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

South African (JSE) Market Analysis & Valuation

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies201
  • 7D3.4%
  • 3M15.4%
  • 1Y43.5%
  • YTD9.4%

The market is up 3.4% over the last week, with the Materials sector leading the way, up 10%. In the last year, the market has climbed 43%. Looking forward, 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
Tue, 03 Mar 2026R8.9tR5.4tR597.5b9.7x14.9x1.7x
Thu, 29 Jan 2026R8.8tR5.3tR554.7b9.6x15.8x1.6x
Sat, 27 Dec 2025R8.2tR5.4tR561.1b9.5x14.7x1.5x
Mon, 24 Nov 2025R7.7tR5.4tR563.5b9.3x13.7x1.4x
Wed, 22 Oct 2025R7.9tR5.5tR574.7b9x13.7x1.4x
Fri, 19 Sep 2025R7.5tR5.5tR570.0b8.9x13.1x1.4x
Sun, 17 Aug 2025R7.3tR5.5tR465.1b8.9x15.7x1.3x
Tue, 15 Jul 2025R6.9tR5.5tR475.0b8.4x14.6x1.3x
Thu, 12 Jun 2025R6.9tR5.4tR433.8b8.6x15.9x1.3x
Sat, 10 May 2025R6.6tR5.3tR421.8b8.8x15.7x1.2x
Mon, 07 Apr 2025R5.9tR5.4tR427.7b8.1x13.7x1.1x
Wed, 05 Mar 2025R6.3tR5.3tR412.3b9x15.2x1.2x
Fri, 31 Jan 2025R6.2tR5.3tR367.9b9.9x17x1.2x
Sun, 29 Dec 2024R6.3tR5.3tR366.5b9.9x17.1x1.2x
Tue, 26 Nov 2024R6.2tR5.3tR344.7b9.8x18.1x1.2x
Thu, 24 Oct 2024R6.3tR5.1tR339.0b10.3x18.6x1.2x
Sat, 21 Sep 2024R6.2tR5.2tR335.9b9.9x18.5x1.2x
Mon, 19 Aug 2024R6.1tR5.2tR411.2b9.6x14.8x1.2x
Wed, 17 Jul 2024R5.9tR5.2tR420.5b9.3x14.1x1.1x
Fri, 14 Jun 2024R5.5tR5.2tR434.5b8.6x12.7x1x
Sun, 12 May 2024R5.7tR5.3tR431.5b8.6x13.2x1.1x
Tue, 09 Apr 2024R5.5tR5.3tR431.9b8.7x12.8x1x
Thu, 07 Mar 2024R5.5tR5.3tR450.3b8.9x12.2x1x
Sat, 03 Feb 2024R5.7tR5.5tR542.4b9.4x10.4x1x
Mon, 01 Jan 2024R5.9tR5.4tR538.5b9.4x10.9x1.1x
Wed, 29 Nov 2023R5.7tR5.4tR539.7b9x10.5x1x
Fri, 27 Oct 2023R5.3tR5.5tR546.2b8.8x9.7x1x
Sun, 24 Sep 2023R5.6tR5.5tR549.5b9.2x10.1x1x
Tue, 22 Aug 2023R5.7tR5.4tR633.6b8.2x9x1.1x
Thu, 20 Jul 2023R6.0tR5.4tR655.0b8.5x9.1x1.1x
Sat, 17 Jun 2023R6.1tR5.4tR637.4b8.4x9.6x1.1x
Mon, 15 May 2023R5.9tR5.4tR669.8b8x8.8x1.1x
Wed, 12 Apr 2023R6.1tR5.3tR658.2b8.5x9.3x1.1x
Fri, 10 Mar 2023R6.1tR5.3tR643.1b8.7x9.5x1.1x
Price to Earnings Ratio

9.5x


Total Market Cap: R6.1tTotal Earnings: R643.1bTotal Revenue: R5.3tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.3x202420252026
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 14.9x which is higher than its 3-year average PE of 13.3x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 2.4% 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 Market3.39%
Materials10.46%
Healthcare6.04%
Telecom3.86%
Industrials2.14%
Energy2.09%
Financials1.31%
Tech1.19%
Real Estate0.12%
Utilities0%0
Consumer Discretionary-1.19%
Consumer Staples-2.52%
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 21.7%, which is higher than its past year's earnings growth of 6.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 45% 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 4.8% 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
VAL Valterra PlatinumR1.82k16.6%
+R67.0b		208.0%PE30.9xMaterials
IMP Impala Platinum HoldingsR344.2813.0%
+R35.5b		263.2%PE405.8xMaterials
MTN MTN GroupR208.987.1%
+R25.3b		77.0%PE50.7xTelecom
GFI Gold FieldsR920.972.9%
+R22.9b		164.1%PE14.3xMaterials
NPH Northam Platinum HoldingsR431.2210.2%
+R22.4b		311.3%PE18.5xMaterials
See more

Market Insights

Header cover image
Three contrarian investing ideas for a new market
Stella Ong avatar
Stella Ong
In many ways, the market is upside down. This new setting might offer some unexpected opportunities for investors.
Continue reading
Alternatives part 2: 2026 and beyond 🔭

