Much as I predicted
Citi expects earlier-than-expected, big equity raise for Australia's Zip10 Dec. 2020 07:31BUZZ-Citi expects earlier-than-expected, big equity raise for Australia's Zip** Citigroup says Zip Co Ltd may need asooner-than-expected equity raise, which would be larger thanthe A$100 mln ($74.37 mln) the brokerage forecast for FY22** Cites co's expansion into new markets on top of greatermarketing in existing markets for its capital needs; Cuts pricetarget to A$6.4 from A$6.7 could** Citi cautions that the buy-now-pay-later firm may be"taking on too much", given its push into the U.S. and UK aswell as the launch of other services** As of June 30, Zip had A$32.7 mln ($24.32 mln) in cash onits books; Citi says co has received an extra A$100 mln viaconvertible notes issued to Susquehanna International Group(SIG)** Brokerage expects Zip's cash balance to fall to A$57 mlnby FY21-end; additional warrants with SIG and Amazoncould be other sources of funding** Lowers its FY21 cash EBTDA forecast by A$10 mln toaccount for rising spending** Despite record November results for both companies,Afterpay has widened the gap with Zip in recent weeks($1 = 1.3446 Australian dollars)Graphic: Zip underperforms Afterpay https://tmsnrt.rs/2VZEDCw(Reporting by Nikhil Kurian Nainan)© Thomson Reuters 2020. Click for Restrictions.
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