ZABR ZL | Delivering from the core
As the market leader in Zambia (c.90% market share in the formal clear beer segment) with a broad product portfolio, we believe Zambian Breweries (Zambrew) is well positioned to benefit from improving economic fundamentals, rising consumer confidence and favourable demographics. Despite 15% CAGR in revenue from FY'13 to FY'17, margins have declined from 20.2% to 18.3% due to a challenging trading environment and various once-off costs. However, with the confirmed sale of the Group's non-alcoholic drinks (sparkling beverages) segment, we expect margins to increase above 30% as costs normalise and operations are streamlined.
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