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South African (JSE) Market Analysis & Valuation

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies200
  • 7D-0.5%
  • 3M-3.8%
  • 1Y28.6%
  • YTD0.7%

Over the last 7 days, the market has remained flat, although notably the Energy sector declined by 6.3%. As for the longer term, the market has risen 29% in the past 12 months. 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
Wed, 22 Apr 2026R8.2tR5.5tR616.7b9.2x13.3x1.5x
Fri, 20 Mar 2026R7.8tR5.5tR626.4b9x12.4x1.4x
Sun, 15 Feb 2026R8.4tR5.3tR557.1b9.7x15.2x1.6x
Tue, 13 Jan 2026R8.4tR5.4tR558.6b9.7x15.1x1.6x
Thu, 11 Dec 2025R7.9tR5.4tR566.3b9.2x13.9x1.5x
Sat, 08 Nov 2025R7.7tR5.5tR576.4b9.1x13.4x1.4x
Mon, 06 Oct 2025R7.7tR5.5tR572.1b8.9x13.5x1.4x
Wed, 03 Sep 2025R7.2tR5.5tR575.5b8.9x12.6x1.3x
Fri, 01 Aug 2025R7.1tR5.5tR471.6b8.2x15.1x1.3x
Sun, 29 Jun 2025R6.9tR5.5tR473.8b8.7x14.6x1.3x
Tue, 27 May 2025R6.7tR5.3tR418.6b8.7x16.1x1.3x
Thu, 24 Apr 2025R6.5tR5.4tR426.2b8.5x15.2x1.2x
Sat, 22 Mar 2025R6.5tR5.3tR415.5b8.7x15.6x1.2x
Mon, 17 Feb 2025R6.4tR5.3tR370.3b9.5x17.4x1.2x
Wed, 15 Jan 2025R6.1tR5.3tR370.2b9.5x16.4x1.1x
Fri, 13 Dec 2024R6.4tR5.3tR360.8b10.1x17.8x1.2x
Sun, 10 Nov 2024R6.3tR5.3tR339.7b10.2x18.6x1.2x
Tue, 08 Oct 2024R6.3tR5.2tR338.2b10.3x18.7x1.2x
Thu, 05 Sep 2024R6.0tR5.2tR346.5b9.8x17.3x1.2x
Sat, 03 Aug 2024R5.9tR5.2tR417.5b9.5x14.1x1.1x
Mon, 01 Jul 2024R5.8tR5.2tR421.1b9.1x13.8x1.1x
Wed, 29 May 2024R5.6tR5.2tR430.7b8.8x13.1x1.1x
Fri, 26 Apr 2024R5.3tR5.3tR436.0b8.4x12.2x1x
Sun, 24 Mar 2024R5.4tR5.4tR450.0b8.4x12x1x
Tue, 20 Feb 2024R5.5tR5.3tR509.2b9.1x10.8x1x
Thu, 18 Jan 2024R5.5tR5.5tR543.5b9.4x10.1x1x
Sat, 16 Dec 2023R5.8tR5.4tR539.3b9.1x10.7x1.1x
Mon, 13 Nov 2023R5.5tR5.4tR537.4b9x10.1x1x
Wed, 11 Oct 2023R5.4tR5.4tR547.4b9x9.9x1x
Fri, 08 Sep 2023R5.7tR5.4tR560.4b8.8x10.1x1.1x
Sun, 06 Aug 2023R6.0tR5.3tR630.8b8.5x9.5x1.1x
Tue, 04 Jul 2023R5.9tR5.4tR660.1b8.5x8.9x1.1x
Thu, 01 Jun 2023R5.7tR5.4tR663.7b7.6x8.6x1x
Sat, 29 Apr 2023R6.2tR5.4tR671.2b8.2x9.2x1.1x
Price to Earnings Ratio

9.2x


Total Market Cap: R6.2tTotal Earnings: R671.2bTotal Revenue: R5.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.5x202420252026
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 13.5x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 2.8% 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-0.48%
Consumer Discretionary2.30%
Consumer Staples1.81%
Tech1.15%
Real Estate0.55%
Utilities0%0
Financials-0.55%
Industrials-0.59%
Telecom-1.22%
Healthcare-1.51%
Materials-2.13%
Energy-6.30%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 7.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 25.2% 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 48% 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 3.4% 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 NaspersR940.802.7%
+R18.1b		-1.4%PE7.5xConsumer Discretionary
HAR Harmony Gold MiningR290.013.1%
+R5.5b		-2.5%PE11.1xMaterials
BID BidR422.382.8%
+R3.8b		-8.6%PE16.1xConsumer Staples
CPI Capitec Bank HoldingsR4.38k0.7%
+R3.4b		31.6%PB9.4xFinancials
BOX Boxer RetailR77.007.1%
+R2.3b		14.6%PE25xConsumer Staples
See more

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Latest News

HAR
R290.01
Harmony Gold Mining
7D
3.1%
1Y
-2.5%
TGA
R135.30
Thungela Resources
7D
-12.8%
1Y
40.4%

TGA: Expected 2025 Loss And Dividend Constraints Will Pressure Equity Returns

Analysts have lifted their price target for Thungela Resources from ZAR50 to ZAR55, citing updated assumptions that now reflect milder expected revenue declines, a higher projected profit margin, and a lower future P/E multiple in their valuation work. What's in the News A board meeting is scheduled for 20 March 2026 to consider approval of Thungela Resources' annual financial statements for the year ended 31 December 2025.
CPI
R4,381.28
Capitec Bank Holdings
7D
0.7%
1Y
31.6%

