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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>The company reports Thursday and markets have priced in bad news (shares down 22% YTD and 38% from November highs) but that pattern of weakness in year-end results isn't new</li>
<li>It has happened the last four years as management's penchant for investment dampens hopes for profitability growth but LINE synergies and digitization should enable double-digit EBITDA growth anyway</li>
<li>We are posting updated company forecasts/estimates including a separate table for PayPay</li>
</ul>


The company reports Thursday and markets have priced in bad news (shares down 22% YTD and 38% from November highs) but that pattern of weakness in year-end results isn't new
It has happened the last four years as management's penchant for investment dampens hopes for profitability growth but LINE synergies and digitization should enable double-digit EBITDA growth anyway
We are posting updated company forecasts/estimates including a separate table for PayPay


Z Holdings (Buy) - FY22 Should Be Brighter

LY

Z Holdings (Buy) - FY22 Should Be Brighter