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South African (JSE) Market Analysis & Valuation

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies205
  • 7D2.0%
  • 3M7.8%
  • 1Y36.2%
  • YTD1.7%

The market is up 2.0% over the last week, with the Materials sector leading the way, up 3.9%. In the last year, the market has climbed 36%. 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
Thu, 08 Jan 2026R8.3tR5.4tR559.2b9.7x14.9x1.6x
Sat, 06 Dec 2025R7.9tR5.4tR566.3b9.5x14x1.5x
Mon, 03 Nov 2025R7.7tR5.5tR575.7b9.2x13.4x1.4x
Wed, 01 Oct 2025R7.6tR5.5tR571.0b8.9x13.3x1.4x
Fri, 29 Aug 2025R7.3tR5.5tR576.4b9.2x12.6x1.3x
Sun, 27 Jul 2025R7.1tR5.5tR473.8b8.2x14.9x1.3x
Tue, 24 Jun 2025R6.8tR5.5tR473.6b8.4x14.4x1.2x
Thu, 22 May 2025R6.7tR5.3tR422.0b8.8x15.9x1.3x
Sat, 19 Apr 2025R6.5tR5.4tR426.0b8.4x15.2x1.2x
Mon, 17 Mar 2025R6.4tR5.3tR418.2b8.9x15.2x1.2x
Wed, 12 Feb 2025R6.4tR5.3tR370.1b9.5x17.2x1.2x
Fri, 10 Jan 2025R6.2tR5.3tR370.3b9.8x16.7x1.2x
Sun, 08 Dec 2024R6.4tR5.3tR362.8b10x17.7x1.2x
Tue, 05 Nov 2024R6.4tR5.3tR335.3b10.5x19x1.2x
Thu, 03 Oct 2024R6.4tR5.1tR336.8b10.3x18.9x1.2x
Sat, 31 Aug 2024R6.2tR5.2tR340.5b9.9x18.1x1.2x
Mon, 29 Jul 2024R5.9tR5.2tR418.1b9.4x14.2x1.1x
Wed, 26 Jun 2024R5.8tR5.2tR421.9b9x13.7x1.1x
Fri, 24 May 2024R5.7tR5.3tR435.0b8.5x13.1x1.1x
Sun, 21 Apr 2024R5.3tR5.3tR435.6b8.5x12.2x1x
Tue, 19 Mar 2024R5.3tR5.4tR461.0b8.4x11.5x1x
Thu, 15 Feb 2024R5.5tR5.3tR527.2b9.1x10.4x1x
Sat, 13 Jan 2024R5.7tR5.4tR541.0b9.4x10.5x1x
Mon, 11 Dec 2023R5.6tR5.5tR544.0b9.1x10.3x1x
Wed, 08 Nov 2023R5.4tR5.4tR542.3b8.7x10x1x
Fri, 06 Oct 2023R5.2tR5.5tR549.8b9.1x9.5x1x
Sun, 03 Sep 2023R5.8tR5.4tR564.2b8.7x10.2x1.1x
Tue, 01 Aug 2023R6.2tR5.3tR628.9b8.5x9.8x1.2x
Thu, 29 Jun 2023R5.8tR5.4tR629.0b8.5x9.2x1.1x
Sat, 27 May 2023R5.7tR5.4tR663.2b8.2x8.6x1.1x
Mon, 24 Apr 2023R6.1tR5.3tR669.8b8.2x9.1x1.1x
Wed, 22 Mar 2023R5.1tR5.1tR600.9b8.1x8.5x1x
Fri, 17 Feb 2023R6.3tR5.3tR660.1b8.6x9.6x1.2x
Sun, 15 Jan 2023R6.4tR5.2tR656.0b8.3x9.7x1.2x
Price to Earnings Ratio

