New Risk • Feb 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (UK£25.9m market cap, or US$35.4m). New Risk • Dec 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 130% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (UK£21.4m market cap, or US$28.4m). Reported Earnings • Dec 09
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: K0.75 (up from K0.60 in FY 2024). Revenue: K8.06b (up 10% from FY 2024). Net income: K225.8m (up 26% from FY 2024). Profit margin: 2.8% (up from 2.5% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 6.6%. Revenue is expected to decline by 1.9% p.a. on average during the next 2 years, while revenues in the Food industry in the United Kingdom are expected to grow by 2.9%. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Dec 09
Zambeef Products PLC, Annual General Meeting, Dec 30, 2025 Zambeef Products PLC, Annual General Meeting, Dec 30, 2025, at 10:00 South Africa Standard Time. Announcement • Nov 25
Zambeef Products PLC Provides Earnings Guidance for the Year Ended 30 September 2025 Zambeef Products PLC provided earnings guidance for the year ended 30 September 2025. The company advised the shareholders that the Zambian Kwacha Total Basic Earnings per Share for the year ended 30 September 2025 is expected to be 26% higher than that of the corresponding financial period ended 30 September 2024. Reported Earnings • Jun 29
First half 2025 earnings released: EPS: K0.11 (vs K0.20 in 1H 2024) First half 2025 results: EPS: K0.11 (down from K0.20 in 1H 2024). Revenue: K3.84b (up 13% from 1H 2024). Net income: K34.4m (down 43% from 1H 2024). Profit margin: 0.9% (down from 1.8% in 1H 2024). Revenue is forecast to stay flat during the next 2 years compared to a 3.7% growth forecast for the Food industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. New Risk • Dec 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.2% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (UK£18.2m market cap, or US$23.1m). Reported Earnings • Dec 11
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: K0.60 (up from K0.43 in FY 2023). Revenue: K7.32b (up 21% from FY 2023). Net income: K179.8m (up 39% from FY 2023). Profit margin: 2.5% (up from 2.1% in FY 2023). Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Food industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Announcement • Dec 11
Zambeef Products PLC, Annual General Meeting, Dec 30, 2024 Zambeef Products PLC, Annual General Meeting, Dec 30, 2024, at 10:00 South Africa Standard Time. Reported Earnings • Jun 24
First half 2024 earnings released First half 2024 results: Revenue: K3.41b (up 23% from 1H 2023). Net income: K60.6m (up 111% from 1H 2023). Profit margin: 1.8% (up from 1.0% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Food industry in the United Kingdom. Announcement • Apr 09
Zambeef Products PLC Announces Board Changes Zambeef Products PLC announced the appointment of Ms. Monica Musonda as interim Chairperson of the Board of Directors. Ms. Musonda was appointed to the Zambeef Products plc Board as Independent Non-Executive Director in March 2021. The Board of Directors also announced the resignation of Mr. Roman Frenkel (Non-Executive Director) with immediate effect. Mr. Frenkel has served as Non-Executive Director for the past 3 years, since March 2021. He leaves the Board due to a volume of other work commitments at the British International Investment plc. BII continues to be represented on the Board by Dr. John Rich (Non-Executive Director). Announcement • Mar 30
Zambeef Products plc Announces Death of Chairman , Mr. Michael Mundashi Zambeef Products PLC announced the passing away of Mr. Michael Mundashi, Chairman of Zambeef Products plc. He passed away during the course of the evening on 26 March 2024 due to an illness. Mr. Mundashi was appointed to the Zambeef Products plc Board as Independent Non-Executive Director in September 2019 and was subsequently appointed as Chairman in December 2019. His invaluable insights and experience will be sorely missed, and he will remain a lasting part of the Company's story. New Risk • Dec 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 146% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (UK£24.2m market cap, or US$30.9m). Reported Earnings • Dec 08
Full year 2023 earnings: Revenues in line with analyst expectations Full year 2023 results: Revenue: K6.05b (up 12% from FY 2022). Net income: K129.2m (up K139.8m from FY 2022). Profit margin: 2.1% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Food industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Dec 08
Zambeef Products PLC, Annual General Meeting, Dec 29, 2023 Zambeef Products PLC, Annual General Meeting, Dec 29, 2023, at 08:00 Coordinated Universal Time. Announcement • Dec 04
