ZIXI - Zix: The Market Will Soon Give Way

• Zix's growth metrics are improving. This trend is expected to flow to the bottom line in the coming quarters.
• The market continues to value Zix modestly due to its highly leveraged capital structure.
• There are also worries about the sustainability of revenue growth given its modest cash position.
• These developments continue to make Zix's risk/reward opportunity favorable.
• Assuming double-digit ARR growth in 2021, Zix's valuation will remain cheap at a sales multiple of 3x using the current enterprise value.

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