Zambian (LSE) Market Analysis & Valuation

Market Valuation and Performance

Has the Zambian Market valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 23 May 2024	ZK56.7b	ZK55.4b	ZK10.3b	6.4x	5.5x	1x
Sat, 20 Apr 2024	ZK56.7b	ZK53.9b	ZK10.1b	6.5x	5.6x	1.1x
Mon, 18 Mar 2024	ZK55.0b	ZK53.3b	ZK11.2b	6.6x	4.9x	1x
Wed, 14 Feb 2024	ZK49.8b	ZK53.2b	ZK8.7b	10.3x	5.7x	0.9x
Fri, 12 Jan 2024	ZK48.2b	ZK51.9b	ZK8.3b	10.3x	5.8x	0.9x
Sun, 10 Dec 2023	ZK49.3b	ZK50.1b	ZK8.1b	5.7x	6.1x	1x
Tue, 07 Nov 2023	ZK44.1b	ZK48.0b	ZK7.7b	5.8x	5.8x	0.9x
Thu, 05 Oct 2023	ZK41.5b	ZK46.4b	ZK7.1b	5.5x	5.9x	0.9x
Sat, 02 Sep 2023	ZK38.8b	ZK46.0b	ZK6.9b	5.5x	5.6x	0.8x
Mon, 31 Jul 2023	ZK37.3b	ZK36.5b	ZK4.8b	8.5x	7.8x	1x
Wed, 28 Jun 2023	ZK36.8b	ZK36.8b	ZK5.1b	8.1x	7.2x	1x
Fri, 26 May 2023	ZK36.4b	ZK37.6b	ZK5.2b	7.7x	7x	1x
Sun, 23 Apr 2023	ZK35.9b	ZK36.0b	ZK4.8b	7.8x	7.4x	1x
Tue, 21 Mar 2023	ZK33.2b	ZK35.7b	ZK4.2b	7.5x	7.9x	0.9x
Thu, 16 Feb 2023	ZK32.7b	ZK35.2b	ZK4.2b	7.5x	7.8x	0.9x
Sat, 14 Jan 2023	ZK32.8b	ZK32.5b	ZK3.4b	8.5x	9.6x	1x
Mon, 12 Dec 2022	ZK33.1b	ZK37.2b	ZK3.5b	7.5x	9.4x	0.9x
Wed, 09 Nov 2022	ZK32.7b	ZK36.8b	ZK3.8b	6.5x	8.7x	0.9x
Fri, 07 Oct 2022	ZK32.7b	ZK31.3b	ZK3.7b	5.9x	8.9x	1x
Sun, 04 Sep 2022	ZK32.0b	ZK30.9b	ZK3.6b	5.9x	8.9x	1x
Tue, 02 Aug 2022	ZK31.1b	ZK31.2b	ZK3.6b	5.8x	8.6x	1x
Thu, 30 Jun 2022	ZK29.8b	ZK37.8b	ZK3.9b	5.8x	7.7x	0.8x
Sat, 28 May 2022	ZK29.5b	ZK37.6b	ZK3.8b	5.8x	7.8x	0.8x
Mon, 25 Apr 2022	ZK29.7b	ZK37.0b	ZK4.2b	5.2x	7.1x	0.8x
Wed, 23 Mar 2022	ZK26.9b	ZK31.7b	ZK3.4b	5.4x	8x	0.8x
Fri, 18 Feb 2022	ZK25.7b	ZK31.7b	ZK3.3b	5.4x	7.7x	0.8x
Sun, 16 Jan 2022	ZK25.1b	ZK31.6b	ZK3.3b	5.4x	7.6x	0.8x
Tue, 14 Dec 2021	ZK22.2b	ZK30.5b	ZK3.1b	5.9x	7.2x	0.7x
Thu, 11 Nov 2021	ZK20.0b	ZK28.4b	ZK2.4b	6.3x	8.4x	0.7x
Sat, 09 Oct 2021	ZK18.5b	ZK28.3b	ZK2.4b	5.1x	7.8x	0.7x
Mon, 06 Sep 2021	ZK16.9b	ZK31.6b	ZK2.7b	5.9x	6.3x	0.5x
Wed, 04 Aug 2021	ZK15.9b	ZK31.9b	ZK1.5b	7.2x	11x	0.5x

Current Market PE

Investors are pessimistic on the Zambian market, indicating that they anticipate earnings will not grow as fast as they have historically.

The market is trading at a PE ratio of 5.5x which is lower than its 3-year average PE of 7.7x.

Past Earnings Growth

The earnings for Zambian listed companies have grown 95% per year over the last three years.
Revenues for these companies have grown 21% per year.
This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Zambian Market?


ZM Market	0.046%
Materials	0.47%
Utilities	0.24%
Telecom	0.023%
Energy	0%
Real Estate	0%
Industrials	0%
Consumer Discretionary	0%
Consumer Staples	0%
Healthcare	0%
Tech	0%
Financials	-0.19%

Sector PE

Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 9.4x.

It looks like investors are confident that earnings will grow faster in the future than they have historically.

The Materials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 13.4x.

Forecasted GrowthThere is insufficient data in this market to determine future earnings growth rates.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation	Sector
CHILANGA Chilanga Cement	K16.50	17.0% +K480.1m	14.7%	PE12.3x	Materials
CCFA CEC Africa Investments	K0.59	3.5% +K32.5m	31.1%	n/a	Utilities
CEC Copperbelt Energy	K7.72	0.3% +K32.5m	54.4%	PE3.5x	Utilities

Company

Last Price

Valuation

Sector

CHILANGA Chilanga Cement

K16.50

17.0%
+K480.1m

14.7%

PE12.3x

Materials

CCFA CEC Africa Investments

K0.59