It’s been a tough year for Zambeef, with an underlying improvement in operational performance leading to higher volumes, despite a tougher backdrop. A higher finance charge was partly offset by a lower tax charge, which has resulted in a downgrade to our EPS (dil. adj.) forecasts of 7.6% to US$225c from US$243c for FY25E and by 7.2% to US$245c from US$263c for FY26E. However, a good Q4 and a cautiously optimistic outlook statement points to hopes of a brighter future. Our target price remains un ....
