualised merchant sales are expected to reach $1.4 billion by the end of 2020. 

In the June quarter, Sezzle’s active customer numbers rose 28% quarter-on-quarter to 1.48 million. This represents a 243% year-on-year increase. Merchant numbers increased 27% during the quarter to reach 16,112, a 219% year-on-year improvement. These result reflect a trajectory of solid growth across all key metrics, despite global economic headwinds. Customers are also utilising Sezzle’s product more often. The company’s repeat usage rates for the quarter were 87.5% compared to 77.2% in 2Q FY19. Its purchase frequency numbers are also on the rise and are now approaching 15x per annum. 

Sezzle’s Executive Chairman and CEO Charlie Youakim said, “Our performance reaffirms our product’s utility to consumers looking for a smarter way to budget their personal finances and the overall market shift to eCommerce”. Nearly 100% of Sezzle’s transactions are processed via eCommerce, meaning the company is well positioned to benefit from the increasing shift to online. 

Splitit Ltd (ASX: SPT)

The Splitit share price is up nearly 610% from its low of 22 cents in March and is now trading at $1.56. This includes a 13% increase today after Splitit announced record growth in Q2 FY20 this morning. The company’s merchant sales volumes grew to US$65.4 million, up 260% on Q2 FY19 and 176% on Q1 FY20. Splitit reported gross revenue of US$2.4 million for the quarter, which represents a 460% increase on Q2 FY19 and a 246% increase on Q1 FY20. 

This acceleration in Splitit’s growth was thanks to the addition of large, new merchants in Q1 and Q2. Merchant numbers grew to over 1,000, up 104% from Q2 FY19. Total shoppers are now over 309k, up 85% from Q2 FY19. Many of these were first time users, with the number of repeat shoppers expected to increase in future periods. 

CEO Brad Paterson said, “June saw a continuation of the strong business momentum we experienced in April and May. Consumers are making better use of their existing credit to preserve cash, while demand from higher-value merchants is ramping up, supported by the accelerated shift towards eCommerce as a result of COVID-19”. 

Splitit continues to attract larger merchants wanting to provide installment solutions to their credit card customers and improve conversion rates. The company saw its average order value increase 21% over the June quarter to US$893. More than 90% of all the company’s transactions were eCommerce or mobile payments. 

Splitit has a number of partnerships which are expected to drive future growth. These include agreements with Mastercard and Stripe.The partnership with Stripe will accelerate merchant acceptance, with merchants set to be able to on-board in minutes. Under the Mastercard agreement, Splitit’s solution will be integrated with Mastercard’s suite of technology. This will enable a seamless and secure customer experience at checkout.

More reading

• QuickFee share price plummets 10% despite record results
• ASX 200 down 0.5%: Afterpay completes placement, big four banks tumble
• The Afterpay share price among ASX stocks hit by a broker downgrade today
• Why Afterpay, Alumina, Magellan, & Webjet shares are dropping lower
• Why Coles, Kogan, Northern Star, & Splitit are charging higher

Kate O’Brien has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Sezzle Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Kogan.com Ltd (ASX: KGN) share price climbed to a new record high on Wednesday after providing an update on its share purchase plan (SPP).

The ecommerce company’s shares climbed as much as 5.5% to $17.67 in morning trade before fading into the red this afternoon.

What did Kogan announce?

This morning Kogan revealed the results of the SPP it announced in June.

According to the update, the SPP was significantly oversubscribed with applications totalling $115.2 million. This compares to its original target of $15 million.

Given the strong support shown by eligible shareholders, Kogan has decided to increase the SPP size by $5 million above its original target to $20 million.

These funds were raised at $11.45 per new share, which represents a 7.5% discount to the Kogan share price on the day the SPP was announced in June.

Including its institutional placement which completed last month, the ecommerce company has now raised a total of $120 million.

Why did Kogan raise funds?

The proceeds from the placement and SPP will be used to provide the company with the financial flexibility to act quickly on future value accretive opportunities and acquisitions.

Management appears confident that these funds will create value for shareholders.

In June, Kogan Chairman Greg Ridder commented: “We would like to thank our existing shareholders for their strong support for this capital raising, and also recognise the overwhelming interest from new investors. We recognise the significant trust placed in our management team to deliver a strong return on your capital, and we have every confidence the team will rise to the challenge. To all our shareholders, your company has gone from strength to strength since listing and, with the capital we have raised this week, your company is now stronger than ever.”

Judging by the Kogan share price performance since this capital raising was announced, the market seems to be very positive on its growth plans.

