Careful Goodfella, you are almost showing your (at lest financially aligned with) short hand there:
"Might have escaped your attention but bankruptcy has a zero value....bit like your 60 cent calls."
Your response predictable in guise. I do a thorough text book analysis of all of ZIP's reported figures, to the benefit of Hot Copper readers, and you throw out hidden expenses in corporate costs, unsubstantiated allegations of auditor failings and accuse me of misleading investors, for posting a simple analysis that is pretty much what you'd read at any covering broker, would you pay for such a service - many Hot Copper investors don't, hence I post.
I did the same simple analysis when I was short ZIP a couple of years ago, that suggested ZIP was way over-valued, with the honest declaration of being short - I wasn't misleading back then, quite the contrary, it was sound analysis for those who heeded it. I do the same analysis now, showing how ZIP is under-valued, with the honest declaration of being long.
Your argument is also non-sensical. If indeed those naughty auditors are helping nefarious ZIP "hiding $127 million of expenses in corporate costs" as you say....well given Corporate Financing Costs (perhaps this is what you refer to) are reflected on the PNL statement as expenses, so those expenses are reflected. Are you suggesting ZIP and the auditors somehow hiding expenses/costs, with out any final effect to the balance sheet? Who knows with your ambiguous and unexplained comments?
Of course, the reality is you are just slinging mud and hoping some sticks. One moment its 'corporate costs', then 'corporate losses'. Who knows what you are actually talking about - but that of course the purpose. Perhaps you should lend us humble idiots your expertise and even put in thorough detail your actual analysis to ASIC and show them how ZIP and their auditors (and myself as you allege) are (criminally) misleading investors - a risky allegation in today's litigious society even on an anonymous investor forum.
Comical, but alas predictable. There are dozens of the usual one to two line suggestions above that, ZIP's comprehensive, audited accounting figures are all a load of hooey from the usual day in, day out negative rampers on Hot Copper. There is one simple but comprehensive textbook analysis of ZIP's reported figures above from a poster who rarely comes on ZIP threads. Lets revisit those figures without comment or opinion:
ZIP has reduced its open note convertible debt from $500 million to $138 million in a year.
ZIP raised revenues, +16% to $693 million this year) in the last year.
ZIP has raised revenue margins across the year +60bps to 7.8% (above its declared medium-term targets of 7.0-7.5%)
ZIP's cash transaction margins have risen to 3.1% for the last quarter and 2.8% for the year.
ZIP's net bad debts have fallen as % of TTV at group of 2% (versus its declared target of <2%) versus last year at 2.7%
ZIP's core cash EBTDA -$48.2m, -55% improvement in 2H vs. its declared -50% core cash EBTDA improvement target.No ramping (no mud slinging like yourself). Just simple and irrefutably improving business metric figures across the time period reported.
(20min delay)