Zambeef Products plc Provides Earnings Guidance for the the Financial Year Ended 30 September 2023 Zambeef Products PLC provided earnings guidance for the the financial year ended 30 September 2023. For the year, the company advises the shareholders of the Company that the Total Basic Earnings per Share for the financial year ended 30 September 2023 is expected to be 306% and 272% higher (in Kwacha and US Dollar terms respectively) than that of the previous financial year ended 30 September 2022. The Company reiterates the guidance provided in the Company's previous Trading Update of 7 November 2023, which included the following information, and therefore there is no change to the most recent market expectations as updated on 7 November 2023. Reported Earnings • Jul 01
First half 2023 earnings released First half 2023 results: Revenue: K2.78b (up 8.4% from 1H 2022). Net income: K19.0m (down 87% from 1H 2022). Profit margin: 0.7% (down from 5.7% in 1H 2022). Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Food industry in the United Kingdom. Announcement • Jun 22
Zambeef Products PLC Appoints John Clifford Rich as Non-Executive Director Zambeef Products PLC announced the appointment of Dr. John Clifford Rich as Non-Executive Director, representing British International Investment plc ("BII"), with effect from 21 June 2023. Dr. Rich is currently the Executive Chairman, of MHP SE ("MHP"), commencing in 2017. Previously, he was an Independent Non-Executive Director of MHP from 2007. He is an Independent Non-Executive Director at Zalar Holding SA (poultry and grain trading in Morocco) and a Director at Australian Agricultural Nutrition and Consulting Pty Limited (AANC) (agricultural consulting company). Dr. Rich has served as a Non-Executive Director at a range of companies domiciled in the UK, Denmark, Romania, Kazakhstan, Azerbaijan, Indonesia and Singapore and held various executive positions in agriculture and the food processing industry. He has worked for IFC World Bank, the European Bank for Reconstruction and Development (EBRD) and Commonwealth Development Corporation (CDC - now BII), as a consulting agribusiness industry specialist. Dr. Rich holds a Bachelor of Science Degree with Honours in Pathology and a Bachelor of Science Degree with Honours in Veterinary Science from the University of Sydney. Dr. Rich also holds numerous diplomas and certificates in agriculture, ruminant nutrition, finance and financial modelling related to animal and vegetable protein production. The board is pleased to welcome Dr. Rich and is confident that he will add immeasurable value to the Company. Announcement • Jun 09
Zambeef Products PLC Provides Earnings Guidance for the Financial Half Year Ended 31 March 2023 Zambeef Products PLC provided earnings guidance for the financial half year ended 31 March 2023. For the period, the company expects Total Basic Earnings per Share is expected to be 113% and 112% lower (in Zambian Kwacha and US Dollar terms respectively) than that of the corresponding financial period ended 31 March 2022. Board Change • May 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Muyangwa Muyangwa was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 08
Zambeef Products PLC, Annual General Meeting, Dec 27, 2022 Zambeef Products PLC, Annual General Meeting, Dec 27, 2022, at 08:00 Coordinated Universal Time. Agenda: To receive and note the minutes of the 28th Annual General Meeting held on 27 December, 2022 duly approved by the Chairman in accordance with the Companies Act; to consider adopt and approve the reports of the Directors, the Auditors, and the Financial Statements for the year ended September 30, 2022; and to consider other matters. Reported Earnings • Dec 06
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: K0.035 loss per share (down from K0.56 profit in FY 2021). Revenue: K5.39b (up 8.5% from FY 2021). Net loss: K10.5m (down 106% from profit in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Dec 02
Zambeef Products PLC Announces Directorate Change Zambeef announced the resignation of Mr. Walter Roodt as Executive Director of the Board, effective 1 December 2022. He will continue as an employee of the Group in his role as Strategic Projects and Large Livestock Director. Mr. Roodt served as an Executive Director on the Board for the past three years since 1 March 2019. The Board wishes to thank Mr. Roodt for his contribution to the Board and over the past years and wishes him continued success as he continues to serve the Company as an employee. Announcement • Nov 30
Zambeef Products plc Announces Earnings Guidance for Year Ended 30 September 2022 Zambeef Products PLC announced earnings guidance for year ended 30 September 2022. For the year the company advised the Shareholders of the Company that the Total Basic Earnings per Share is expected to be 83% lower (In Kwacha terms) than that of the financial year ended 30 September 2021. Board Change • Oct 31
