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Zimbabwean (ZSE) Market Analysis & Valuation

UpdatedApr 26, 2026
DataAggregated Company Financials
Companies36
  • 7D-0.8%
  • 3M-0.3%
  • 1Y90.7%
  • YTD26.0%

In the last week, the market has stayed flat, however the Materials sector stood out, gaining 8.2%. Meanwhile, the market is actually up 91% over the past year. Looking forward, earnings are forecast to grow by 8.2% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 26 Apr 2026Z$105.8bZ$63.8bZ$8.0b1829.9x13.3x1.7x
Tue, 24 Mar 2026Z$101.8bZ$74.5bZ$7.8b15.7x13x1.4x
Thu, 19 Feb 2026Z$104.1bZ$74.5bZ$7.8b14.6x13.3x1.4x
Sat, 17 Jan 2026Z$103.8bZ$74.5bZ$7.8b16.3x13.3x1.4x
Mon, 15 Dec 2025Z$74.7bZ$71.4bZ$7.6b296.6x9.8x1x
Wed, 12 Nov 2025Z$65.4bZ$64.0bZ$6.1b370.7x10.8x1x
Fri, 10 Oct 2025Z$58.5bZ$70.1bZ$8.3b335.9x7x0.8x
Sun, 07 Sep 2025Z$63.8bZ$77.0bZ$8.1b1120.3x7.9x0.8x
Tue, 05 Aug 2025Z$156.6bZ$74.7bZ$8.5b1199.3x18.5x2.1x
Thu, 03 Jul 2025Z$19.0bZ$4.5bZ$3.5b1127.8x5.4x4.2x
Sat, 31 May 2025Z$19.5bZ$1.3bZ$1.6b1229.4x12.3x14.7x
Mon, 28 Apr 2025Z$17.7bZ$269.0bZ$41.4b0.3x0.4x0.07x
Wed, 26 Mar 2025Z$17.7bZ$269.0bZ$41.4b0.3x0.4x0.07x
Fri, 21 Feb 2025Z$17.7bZ$269.0bZ$41.4b0.3x0.4x0.07x
Sun, 19 Jan 2025Z$19.4bZ$810.1bZ$91.4b0.2x0.2x0.02x
Tue, 17 Dec 2024Z$20.2bZ$810.1bZ$91.4b0.2x0.2x0.02x
Thu, 14 Nov 2024Z$27.9bZ$993.6bZ$87.3b0.3x0.3x0.03x
Sat, 12 Oct 2024Z$27.0bZ$986.0bZ$80.0b0.4x0.3x0.03x
Mon, 09 Sep 2024Z$21.9bZ$986.7bZ$80.2b0.6x0.3x0.02x
Wed, 07 Aug 2024Z$21.3bZ$986.7bZ$80.2b0.6x0.3x0.02x
Fri, 05 Jul 2024Z$14.3bZ$1.0tZ$80.2b0.4x0.2x0.01x
Sun, 02 Jun 2024Z$11.2bZ$1.0tZ$80.2b0.3x0.1x0.01x
Tue, 30 Apr 2024Z$24.7tZ$2.3tZ$382.6b64.9x64.6x10.7x
Thu, 28 Mar 2024Z$22.4tZ$1.9tZ$383.0b59.5x58.6x11.9x
Sat, 24 Feb 2024Z$11.4tZ$1.9tZ$383.0b27.7x29.9x6.1x
Mon, 22 Jan 2024Z$9.8tZ$1.5tZ$348.2b30.9x28.3x6.4x
Wed, 20 Dec 2023Z$4.8tZ$1.5tZ$348.2b30.9x13.9x3.2x
Fri, 17 Nov 2023Z$966.9bZ$413.7bZ$13.1b41.8x73.6x2.3x
Sun, 15 Oct 2023Z$1.0tZ$305.6bZ$13.4b43.8x77.5x3.4x
Tue, 12 Sep 2023Z$882.7bZ$305.0bZ$13.0b29.8x68x2.9x
Thu, 10 Aug 2023Z$833.5bZ$305.0bZ$13.0b25.1x64.2x2.7x
Sat, 08 Jul 2023Z$957.5bZ$305.0bZ$13.0b23.6x73.8x3.1x
Mon, 05 Jun 2023Z$769.2bZ$235.7bZ$17.9b30.9x43.1x3.3x
Wed, 03 May 2023Z$493.8bZ$235.2bZ$17.9b44x27.5x2.1x
Price to Earnings Ratio

27.5x


Total Market Cap: Z$493.8bTotal Earnings: Z$17.9bTotal Revenue: Z$235.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Zimbabwean Market Price to Earnings3Y Average 21.6x202420252026
Current Market PE
  • Investors are pessimistic on the Zimbabwean market, indicating that they anticipate earnings will not grow as fast as they have historically.
  • The market is trading at a PE ratio of 13.3x which is lower than its 3-year average PE of 21.6x.
Past Earnings Growth
  • The earnings for companies in the Zimbabwean industry have declined 24% per year over the last three years.
  • Revenues have also declined 35% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Sector Trends

Which sectors have driven the changes within the Zimbabwean Market?

ZW Market-0.82%
Materials8.20%
Industrials5.15%
Real Estate0%0
Consumer Discretionary0%0
Telecom0%0
Financials-1.89%
Consumer Staples-2.41%
Sector PE
  • Investors favour the Industrials sector the most for future growth even though it's trading below its 3-year average PE ratio of 271x.
    • 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 8.2% over the next 5 years.
  • This is better than its past earnings decline of 17% per year.
  • In contrast, the Consumer Staples sector is expected to see its earnings grow by 8.2% 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
NPKZ Nampak ZimbabweUS$0.856.2%
+US$37.4m		-26.1%PE3.1xMaterials
TNCI TN CyberTech Investments HoldingsUS$0.105.8%
+US$23.0m		-20.7%PE2.8xFinancials
ZSEH Zimbabwe Stock Exchange HoldingsUS$1.0611.7%
+US$11.4m		n/aPE7268.5xFinancials
See more

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PROL
US$1.48
Proplastics
7D
-1.3%
1Y
55.8%
ZSEH
US$1.06
Zimbabwe Stock Exchange Holdings
7D
11.7%
1Y
n/a
NPKZ
US$0.85
Nampak Zimbabwe
7D
6.2%
1Y
-26.1%
TNCI
US$0.10
TN CyberTech Investments Holdings
7D
5.8%
1Y
-20.7%
DLTA
US$26.65
Delta
7D
-1.3%
1Y
92.0%