RBC Capital Markets said credit quality in Australia and New Zealand was improving, there was increased customer usage driven by Tap & Pay, strong merchant growth in the US and continued strong net transaction margins.
The broker said Zip enters the second half of the financial year with a growing customer and merchant base, new large merchants added in the US, and a UK rollout which has added more than 150 merchants.
"From a funding perspective, the recent capital raise allows an acceleration in growth investment, particularly in the US, while further funding will be needed in ANZ as several facilities mature in the coming months."
"Overall a solid update, with QuadPay the key growth driver."
RBC Capital Markets rates the stock as a 'sector-perform' with a price target of $6 a share.
RBC Capital Markets said credit quality in Australia and New...
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