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Zambian (LSE) Market Analysis & Valuation
UpdatedApr 05, 2026
DataAggregated Company Financials
Companies21
- 7D0.5%
- 3M6.2%
- 1Y67.0%
- YTD5.4%
The Communication Services sector gained 6.5% while the market remained flat over the last week. More promisingly, the market is up 67% over the past year. As for the next few years, earnings are expected to grow by 21% per annum.
Market Valuation and Performance
Has the Zambian Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 05 Apr 2026 | ZK124.7b | ZK73.4b | ZK9.9b | 13.5x | 12.6x | 1.7x |
| Tue, 03 Mar 2026 | ZK119.0b | ZK74.4b | ZK9.0b | 13.5x | 13.2x | 1.6x |
| Thu, 29 Jan 2026 | ZK116.1b | ZK74.4b | ZK8.9b | 13.4x | 13x | 1.6x |
| Sat, 27 Dec 2025 | ZK112.6b | ZK75.6b | ZK9.4b | 11.4x | 12x | 1.5x |
| Mon, 24 Nov 2025 | ZK107.1b | ZK69.4b | ZK9.8b | 11.4x | 11x | 1.5x |
| Wed, 22 Oct 2025 | ZK107.5b | ZK69.0b | ZK10.0b | 10x | 10.7x | 1.6x |
| Fri, 19 Sep 2025 | ZK105.9b | ZK71.7b | ZK10.2b | 9.9x | 10.4x | 1.5x |
| Sun, 17 Aug 2025 | ZK94.4b | ZK67.6b | ZK9.5b | 8.1x | 9.9x | 1.4x |
| Tue, 15 Jul 2025 | ZK85.9b | ZK67.6b | ZK9.5b | 7.2x | 9x | 1.3x |
| Thu, 12 Jun 2025 | ZK86.3b | ZK67.3b | ZK9.5b | 7.1x | 9.1x | 1.3x |
| Sat, 10 May 2025 | ZK72.1b | ZK67.2b | ZK10.0b | 5.4x | 7.2x | 1.1x |
| Mon, 07 Apr 2025 | ZK71.9b | ZK72.4b | ZK9.2b | 5.8x | 7.8x | 1x |
| Wed, 05 Mar 2025 | ZK68.1b | ZK64.1b | ZK8.7b | 6.8x | 7.8x | 1.1x |
| Fri, 31 Jan 2025 | ZK67.7b | ZK63.4b | ZK9.0b | 6.3x | 7.5x | 1.1x |
| Sun, 29 Dec 2024 | ZK68.4b | ZK63.3b | ZK9.0b | 6.5x | 7.6x | 1.1x |
| Tue, 26 Nov 2024 | ZK70.0b | ZK61.5b | ZK8.8b | 6.7x | 7.9x | 1.1x |
| Thu, 24 Oct 2024 | ZK72.2b | ZK59.4b | ZK7.6b | 8.2x | 9.5x | 1.2x |
| Sat, 21 Sep 2024 | ZK70.7b | ZK58.8b | ZK7.9b | 8.4x | 9x | 1.2x |
| Mon, 19 Aug 2024 | ZK64.0b | ZK57.3b | ZK9.8b | 6.8x | 6.5x | 1.1x |
| Wed, 17 Jul 2024 | ZK64.3b | ZK57.2b | ZK9.7b | 6.6x | 6.6x | 1.1x |
| Fri, 14 Jun 2024 | ZK58.3b | ZK56.8b | ZK9.8b | 6.4x | 5.9x | 1x |
| Sun, 12 May 2024 | ZK56.8b | ZK54.4b | ZK10.3b | 6.5x | 5.5x | 1x |
| Tue, 09 Apr 2024 | ZK56.3b | ZK53.2b | ZK9.7b | 6.7x | 5.8x | 1.1x |
| Thu, 07 Mar 2024 | ZK53.8b | ZK52.8b | ZK10.9b | 6.6x | 4.9x | 1x |
| Sat, 03 Feb 2024 | ZK49.7b | ZK53.3b | ZK8.8b | 10.3x | 5.7x | 0.9x |
| Mon, 01 Jan 2024 | ZK48.1b | ZK49.2b | ZK8.1b | 5.4x | 5.9x | 1x |
| Wed, 29 Nov 2023 | ZK47.5b | ZK49.2b | ZK7.7b | 7.1x | 6.1x | 1x |
| Fri, 27 Oct 2023 | ZK44.1b | ZK46.7b | ZK7.2b | 5.8x | 6.2x | 0.9x |
| Sun, 24 Sep 2023 | ZK41.1b | ZK46.3b | ZK7.0b | 5.5x | 5.8x | 0.9x |
| Tue, 22 Aug 2023 | ZK38.8b | ZK36.7b | ZK4.8b | 8.3x | 8.1x | 1.1x |
| Thu, 20 Jul 2023 | ZK36.8b | ZK37.4b | ZK5.0b | 8.4x | 7.4x | 1x |
| Sat, 17 Jun 2023 | ZK36.8b | ZK37.6b | ZK5.2b | 7.6x | 7.1x | 1x |
| Mon, 15 May 2023 | ZK36.4b | ZK37.3b | ZK5.2b | 7.9x | 7.1x | 1x |
| Wed, 12 Apr 2023 | ZK35.4b | ZK36.6b | ZK4.9b | 7.4x | 7.2x | 1x |
Price to Earnings Ratio
7.2x
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 12.6x which is higher than its 3-year average PE of 8.1x.
Past Earnings Growth
- The earnings for Zambian listed companies have grown 26% per year over the last three years.
- Revenues for these companies have grown 26% 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 | 0.49% | |
| Telecom | 6.51% | |
| Consumer Discretionary | 2.77% | |
| Materials | 0.51% | |
| Energy | 0% | 0 |
| Real Estate | 0% | 0 |
| Industrials | 0% | 0 |
| Consumer Staples | -0.15% | |
| Utilities | -0.64% | |
| Financials | -1.83% | |
Sector PE
- Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 28.9x.
- 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 21% over the next 5 years.
- This is better than its past earnings growth rate of 10% per year.
- In contrast, the Consumer Staples sector is expected to see its earnings grow by 21% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| ATEL Airtel Networks Zambia | K175.00 | 6.5% +K1.1b | 98.9% | PE10.3x | Telecom | |
| ZFCO Zambia Forestry and Forest Industries | K6.00 | 26.8% +K508.0m | 71.4% | PE4.7x | Materials | |
| ZNCO Zambia National Commercial Bank | K9.73 | 0.3% +K43.3m | 75.9% | PB2.1x | Financials | |
| BATA Zambia Bata Shoe | K8.39 | 4.9% +K29.7m | 35.5% | PE19.1x | Consumer Discretionary | |
| AECI AECI Mining Explosives | K129.88 | 0.2% +K4.3m | 270.6% | PS2.7x | Materials |
