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South African (JSE) Market Analysis & Valuation

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies200
  • 7D-2.1%
  • 3M1.0%
  • 1Y25.8%
  • YTD-2.3%

Over the last 7 days, the market has dropped 1.9%, driven by a loss of 5.6% in the Materials sector. In contrast, the Consumer Discretionary sector has actually gained 5.8%. In the last year, the market is actually up 27%. As for the next few years, earnings are expected to grow by 16% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 16 Mar 2026R8.0tR5.5tR610.7b9.6x13x1.5x
Wed, 11 Feb 2026R8.5tR5.3tR557.3b9.7x15.2x1.6x
Fri, 09 Jan 2026R8.3tR5.4tR559.8b9.6x14.8x1.5x
Sun, 07 Dec 2025R8.0tR5.4tR566.1b9.5x14x1.5x
Tue, 04 Nov 2025R7.7tR5.5tR576.2b9.1x13.4x1.4x
Thu, 02 Oct 2025R7.7tR5.5tR572.2b8.9x13.4x1.4x
Sat, 30 Aug 2025R7.3tR5.5tR575.9b9.1x12.6x1.3x
Mon, 28 Jul 2025R7.1tR5.5tR473.8b8.2x14.9x1.3x
Wed, 25 Jun 2025R6.9tR5.5tR472.5b8.7x14.6x1.3x
Fri, 23 May 2025R6.7tR5.3tR422.3b8.8x15.9x1.3x
Sun, 20 Apr 2025R6.5tR5.4tR426.0b8.4x15.2x1.2x
Tue, 18 Mar 2025R6.4tR5.3tR414.7b8.7x15.5x1.2x
Thu, 13 Feb 2025R6.4tR5.3tR370.5b9.5x17.3x1.2x
Sat, 11 Jan 2025R6.2tR5.3tR371.4b10x16.6x1.2x
Mon, 09 Dec 2024R6.4tR5.3tR362.8b10x17.7x1.2x
Wed, 06 Nov 2024R6.4tR5.3tR334.8b10.4x19.2x1.2x
Fri, 04 Oct 2024R6.3tR5.3tR339.0b10.2x18.7x1.2x
Sun, 01 Sep 2024R6.2tR5.2tR344.6b9.9x17.9x1.2x
Tue, 30 Jul 2024R5.9tR5.2tR419.0b9.4x14.1x1.1x
Thu, 27 Jun 2024R5.8tR5.2tR421.1b9x13.7x1.1x
Sat, 25 May 2024R5.7tR5.3tR431.1b8.7x13.3x1.1x
Mon, 22 Apr 2024R5.3tR5.3tR435.6b8.5x12.2x1x
Wed, 20 Mar 2024R5.3tR5.4tR461.7b8.4x11.4x1x
Fri, 16 Feb 2024R5.5tR5.3tR526.5b9x10.4x1x
Sun, 14 Jan 2024R5.7tR5.4tR541.0b9.4x10.5x1x
Tue, 12 Dec 2023R5.6tR5.5tR544.9b9.1x10.3x1x
Thu, 09 Nov 2023R5.5tR5.5tR543.0b8.8x10.1x1x
Sat, 07 Oct 2023R5.3tR5.5tR550.0b9.1x9.6x1x
Mon, 04 Sep 2023R5.8tR5.4tR564.2b8.7x10.2x1.1x
Wed, 02 Aug 2023R6.1tR5.3tR631.8b8.5x9.7x1.1x
Fri, 30 Jun 2023R5.8tR5.4tR660.3b8.6x8.8x1.1x
Sun, 28 May 2023R5.7tR5.4tR663.3b8.2x8.6x1.1x
Tue, 25 Apr 2023R6.1tR5.3tR670.3b8.3x9.1x1.1x
Thu, 23 Mar 2023R5.1tR5.1tR600.4b8.2x8.6x1x
Price to Earnings Ratio

8.6x


Total Market Cap: R5.1tTotal Earnings: R600.4bTotal Revenue: R5.1tTotal 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
  • The earnings for South African listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have grown 2.8% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Sector Trends

