In Q4, CZM reported double-digit growth across segments and regions. For FY 21/22, management expects sales growth to remain in line with the industry’s growth rate, and margins are expected to normalise. While the firm remains a beneficiary of healthy recovery/momentum and an increasing share of recurring sales, there are some near-term challenges like supply constraints and re-emerging COVID-19 risks, which cannot be ignored. Moreover, given CZM’s still expensive valuation, our recommendation ....
10 Dec 2021
Healthy growth across segments, but caution maintained
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Healthy growth across segments, but caution maintained
In Q4, CZM reported double-digit growth across segments and regions. For FY 21/22, management expects sales growth to remain in line with the industry’s growth rate, and margins are expected to normalise. While the firm remains a beneficiary of healthy recovery/momentum and an increasing share of recurring sales, there are some near-term challenges like supply constraints and re-emerging COVID-19 risks, which cannot be ignored. Moreover, given CZM’s still expensive valuation, our recommendation ....