Zscaler (ZS) analysis

Loading the Vaultflake…

Health is the group's debt, not of a network already counted. Quality separates the margin of the subscription collected from the spend to grow. Growth follows renewals, not a year of many new subscriptions. P/E is read against that year, not against that peak. Shareholder return, if any, is checked against cash. Do not read it as access that has already replaced the previous one.

The P/E of a year of many new subscriptions is not the earnings if the customer does not renew. EV/EBITDA is read without treating the spend to grow as subscription collected. Do not use the multiple of a company that sells appliances as if the subscription were the same book. A dash if the ZS cache is cold.

Limits of this report

Not advice on Zscaler. Vaultflake does not count transactions and does not describe the attack. Read the filings. A past payout is not a right. The table is a snapshot, not a target price.

Questions from this report