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

ZA Market-2.06%
Consumer Discretionary5.99%
Energy4.63%
Utilities0%0
Financials-0.91%
Consumer Staples-1.93%
Industrials-2.11%
Real Estate-2.65%
Healthcare-3.14%
Telecom-3.68%
Tech-4.52%
Materials-6.76%
Sector PE
  • Investors favour the Telecom sector the most for future growth even though it's trading below its 3-year average PE ratio of 27.1x.
    • Analysts expect its future annual earnings growth (29.9%) to be largely in line with prior year's earnings growth.
    • The market's confidence could indicate that the market believes that analysts are underestimating future growth.
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 7.1% 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
NPN NaspersR970.0010.7%
+R70.4b		2.8%PE7.6xConsumer Discretionary
SOL SasolR192.0027.1%
+R26.4b		147.6%PE51.4xMaterials
OUT OUTsurance GroupR72.555.7%
+R6.1b		14.0%PE22.5xFinancials
FSR FirstRandR88.001.2%
+R5.8b		18.6%PE11.1xFinancials
SBK Standard Bank GroupR294.390.9%
+R5.3b		23.7%PB1.7xFinancials
See more

Market Insights

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Latest News

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R72.55
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7D
5.7%
1Y
14.0%
SBK
R294.39
Standard Bank Group
7D
0.9%
1Y
23.7%
HAR
R256.90
Harmony Gold Mining
7D
-19.2%
1Y
16.4%
SSW
R53.61
Sibanye Stillwater
7D
-7.0%
1Y
203.6%
MTN
R182.91
MTN Group
7D
-4.7%
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VAL
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Valterra Platinum
7D
-8.2%
1Y
113.8%
REM
R181.66
Remgro
7D
2.2%
1Y
24.8%
SOL
R192.00
Sasol
7D
27.1%
1Y
147.6%
FSR
R88.00
FirstRand
7D
1.2%
1Y
18.6%

FSR: Governance Rewrite And Richer Margins Will Support A Stronger Outlook

Analysts have adjusted their price target on FirstRand slightly higher to ZAR103.81 from ZAR102.88, pointing to updated assumptions around revenue growth, profit margins, and a lower forward P/E multiple as the key drivers of the change. What's in the News FirstRand has scheduled a Special or Extraordinary Shareholders Meeting for February 11, 2026, at 09:00 South Africa Standard Time.
NPH
R345.64
Northam Platinum Holdings
7D
-10.9%
1Y
190.6%

NPH: Constructive HSBC Upgrade Will Support Higher Margins And Earnings Quality

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GND
R17.47
Grindrod
7D
8.8%
1Y
39.8%

GND: Strong 2025 Earnings Guidance Will Support Further Upside Potential

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IMP
R240.34
Impala Platinum Holdings
7D
-10.0%
1Y
111.0%
EXX
R209.45
Exxaro Resources
7D
5.0%
1Y
32.2%

EXX: Higher Margin Assumptions Will Likely Offset Lower Future P/E Multiple

Analysts have lifted their ZAR fair value estimate for Exxaro Resources from ZAR149.44 to ZAR195.00, citing updated assumptions for revenue growth, profit margins and a lower forward P/E as key drivers of the higher price target. Valuation Changes Fair Value: ZAR149.44 updated to ZAR195.00, reflecting a higher assessed valuation for Exxaro Resources.
GFI
R780.27
Gold Fields
7D
-2.3%
1Y
110.9%

GFI: Execution And Cost Risks Will Likely Restrain Elevated Expectations

The analyst fair value estimate for Gold Fields has been adjusted from ZAR630.00 to ZAR680.00, with analysts pointing to higher price targets from recent Street research and updated expectations for margins and risk as key drivers of the change. Analyst Commentary Recent Street research around Gold Fields has been mixed, with some higher price targets being balanced by more cautious views on execution and valuation risk.
NPN
R970.00
Naspers
7D
10.7%
1Y
2.8%

NPN: Future Returns Will Reflect Higher Growth And Premium Earnings Multiple

Narrative Update on Naspers Price Target Analysts have updated their fair value estimate for Naspers from ZAR1,242.88 to ZAR1,184.25, reflecting adjustments to assumptions around revenue, profit margins and future P/E expectations. Valuation Changes Fair Value: Updated from ZAR1,242.88 to ZAR1,184.25, indicating a small cut to the central valuation estimate.
VOD
R146.01
Vodacom Group
7D
-6.0%
1Y
26.0%

VOD: Modest Margin Pressure Will Likely Restrain Future Upside Potential

Analysts have increased their Vodacom Group price target from ZAR125 to ZAR130, citing updated assumptions that reflect slightly higher modelled revenue growth, a modest adjustment to profit margins and a lower discount rate, while keeping the expected future P/E essentially unchanged. Valuation Changes Fair Value: raised from ZAR125 to ZAR130, representing a modest upward adjustment.