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South African (JSE) Market Analysis & Valuation

UpdatedApr 08, 2026
DataAggregated Company Financials
Companies200
  • 7D-1.4%
  • 3M-3.2%
  • 1Y35.5%
  • YTD-2.3%

Over the last 7 days, the market has dropped 1.4%, driven by a pullback of 2.9% in the Materials sector. As for the longer term, the market has actually risen by 36% in the last year. Earnings are forecast to grow by 16% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 09 Apr 2026R8.0tR5.5tR618.4b9.2x12.9x1.4x
Sat, 07 Mar 2026R8.1tR5.4tR604.0b9.4x13.5x1.5x
Mon, 02 Feb 2026R8.5tR5.3tR555.4b9.5x15.2x1.6x
Wed, 31 Dec 2025R8.2tR5.4tR560.3b9.5x14.7x1.5x
Fri, 28 Nov 2025R7.8tR5.4tR572.3b9.4x13.6x1.4x
Sun, 26 Oct 2025R7.8tR5.5tR573.4b9.2x13.6x1.4x
Tue, 23 Sep 2025R7.5tR5.5tR572.4b8.8x13.1x1.4x
Thu, 21 Aug 2025R7.2tR5.5tR481.7b9.2x15x1.3x
Sat, 19 Jul 2025R7.1tR5.5tR473.1b8.2x15.1x1.3x
Mon, 16 Jun 2025R6.8tR5.5tR436.4b8.6x15.6x1.2x
Wed, 14 May 2025R6.6tR5.3tR422.5b8.8x15.7x1.2x
Fri, 11 Apr 2025R6.2tR5.4tR430.1b8.3x14.4x1.2x
Sun, 09 Mar 2025R6.4tR5.3tR419.4b9x15.3x1.2x
Tue, 04 Feb 2025R6.3tR5.3tR369.7b9.6x17x1.2x
Thu, 02 Jan 2025R6.2tR5.3tR370.0b10.2x16.8x1.2x
Sat, 30 Nov 2024R6.2tR5.3tR350.3b10.1x17.8x1.2x
Mon, 28 Oct 2024R6.4tR5.1tR339.6b10.5x18.8x1.2x
Wed, 25 Sep 2024R6.3tR5.2tR334.4b10.1x18.8x1.2x
Fri, 23 Aug 2024R6.1tR5.2tR352.1b9.6x17.4x1.2x
Sun, 21 Jul 2024R5.8tR5.2tR421.7b9.4x13.8x1.1x
Tue, 18 Jun 2024R5.6tR5.2tR433.4b8.6x12.8x1.1x
Thu, 16 May 2024R5.7tR5.3tR432.2b8.7x13.3x1.1x
Sat, 13 Apr 2024R5.5tR5.3tR433.1b8.6x12.7x1x
Mon, 11 Mar 2024R5.5tR5.3tR448.7b8.6x12.2x1x
Wed, 07 Feb 2024R5.6tR5.3tR534.9b9x10.5x1.1x
Fri, 05 Jan 2024R5.7tR5.4tR541.3b9.4x10.5x1x
Sun, 03 Dec 2023R5.6tR5.4tR545.2b9.1x10.3x1x
Tue, 31 Oct 2023R5.3tR5.5tR545.5b8.7x9.7x1x
Thu, 28 Sep 2023R5.5tR5.5tR552.2b9x9.9x1x
Sat, 26 Aug 2023R5.8tR5.4tR596.0b8.5x9.7x1.1x
Mon, 24 Jul 2023R6.0tR5.4tR654.4b8.5x9.1x1.1x
Wed, 21 Jun 2023R6.0tR5.4tR636.1b8.4x9.4x1.1x
Fri, 19 May 2023R5.8tR5.4tR671.1b7.8x8.7x1.1x
Sun, 16 Apr 2023R6.2tR5.3tR656.6b8.4x9.4x1.2x
Price to Earnings Ratio

