Zip Co.'s Funding Looks Tight Despite Assurances -- Market Talk

Dow Jones2023-04-21

2249 GMT [Dow Jones]--Zip Co.'s receivables funding continues to look tight despite the Australian buy-now-pay-later provider's assurances that it has capacity to hit positive earnings in 1H of FY24, Jefferies analyst Roger Samuel says. He tells clients in a note that Zip has just A$132 million remaining of its A$3 billion total receivables funding. He acknowledges that Zip is in discussions with potential lenders, but points out that there is uncertainty around timing and pricing. Yet he thinks that Zip's 3Q FY23 update shows the company moving in the right direction, reducing cash burn and generating cash from the divestment of non-core assets. Jefferies cuts target price 15% to A$0.46 and keeps an underperform rating on the stock, which last traded at A$0.53. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

April 20, 2023 18:52 ET (22:52 GMT)

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skelz16
2023-04-26
skelz16
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