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Zambian (LSE) Market Analysis & Valuation

UpdatedNov 20, 2025
DataAggregated Company Financials
Companies19
  • 7D-2.5%
  • 3M6.2%
  • 1Y60.3%
  • YTD64.1%

Over the last 7 days, the market has dropped 2.5%, driven by a pullback of 12% in the Utilities sector. On the other hand, the Materials has risen by 15%. In contrast to the last week, the market is actually up 60% over the past year. As for the next few years, earnings are expected to grow by 28% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 22 Nov 2025ZK110.3bZK69.4bZK9.9b10.2x11.2x1.6x
Mon, 20 Oct 2025ZK106.4bZK69.1bZK10.1b10x10.6x1.5x
Wed, 17 Sep 2025ZK106.1bZK71.5bZK10.2b9.7x10.5x1.5x
Fri, 15 Aug 2025ZK93.6bZK67.4bZK9.5b8.1x9.9x1.4x
Sun, 13 Jul 2025ZK85.9bZK67.5bZK9.5b7.2x9x1.3x
Tue, 10 Jun 2025ZK81.5bZK67.4bZK9.5b7.1x8.5x1.2x
Thu, 08 May 2025ZK70.0bZK67.4bZK10.0b5.4x7x1x
Sat, 05 Apr 2025ZK71.9bZK72.4bZK9.2b5.8x7.8x1x
Mon, 03 Mar 2025ZK68.1bZK64.1bZK8.7b6.8x7.8x1.1x
Wed, 29 Jan 2025ZK68.0bZK63.4bZK9.0b6.3x7.6x1.1x
Fri, 27 Dec 2024ZK68.4bZK63.3bZK9.0b6.5x7.6x1.1x
Sun, 24 Nov 2024ZK70.0bZK61.5bZK8.8b6.7x7.9x1.1x
Tue, 22 Oct 2024ZK71.9bZK59.5bZK7.6b8.2x9.4x1.2x
Thu, 19 Sep 2024ZK70.6bZK58.7bZK7.9b8.3x9x1.2x
Sat, 17 Aug 2024ZK63.8bZK57.3bZK9.8b6.8x6.5x1.1x
Mon, 15 Jul 2024ZK64.6bZK57.1bZK9.7b6.6x6.7x1.1x
Wed, 12 Jun 2024ZK58.2bZK56.8bZK9.8b6.4x5.9x1x
Fri, 10 May 2024ZK56.7bZK54.6bZK10.4b6.5x5.5x1x
Sun, 07 Apr 2024ZK56.3bZK53.2bZK9.7b6.7x5.8x1.1x
Tue, 05 Mar 2024ZK53.3bZK52.6bZK10.9b6.6x4.9x1x
Thu, 01 Feb 2024ZK49.5bZK52.3bZK8.4b10.3x5.9x0.9x
Sat, 30 Dec 2023ZK48.1bZK48.8bZK8.0b5.6x6x1x
Mon, 27 Nov 2023ZK47.5bZK49.1bZK7.7b7.1x6.1x1x
Wed, 25 Oct 2023ZK44.1bZK46.6bZK7.1b5.8x6.2x0.9x
Fri, 22 Sep 2023ZK41.1bZK46.3bZK7.0b5.5x5.9x0.9x
Sun, 20 Aug 2023ZK38.8bZK36.7bZK4.8b8.3x8.1x1.1x
Tue, 18 Jul 2023ZK36.8bZK37.3bZK5.0b8.5x7.4x1x
Thu, 15 Jun 2023ZK36.8bZK37.5bZK5.2b7.7x7.1x1x
Sat, 13 May 2023ZK36.4bZK37.3bZK5.2b7.9x7.1x1x
Mon, 10 Apr 2023ZK35.4bZK36.7bZK4.9b8.3x7.2x1x
Wed, 08 Mar 2023ZK33.2bZK35.5bZK4.2b7.5x7.9x0.9x
Fri, 03 Feb 2023ZK32.9bZK34.3bZK3.8b7.5x8.6x1x
Sun, 01 Jan 2023ZK33.3bZK32.4bZK3.5b6.5x9.6x1x
Tue, 29 Nov 2022ZK32.4bZK37.0bZK3.8b6.5x8.5x0.9x
Price to Earnings Ratio

8.5x


Total Market Cap: ZK32.4bTotal Earnings: ZK3.8bTotal Revenue: ZK37.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Zambian Market Price to Earnings3Y Average 7.6x202320242025
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 11.2x which is higher than its 3-year average PE of 7.6x.
Past Earnings Growth
  • The earnings for Zambian listed companies have grown 37% 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-2.52%
Materials14.83%
Consumer Staples0.11%
Energy0%0
Real Estate0%0
Industrials0%0
Consumer Discretionary0%0
Telecom-0.029%
Financials-0.43%
Utilities-11.53%
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 28% over the next 5 years.
  • This is better than its past earnings growth rate of 19% per year.
  • In contrast, the Consumer Staples sector is expected to see its earnings grow by 28% 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 CementK60.0320.1%
+K2.0b		135.5%PE20.1xMaterials
ZSUG Zambia SugarK66.592.1%
+K427.4m		84.5%PE11.9xConsumer Staples
ZFCO Zambia Forestry and Forest IndustriesK3.552.9%
+K40.0m		19.5%PE1.9xMaterials
MAFS Madison Financial ServicesK1.810.6%
+K500.0k		-1.1%n/aFinancials
See more

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Latest News

ZSUG
K66.59
Zambia Sugar
7D
2.1%
1Y
84.5%
ZNCO
K6.00
Zambia National Commercial Bank
7D
-0.7%
1Y
3.8%
MAFS
K1.81
Madison Financial Services
7D
0.6%
1Y
-1.1%
ZABR
K6.50
Zambian Breweries
7D
-5.8%
1Y
-5.8%
ATEL
K137.69
Airtel Networks Zambia
7D
-0.03%
1Y
216.5%
BATZ
K13.33
British American Tobacco (Zambia)
7D
-11.8%
1Y
292.1%
ZFCO
K3.55
Zambia Forestry and Forest Industries
7D
2.9%
1Y
19.5%
CECZ
K20.13
Copperbelt Energy
7D
-11.9%
1Y
44.5%
CHIL
K60.03
Chilanga Cement
7D
20.1%
1Y
135.5%
ZMBF
K2.22
Zambeef Products
7D
-0.4%
1Y
4.2%
CCAF
K0.82
CEC Africa Investments
7D
-1.2%
1Y
28.1%