More reading

• Why Coles, Kogan, Northern Star, & Splitit are charging higher
• Kogan and 1 other ASX share to buy and hold beyond 2025
• Here are 3 ASX COVID-19 success stories
• Top ASX Stock Picks for July 2020
• The Kogan share price tripled in value in FY 2020

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd. The Motley Fool Australia has recommended Kogan.com ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The QuickFee Ltd (ASX: QFE) share price has plunged by 9.76% at the time of writing, following the release of a business update by the company this morning.

What was in the announcement?

According to the announcement, payment solutions provider QuickFee saw record results in both the US and Australia in the final quarter of the 2020 financial year, with strong momentum moving into the 2021 financial year.

QuickFee reported that lending in the US market increased by 71% in the final quarter of the 2020 financial year versus the final quarter of the 2019 financial year, with lending totalling US$3.9 million. Lending for the financial year was up by 63% to US$13 million on the final quarter FY19. US transaction volume in the final quarter of FY20 also increased 154% on the prior corresponding period, lifting to US$136.9 million.

The company also reported that lending in Australia for FY20 rose by 17% to $49.3 million, which represents a record for the company.

According to the announcement, 88 new firms in the US signed up over the quarter, a 300% increase over the same quarter last year.

The company stated that it was well positioned for continued strong growth in the US and Australia heading into the 2021 financial year.

Commenting on the results, QuickFee CEO Bruce Coombes said:

We continue to be very encouraged by the traction we are achieving in the US. The third consecutive quarter of record lending reflects a very strong uptake of our product by US accounting and law firms, and with continued growth in new firm sign-ups, we expect this momentum to accelerate.

Transactional volumes exploded in the US over the fourth quarter, with COVID-19 benefiting QuickFee by forcing many firms and clients to embrace online payments. Our view is that this transition to online payments will continue in the US, where until now online payments for accounting firms have not been widely used. This represents an exciting area of growth for QuickFee as we look forward.

About the QuickFee share price

QuickFee offers a payment platform for professional services firms, allowing clients to pay by instalment while allowing the firms to receive payment in full. In this way, it works largely in the same way as a buy now, pay later provider such as Afterpay Ltd (ASX: APT), by allowing clients of professional services firms to receive services now, and pay later. Along with its operations in Australia, it entered the US in 2016, where it has no direct competitor.

QuickFee successfully raised $7.5 million in May at a price of 21 cents per share. This has been used to increase the size of its loan book and to improve its payment technology.

In June, QuickFee announced that lifetime bad debts since 2009 have been $60,000 against $250 million in lending.

The QuickFee share price is up 469% from its 52 week low of $0.13 cents. It has increased 117.6% since the beginning of the year. The QuickFee share price is up 48% versus this time last year.

More reading

• ASX 200 down 0.5%: Afterpay completes placement, big four banks tumble
• The Afterpay share price among ASX stocks hit by a broker downgrade today
• Why Afterpay, Alumina, Magellan, & Webjet shares are dropping lower
• Afterpay share price lower after raising $650 million via institutional placement
• Afterpay and 1 other ASX share to buy and hold beyond 2025

Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Novonix Ltd (ASX: NVX) share price rocketed to all-time highs of $1.54 in June, taking its market capitalisation up past $350 million. The share price at the end of June finished at 87 cents, representing a 112% jump since the start of June.

Since the end of June, the Novonix share price has gone up even further, with the price currently sitting at 96 cents per share. Over the past year shares in Novonix are up 121%, compared to a measly 9.2% drop in the All Ords index.

What does Novonix do?

Novonix is a battery materials maker that develops and supplies materials, equipment and services to the global lithium-ion battery industry. The company is headquartered in Brisbane, with operations in the US and Canada and sales in 14 countries.

What pushed the Novonix share price higher in June?

The jump in the Novonix share price represents a remarkable turnaround for the company, which as recently as early April was trading at lows of 20 cents a share. 

In June, a persistent stream of good news helped charge the battery maker’s run:

• On 9 June, information was released by the company regarding news that it had developed an advanced cathode material manufacturing method using its proprietary dry particle microgranulation (DPMG) technique. These crystals have demonstrated ultra-long life when used in electric vehicles (EVs) and energy storage systems. This caused the company’s share price to spike almost 77%.
• Throughout the month, there was also unrelenting talk that the company may be partnering with the US Government and Tesla, with an announcement to be made at the Tesla Battery Day. These rumours have caused huge spikes in the Novonix share price.
• On 23 June, the company announced that its retail entitlement offer was heavily oversubscribed with the board wanting to “recognize the support of the shareholders who took their rights in full and applied.”

Where to next for the Novonix share price?

The Novonix share price has continued to storm higher, gaining 11% on Monday, although it did lose some of these gains yesterday, dropping back by 7%.