High number of new directors Independent Non-Executive Director Pearson Gowero was the last director to join the board, commencing their role in 2021. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improved over the past week After last week's 9,900% share price gain to UK£9.25, the stock trades at a trailing P/E ratio of 2.8x. Average forward P/E is 10x in the Food industry in the United Kingdom. Total returns to shareholders of 16,344% over the past three years. Buying Opportunity • Jul 20
Now 20% undervalued Over the last 90 days, the stock is up 22%. The fair value is estimated to be UK£0.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 1.2% in a year. Earnings is forecast to decline by 25% in the next year. Buying Opportunity • Jul 04
Now 22% undervalued Over the last 90 days, the stock is up 32%. The fair value is estimated to be UK£0.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 1.2% in a year. Earnings is forecast to decline by 25% in the next year. Reported Earnings • Jun 16
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down ZK33.2m from profit in 1H 2021). Profit margin: (down from 1.5% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 5.4%, compared to a 9.5% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Jun 01
Zambeef Products PLC Provides Earnings Guidance for the Half Year Ended 31 March 2022 and for the Year Ending 30 September 2022 Zambeef Products PLC provided earnings guidance for the half year ended 31 March 2022 and for the year ending 30 September 2022. For the half year ended 31 March 2022, the company expected to be 172% higher in Kwacha terms (228% higher in USD) than that of the corresponding half year period ended 31 March 2021.For the year ending 30 September 2022, the company expected revenue (reported in USD) to be 10% above then market expectations, and EBIT then expected to end 15% - 25% ahead of then market expectations (all reported in USD). Announcement • May 31
Zambeef Products PLC Announces the Resignation of Mr. Frank Braeken as Non-Executive Director of the Board Zambeef announced the resignation of Mr. Frank Braeken as Non-Executive Director of the Board, effective 27 May 2022. Mr. Braeken served as a Non - Executive Director on the Board for the past four years since 30 June, 2018. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Pearson Gowero was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 15
Zambeef Announces the Resignation of Mr. Yollard Kachinda as Non-Executive Director of the Board Zambeef announced the resignation of Mr. Yollard Kachinda as Non-Executive Director of the Board, effective 14 April 2022. Mr. Kachinda served as a Non-Executive Director of the Board since 18 April 2017. The Board thanks Mr. Kachinda for his immense contribution to the Company over the past few years and wish him continued success in his future endeavours. Reported Earnings • Dec 01
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: K0.56 (up from K0.46 loss in FY 2020). Revenue: K4.97b (up 28% from FY 2020). Net income: K168.0m (up K304.8m from FY 2020). Profit margin: 3.4% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates by 14%. Over the next year, revenue is forecast to grow 1.9%, compared to a 6.8% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Reported Earnings • Jun 16
First half 2021 earnings released: EPS K0.083 (vs K0.037 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: K2.15b (up 20% from 1H 2020). Net income: K33.2m (up 200% from 1H 2020). Profit margin: 1.5% (up from 0.6% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Announcement • May 06
Zambeef Products PLC Provides Earnings Guidance for the Year Ending September 30 2021 Zambeef Products PLC provided earnings guidance for the year ending September 30 2021. The Group announced that for the year ending September 30, 2021, revenue (reported in USD) is expected to be inline with current market expectations. However, EBIT is now expected to end 20% - 30% ahead of current market expectations (all reported in USD). Announcement • Mar 12
Zambeef Products PLC Announces Board Changes Zambeef Products PLC announced that Margaret Kunda Chalwe-Mudenda, Professor Enala Lyson Tembo-Mwase and John Rabb, all Non-Executive Directors of the Group, have stepped down from the Board with immediate effect. Katebe Monica Musonda, Pearson Gowero and Roman Frenkel and have been appointed to the Board as Non-Executive Directors with immediate effect. Executive Departure • Mar 11
Independent Non Executive Director has left the company On the 10th of March, Enala Tembo-Mwase's tenure as Independent Non Executive Director ended after 3.9 years in the role. We don't have any record of a personal shareholding under Enala's name. A total of 6 executives have left over the last 12 months. Executive Departure • Mar 11
