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South African (JSE) Market Analysis & Valuation

UpdatedMar 29, 2026
DataAggregated Company Financials
Companies201
  • 7D1.0%
  • 3M-4.2%
  • 1Y21.3%
  • YTD-4.2%

In the last week, the market has stayed flat, however the Materials sector stood out, gaining 3.2%. More promisingly, the market is up 21% over the past year. Looking forward, earnings are forecast to grow by 15% annually.

Market Valuation and Performance

Has the South African Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 29 Mar 2026R7.8tR5.5tR622.2b9.3x12.6x1.4x
Tue, 24 Feb 2026R8.7tR5.3tR585.6b9.7x14.8x1.6x
Thu, 22 Jan 2026R8.5tR5.3tR557.2b9.6x15.2x1.6x
Sat, 20 Dec 2025R8.1tR5.4tR562.1b9.3x14.4x1.5x
Mon, 17 Nov 2025R7.9tR5.5tR570.7b9.6x13.8x1.4x
Wed, 15 Oct 2025R7.8tR5.5tR573.8b9.3x13.6x1.4x
Fri, 12 Sep 2025R7.4tR5.5tR564.7b9x13x1.3x
Sun, 10 Aug 2025R7.2tR5.5tR465.6b8.8x15.5x1.3x
Tue, 08 Jul 2025R7.0tR5.5tR474.7b8.4x14.8x1.3x
Thu, 05 Jun 2025R6.8tR5.4tR432.4b8.5x15.7x1.3x
Sat, 03 May 2025R6.7tR5.3tR424.0b9x15.7x1.2x
Mon, 31 Mar 2025R6.5tR5.3tR422.7b8.6x15.4x1.2x
Wed, 26 Feb 2025R6.4tR5.3tR411.4b9.4x15.5x1.2x
Fri, 24 Jan 2025R6.2tR5.3tR367.9b9.9x16.7x1.2x
Sun, 22 Dec 2024R6.3tR5.3tR364.2b10x17.2x1.2x
Tue, 19 Nov 2024R6.3tR5.3tR343.1b10x18.2x1.2x
Thu, 17 Oct 2024R6.4tR5.1tR338.6b10.3x18.8x1.2x
Sat, 14 Sep 2024R6.0tR5.2tR334.1b9.7x18.1x1.2x
Mon, 12 Aug 2024R5.9tR5.2tR417.7b9.6x14.1x1.1x
Wed, 10 Jul 2024R5.8tR5.1tR458.7b9.2x12.7x1.1x
Fri, 07 Jun 2024R5.5tR5.3tR437.9b8.7x12.5x1x
Sun, 05 May 2024R5.5tR5.3tR432.5b8.6x12.8x1x
Tue, 02 Apr 2024R5.5tR5.3tR433.8b8.7x12.6x1x
Thu, 29 Feb 2024R5.4tR5.3tR517.0b9x10.4x1x
Sat, 27 Jan 2024R5.7tR5.4tR541.7b9.4x10.5x1x
Mon, 25 Dec 2023R5.7tR5.4tR540.1b9.3x10.6x1.1x
Wed, 22 Nov 2023R5.6tR5.4tR538.3b9.1x10.4x1x
Fri, 20 Oct 2023R5.4tR5.5tR547.4b9x9.8x1x
Sun, 17 Sep 2023R5.6tR5.5tR556.5b9x10.1x1x
Tue, 15 Aug 2023R5.9tR5.4tR632.0b8.4x9.4x1.1x
Thu, 13 Jul 2023R5.9tR5.4tR656.0b8.5x9x1.1x
Sat, 10 Jun 2023R7.5tR5.4tR655.0b8.3x11.4x1.4x
Mon, 08 May 2023R6.1tR5.3tR669.3b8.3x9.1x1.1x
Wed, 05 Apr 2023R6.1tR5.3tR647.6b8.5x9.5x1.2x
Price to Earnings Ratio

9.5x


Total Market Cap: R6.1tTotal Earnings: R647.6bTotal Revenue: R5.3tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.4x202420252026
Current Market PE
  • Investors are relatively neutral on the South African market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 13.4x.
Past Earnings Growth
  • Both revenue and earnings for South African listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

Which sectors have driven the changes within the South African Market?

