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Zambeef Products

ZAM.L
36
Packaged Foods · Consumer Defensive
Price
5.25 GBp
+0.00 (+0.00%)
Market Cap
32.0M GBp
Exchange
London Stock Exchange
Winston Score
36
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Sep 15, 2026 · filings through Mar 31, 2026

§How the score breaks down

Quality
Weak
Growth
Good
Cash Flow
Weak
Stability
Mixed
Valuation
Strong

§Winston Score History

The full picture

Zambeef Products PLC is a comprehensive agribusiness enterprise that, along with its various subsidiaries, operates across Zambia, West Africa, and other international territories. The company handles the full spectrum of food production, from processing and distribution to the retail sale of its diverse offerings. These include beef, chicken, pork, milk, dairy products, eggs, edible oils, stock feed, and flour. Additionally, Zambeef maintains extensive row cropping operations, focusing primarily on maize, soybeans, and wheat. Its agricultural land comprises roughly 7,787 hectares under irrigation and an additional 8,694 hectares dedicated to rain-fed or dry-land crops. The group is also involved in cultivating palm tree plantations. As of June 16, 2022, Zambeef directly reached consumers through a network of 236 retail outlets located throughout Zambia and West Africa. Beyond its core food and crop activities, the company manages its own transport and trucking fleets. It further diversifies its business by producing, processing, and selling leather, footwear, and various meat products, and by engaging in the chicken breeding sector. The company was founded in 1994 and is headquartered in Lusaka, Zambia.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-7.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+92.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 ZMW/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Cash Runway

~11 months

249M ZMW cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Zambeef Products has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 400.6M (2021) → 400.6M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
20.0%
Thin — 20.0% gross margin
Profit after running costs
Operating Margin
-11.5%
Losing money on operations — -11.5%
Return on the money invested
ROCE
-3.3%
Weak — -3.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
-1.6%
Shrinking sales (-1.6% YoY)
Profit growth
EPS YoY
+63.3%
Earnings growing fast (+63.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
-35%
Weak — only -35% of profit becomes cash
Spare cash per sale
FCF Margin
-5.2%
Burning cash (-5.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.38
Conservative — low debt load (0.38)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
1.7x
Attractive valuation — P/E 1.7

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
+1.6
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Not applicable for this business.
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