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Primarily traded in Tokyo (with ticker 3092), the stock of ZOZO, Inc. (SATLF) (SRTTY) was up more than 20% since the end of last summer, primarily driven Yahoo Japan's (YAHOY) (YAHOF) controlling stake. As the share price is almost 50% off its all-time high back in 2018, should investors be bullish on this high-ROIC, debt-free fast-grower?
Source: Yahoo Finance; data as of 11/8/2019.
Let's examine ZOZO's business economics first. As detailed below, we do not think that the current high share price is well