Overall, Novonix is certainly going to be one to watch in the future, particularly now that the date for the ever-looming Tesla Battery Day has been set in stone for 15 September.

More reading

• ASX 200 Weekly Wrap: Afterpay, Tech push ASX 200 back above 6,000
• Millionaire maker increases share price 28 times in FY20
• ASX 200 Weekly Wrap: ASX retreats as confidence wanes
• Why the Red 5 share price has tanked 35% today
• ASX 200 Weekly Wrap: ASX back in the green

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and dropped lower. The benchmark index is currently down 0.5% to 5,982 points.

Here’s what is happening on the market today:

Bank shares tumble.

The big four banks have taken a tumble today and are acting as a drag on the ASX 200 index. At lunch, all four banks are in the red. The worst performer in the group has been the Westpac Banking Corp (ASX: WBC) share price with a decline of 1.7%. The Commonwealth Bank of Australia (ASX: CBA) share price is the best performer in the four with its 0.25% decline.

Afterpay raises $650 million.

The Afterpay Ltd (ASX: APT) share price is trading lower today after returning from its trading halt. The payments company’s shares were halted on Tuesday while it undertook an institutional placement. This morning Afterpay successfully raised $650 million after receiving strong support from existing and new shareholders. The company was able to raise the funds at $66.00 per new share. This represents a discount of only 2.9% to its last close price and compares favourably to its underwritten floor price of $61.75 per new share. It will now push ahead with its $150 million share purchase plan.

Northern Star update.

The Northern Star Resources Ltd (ASX: NST) share price is storming higher on Wednesday after the release of the gold miner’s fourth quarter update. Northern Star generated underlying free cashflow of $217.9 million from the sale of 262,717 ounces of gold during the second quarter. This took its FY 2020 sales to 900,388 ounces from gold production of 905,177 ounces. In addition to this, due to its strong financial position, the gold miner has announced that it will pay its postponed interim dividend next week.

Best and worst ASX 200 shares.

The best performer on the ASX 200 on Wednesday has been the Northern Star share price with a 5.5% gain. This follows its fourth quarter update. Going the other way, the worst performer is the Domain Holdings Australia Ltd (ASX: DHG) share price with a 5% decline. Investors appear concerned that the lockdowns in Melbourne could have a negative impact on property listings.

More reading

• QuickFee share price plummets 10% despite record results
• The Afterpay share price among ASX stocks hit by a broker downgrade today
• Why Afterpay, Alumina, Magellan, & Webjet shares are dropping lower
• Why Coles, Kogan, Northern Star, & Splitit are charging higher
• Afterpay share price lower after raising $650 million via institutional placement

Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of AFTERPAY T FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Afterpay Ltd (ASX: APT) share price fell in early trade but that was always to be expected in the wake of its capital raise, although that isn’t the only thing pressuring the market darling.

The buy-now, pay-later (BNPL) superstar fell 1.7% to $66.87 as it emerged from its trading halt after launching an $800 million capital raise yesterday.

Stocks normally trade lower in the aftermath of such news as new shares are sold at a discount to the last traded price. Even gravity defying Afterpay is no exception.

Uncertainties piling up

But the stock is facing another headwind as Macquarie Group Ltd (ASX: MQG) downgraded the stock to “neutral” from “outperform” today.

While the broker was impressed with the group’s accelerating sales momentum and customer sign-ups in key markets, these weren’t enough to keep recommending Afterpay as a buy.

“Afterpay’s execution is strong across all three key markets. The acceleration in growth during the current half bodes well for momentum in the years ahead, and for entry into new markets,” said Macquarie.

However, there are a number of uncertainties facing the stock and given its stellar share price run, the broker thought it prudent to pare its enthusiasm on the tech darling.

Macquarie’s 12-month price target on Afterpay is $70 a share.

Running out of fizz

Another S&P/ASX 200 Index (Index:^AXJO) stock to get hit with a downgrade is the Coca-Cola Amatil Ltd (ASX: CCL) share price.

The popular beverages group dipped 0.2% to $8.74, which isn’t too bad considering that Credit Suisse chopped its rating to “neutral” from “outperform”.

Perhaps perceptions of the group’s relatively defensive characteristics is keeping Coca-Cola Amatil in good stead with investors as the COVID-19 pandemic rears its ugly head again.

But this is precisely why Credit Suisse downgraded the stock. The second lockdown of large parts of Victoria to combat a second wave of coronavirus infections is a negative for sales.

Around half of beverage sales under the group are sold at restaurants, cafes and other leisure businesses. These businesses will be forced to close for six weeks from tomorrow and the broker estimates that Victoria accounts for around a fifth of national beverage consumption.