CPI: 2026 Earnings Guidance Will Continue To Support Overpriced Shares

Analysts have nudged their price target for Capitec Bank Holdings slightly higher to ZAR3,418 from about ZAR3,416, reflecting updated assumptions around revenue growth, profit margins and future P/E levels. What's in the News Capitec Bank Holdings issued group earnings guidance for the year ending 28 February 2026, covering both headline earnings per share and earnings per share.
GFI
R764.11
Gold Fields
7D
-3.5%
1Y
85.2%

GFI: Rich Payouts And Higher Costs Will Pressure Future Returns

Analysts have lifted the fair value estimate for Gold Fields to ZAR700 from ZAR680, reflecting updated views on revenue growth, profit margins and an adjusted future P/E multiple, informed by recent changes to Street price targets and ratings. Analyst Commentary Recent Street commentary on Gold Fields has been mixed, with several research houses updating price targets and ratings in quick succession.
NPN
R940.80
Naspers
7D
2.7%
1Y
-1.4%

NPN: Future Returns Will Be Driven By Portfolio Execution And Premium P/E

Narrative Update on Naspers The updated analyst price target for Naspers has shifted from around ZAR1,184 to about ZAR1,086. Analysts attribute this change to small adjustments in the discount rate, revenue growth, profit margin and future P/E assumptions following recent research updates.
VAL
R1,497.91
Valterra Platinum
7D
-3.9%
1Y
135.9%
SOL
R205.94
Sasol
7D
-4.0%
1Y
210.6%

SOL: Higher Margins And Weaker Near Term EPS Will Shape Future Rerating

Analysts have lifted their price target on Sasol from ZAR175.84 to ZAR222.00, citing updated assumptions that include a lower discount rate, a changed revenue growth outlook, higher expected profit margins and a revised future P/E multiple. What's in the News Sasol issued revenue guidance for the six months ended 31 December 2025, focusing on expected earnings per share for the period.
VOD
R146.50
Vodacom Group
7D
0.8%
1Y
14.5%

VOD: Neutral Stance And Margin Pressure Will Likely Cap Future Upside

Analysts have maintained their Vodacom Group fair value estimate at ZAR130.00 per share. Updated assumptions reflect higher modelled revenue growth, a lower profit margin and a slightly lower future P/E multiple, in line with recent neutral Street research on the stock.
MTN
R197.90
MTN Group
7D
-2.8%
1Y
77.9%

MTN: Dividend Policy IHS Outcome And Margin Profile Will Shape Future Balance

The analyst fair value estimate for MTN Group has shifted from ZAR207.67 to ZAR216.25 as analysts factor in updated assumptions for revenue growth, profit margins, and a slightly lower future P/E multiple following recent bullish research coverage. Analyst Commentary Recent research on MTN Group has shifted toward a more constructive tone, with bullish analysts updating their models and supporting a higher fair value estimate.
BID
R422.38
Bid
7D
2.8%
1Y
-8.6%

BID: JPMorgan Upgrade And Interim Dividend Will Support Future Upside

The analyst price target for Bid has been adjusted from ZAR485.63 to ZAR481.00, as analysts factor in updated assumptions for fair value, discount rate, revenue growth, profit margins, and a slightly higher future P/E multiple following recent research updates. Analyst Commentary Recent research on Bid focuses on how updated assumptions for fair value, discount rates, revenue growth, profit margins, and future P/E multiples feed into the revised price target of ZAR481.00.
SSW
R53.60
Sibanye Stillwater
7D
-2.4%
1Y
138.2%

SSW: Recent Bank Upgrades And Margin Delivery May Support Repricing

Analysts have reduced their ZAR fair value estimate for Sibanye Stillwater from ZAR103.00 to ZAR100.00, citing slightly higher discount rate assumptions, a modestly lower revenue growth outlook, and a lower future P/E multiple, partly offset by a small improvement in projected profit margins. Analyst Commentary Recent research updates on Sibanye Stillwater point to a more constructive tone from several bullish analysts, with a focus on valuation support and execution on key priorities.
SBK
R318.06
Standard Bank Group
7D
-1.1%
1Y
39.7%
FSR
R88.86
FirstRand
7D
-1.5%
1Y
26.1%

FSR: Revised Risk Assumptions Will Support Richer Margins And Stronger Future Returns

Analysts have nudged their FirstRand fair value estimate slightly higher to around ZAR104.45 from about ZAR104.14, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E after recent research including Citi's downgrade. Analyst Commentary Recent research has prompted a modest reassessment of FirstRand, with analysts refining their assumptions on discount rate, revenue growth, profit margin and future P/E.
PPH
R23.34
Pepkor Holdings
7D
2.4%
1Y
-11.3%

PPH: Retail Platform Expansion And Acquisitions Will Drive Stronger Momentum

Analysts have trimmed their fair value estimate for Pepkor Holdings slightly from ZAR31.74 to ZAR31.61. The change reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations.
NRP
R144.57
NEPI Rockcastle
7D
1.9%
1Y
3.8%
BOX
R77.00
Boxer Retail
7D
7.1%
1Y
14.6%