Independent Non Executive Director has left the company On the 10th of March, John Rabb's tenure as Independent Non Executive Director ended after 18.6 years in the role. As of December 2020, John personally held 14.00m shares (UK£718k worth at the time). A total of 6 executives have left over the last 12 months. Executive Departure • Mar 11
Independent Non Executive Director has left the company On the 10th of March, Margaret Chalwe-Mudenda's tenure as Independent Non Executive Director ended after 3.9 years in the role. We don't have any record of a personal shareholding under Margaret's name. A total of 6 executives have left over the last 12 months. Executive Departure • Mar 03
Non-Executive Director has left the company On the 28th of February, David Delano Osborne's tenure as Non-Executive Director ended after 4.5 years in the role. We don't have any record of a personal shareholding under David Delano's name. A total of 3 executives have left over the last 12 months. Announcement • Feb 26
David Osborne to Step Down as Director of Zambeef Products Plc Zambeef Products Plc ("Zambeef" or "the Company") announced that Mr. David Osborne will be stepping down as a director of the Company, effective 28 February, 2021, as a result of his retirement from CDC Group PLC ("CDC") at the end of this month. Analyst Estimate Surprise Post Earnings • Dec 05
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 17%, compared to a 8.0% growth forecast for the Food industry in the United Kingdom. Reported Earnings • Dec 05
Full year 2020 earnings released: K0.45 loss per share The company reported a soft full year result with weaker earnings and control over expenses, although revenues were improved. Full year 2020 results: Revenue: K3.88b (up 24% from FY 2019). Net loss: K136.9m (down 486% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Announcement • Dec 04
Zambeef Products Plc, Annual General Meeting, Dec 24, 2020 Zambeef Products Plc, Annual General Meeting, Dec 24, 2020, at 08:00 Coordinated Universal Time. Announcement • Nov 27
Zambeef Products Plc to Report Fiscal Year 2020 Results on Nov 30, 2020 Zambeef Products Plc announced that they will report fiscal year 2020 results on Nov 30, 2020 Announcement • Jul 30
Chenguang Biotech (Zambia) Agri-Dev Ltd completed the acquisition of Sinazongwe Farm from Zambeef Products Plc (LUSE:ZAMBEEF). Chenguang Biotech (Zambia) Agri-Dev Ltd agreed to acquire Sinazongwe Farm from Zambeef Products Plc (LUSE:ZAMBEEF) for $10 million on September 17, 2019. Out of $10 million of consideration $1 million is paid at the signing of the sale purchase agreement and $9 million is paid on or around the completion date. As of April 8, 2020, the balance of the purchase price shall now be paid as $3 million to be paid on or before April 10, 2020 and $6 million to be paid on or before April 24, 2020. If the transaction fails to complete for any reason by either party, then the transaction will be cancelled and Zambeef shall refund the $1 million Deposit without any interest. The refund shall not apply to Chenguang's 50% share of cost relating to Zambia Revenue Authority Property Transfer Tax and CCPC fees. For the Financial year ended September 2018, Sinazongwe Farm had generated negative EBITDA of $0.3 million.
The transaction is subject to obtaining state consent to assign the properties, approval by Zambeef Products Plc (LUSE:ZAMBEEF) shareholders, approval of the Transaction by CDC Group plc, Approval of the Transaction by the Board of Zambeef, approval of Competition and Consumer Protection Commission. As of December 30, 2019, all resolutions put to Shareholders at the Extraordinary General Meeting of the company held to approve the transaction were duly passed. Completion of the transaction remains subject to the satisfaction or waiver of the remaining conditions. Completion of the transaction shall be subject at all times to Zambeef receiving the Final Instalment. All other Conditions Precedent as set out in the SPA have been satisfied by both parties. The transaction is expected to complete on or before March 15, 2020. On March 13, 2020, Zambeef has entered into an Addendum Agreement extending the Completion/Long-Stop date for the Sinazongwe Farm disposal from March 15, 2020 to April 7, 2020. On April 8, 2020, Zambeef entered into a second side agreement with Chenguang Biotech extending the Completion/Long-Stop date from April 7, 2020 to April 24, 2020. The net sale proceeds will largely be used to pay down the Group's debt and thus reduce gearing and interest costs. James Spinney and Ritchie Balmer of Strand Hanson Limited, Christopher Raggett of Finncap and Wendy Tembo of Pangaea Securities acted as financial advisors to Zambeef.
Chenguang Biotech (Zambia) Agri-Dev Ltd completed the acquisition of Sinazongwe Farm from Zambeef Products Plc (LUSE:ZAMBEEF) on April 24, 2020. The final payment of $6 million was done on April 24, 2020.