ZABR ZL | Zambrew 2.0
Despite a challenging economic environment, Zambrew rewarded investors through positive core EPS growth (+53% y/y) and a special dividend (ZMW3.68 per share) due to the sale of its Sparkling Beverage business unit (Softco). Post the sale/separation, we believe Zambrew will operate more efficiently. Despite targeting an affordability strategy, we believe the Group's margins will expand to above 25% over three years. We forecast a 9% CAGR increase in volumes over the next three years, resulting in double-digit revenue growth.
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