Z Holdings (Neutral) - Q3 22 Results Reaction: Lofty EBITDA Targets Cut on Erosion in Core Business

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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Ad sales were weaker than we expected and the company has revised full-year guidance for that business down. That is not surprising in light of the macro environment</li>
<li>But it also implies potential ad revenue erosion YoY in H2 which we have never seen before. Even at the worst of the Covid crisis, ad revenue growth was positive</li>
<li>Management appears more confident in hitting FY22 EBITDA targets as it has room to maneuver on the timing of investment spending but we think FY23 targets are looking tougher</li>
</ul>


Ad sales were weaker than we expected and the company has revised full-year guidance for that business down. That is not surprising in light of the macro environment
But it also implies potential ad revenue erosion YoY in H2 which we have never seen before. Even at the worst of the Covid crisis, ad revenue growth was positive
Management appears more confident in hitting FY22 EBITDA targets as it has room to maneuver on the timing of investment spending but we think FY23 targets are looking tougher


Z Holdings (Neutral) - Q2 22 Results Reaction: Ad Sales Weak but LINE Accounts Hold Up

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Z Holdings (Neutral) - Q2 22 Results Reaction: Ad Sales Weak but LINE Accounts Hold Up