FY25 has been a tough year for Zambeef as it recovered from the worst drought in memory in FY24 but there are signs of underlying improvement in operational performance. The company reported higher volumes despite a tougher backdrop. A good 4Q and a cautiously optimistic outlook statement points to a brighter future. We have adjusted our FY26E EPS (dil. adj.) to US1.71c from US2.45c to reflect a higher number of shares from the convertible preference dilution post September 2024 and a slightly l ....