9.4x


Total Market Cap: R6.2tTotal Earnings: R656.6bTotal 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 Market-1.37%
Energy0.48%
Utilities0%0
Financials-0.33%
Consumer Staples-0.43%
Healthcare-0.69%
Telecom-0.76%
Tech-0.76%
Real Estate-1.04%
Industrials-1.29%
Consumer Discretionary-2.34%
Materials-2.89%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 5.6x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 43.6% which is higher than its past year's earnings decline of 2.1% 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 Consumer Discretionary sector is expected to see its earnings grow by 3.8% 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 GroupR329.417.0%
+R35.0b		62.8%PB1.9xFinancials
VAL Valterra PlatinumR1.55k7.9%
+R29.8b		147.6%PE26.3xMaterials
FSR FirstRandR91.234.9%
+R23.9b		37.7%PE11.6xFinancials
CPI Capitec Bank HoldingsR4.41k3.9%
+R19.2b		56.0%PB9.5xFinancials
NPN NaspersR913.712.7%
+R18.5b		7.6%PE7.4xConsumer Discretionary
See more

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Latest News

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R329.41
Standard Bank Group
7D
7.0%
1Y
62.8%
VOD
R149.20
Vodacom Group
7D
3.0%
1Y
25.8%
FSR
R91.23
FirstRand
7D
4.9%
1Y
37.7%
SOL
R199.03
Sasol
7D
-2.5%
1Y
259.7%
VAL
R1,549.32
Valterra Platinum
7D
7.9%
1Y
147.6%

VAL: Dividend Windfall And Higher EPS Will Support Future Returns

Analysts have revised their ZAR price target on Valterra Platinum to ZAR2,160, reflecting updated views on revenue growth, profit margins and the appropriate P/E multiple following recent Street research. Analyst Commentary Bullish analysts point to the revised ZAR2,160 price target as a key marker of confidence in Valterra Platinum's ability to align revenue trends, profit margins and its P/E multiple with updated Street expectations.
GFI
R807.20
Gold Fields
7D
-0.9%
1Y
92.7%

Additional Considerations Required While Assessing Gold Fields' (JSE:GFI) Strong Earnings

Apr 07
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TGA
R149.57
Thungela Resources
7D
-13.2%
1Y
64.2%

TGA: Guided 2025 Loss Will Keep Shares Under Pressure

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CPI
R4,405.61
Capitec Bank Holdings
7D
3.9%
1Y
56.0%

CPI: 2026 Earnings Guidance Will Likely Sustain Overpriced Share Levels

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NPN
R913.71
Naspers
7D
2.7%
1Y
7.6%

NPN: Higher Future P/E Assumptions Will Support A More Constructive Outlook

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OMU
R13.89
Old Mutual
7D
-1.3%
1Y
46.2%
ABG
R254.33
Absa Group
7D
5.8%
1Y
62.3%
SLM
R89.57
Sanlam
7D
-2.2%
1Y
24.1%
FTA
R18.34
Fairvest
7D
-14.6%
1Y
1.9%
HAR
R274.76
Harmony Gold Mining
7D
-0.5%
1Y
-1.8%

HAR: Earnings Guidance And Dividend Payout Will Support Future Upside

Analysts have raised their ZAR price target for Harmony Gold Mining to ZAR500, citing slightly firmer long term revenue growth, profit margins, and a lower projected future P/E multiple that together support maintaining this fair value level. What's in the News Reported gold production of 724,099 oz (22,522 kg) for the six months ended 31 December 2025, compared with 797,854 oz (24,816 kg) a year earlier, with a 9% decline linked to temporary challenges in the second quarter of fiscal 2026 (Key Developments).
IMP
R260.94
Impala Platinum Holdings
7D
6.3%
1Y
154.9%

IMP: Recent Upgrades Will Test Execution And Profitability Assumptions Going Forward

Analysts have trimmed their ZAR fair value estimate for Impala Platinum Holdings from ZAR246.17 to ZAR225.00, reflecting updated assumptions on revenue growth, profitability and future P/E following recent upgrades from major firms that have reassessed the stock's long term risk and return profile. Analyst Commentary The recent fair value trim to ZAR225.00 comes as several major houses revisit their assumptions on revenue, margins and the sustainability of current P/E levels for Impala Platinum Holdings.
KIO
R323.58
Kumba Iron Ore
7D
-1.0%
1Y
8.8%

KIO: Fair Value Will Depend On Dividends And Rail Logistics Delivery

Analysts have reduced their price target for Kumba Iron Ore from ZAR320.70 to ZAR313.14, citing revised assumptions that include flatter revenue growth, a higher profit margin, and a slightly lower future P/E multiple. What's in the News Kumba Iron Ore approved a gross final cash dividend of 1,543 cents per share for the year ended 31 December 2025, with a 20% dividend withholding tax for non exempt shareholders, resulting in a net dividend of 1,234.40 cents per share (company announcement).