ZIM - ZIM Integrated Shipping Services: Choppy IPO Offers 60%+ Upside

• Zim Integrated Shipping Services is a recently completed IPO of a specialized global shipping liner.
• The global shipping sector is enjoying rate surges not seen since the mid-2000s after a decade of doldrums. ZIM is a key beneficiary.
• The poorly marketed IPO combined with unlucky timing (trading began during peak GME contagion) led to a lackluster pricing and horrendous trading opening.
• We scooped shares from the $11s and I've recently grown the position through the $14s. Banks are prohibited from covering this stock until late-Feb.
• ZIM trades at roughly 1.5x estimated 2021 EPS and 2x EV/EBTIDA. I believe this could trade between $20 and $30 this summer. First major catalyst with earnings in early-March.

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