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Zambian (LSE) Market Analysis & Valuation

UpdatedAug 11, 2026
DataAggregated Company Financials
Companies20
  • 7D2.6%
  • 3M2.1%
  • 1Y25.7%
  • YTD5.3%

The market is up 2.5% over the last week, with the Communication Services sector leading the way, up 15%. As for the past 12 months, the market is up 26%. In the next few years, earnings are forecast to decline by 31% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 11 Aug 2026ZK124.3bZK75.9bZK9.9b12.3x12.6x1.6x
Thu, 09 Jul 2026ZK120.3bZK75.6bZK9.8b12.5x12.2x1.6x
Sat, 06 Jun 2026ZK118.2bZK74.7bZK9.4b12.5x12.5x1.6x
Mon, 04 May 2026ZK121.9bZK76.2bZK10.2b12.6x11.9x1.6x
Wed, 01 Apr 2026ZK124.4bZK73.4bZK9.9b13.6x12.6x1.7x
Fri, 27 Feb 2026ZK118.3bZK74.4bZK9.0b13.5x13.1x1.6x
Sun, 25 Jan 2026ZK117.0bZK74.2bZK8.9b12.3x13.2x1.6x
Tue, 23 Dec 2025ZK111.6bZK75.6bZK9.4b11.4x11.9x1.5x
Thu, 20 Nov 2025ZK110.3bZK69.4bZK9.9b10.2x11.2x1.6x
Sat, 18 Oct 2025ZK105.2bZK69.1bZK10.1b10x10.4x1.5x
Mon, 15 Sep 2025ZK105.7bZK71.8bZK10.2b9.7x10.4x1.5x
Wed, 13 Aug 2025ZK92.0bZK67.3bZK9.5b8.1x9.7x1.4x
Fri, 11 Jul 2025ZK85.9bZK67.6bZK9.5b7.2x9x1.3x
Sun, 08 Jun 2025ZK81.5bZK67.4bZK9.5b7.1x8.5x1.2x
Tue, 06 May 2025ZK69.9bZK67.9bZK10.1b5.4x6.9x1x
Thu, 03 Apr 2025ZK72.3bZK70.7bZK8.8b6.9x8.2x1x
Sat, 01 Mar 2025ZK68.1bZK64.1bZK8.7b6.8x7.8x1.1x
Mon, 27 Jan 2025ZK68.0bZK63.3bZK9.0b6.3x7.6x1.1x
Wed, 25 Dec 2024ZK68.8bZK63.3bZK9.0b6.5x7.7x1.1x
Fri, 22 Nov 2024ZK70.1bZK61.6bZK8.8b6.7x7.9x1.1x
Sun, 20 Oct 2024ZK71.9bZK59.4bZK7.6b8.2x9.4x1.2x
Tue, 17 Sep 2024ZK70.7bZK58.8bZK7.9b8.4x9x1.2x
Thu, 15 Aug 2024ZK63.7bZK57.3bZK9.8b6.8x6.5x1.1x
Sat, 13 Jul 2024ZK64.6bZK57.1bZK9.7b6.6x6.7x1.1x
Mon, 10 Jun 2024ZK58.0bZK56.8bZK9.8b6.4x5.9x1x
Wed, 08 May 2024ZK56.7bZK54.5bZK10.3b6.5x5.5x1x
Fri, 05 Apr 2024ZK56.3bZK53.2bZK9.7b6.7x5.8x1.1x
Sun, 03 Mar 2024ZK53.3bZK52.2bZK8.3b8.5x6.4x1x
Tue, 30 Jan 2024ZK48.7bZK52.3bZK8.4b10.2x5.8x0.9x
Thu, 28 Dec 2023ZK47.6bZK50.7bZK8.3b5.9x5.7x0.9x
Sat, 25 Nov 2023ZK47.5bZK49.1bZK7.7b7.1x6.1x1x
Mon, 23 Oct 2023ZK43.5bZK46.6bZK7.1b5.8x6.1x0.9x
Wed, 20 Sep 2023ZK40.8bZK46.2bZK7.0b5.5x5.8x0.9x
Fri, 18 Aug 2023ZK38.8bZK36.8bZK4.8b8.3x8.1x1.1x
Price to Earnings Ratio

8.1x


Total Market Cap: ZK38.8bTotal Earnings: ZK4.8bTotal Revenue: ZK36.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Zambian Market Price to Earnings3Y Average 8.7x202420252026
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 12.5x which is higher than its 3-year average PE of 8.7x.
Past Earnings Growth
  • The earnings for Zambian listed companies have grown 27% per year over the last three years.
  • Revenues for these companies have grown 27% 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 Market2.56%
Real Estate50.00%
Telecom15.31%
Financials0.23%
Materials0.01%
Energy0%0
Consumer Discretionary0%0
Consumer Staples-0.11%
Industrials-0.31%
Utilities-2.27%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth, which is trading above its 3-year average PE ratio of 13.9x.
    • Analysts are expecting annual earnings decline of 31.0% which is lower than the prior year's growth of 10.4% per year.
Forecasted Growth
  • Despite it being negative, analysts are least pessimistic on the Consumer Staples sector.
  • They expect its earnings to decline by only 31% per year over the next 5 years, which isn't as bad as the other sectors.
  • This is a reversal from its past annual earnings growth rate of 10% per year.
  • In contrast, the Consumer Staples sector is expected to see its earnings decline by 31% 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
ATEL Airtel Networks ZambiaK226.0115.3%
+K3.1b		126.0%PE11.4xTelecom
REIZUSD Real Estate Investments ZambiaUS$0.1550.0%
+US$43.2m		66.7%PS7.1xReal Estate
KLRE Klapton ReinsuranceK0.362.9%
+K112.9m		n/aPE10.5xFinancials
CCAF CEC Africa InvestmentsK0.874.8%
+K65.0m		4.8%n/aUtilities
ZFCO Zambia Forestry and Forest IndustriesK10.410.1%
+K4.0m		191.6%PE8.1xMaterials
See more

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ATEL
K226.01
Airtel Networks Zambia
7D
15.3%
1Y
126.0%
CECZ
K15.94
Copperbelt Energy
7D
-2.6%
1Y
-32.7%
REIZUSD
US$0.15
Real Estate Investments Zambia
7D
50.0%
1Y
66.7%
CCAF
K0.87
CEC Africa Investments
7D
4.8%
1Y
4.8%
ZFCO
K10.41
Zambia Forestry and Forest Industries
7D
0.1%
1Y
191.6%
BATZ
K12.49
British American Tobacco (Zambia)
7D
-1.2%
1Y
38.8%
ZMFA
K47.85
Metal Fabricators of Zambia
7D
-0.3%
1Y
199.1%
CHIL
K63.18
Chilanga Cement
7D
-0.02%
1Y
110.4%
KLRE
K0.36
Klapton Reinsurance
7D
2.9%
1Y
n/a
ZNCO
K9.51
Zambia National Commercial Bank
7D
-0.3%
1Y
59.3%
SCBL
K1.27
Standard Chartered Bank Zambia
7D
-0.8%
1Y
-41.6%