Zambian (LSE) Market Analysis & Valuation

Market Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 08 May 2024	ZK56.7b	ZK54.5b	ZK10.3b	6.5x	5.5x	1x
Fri, 05 Apr 2024	ZK56.3b	ZK53.2b	ZK9.7b	6.7x	5.8x	1.1x
Sun, 03 Mar 2024	ZK53.3b	ZK52.2b	ZK8.3b	8.5x	6.4x	1x
Tue, 30 Jan 2024	ZK48.7b	ZK52.3b	ZK8.4b	10.2x	5.8x	0.9x
Thu, 28 Dec 2023	ZK47.6b	ZK50.7b	ZK8.3b	5.9x	5.7x	0.9x
Sat, 25 Nov 2023	ZK47.5b	ZK49.1b	ZK7.7b	7.1x	6.1x	1x
Mon, 23 Oct 2023	ZK43.5b	ZK46.6b	ZK7.1b	5.8x	6.1x	0.9x
Wed, 20 Sep 2023	ZK40.8b	ZK46.2b	ZK7.0b	5.5x	5.8x	0.9x
Fri, 18 Aug 2023	ZK38.8b	ZK36.8b	ZK4.8b	8.3x	8.1x	1.1x
Sun, 16 Jul 2023	ZK36.8b	ZK37.3b	ZK5.0b	8.5x	7.4x	1x
Tue, 13 Jun 2023	ZK36.6b	ZK37.7b	ZK5.2b	7.6x	7x	1x
Thu, 11 May 2023	ZK36.4b	ZK37.2b	ZK5.2b	7.9x	7.1x	1x
Sat, 08 Apr 2023	ZK35.4b	ZK36.8b	ZK4.6b	8.1x	7.8x	1x
Mon, 06 Mar 2023	ZK33.2b	ZK35.5b	ZK4.2b	7.5x	7.9x	0.9x
Wed, 01 Feb 2023	ZK32.8b	ZK32.7b	ZK3.4b	8.5x	9.5x	1x
Fri, 30 Dec 2022	ZK33.3b	ZK32.4b	ZK3.5b	6.5x	9.6x	1x
Sun, 27 Nov 2022	ZK32.4b	ZK37.0b	ZK3.8b	6.5x	8.5x	0.9x
Tue, 25 Oct 2022	ZK32.7b	ZK36.7b	ZK3.8b	6.5x	8.7x	0.9x
Thu, 22 Sep 2022	ZK32.6b	ZK31.3b	ZK3.7b	5.9x	8.9x	1x
Sat, 20 Aug 2022	ZK31.8b	ZK31.2b	ZK3.6b	5.9x	8.8x	1x
Mon, 18 Jul 2022	ZK30.8b	ZK31.3b	ZK3.6b	5.8x	8.5x	1x
Wed, 15 Jun 2022	ZK29.8b	ZK37.3b	ZK3.7b	5.8x	7.9x	0.8x
Fri, 13 May 2022	ZK29.6b	ZK37.1b	ZK4.2b	5.8x	7.1x	0.8x
Sun, 10 Apr 2022	ZK27.9b	ZK31.9b	ZK2.7b	7.4x	10.4x	0.9x
Tue, 08 Mar 2022	ZK25.8b	ZK31.9b	ZK3.4b	5.4x	7.6x	0.8x
Thu, 03 Feb 2022	ZK25.5b	ZK31.9b	ZK3.4b	5.4x	7.5x	0.8x
Sat, 01 Jan 2022	ZK24.2b	ZK31.4b	ZK3.3b	5.4x	7.4x	0.8x
Mon, 29 Nov 2021	ZK21.4b	ZK30.1b	ZK2.8b	3.8x	7.6x	0.7x
Wed, 27 Oct 2021	ZK18.2b	ZK28.3b	ZK2.4b	5.1x	7.7x	0.6x
Fri, 24 Sep 2021	ZK17.6b	ZK28.1b	ZK2.3b	5.1x	7.5x	0.6x
Sun, 22 Aug 2021	ZK16.1b	ZK31.9b	ZK1.5b	7.3x	11.1x	0.5x
Fri, 09 Jul 2021	ZK16.0b	ZK31.9b	ZK1.5b	7.2x	11x	0.5x

Current Market PE

Investors are pessimistic on the Zambian market, indicating that they anticipate earnings will not grow as fast as they have historically.

The market is trading at a PE ratio of 5.5x which is lower than its 3-year average PE of 7.7x.

Past Earnings Growth

The earnings for Zambian listed companies have grown 95% per year over the last three years.
Revenues for these companies have grown 20% 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	-0.025%
Consumer Staples	0.20%
Real Estate	0%
Industrials	0%
Consumer Discretionary	0%
Healthcare	0%
Tech	0%
Telecom	0%
Utilities	0%
Financials	-0.014%
Energy	-0.33%
Materials	-0.83%

Sector PE

Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 9.3x.

It looks like investors are confident that earnings will grow faster in the future than they have historically.

The Materials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 13.6x.

Forecasted GrowthThere is insufficient data in this market to determine future earnings growth rates.

	Company	Last Price	7D	1Y	Valuation	Sector
	BATZ British American Tobacco (Zambia)	K2.47	6.5% +K31.9m	30.0%	PE5.8x	Consumer Staples
	ZANACO Zambia National Commercial Bank	K6.50	0.2% +K14.4m	88.4%	PB2.2x	Financials

Company

Last Price

Valuation

Sector

BATZ British American Tobacco (Zambia)

K2.47

6.5%
+K31.9m

30.0%

PE5.8x

Consumer Staples

ZANACO Zambia National Commercial Bank

K6.50