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Afterpay (ASX:APT) overtook Coles on the ASX200, becoming the 16th biggest company on the ASX. Today Afterpay reported its full year results, here’s what you need to know.

Afterpay reported a better than expected financial year update with an EBITDA of $44.4 million, beating the company’s expectation of $43 million.

Broadly APT’s results confirmed it is the leader in the Buy Now Pay Later (BNPL) sector in Australia and how it’s continuing to establish itself in the U.S., UK and Europe.

Active customers more than doubled in the year, now at 9.9 million, thanks to quicker success in the U.S. and UK, with customers there reaching 5.6 million and 1 million respectively.

Across the globe, 21,000 new customers per day used APT from April to June in the thick of the pandemic despite lockdown. That helped APT’s global sales grow 112% to $11.1 billion which puts APT on pace to generate over $15 billion p.a. in sales (based on its fourth quarter trading).

The market is awaiting more detail and clarity on its expansion into new markets particularly in Asia. APT is a buy for Bell Potter, Morgan Stanley and Ord Minnett. Morgan Stanley sees there being a 20% chance APT could hit $242.80 if uptake in Canada takes off as rapidly as it did in Australia, if Afterpay lands into the Asian region and if its partnership with Tencent comes to fruition