Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Zambian (LSE) Market Analysis & Valuation

UpdatedAug 18, 2025
DataAggregated Company Financials
Companies19
  • 7D2.5%
  • 3M27.1%
  • 1Y55.4%
  • YTD45.5%

Over the last 7 days, the market has risen 2.5%, driven by gains in the Communication Services and Utilities sectors of 10.0% and 2.4%, respectively. The market is up 55% over the last 12 months. 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
Tue, 19 Aug 2025ZK94.4bZK67.6bZK9.5b8.1x9.9x1.4x
Thu, 17 Jul 2025ZK85.9bZK67.3bZK9.5b7.2x9.1x1.3x
Sat, 14 Jun 2025ZK86.7bZK67.0bZK9.5b7.1x9.1x1.3x
Mon, 12 May 2025ZK72.1bZK67.2bZK10.0b5.4x7.2x1.1x
Wed, 09 Apr 2025ZK72.5bZK72.6bZK9.2b5.9x7.8x1x
Fri, 07 Mar 2025ZK67.9bZK64.2bZK8.7b6.7x7.8x1.1x
Sun, 02 Feb 2025ZK68.0bZK63.1bZK8.6b6.8x7.9x1.1x
Tue, 31 Dec 2024ZK68.4bZK63.3bZK9.0b6.5x7.6x1.1x
Thu, 28 Nov 2024ZK70.0bZK62.1bZK8.9b6.7x7.9x1.1x
Sat, 26 Oct 2024ZK72.2bZK59.4bZK7.6b8.2x9.5x1.2x
Mon, 23 Sep 2024ZK70.7bZK58.8bZK7.9b8.4x9x1.2x
Wed, 21 Aug 2024ZK64.0bZK57.2bZK9.7b6.9x6.6x1.1x
Fri, 19 Jul 2024ZK64.3bZK57.3bZK9.8b6.6x6.6x1.1x
Sun, 16 Jun 2024ZK58.5bZK56.7bZK9.8b6.4x6x1x
Tue, 14 May 2024ZK56.8bZK53.9bZK10.1b6.5x5.6x1.1x
Thu, 11 Apr 2024ZK56.3bZK54.4bZK10.2b6.6x5.5x1x
Sat, 09 Mar 2024ZK54.6bZK52.8bZK11.0b6.6x5x1x
Mon, 05 Feb 2024ZK49.7bZK53.3bZK8.8b10.3x5.7x0.9x
Wed, 03 Jan 2024ZK48.1bZK51.6bZK8.3b8.1x5.8x0.9x
Fri, 01 Dec 2023ZK48.8bZK49.2bZK7.8b7.1x6.3x1x
Sun, 29 Oct 2023ZK44.1bZK46.7bZK7.2b5.8x6.1x0.9x
Tue, 26 Sep 2023ZK41.1bZK46.2bZK7.0b5.5x5.9x0.9x
Thu, 24 Aug 2023ZK38.8bZK37.0bZK5.0b8.3x7.8x1x
Sat, 22 Jul 2023ZK36.8bZK37.5bZK5.0b8.2x7.4x1x
Mon, 19 Jun 2023ZK36.8bZK37.6bZK5.2b7.6x7.1x1x
Wed, 17 May 2023ZK36.4bZK37.3bZK5.2b7.8x7x1x
Fri, 14 Apr 2023ZK35.4bZK36.3bZK4.9b7.5x7.2x1x
Sun, 12 Mar 2023ZK32.7bZK35.5bZK4.2b7.5x7.8x0.9x
Tue, 07 Feb 2023ZK32.7bZK35.2bZK4.2b7.5x7.9x0.9x
Thu, 05 Jan 2023ZK33.3bZK32.5bZK3.5b6.5x9.6x1x
Sat, 03 Dec 2022ZK33.1bZK37.1bZK3.8b6.5x8.7x0.9x
Mon, 31 Oct 2022ZK32.7bZK36.8bZK3.8b6.5x8.7x0.9x
Wed, 28 Sep 2022ZK32.9bZK31.3bZK3.7b5.9x8.9x1x
Fri, 26 Aug 2022ZK31.9bZK31.2bZK3.6b5.9x8.8x1x
Price to Earnings Ratio

8.8x


Total Market Cap: ZK31.9bTotal Earnings: ZK3.6bTotal Revenue: ZK31.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Zambian Market Price to Earnings3Y Average 7.5x202320242025
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 9.9x which is higher than its 3-year average PE of 7.5x.
Past Earnings Growth
  • The earnings for Zambian listed companies have grown 38% 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 Market2.50%
Telecom10.00%
Industrials6.25%
Utilities2.40%
Consumer Staples1.82%
Materials1.08%
Consumer Discretionary0.80%
Energy0%0
Real Estate0%0
Financials-0.54%
Sector PE
  • Investors favour the Consumer Discretionary sector the most for future growth even though it's trading below its 3-year average PE ratio of 26.3x.
    • 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
CECZ Copperbelt EnergyK24.754.4%
+K1.7b		117.1%PE17.8xUtilities
ATEL Airtel Networks ZambiaK110.0410.0%
+K1.0b		153.0%PE8.8xTelecom
BATZ British American Tobacco (Zambia)K10.7319.2%
+K367.6m		n/aPE11.6xConsumer Staples
AECI AECI Mining ExplosivesK75.007.1%
+K102.0m		97.5%PE10.9xMaterials
CCAF CEC Africa InvestmentsK0.874.8%
+K65.0m		40.3%n/aUtilities
See more

Market Insights

Header cover image
₿ Bitcoin ETFs: Success Comes With Risks
Michael Paige avatar
Michael Paige
|
|
This week, we’re going to look at the U.S. regulatory changes, how adoption has been trending, and one of the risks with the ETFs. If you want some exposure to Bitcoin, at the end, we’ll show you some different ways you can position your portfolio accordingly.
Continue reading
🤖 The Bull and Bear Thesis on AI’s Decade of Disruption
Last Week

🤖 The Bull and Bear Thesis on AI’s Decade of Disruption

Latest News

BATA
K6.10
Zambia Bata Shoe
7D
1.7%
1Y
22.0%
ZNCO
K5.94
Zambia National Commercial Bank
7D
-0.5%
1Y
-1.0%
ATEL
K110.04
Airtel Networks Zambia
7D
10.0%
1Y
153.0%
BATZ
K10.73
British American Tobacco (Zambia)
7D
19.2%
1Y
n/a
CECZ
K24.75
Copperbelt Energy
7D
4.4%
1Y
117.1%
AECI
K75.00
AECI Mining Explosives
7D
7.1%
1Y
97.5%
CHIL
K30.00
Chilanga Cement
7D
-0.1%
1Y
71.4%
ZMBF
K1.61
Zambeef Products
7D
-5.8%
1Y
-26.1%
ZSUG
K42.00
Zambia Sugar
7D
0.3%
1Y
20.0%
ZMFA
K17.00
Metal Fabricators of Zambia
7D
6.3%
1Y
239.3%
CCAF
K0.87
CEC Africa Investments
7D
4.8%
1Y
40.3%