We had high expectations ahead of the CMD and ZTF did not disappoint. We were impressed by the scale of management’s ambition and the well-defined steps laid out to achieve its targets. Management is implementing a major shift in the company’s approach, from being product-led to industry-led, with the aim to get closer to the customer and to capture more value from its portfolio. In our view, the company is in the strongest position it has been for years, yet it is trading near all-time lows (PER). We can’t square that circle particularly in light of the exciting growth opportunity set out at the CMD. BUY.