Latest News

MTN
R208.98
MTN Group
7D
7.1%
1Y
77.0%
NPH
R431.22
Northam Platinum Holdings
7D
10.2%
1Y
311.3%
VAL
R1,819.61
Valterra Platinum
7D
16.6%
1Y
208.0%
NRP
R147.00
NEPI Rockcastle
7D
-3.0%
1Y
8.7%
BID
R424.01
Bid
7D
-3.8%
1Y
-6.5%
DSY
R258.05
Discovery
7D
7.0%
1Y
24.1%

DSY: Slightly Higher Fair Value And Margins Will Support Future Returns

Analysts have slightly raised their price target for Discovery from ZAR255.79 to ZAR257.08, reflecting updated assumptions that combine softer revenue growth with a small uplift in profit margin and a marginally higher future P/E multiple. Valuation Changes Fair Value: Adjusted slightly higher from ZAR255.79 to ZAR257.08.
OUT
R72.95
OUTsurance Group
7D
-4.4%
1Y
5.4%
ABG
R264.17
Absa Group
7D
-1.8%
1Y
38.7%

ABG: Larger Domestic Stake And Revised Assumptions Will Support Measured Future Returns

Analysts have nudged their price target on Absa Group higher to ZAR265.05 from ZAR260.61, citing updated fair value estimates and slight adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Public Investment Corporation Limited completed the acquisition of an additional minority stake in Absa Group Limited, taking its holding to 15.32% as of December 10, 2025 (Key Developments).
FSR
R95.90
FirstRand
7D
-1.6%
1Y
32.9%

FSR: Stable Outlook With Governance Changes And Audit Switch Shaping Future Risk Profile

Analysts have nudged their fair value estimate for FirstRand higher by ZAR1.00 to ZAR102.88, citing updated assumptions around the discount rate and future P/E that slightly adjust their long term outlook on the stock. What's in the News A special or extraordinary shareholders meeting is scheduled for February 11, 2026, at 09:00 South Africa Standard Time to discuss proposed amendments to FirstRand's Memorandum of Incorporation, which could affect governance and capital structure flexibility (Key Developments).
CPI
R4,648.46
Capitec Bank Holdings
7D
-1.7%
1Y
50.8%

CPI: Earnings Guidance And Higher P/E Assumptions Will Shape Balanced Outlook

Analysts now put their fair value estimate for Capitec Bank Holdings at ZAR4,771.37, up from the previous ZAR4,647.92. This reflects updated assumptions about profit margins and future P/E levels, while the discount rate and revenue growth outlook remain broadly unchanged.
GFI
R920.97
Gold Fields
7D
2.9%
1Y
164.1%
NED
R308.09
Nedbank Group
7D
7.8%
1Y
8.0%

NED: Higher Fair Value And Settlement Resolution Will Support Future Upside

Analysts have lifted their ZAR fair value estimate for Nedbank Group from ZAR 375.74 to ZAR 390.99, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E, even as some recent research has turned more cautious on the shares. Analyst Commentary Recent research is mixed, with some research turning more cautious on Nedbank Group even as the updated ZAR 390.99 fair value points to a more constructive view on the shares overall.
NPN
R865.21
Naspers
7D
-5.4%
1Y
-4.4%

NPN: Lower Discount Rate Will Support A More Optimistic Future P/E

Analysts have slightly trimmed their Naspers fair value estimate from ZAR1,768.46 to ZAR1,752.32 as tweaks to discount rate, growth and margin assumptions feed through to a modestly higher future P/E outlook. Valuation Changes Fair Value: Updated to ZAR1,752.32 from ZAR1,768.46, representing a small reduction in the estimate.
IMP
R344.28
Impala Platinum Holdings
7D
13.0%
1Y
263.2%

IMP: Broker Upgrades Will Likely Prove Vulnerable To Execution Risks

Analysts have raised their ZAR price target on Impala Platinum Holdings to ZAR246.17, based on research that incorporates slightly firmer revenue growth and profit margin assumptions, a modestly lower future P/E, and a small adjustment to the discount rate. Analyst Commentary Even with a higher ZAR price target, not every analyst is enthusiastic.
VOD
R163.98
Vodacom Group
7D
2.8%
1Y
40.6%

VOD: Potential Safaricom Stake Increase Will Support Higher Future Earnings Multiple

Analysts have raised their Vodacom Group price target from ZAR180.39 to ZAR200.72, citing updated assumptions around discount rate, revenue growth, profit margin and future P/E that collectively support a higher valuation anchor. What's in the News Vodacom Group is in talks with the Kenyan government about potentially acquiring part of the state’s stake in Safaricom Ltd., according to people familiar with the matter, with discussions described as ongoing and not final (Key Developments).
SLM
R103.85
Sanlam
7D
-2.2%
1Y
19.4%

Here's Why We Think Sanlam (JSE:SLM) Might Deserve Your Attention Today

Feb 10
Here's Why We Think Sanlam (JSE:SLM) Might Deserve Your Attention Today