Three things stand out in Zoo’s AGM statement, which on net, we take as net positive: (1) a major new defacto streaming partner; (2) improved mix impact on EBITDA; but (3) no new studio contracts signed. The shares are down 22% YTD but rallied since May’s low of c.44p. With the balance of risk shifting and the shares trading on a modest 2.3x EV/sales for a fast-growing, profitable business, we believe anticipate a positive reaction from the market. We reiterate our Buy rating on Z
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