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South African (JSE) Market Analysis & Valuation

UpdatedDec 30, 2025
DataAggregated Company Financials
Companies206
  • 7D0.5%
  • 3M8.4%
  • 1Y32.8%
  • YTD31.8%

In the last week, the market has stayed flat, however the Healthcare sector stood out, gaining 14%. More promisingly, the market is up 33% over the past year. Earnings are forecast to grow by 18% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 30 Dec 2025R8.2tR5.4tR561.3b9.5x14.6x1.5x
Thu, 27 Nov 2025R7.9tR5.4tR570.6b9.4x13.8x1.4x
Sat, 25 Oct 2025R7.8tR5.5tR573.4b9.2x13.6x1.4x
Mon, 22 Sep 2025R7.5tR5.5tR572.3b9x13.1x1.4x
Wed, 20 Aug 2025R7.3tR5.5tR482.3b9.2x15x1.3x
Fri, 18 Jul 2025R7.0tR5.5tR474.1b8.2x14.8x1.3x
Sun, 15 Jun 2025R6.8tR5.5tR436.4b8.6x15.6x1.2x
Tue, 13 May 2025R6.6tR5.3tR421.8b8.8x15.7x1.2x
Thu, 10 Apr 2025R5.9tR5.4tR428.9b8x13.9x1.1x
Sat, 08 Mar 2025R6.4tR5.3tR417.3b9.2x15.4x1.2x
Mon, 03 Feb 2025R6.3tR5.3tR368.9b10x17x1.2x
Wed, 01 Jan 2025R6.2tR5.3tR369.9b10.2x16.8x1.2x
Fri, 29 Nov 2024R6.3tR5.3tR349.0b9.9x18x1.2x
Sun, 27 Oct 2024R6.4tR5.1tR339.6b10.5x18.8x1.2x
Tue, 24 Sep 2024R6.2tR5.2tR335.1b10x18.5x1.2x
Thu, 22 Aug 2024R6.2tR5.2tR351.1b9.5x17.6x1.2x
Sat, 20 Jul 2024R5.8tR5.2tR421.7b9.4x13.8x1.1x
Mon, 17 Jun 2024R5.6tR5.2tR434.7b8.6x12.8x1.1x
Wed, 15 May 2024R5.7tR5.3tR430.4b8.7x13.2x1.1x
Fri, 12 Apr 2024R5.5tR5.3tR432.2b8.7x12.8x1x
Sun, 10 Mar 2024R5.5tR5.3tR448.7b8.6x12.2x1x
Tue, 06 Feb 2024R5.6tR5.3tR536.3b9.1x10.4x1x
Thu, 04 Jan 2024R5.7tR5.4tR541.3b9.5x10.6x1x
Sat, 02 Dec 2023R5.6tR5.4tR545.3b9.1x10.3x1x
Mon, 30 Oct 2023R5.3tR5.5tR545.2b8.9x9.6x1x
Wed, 27 Sep 2023R5.5tR5.5tR551.2b9x10x1x
Fri, 25 Aug 2023R5.8tR5.4tR596.8b8.5x9.7x1.1x
Sun, 23 Jul 2023R6.0tR5.4tR654.4b8.5x9.1x1.1x
Tue, 20 Jun 2023R6.1tR5.4tR637.2b8.5x9.5x1.1x
Thu, 18 May 2023R5.9tR5.4tR668.3b8x8.8x1.1x
Sat, 15 Apr 2023R6.2tR5.3tR656.6b8.4x9.4x1.2x
Mon, 13 Mar 2023R6.1tR5.3tR647.5b8.5x9.3x1.1x
Wed, 08 Feb 2023R6.4tR5.2tR660.4b8.6x9.7x1.2x
Fri, 06 Jan 2023R6.1tR5.2tR657.5b8.2x9.3x1.2x
Price to Earnings Ratio

9.3x


Total Market Cap: R6.1tTotal Earnings: R657.5bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13x20242025
Current Market PE
  • Investors are optimistic on the South African market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 14.6x which is higher than its 3-year average PE of 13.0x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 5.1% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

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

ZA Market0.50%
Healthcare14.17%
Telecom3.47%
Financials1.82%
Industrials1.76%
Consumer Staples1.73%
Real Estate1.31%
Energy1.25%
Consumer Discretionary0.87%
Utilities0%0
Tech-1.74%
Materials-3.34%
Sector PE
  • Investors favour the Materials sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 34.4% which is higher than its past year's earnings decline of 3.9% 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 12% 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
FSR FirstRandR90.612.9%
+R14.1b		18.3%PE12.1xFinancials
MTN MTN GroupR168.174.2%
+R12.4b		81.1%PE40.8xTelecom
APN Aspen Pharmacare HoldingsR117.3524.9%
+R10.4b		-29.4%PS1.2xHealthcare
SBK Standard Bank GroupR288.432.2%
+R10.0b		30.3%PB1.7xFinancials
VOD Vodacom GroupR140.463.1%
+R8.0b		38.4%PE14.4xTelecom
See more

Market Insights

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APN
R117.35
Aspen Pharmacare Holdings
7D
24.9%
1Y
-29.4%
TGA
R96.40
Thungela Resources
7D
-2.1%
1Y
-24.0%

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GFI
R740.28
Gold Fields
7D
-5.7%
1Y
198.4%

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SHP
R273.06
Shoprite Holdings
7D
2.6%
1Y
-8.1%

