I firmly believe that for BNPL companies, you MUST modify the generic fundamental analysis principles of Profitability, Low Debt, P/E, EPS, etc, in order to receive a more accurate company valuation. You have to view BNPL companies as Short term lenders + Payment companies, so your metrics for valuations would look more into Tranaction margin & Net Credit Loss Rate to loan book value, similarly to other lenders / banks.Read more