Zambeef delivered revenue, EBITDA and PBT (both rpt. and adj.) in-line with expectations, having reduced forecasts substantially after the April profit warning. It has been a tough year for Zambeef after a promising start which ended abruptly following the onset of the worst drought since records began. We have increased our EPS (Dil. Adj.) FY25E forecast to US3.03c from US1.72c to reflect a lower net debt forecast and a lower-than-expected tax charge. We introduce a new EPS (Dil. Adj.) forecast ....