SHP: Future Upside Will Be Driven By Stable Margins And Earnings Multiples

Analysts have nudged their price target on Shoprite Holdings slightly higher to approximately R326.88, reflecting marginally updated assumptions for discount rates, revenue growth, profit margins, and future valuation multiples, while maintaining their broadly positive long term outlook. Valuation Changes Fair Value: Unchanged at approximately ZAR 326.88 per share, indicating no material shift in the core valuation outcome.
CPI
R4,206.85
Capitec Bank Holdings
7D
1.5%
1Y
34.4%

CPI: Higher Dividend Payouts Will Support A Stronger Future Share Repricing

Analysts have raised their fair value estimate for Capitec Bank Holdings from R4,440 to R4,990, citing slightly lower projected revenue growth and profit margins being more than offset by expectations of a higher future price to earnings multiple. What's in the News Directors declared a gross interim dividend of 2,620 cents per ordinary share for the six months ended 31 August 2025, up from 2,085 cents in 2024, reflecting a substantial year on year increase in shareholder payouts (company announcement).
SBK
R288.43
Standard Bank Group
7D
2.2%
1Y
30.3%

SBK: Easing Macro Shift Will Support Stable Returns With Neutral Near-Term Upside

Analysts have nudged their fair value estimate for Standard Bank Group higher to approximately ZAR 293 from about ZAR 288, reflecting slightly stronger expected revenue growth and valuation multiples as macro headwinds ease and the near term outlook improves. Analyst Commentary Recent coverage of Standard Bank Group highlights a balanced mix of optimism and caution, with the initiation of coverage at a neutral rating and a price target slightly below current fair value estimates reinforcing a measured stance on the stock.
SSW
R60.40
Sibanye Stillwater
7D
-4.8%
1Y
289.9%

SSW: Future Returns Will Depend On Chrome Agreement Cash Flows

Analysts have slightly trimmed their price target on Sibanye Stillwater to around $50.07 from approximately $50.16, citing moderate reductions in the assumed discount rate, upgraded forecasts for revenue growth and profit margins, and a somewhat lower future price to earnings multiple. What's in the News Concluded a three year wage agreement at South African gold operations with AMCU, NUM, UASA, and Solidarity.
VOD
R140.46
Vodacom Group
7D
3.1%
1Y
38.4%

VOD: Dividend, Margins And Safaricom Stake Moves Will Shape Steady Outlook

Analysts have raised their price target on Vodacom Group slightly, from ZAR 122.00 to ZAR 125.00. They cited a modestly improved profit margin outlook and a marginally lower discount rate, which more than offset slightly reduced revenue growth expectations and a marginally lower future P/E assumption.
MTN
R168.17
MTN Group
7D
4.2%
1Y
81.1%

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Analysts have modestly lowered their price target on Vail Resorts to a range of about $145 to $237 per share. This reflects concerns over softer Epic pass sales, a more guarded fiscal 2026 EBITDA outlook, and uncertainty around the pace of the company’s operational turnaround.
IMP
R260.64
Impala Platinum Holdings
7D
-1.7%
1Y
195.1%

IMP: Higher Margins Are Expected To Drive Strong Share Price Rebound

Analysts have lifted their price target on Impala Platinum Holdings from R200.00 to R310.00, citing expectations for faster revenue growth, stronger profit margins, and a modestly lower future price-to-earnings multiple that together support a higher fair value estimate despite a slightly increased discount rate. What's in the News Reported first quarter 2025 6E group production of 882,000 oz, down from 928,000 oz in the prior year period, highlighting some operational headwinds (company announcement).
HAR
R339.16
Harmony Gold Mining
7D
-6.1%
1Y
122.6%

HAR: Higher Multiple And Copper Project Will Eventually Disappoint Expectations

Analysts have raised their price target for Harmony Gold Mining from approximately $220 to about $270 per share. They cite a higher discount rate, lower long term revenue growth and profit margin assumptions, and a rerating to a richer future P/E multiple that together better reflect the company’s risk profile and earnings quality.
VAL
R1,407.76
Valterra Platinum
7D
-2.1%
1Y
154.0%
NPH
R331.81
Northam Platinum Holdings
7D
-3.3%
1Y
241.6%

NPH: Higher Required Returns Will Constrain Future Upside Despite Stronger Margins

Analysts have raised their price target for Northam Platinum Holdings by roughly R8 to R283.06, citing slightly stronger expected revenue growth, improved profit margins, and a modestly lower future price earnings multiple, despite a small uptick in the discount rate. Valuation Changes Fair Value: Raised slightly from ZAR 274.94 to ZAR 283.06 per share, reflecting a modest uplift in the intrinsic valuation.
FSR
R90.61
FirstRand
7D
2.9%
1Y
18.3%

FSR: Improved Profitability And Lower Risk Will Support Further Share Upside

Analysts have nudged their price target for FirstRand higher by approximately R2.20 to around R99.20, citing slightly faster expected revenue growth, a modestly improved profit margin, and a marginally lower discount rate that supports a richer, but still reasonable, future P E multiple. What's in the News Shareholders approved the appointment of KPMG Inc.
DTC
R78.53
Datatec
7D
-2.6%
1Y
64.3%
SLM
R99.50
Sanlam
7D
2.1%
1Y
15.1%

Assupol Integration And Digital Shift Will Unlock Future Potential

Analysts have raised their price target for Sanlam from R99.21 to R101.55, citing significantly improved profit margin forecasts, even though there are expectations of steeper revenue contraction. Valuation Changes Fair Value increased from ZAR 99.21 to ZAR 101.55, reflecting a modest upward revision.