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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Results for Q4 and FY22 guidance were mixed with platform sales and revenue largely in-line but margins slightly weaker</li>
<li>The loss of a major B2B customer wipes out almost all the growth in that segment but core consumer growth remains solid (10%+) as do operating KPIs </li>
<li>The read across to parent Z Holdings is limited as the difference in company guidance and consensus operating profit is less than 1% of ZHD consolidated</li>
</ul>


Results for Q4 and FY22 guidance were mixed with platform sales and revenue largely in-line but margins slightly weaker
The loss of a major B2B customer wipes out almost all the growth in that segment but core consumer growth remains solid (10%+) as do operating KPIs 
The read across to parent Z Holdings is limited as the difference in company guidance and consensus operating profit is less than 1% of ZHD consolidated


Zozo - Q4 21 Results Reaction: Mixed but Underlying Consumer Growth Remains Solid

ZOZO Inc

Zozo - Q4 21 Results Reaction: Mixed but Underlying Consumer Growth Remains Solid