Ann: H1 FY23 Results Update, page-98

Bit of an updated from MQG... anyone seen any from Shaw or Ords, they seem to be the biggest bulls.

With Zip Co reporting a decrease in its available cash and liquidity of -$200m, much of which was attributed to one-offs, Macquarie believes risk of a heavily discounted capital raise from the company remains elevated.The company does expect to see cash in flows derived from business sales, which combined with the potential release of trust investments and fewer funding requirements could see a raise avoided. The Underperform rating is retained and the target price decreases to $0.50 from $0.55.