HARARE – Business mogul Zed Koudounaris is once again increasing his stake in Innscor Africa Limited, one of Zimbabwe’s largest food manufacturing and retail conglomerates. According to NewZwire, Koudounaris has acquired additional shares valued at US$256,143, purchasing stock at approximately 47 US cents per share.
This mirrors a similar move he made around the same time last year, when he spent US$258,153 acquiring Innscor stock. The latest purchase brings his total shareholding in the company to 109,189,308 shares.
The shares were bought through ZMD Investments, Koudounaris’ investment vehicle, which already holds a near-20% stake in Innscor. ZMD is also the largest shareholder in Axia Corporation, Padenga Holdings, and Simbisa Brands—all companies that were spun off from Innscor and have since been separately listed on the Zimbabwe Stock Exchange.
Koudounaris’ renewed interest comes amid growing optimism about Innscor’s financial prospects. A new report from IH Securities, a leading stockbroking and research firm, paints a bullish outlook for the company.
“In our view, Innscor will see revenue growth of 22.1% in the current year to reach US$981.77 million, supported by volume performance. We anticipate EBITDA margins to rise to 10.2% due to gradual efficiency gains,” IH Securities stated in its latest research note.
Despite its size and market dominance, Innscor is still perceived as undervalued. The company is trading at a price-to-earnings (P/E) ratio of 6.3x, compared to an industry average of 13.8x. Meanwhile, its EV/EBITDA ratio stands at just 3x, far below the sector benchmark of 7.9x, suggesting significant room for re-rating.
“Innscor has a target price of US$0.75, suggesting a potential upside of 60% at current levels. We therefore place a BUY rating,” IH concluded.
Innscor shares closed Tuesday at 49 US cents on the Zimbabwe Stock Exchange.
Source: NewZwire