The Victorian shutdown will likely exacerbate another negative trend that Credit Suisse observed in the last few months.

“Early signs of consumers seeking value in the beverage category are emerging as we lap the container deposit schemes and contend with the pandemic’s economic effects,” said the broker.

“Discount water volume has started to grow above category rates again. Our data is lagged (March) and the trend is apparent for but a few months.”

Credit Suisse’s price target on the stock is $9 a share.

Getting too rich

Meanwhile, the Magellan Financial Group Ltd (ASX: MFG) share price is also under pressure this morning.

Shares in the international fund manager fell 1.6% to $62.99 at the time of writing after Citigroup downgraded its call on the stock to “neutral” from buy”.

Just like Afterpay, the Magellan share price is a strong performer and there’s lots to like in the stock. But Magellan may have run too high too fast.

“We remain attracted to MFG’s positive leverage to equity markets, solid investment performance and strong net cash,” said Citi.

“But following share price rise of ~90% since late March and a FY21E PE of ~26x currently, we see the risk reward as less compelling.”

However, the broker did lift its earnings forecast for the group to reflect the strong rally in global equities and the group’s ability to collect more performance fees for the strong returns.

This pushes Citi’s share price target on the group to $66 from $40 a share.

More reading

• QuickFee share price plummets 10% despite record results
• ASX 200 down 0.5%: Afterpay completes placement, big four banks tumble
• Why Afterpay, Alumina, Magellan, & Webjet shares are dropping lower
• Afterpay share price lower after raising $650 million via institutional placement
• Why the IGO share price could outperform other ASX stocks on this gloomy day

Motley Fool contributor Brendon Lau owns shares of Macquarie Group Limited. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post The Afterpay share price among ASX stocks hit by a broker downgrade today appeared first on Motley Fool Australia.

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When it comes to buying ASX shares, most investors will select investments that suit their particular ASX share focus. Those investors who invest for dividend income will normally pick an ASX dividend payer for their portfolio. Conversely, if you’re a growth investor, you might choose a company that has been growing their revenue at a high rate, even if it doesn’t necessarily pay a dividend.

But the 2 ASX shares I name below would fit well into any ASX portfolio, in my view. I think both offer solid growth prospects, the potential for dividend income and are trading at a fair valuation today. And best of all, I’m putting my money where my mouth is because I own both. Here they are:

Ramsay Health Care Limited (ASX: RHC)

Ramsay is the largest operator of private hospitals in Australia and also has a growing presence overseas. I love Ramsay as I think it is well-positioned to take advantage of our ageing population demographics with its top-notch hospitals. Ramsay has long been a growth share. It has delivered investors an average of nearly 17% per annum over the past 10 years (not including dividend returns).

Speaking of dividends, it was disappointing to learn that Ramsay is set to break its 20-year streak of annual dividend increases in 2020. However, I acknowledge this was a move made with prudence in mind. I’m sure Ramsay is set to resume its dividend growth in 2021 and beyond.

I’m excited about my own position in Ramsay and I look forward to benefitting from the company’s great management and business expansion plans for years to come.

VanEck Vectors Wide Moat ETF (ASX: MOAT)

This exchange-traded fund (ETF) is one of my favourite investments. It’s not an index fund like the iShares Core S&P/ASX 200 ETF (ASX: IOZ). Rather, it only invests in a select group of US companies that have characteristics that indicate the presence of a ‘wide moat’.

A moat is a concept popularised by Warren Buffett and translates into a durable competitive advantage a company might possess. This ‘moat’ protects the company from competition and disruption. Apple is a great example of a company with a wide moat. Think about Apple’s brand power. It enables the company to charge relatively high prices for its products compared with any competitor. Not a bad trait for an investment to have.

At the time of writing, the MOAT ETF has 47 holdings. These include famous names like American Express, Amazon.com, Boeing, Buffett’s own Berkshire Hathaway, and Harley Davidson. I’m more than happy to own such a basket of famous brands myself.

MOAT has returned an average of 15.69% over the past 5 years. A  pretty good showing from an ETF. As such, I think MOAT can merit a place in any ASX portfolio, but especially those lacking in some American exposure.

More reading

• Do you have $5,000 to invest? Here are the ASX shares I would buy right now
• Is the Ramsay Health Care share price a buy?
• 3 of the best blue chip ASX 200 shares to buy in July
• Do you want to get rich by investing? Then do this
• Australian businesses are running out of cash

Motley Fool contributor Sebastian Bowen owns shares of American Express, Ramsay Health Care Limited, and VanEck Vectors Morningstar Wide Moat ETF. The Motley Fool Australia has recommended Ramsay Health Care Limited and VanEck Vectors Morningstar Wide Moat ETF. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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