Several investment analysts have published equity research reports on the Company since the release of its most recent financial results. For the convenience of shareholders, we have attached an investment note prepared by TN Asset Management (TNAM), one of Zimbabwe’s leading asset managers.
This publicly available report was produced to assist Econet shareholders in assessing the value of their investment following the Company’s delisting from the Zimbabwe Stock Exchange in March 2026 and provides an independent perspective on the Company’s underlying valuation.
The Company’s standing share repurchase offer at 50 US cents per share should not be viewed as a reflection of intrinsic value. As noted by TN Asset Management in the attached investment note:
“The floor price should not be regarded as the Company’s intrinsic value or the market price given that Econet is not listed. It does not reflect the Company’s earnings power, strategic assets or future growth prospects, but provides a buyer-of-last-resort facility for shareholders…”
Based on its independent valuation analysis, TN Asset Management estimates the fair value of the Company’s shares to be in the range of US$1.00 to US$1.17 per share, representing a substantial premium to the current repurchase floor price.
Shareholders should therefore distinguish between the repurchase floor price, and the estimated intrinsic value of the business as determined through fundamental valuation methodologies. Accordingly, shareholders should carefully evaluate the Company’s underlying value before making any decisions concerning their shares.
