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Zambian (LSE) Market Analysis & Valuation

UpdatedJun 22, 2026
DataAggregated Company Financials
Companies20
  • 7D0.4%
  • 3M-3.3%
  • 1Y25.0%
  • YTD1.1%

In the last week, the market has been flat. More promisingly, the market is up 26% over the past year. In the next few years, earnings are forecast to decline by 18% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 22 Jun 2026ZK119.1bZK75.2bZK9.8b12.5x12.2x1.6x
Wed, 20 May 2026ZK120.2bZK76.3bZK10.2b12.6x11.8x1.6x
Fri, 17 Apr 2026ZK122.3bZK76.5bZK10.3b12.6x11.9x1.6x
Sun, 15 Mar 2026ZK118.9bZK74.1bZK9.9b12.6x12x1.6x
Tue, 10 Feb 2026ZK116.2bZK74.4bZK9.0b13.7x12.9x1.6x
Thu, 08 Jan 2026ZK114.1bZK73.8bZK9.1b11.4x12.6x1.5x
Sat, 06 Dec 2025ZK110.2bZK75.7bZK9.4b11.4x11.8x1.5x
Mon, 03 Nov 2025ZK107.8bZK68.7bZK10.0b10.3x10.8x1.6x
Wed, 01 Oct 2025ZK106.8bZK69.8bZK10.2b10x10.5x1.5x
Fri, 29 Aug 2025ZK100.6bZK67.7bZK9.5b9.6x10.6x1.5x
Sun, 27 Jul 2025ZK89.6bZK67.6bZK9.5b7.2x9.4x1.3x
Tue, 24 Jun 2025ZK87.6bZK67.1bZK9.5b7.1x9.2x1.3x
Thu, 22 May 2025ZK74.1bZK67.7bZK10.0b5.9x7.4x1.1x
Sat, 19 Apr 2025ZK72.6bZK72.7bZK9.3b5.4x7.8x1x
Mon, 17 Mar 2025ZK68.2bZK67.1bZK9.6b6.8x7.1x1x
Wed, 12 Feb 2025ZK68.3bZK63.8bZK8.6b6.8x7.9x1.1x
Fri, 10 Jan 2025ZK68.2bZK63.3bZK9.0b6.5x7.6x1.1x
Sun, 08 Dec 2024ZK70.0bZK62.4bZK8.9b6.7x7.8x1.1x
Tue, 05 Nov 2024ZK71.2bZK59.5bZK7.6b8.6x9.3x1.2x
Thu, 03 Oct 2024ZK70.7bZK58.6bZK7.9b8.4x9x1.2x
Sat, 31 Aug 2024ZK67.2bZK58.6bZK7.8b8.1x8.6x1.1x
Mon, 29 Jul 2024ZK64.1bZK57.3bZK9.8b6.6x6.6x1.1x
Wed, 26 Jun 2024ZK61.4bZK57.2bZK9.8b6.4x6.3x1.1x
Fri, 24 May 2024ZK57.1bZK56.0bZK10.5b6.4x5.5x1x
Sun, 21 Apr 2024ZK56.7bZK54.0bZK10.1b6.5x5.6x1.1x
Tue, 19 Mar 2024ZK55.0bZK53.5bZK11.2b6.6x4.9x1x
Thu, 15 Feb 2024ZK50.0bZK53.1bZK8.7b10.3x5.8x0.9x
Sat, 13 Jan 2024ZK48.3bZK51.9bZK8.3b10.3x5.8x0.9x
Mon, 11 Dec 2023ZK49.3bZK50.1bZK8.1b5.7x6.1x1x
Wed, 08 Nov 2023ZK44.1bZK48.0bZK7.7b5.8x5.8x0.9x
Fri, 06 Oct 2023ZK41.6bZK46.4bZK7.1b5.5x5.9x0.9x
Sun, 03 Sep 2023ZK38.8bZK46.0bZK6.9b5.5x5.6x0.8x
Tue, 01 Aug 2023ZK37.3bZK36.6bZK4.8b8.4x7.8x1x
Thu, 29 Jun 2023ZK36.7bZK35.4bZK4.8b9x7.7x1x
Price to Earnings Ratio

7.7x


Total Market Cap: ZK36.7bTotal Earnings: ZK4.8bTotal Revenue: ZK35.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Zambian Market Price to Earnings3Y Average 8.5x202420252026
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 12.2x which is higher than its 3-year average PE of 8.5x.
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 29% 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 Market0.38%
Materials2.87%
Real Estate0%0
Consumer Discretionary0%0
Consumer Staples0%0
Telecom0%0
Utilities-0.11%
Financials-0.14%
Industrials-0.50%
Energy-0.68%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth, which is trading above its 3-year average PE ratio of 13.7x.
    • Analysts are expecting annual earnings decline of 18.2% 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 18% 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 18% 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 ZambiaK174.222.6%
+K452.4m		80.5%PE10.3xTelecom
KLRE Klapton ReinsuranceK0.352.9%
+K112.9m		n/aPE10.2xFinancials
ZFCO Zambia Forestry and Forest IndustriesK6.540.2%
+K4.0m		84.2%PE5.1xMaterials
NATB National BreweriesK2.912.1%
+K3.8m		-3.0%PE0.7xConsumer Staples
ZMRE Zambia ReinsuranceK2.730.4%
+K450.0k		5.0%PE15.7xFinancials
See more

Market Insights

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Latest News

ATEL
K174.22
Airtel Networks Zambia
7D
2.6%
1Y
80.5%
NATB
K2.91
National Breweries
7D
2.1%
1Y
-3.0%
ZFCO
K6.54
Zambia Forestry and Forest Industries
7D
0.2%
1Y
84.2%
ZMFA
K51.73
Metal Fabricators of Zambia
7D
-0.5%
1Y
n/a
CHIL
K66.64
Chilanga Cement
7D
-0.04%
1Y
116.9%
CECZ
K16.85
Copperbelt Energy
7D
-0.06%
1Y
-24.5%
AECI
K119.93
AECI Mining Explosives
7D
-2.5%
1Y
130.1%
KLRE
K0.35
Klapton Reinsurance
7D
2.9%
1Y
n/a
PUMA
K2.91
Puma Energy Zambia
7D
-0.7%
1Y
-41.8%
BATA
K9.00
Zambia Bata Shoe
7D
-0.1%
1Y
50.0%
ZNCO
K9.55
Zambia National Commercial Bank
7D
-0.2%
1Y
73.0%
ZMRE
K2.73
Zambia Reinsurance
7D
0.4%
1Y
5.0%