FreeZS6 min read
Reading ZS past the bookings noise
ZS
Delayed
The thesis
Consumption trends stabilised two quarters before the Street will admit it.
Net revenue retention is basing, and that's the variable that re-rates the stock.
What I'm watching
- billings vs revenue spread
- ZS NRR vs last quarter
- A clean move through the level I flag below
Positioning
Short on ZS, 2-8 weeks horizon. Conviction: Medium. Multiples are sentiment-sensitive here — defined risk only.
Opinion, not investment advice. The author may or may not hold positions discussed.
Opinion. The author may or may not hold positions discussed. Not advice. Not a financial promotion approved under FSMA s.21. Quote data is delayed. Past performance is not a reliable indicator of future results.
Comments
1 commentStill one of the better write-ups on ZS.