Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

South African (JSE) Market Analysis & Valuation

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies202
  • 7D-0.5%
  • 3M10.3%
  • 1Y33.3%
  • YTD3.1%

The Energy sector gained 5.6% while the market remained flat over the last week. As for the longer term, the market has risen 33% in the past 12 months. As for the next few years, earnings are expected to grow by 19% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Feb 2026R8.4tR5.3tR557.6b9.8x15.1x1.6x
Mon, 05 Jan 2026R8.2tR5.4tR559.4b9.6x14.7x1.5x
Wed, 03 Dec 2025R7.8tR5.4tR566.5b9.4x13.8x1.4x
Fri, 31 Oct 2025R7.8tR5.5tR574.8b9.2x13.5x1.4x
Sun, 28 Sep 2025R7.5tR5.5tR569.7b8.8x13.2x1.4x
Tue, 26 Aug 2025R7.4tR5.5tR549.8b9.2x13.4x1.3x
Thu, 24 Jul 2025R7.2tR5.5tR471.8b8.2x15.2x1.3x
Sat, 21 Jun 2025R6.8tR5.5tR440.4b8.4x15.4x1.2x
Mon, 19 May 2025R6.7tR5.3tR419.8b9x15.9x1.2x
Wed, 16 Apr 2025R6.4tR5.4tR427.1b8.3x15.1x1.2x
Fri, 14 Mar 2025R6.3tR5.3tR421.6b8.6x15x1.2x
Sun, 09 Feb 2025R6.4tR5.3tR369.7b9.8x17.2x1.2x
Tue, 07 Jan 2025R6.3tR5.3tR368.3b10.1x17x1.2x
Thu, 05 Dec 2024R6.4tR5.3tR362.9b10.1x17.6x1.2x
Sat, 02 Nov 2024R6.4tR5.3tR335.9b10.4x18.9x1.2x
Mon, 30 Sep 2024R6.4tR5.1tR333.2b10.4x19.4x1.3x
Wed, 28 Aug 2024R6.2tR5.2tR349.6b9.6x17.8x1.2x
Fri, 26 Jul 2024R5.9tR5.2tR418.4b9.3x14.1x1.1x
Sun, 23 Jun 2024R5.9tR5.2tR442.9b9x13.2x1.1x
Tue, 21 May 2024R5.8tR5.3tR431.0b8.7x13.4x1.1x
Thu, 18 Apr 2024R5.3tR5.3tR434.1b8.5x12.2x1x
Sat, 16 Mar 2024R5.4tR5.4tR455.7b8.4x11.8x1x
Mon, 12 Feb 2024R5.5tR5.3tR527.2b9.1x10.4x1x
Wed, 10 Jan 2024R5.7tR5.4tR540.9b9.5x10.5x1x
Fri, 08 Dec 2023R5.6tR5.5tR544.4b9.1x10.3x1x
Sun, 05 Nov 2023R5.5tR5.4tR541.9b8.9x10.2x1x
Tue, 03 Oct 2023R5.3tR5.5tR548.7b9x9.7x1x
Thu, 31 Aug 2023R5.9tR5.4tR581.5b8.7x10.1x1.1x
Sat, 29 Jul 2023R6.1tR5.3tR627.4b8.5x9.8x1.2x
Mon, 26 Jun 2023R5.8tR5.4tR628.8b8.3x9.2x1.1x
Wed, 24 May 2023R5.8tR5.4tR668.4b8x8.7x1.1x
Fri, 21 Apr 2023R6.2tR5.3tR663.0b8.3x9.3x1.2x
Sun, 19 Mar 2023R5.0tR5.0tR586.3b8.2x8.5x1x
Tue, 14 Feb 2023R6.4tR5.2tR658.6b8.6x9.7x1.2x
Price to Earnings Ratio

9.7x


Total Market Cap: R6.4tTotal Earnings: R658.6bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.2x202420252026
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 15.1x which is higher than its 3-year average PE of 13.2x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 5.4% 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 Market-0.47%
Energy5.57%
Real Estate2.60%
Industrials2.31%
Consumer Staples1.87%
Financials1.85%
Healthcare1.84%
Telecom1.80%
Tech0.45%
Utilities0%0
Consumer Discretionary-2.79%
Materials-4.43%
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 35.1% 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 46% 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 5.8% 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
SBK Standard Bank GroupR309.443.6%
+R17.3b		39.7%PB1.8xFinancials
GFI Gold FieldsR865.601.9%
+R14.2b		147.9%PE25.7xMaterials
CPI Capitec Bank HoldingsR4.45k2.3%
+R11.7b		38.1%PB9.6xFinancials
FSR FirstRandR94.251.8%
+R9.5b		23.6%PE12.6xFinancials
BID BidR429.506.2%
+R8.5b		-9.8%PE17.7xConsumer Staples
See more

Market Insights

Header cover image
Why alternative investments are making a splash 🖼️
Richard Bowman avatar
Richard Bowman
|
|
Is it the time to invest in alternatives? Here's how you can get exposure.
Continue reading
Why longer lifespans could reshape portfolios 🧓
Last Week

Why longer lifespans could reshape portfolios 🧓

Latest News

MTN
R184.16
MTN Group
7D
1.8%
1Y
59.5%
IMP
R275.25
Impala Platinum Holdings
7D
-12.9%
1Y
183.2%
GFI
R865.60
Gold Fields
7D
1.9%
1Y
147.9%

