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Zambian (LSE) Market Analysis & Valuation

UpdatedNov 25, 2025
DataAggregated Company Financials
Companies19
  • 7D-0.3%
  • 3M2.1%
  • 1Y56.7%
  • YTD60.3%

The market has been flat in the last week, however the Industrials sector is down 7.7%. More promisingly, the market is up 57% over the past year. As for the next few years, earnings are expected to grow by 22% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 30 Nov 2025ZK107.1bZK69.4bZK9.8b11.4x11x1.5x
Tue, 28 Oct 2025ZK107.9bZK68.6bZK10.0b10.3x10.8x1.6x
Thu, 25 Sep 2025ZK107.1bZK69.7bZK10.2b9.9x10.5x1.5x
Sat, 23 Aug 2025ZK98.5bZK67.6bZK9.5b9x10.4x1.5x
Mon, 21 Jul 2025ZK89.1bZK67.3bZK9.5b7.2x9.4x1.3x
Wed, 18 Jun 2025ZK86.7bZK67.5bZK9.6b7.1x9.1x1.3x
Fri, 16 May 2025ZK72.1bZK67.4bZK10.0b5.8x7.2x1.1x
Sun, 13 Apr 2025ZK72.4bZK72.6bZK9.3b5.4x7.8x1x
Tue, 11 Mar 2025ZK67.9bZK67.6bZK9.5b6.8x7.1x1x
Thu, 06 Feb 2025ZK68.5bZK63.8bZK8.6b6.8x7.9x1.1x
Sat, 04 Jan 2025ZK68.3bZK63.4bZK9.0b6.3x7.6x1.1x
Mon, 02 Dec 2024ZK70.0bZK62.0bZK8.9b6.7x7.9x1.1x
Wed, 30 Oct 2024ZK72.2bZK59.4bZK7.6b8.7x9.4x1.2x
Fri, 27 Sep 2024ZK70.9bZK58.7bZK7.9b8.4x9x1.2x
Sun, 25 Aug 2024ZK66.0bZK57.3bZK9.8b6.8x6.8x1.2x
Tue, 23 Jul 2024ZK64.3bZK57.2bZK9.7b6.6x6.6x1.1x
Thu, 20 Jun 2024ZK59.1bZK56.5bZK9.7b6.4x6.1x1x
Sat, 18 May 2024ZK56.9bZK54.0bZK10.1b6.7x5.6x1.1x
Mon, 15 Apr 2024ZK56.3bZK53.7bZK10.0b6.5x5.6x1x
Wed, 13 Mar 2024ZK54.7bZK53.1bZK11.1b6.6x4.9x1x
Fri, 09 Feb 2024ZK50.3bZK53.2bZK8.7b10.3x5.8x0.9x
Sun, 07 Jan 2024ZK48.1bZK51.8bZK8.3b10.2x5.8x0.9x
Tue, 05 Dec 2023ZK48.8bZK49.3bZK7.8b7.1x6.3x1x
Thu, 02 Nov 2023ZK44.1bZK46.8bZK7.2b5.8x6.1x0.9x
Sat, 30 Sep 2023ZK41.3bZK46.4bZK7.0b5.5x5.9x0.9x
Mon, 28 Aug 2023ZK38.8bZK37.1bZK5.0b8.2x7.8x1x
Wed, 26 Jul 2023ZK36.7bZK37.4bZK5.0b8.3x7.4x1x
Fri, 23 Jun 2023ZK36.8bZK36.9bZK5.1b8.1x7.2x1x
Sun, 21 May 2023ZK36.5bZK37.4bZK5.2b7.8x7x1x
Tue, 18 Apr 2023ZK35.7bZK36.0bZK4.8b7.8x7.4x1x
Thu, 16 Mar 2023ZK32.9bZK35.6bZK4.2b7.5x7.8x0.9x
Sat, 11 Feb 2023ZK32.7bZK35.2bZK4.2b7.5x7.8x0.9x
Mon, 09 Jan 2023ZK33.4bZK32.4bZK3.4b8.5x9.8x1x
Wed, 07 Dec 2022ZK33.1bZK37.2bZK3.5b7.5x9.4x0.9x
Price to Earnings Ratio

9.4x


Total Market Cap: ZK33.1bTotal Earnings: ZK3.5bTotal Revenue: ZK37.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Zambian Market Price to Earnings3Y Average 7.7x202320242025
Current Market PE
  • Investors are optimistic on the Zambian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 11.0x which is higher than its 3-year average PE of 7.7x.
Past Earnings Growth
  • The earnings for Zambian listed companies have grown 40% per year over the last three years.
  • Revenues for these companies have grown 23% 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-0.32%
Materials2.55%
Consumer Discretionary0.24%
Financials0.11%
Telecom0.029%
Real Estate0%0
Utilities-0.38%
Energy-1.64%
Consumer Staples-1.73%
Industrials-7.69%
Sector PE
  • Investors favour the Industrials sector the most for future growth which is trading above its 3-year average PE ratio.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Staples sector, expecting annual earnings growth of 22% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Consumer Staples sector is expected to see its earnings grow by 22% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
CHIL Chilanga CementK62.003.3%
+K394.1m		145.9%PE20.8xMaterials
CCAF CEC Africa InvestmentsK0.831.2%
+K16.3m		29.7%n/aUtilities
ZNCO Zambia National Commercial BankK6.010.2%
+K14.4m		3.8%PB1.4xFinancials
ZFCO Zambia Forestry and Forest IndustriesK3.570.6%
+K8.0m		20.2%PE1.9xMaterials
ATEL Airtel Networks ZambiaK137.730.03%
+K4.2m		216.6%PE9.1xTelecom
See more

Market Insights

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🏰 Defensive Stocks Are No Longer Cheap
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Richard Bowman
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In this piece, we’ll cover the key defensive sectors across the US, Canada, the UK, Europe, and Australia, compare their valuations to the broader market, and highlight where “safety” might actually be expensive risk in disguise.
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Latest News

ZMFA
K60.00
Metal Fabricators of Zambia
7D
-7.7%
1Y
1,097.6%
ZSUG
K65.27
Zambia Sugar
7D
-2.0%
1Y
80.8%
ZNCO
K6.01
Zambia National Commercial Bank
7D
0.2%
1Y
3.8%
BATA
K6.53
Zambia Bata Shoe
7D
0.5%
1Y
8.8%
PUMA
K4.21
Puma Energy Zambia
7D
-1.6%
1Y
-27.4%
ATEL
K137.73
Airtel Networks Zambia
7D
0.03%
1Y
216.6%
BATZ
K13.00
British American Tobacco (Zambia)
7D
-2.5%
1Y
282.4%
ZFCO
K3.57
Zambia Forestry and Forest Industries
7D
0.6%
1Y
20.2%
CECZ
K20.04
Copperbelt Energy
7D
-0.4%
1Y
43.7%
AECI
K120.17
AECI Mining Explosives
7D
0.1%
1Y
281.5%
CHIL
K62.00
Chilanga Cement
7D
3.3%
1Y
145.9%
CCAF
K0.83
CEC Africa Investments
7D
1.2%
1Y
29.7%