ZA Market0.99%
Materials3.20%
Consumer Staples2.02%
Telecom1.71%
Financials1.11%
Industrials0.91%
Utilities0%0
Healthcare-0.68%
Real Estate-1.12%
Tech-2.71%
Consumer Discretionary-2.90%
Energy-3.58%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth even though it's trading below its 3-year average PE ratio of 20.4x.
    • Analysts are expecting annual earnings growth of 11.5%, which is lower than the prior year's growth of 14.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 49% over the next 5 years.
  • This is better than its past earnings growth rate of 17% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 9.8% 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
GFI Gold FieldsR711.596.8%
+R40.5b		74.0%PE10.4xMaterials
CPI Capitec Bank HoldingsR4.18k1.7%
+R8.1b		33.7%PB9xFinancials
HAR Harmony Gold MiningR244.654.8%
+R6.9b		-5.4%PE9.4xMaterials
VOD Vodacom GroupR146.862.1%
+R5.8b		19.9%PE15xTelecom
MTN MTN GroupR194.601.6%
+R5.6b		55.8%PE17.6xTelecom
See more

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Latest News

HAR
R244.65
Harmony Gold Mining
7D
4.8%
1Y
-5.4%
VAL
R1,306.90
Valterra Platinum
7D
-1.0%
1Y
75.5%
MTN
R194.60
MTN Group
7D
1.6%
1Y
55.8%
OUT
R72.06
OUTsurance Group
7D
3.8%
1Y
2.1%

OUT: Rising Profitability And Dividends Will Support A Higher Earnings Profile

Analysts have inched their 12 month price target for OUTsurance Group up from ZAR84.30 to ZAR85.65. They state that this reflects updated assumptions for profit margin, revenue growth and future P/E that they see as better balancing the group’s earnings potential with its risk profile.
GFI
R711.59
Gold Fields
7D
6.8%
1Y
74.0%
EXX
R214.00
Exxaro Resources
7D
-2.7%
1Y
39.5%
SHP
R275.81
Shoprite Holdings
7D
3.2%
1Y
2.1%

SHP: Future Upside Will Be Driven By Dividend Support And Earnings Guidance

Analysts have trimmed their Shoprite Holdings price target from ZAR322.69 to ZAR317.19, as slightly softer assumptions on revenue growth, profit margins and fair value are now partly offset by a marginally higher future P/E estimate and a small adjustment to the discount rate. What's in the News The board declares an interim cash dividend of 307 cents per ordinary share for the 26-week period ended 28 December 2025, with payment scheduled for 30 March 2026 from retained earnings in line with applicable legislation (Key Developments).
SNT
R398.04
Santam
7D
-4.9%
1Y
5.3%

Global Lloyd’s Platform And New Partnerships Will Reshape Future Earnings Quality

Catalysts About Santam Santam is a South African based short term insurer with growing direct, reinsurance and international operations, including a Lloyd's syndicate and partnerships across Africa and India. What are the underlying business or industry changes driving this perspective?
CPI
R4,181.65
Capitec Bank Holdings
7D
1.7%
1Y
33.7%

CPI: 2026 Earnings Guidance Will Likely Keep Shares Looking Overpriced

Analysts have adjusted their ZAR fair value estimate for Capitec Bank Holdings to ZAR3,445.76 per share, reflecting updated assumptions around revenue growth, profit margin and future P/E levels. What's in the News Capitec Bank Holdings issued group earnings guidance for the year ending 28 February 2026, giving investors an updated reference point for expected profitability.
SSW
R48.65
Sibanye Stillwater
7D
2.9%
1Y
139.9%
NPN
R858.32
Naspers
7D
-3.5%
1Y
-6.7%

NPN: Future Returns Will Be Driven By Higher Growth And Premium P/E

Analysts have raised their price target for Naspers to ZAR1,184, citing adjusted assumptions around the discount rate, revenue growth, profit margins, and future P/E as key drivers of the updated view. Valuation Changes Fair Value: ZAR1,184.25 remains unchanged in the updated assessment.
VOD
R146.86
Vodacom Group
7D
2.1%
1Y
19.9%

VOD: Lower Growth And Higher Margins Will Shape Balanced Medium Term Outlook

Analysts have adjusted their Vodacom Group price target slightly higher from ZAR150.00 to ZAR151.88. This reflects updated assumptions that balance a lower revenue growth outlook with a higher profit margin and a modestly lower future P/E and discount rate.
WBC
R42.44
We Buy Cars Holdings
7D
-9.0%
1Y
-1.3%

WBC: Future Earnings Will Stay Solid As Discount Rate Support Strengthens

Analysts have held their ZAR fair value estimate for We Buy Cars Holdings steady at ZAR56.72 per share. A slightly lower discount rate and marginally adjusted long term profit margin and future P/E assumptions guided the unchanged price target.
APN
R127.94
Aspen Pharmacare Holdings
7D
-2.6%
1Y
-23.1%
PPH
R22.69
Pepkor Holdings
7D
-2.8%
1Y
-12.6%
FTA
R18.09
Fairvest
7D
-4.4%
1Y
1.1%