GFI: Higher Gold Price Framework And Capital Returns Will Support Re Rating

Analysts have nudged their price targets on Gold Fields higher, with recent changes such as Citi moving to $57 from $50 and Scotiabank adding $14. These adjustments reflect updated views on gold price assumptions, reinvestment plans and capital returns.
ARI
R228.16
African Rainbow Minerals
7D
-4.9%
1Y
44.8%

Long Life Ferrous Assets And Copper Expansion Will Reshape This Miner’s Future Profile

Catalysts About African Rainbow Minerals African Rainbow Minerals is a diversified mining group with operations in iron ore, manganese, PGMs, coal and base metals, alongside equity interests in other mining companies. What are the underlying business or industry changes driving this perspective?
NPN
R957.19
Naspers
7D
-3.5%
1Y
16.9%

NPN: Higher Growth Assumptions Will Support A More Optimistic Future P/E

Analysts have cut their implied fair value estimate for Naspers from R8,039.18 to R1,768.46, citing updated assumptions for revenue growth, profit margins and future P/E that together indicate a more conservative view of the stock's potential valuation range. Valuation Changes Fair Value Estimate: Reduced from ZAR 8,039.18 to ZAR 1,768.46, pointing to a much lower implied valuation level.
HAR
R330.60
Harmony Gold Mining
7D
-9.1%
1Y
48.1%

HAR: Eva Copper Project Approval Will Underpin A More Optimistic Outlook

Analysts have adjusted their fair value estimate for Harmony Gold Mining from $320 to $515, citing updated assumptions for revenue growth, profit margins, and future P/E levels as key drivers of the new price target. What's in the News Harmony Gold Mining approved the high margin, long life Eva Copper Project after completing a three year feasibility study update and FEED phase with Tier 1 contractors.
VAL
R1,423.39
Valterra Platinum
7D
-6.4%
1Y
124.4%
VOD
R153.95
Vodacom Group
7D
2.3%
1Y
28.0%

VOD: Safaricom Stake Talks And Dividend Will Shape Balanced Medium-Term Outlook

Analysts have nudged their price target for Vodacom Group slightly higher, from R148.33 to R150.00. The change reflects updated assumptions around revenue growth, profit margins and future P/E expectations.
SSW
R65.74
Sibanye Stillwater
7D
-10.9%
1Y
259.2%

SSW: Recent Bank Upgrades And Project Progress Will Support Repricing

Analysts have roughly doubled their price target for Sibanye Stillwater to US$103.00 from US$50.00, citing updated assumptions for faster revenue growth, higher profit margins, and a lower future P/E multiple following recent upgrades from major banks. Analyst Commentary Recent upgrades from major banks have reinforced the view that Sibanye Stillwater could offer investors a more attractive balance between growth potential and valuation than previously assumed.
MRP
R170.90
Mr Price Group
7D
-4.3%
1Y
-33.1%

MRP: Higher Interim Dividend And Increased Stake Will Support Future Returns

Analysts have trimmed their fair value estimate for Mr Price Group from R521.17 to R518.14, reflecting slightly adjusted assumptions around the discount rate, revenue growth, profit margin and future P/E multiples. What's in the News Allan Gray Proprietary Limited completed the acquisition of an additional minority stake in Mr Price Group Limited (JSE:MRP) on 22 January 2026, with its clients now holding 10.1318% of the total issued ordinary shares (Key Developments).
NPH
R357.74
Northam Platinum Holdings
7D
-9.8%
1Y
197.1%

NPH: Constructive Research Stance Will Support Higher P/E While Risks Remain

Narrative Update The analyst fair value estimate for Northam Platinum Holdings has shifted from R290.06 to R396.94 per share. Analysts attribute this change to updated assumptions around revenue growth, profit margin and future P/E multiples following recent research that has become more constructive on the stock.
FSR
R94.25
FirstRand
7D
1.8%
1Y
23.6%

FSR: Stable Fair Value And Governance Changes Will Shape Future Risk Profile

Analysts have nudged their price target for FirstRand higher to R101.33 from R99.22, pointing to slightly refined assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What's in the News FirstRand has scheduled a special or extraordinary shareholders meeting for February 11, 2026, giving investors a date to watch for potential company resolutions or structural decisions (Key Developments).
CPI
R4,452.45
Capitec Bank Holdings
7D
2.3%
1Y
38.1%

CPI: Higher Forecast Assumptions Will Likely Leave Shares Looking Overpriced

Analysts have raised their price target for Capitec Bank Holdings from R2,903.38 to R3,474.12, citing updated assumptions that include higher revenue growth, a slightly different discount rate, a modestly higher profit margin, and a lower future P/E multiple. Valuation Changes Fair Value Estimate: Adjusted from ZAR2,903.38 to ZAR3,474.12, reflecting a higher assessed intrinsic value per share.
SBK
R309.44
Standard Bank Group
7D
3.6%
1Y
39.7%

SBK: Easing Macro Turn And Mixed Ratings Will Support Steady Returns

Analysts have lifted their fair value estimate for Standard Bank Group to about ZAR 300 from roughly ZAR 293, reflecting updated assumptions on revenue growth and P/E multiples, even as recent research has turned more cautious and new coverage has come in at Neutral with a ZAR 272 price target. Analyst Commentary Recent research on Standard Bank Group sends a mixed message, with some analysts pointing to a more balanced risk and reward profile while others are getting more cautious on execution and valuation.
KIO
R373.59
Kumba Iron Ore
7D
3.8%
1Y
7.7%

Kumba Iron Ore's (JSE:KIO) Returns On Capital Not Reflecting Well On The Business

Jan 22
Kumba Iron Ore's (JSE:KIO) Returns On Capital Not Reflecting Well On The Business
BID
R429.50
Bid
7D
6.2%
1Y
-9.8%