9.7x


Total Market Cap: R6.4tTotal Earnings: R656.0bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13x202420252026
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 13.0x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 5.2% 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 Market2.02%
Energy4.87%
Materials3.86%
Telecom2.51%
Tech2.43%
Consumer Discretionary2.37%
Industrials1.51%
Real Estate1.14%
Financials1.07%
Utilities0%0
Consumer Staples-0.059%
Healthcare-1.31%
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 35.3% 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 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 5.6% 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 NaspersR1.14k2.9%
+R25.2b		55.8%PE9.3xConsumer Discretionary
VAL Valterra PlatinumR1.50k6.5%
+R24.0b		153.3%PE297.9xMaterials
IMP Impala Platinum HoldingsR287.729.8%
+R23.1b		188.0%PE339.1xMaterials
NPH Northam Platinum HoldingsR367.679.1%
+R11.5b		253.8%PE91.5xMaterials
MTN MTN GroupR175.283.4%
+R10.6b		97.2%PE42.5xTelecom
See more

Market Insights

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Latest News

NPN
R1,137.09
Naspers
7D
2.9%
1Y
55.8%

NPN: Higher Revenue Outlook And Dividend Policy Will Support Future Upside

Analysts have trimmed their fair value estimate for Naspers from R1,586.07 to R1,569.02, citing updated assumptions around revenue growth, profit margins and a higher future P/E multiple. What's in the News Naspers Limited declared an annual dividend of R5.08 per share, with an ex-date on December 3, 2025, a record date on December 5, 2025, and payment scheduled for December 8, 2025 (Key Developments).
SOL
R104.14
Sasol
7D
-1.9%
1Y
29.5%

SOL: Bio-Circular Surfactants Will Support A Steady And Balanced Long-Term Outlook

Analysts kept their fair value estimate for Sasol steady at R107, with small tweaks to discount rate, revenue growth and profit margin assumptions supporting the unchanged price target. Valuation Changes Fair Value: Kept unchanged at R107.00 per share, reflecting the updated set of assumptions.
IMP
R287.72
Impala Platinum Holdings
7D
9.8%
1Y
188.0%

IMP: Higher Margins And Solid 6E Sales Will Support Share Price Rebound

Analysts kept their price target for Impala Platinum Holdings steady at R310.00, citing small adjustments to the discount rate, expected revenue growth, profit margin assumptions, and a slightly lower future P/E as the reasons for maintaining their view. What's in the News Impala Platinum Holdings reported 6E Group production of 882,000 oz for the first quarter ended 30 September 2025, compared with 928,000 oz in the same quarter a year earlier (company announcement).
MTN
R175.28
MTN Group
7D
3.4%
1Y
97.2%

MTN: Lower Future P/E And Leadership Changes Will Constrain Upside Potential

Analysts have slightly reduced their fair value estimate for MTN Group to $82.69 from $83.94, citing updated assumptions for faster revenue growth, higher profit margins, and a lower future P/E multiple following recent sector and leadership changes highlighted in Street research. Analyst Commentary Bearish analysts frame the reduced fair value estimate of $82.69 as a signal that MTN Group faces a thinner margin for execution, even with updated assumptions that factor in faster revenue growth and higher profit margins.
SSW
R64.11
Sibanye Stillwater
7D
6.0%
1Y
293.3%

SSW: Future Wage And Settlement Costs Will Pressure Earnings Outlook

Analysts have raised their fair value estimate for Sibanye Stillwater from $19.50 to $38.00, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple that they consider a closer reflection of the company’s outlook. What's in the News Sibanye Stillwater concluded a three year wage agreement at its South African gold operations with AMCU, NUM, UASA, and Solidarity, covering annual wage and benefit adjustments for employees from 1 July 2025 to 30 June 2028 (Key Developments).
MRP
R172.28
Mr Price Group
7D
-1.5%
1Y
-39.2%

Mr Price Group Limited's (JSE:MRP) Popularity With Investors Is Under Threat From Overpricing

Jan 01
Mr Price Group Limited's (JSE:MRP) Popularity With Investors Is Under Threat From Overpricing
VAL
R1,500.82
Valterra Platinum
7D
6.5%
1Y
153.3%
APN
R113.84
Aspen Pharmacare Holdings
7D
-2.5%
1Y
-32.0%
SNT
R420.06
Santam
7D
-1.7%
1Y
9.4%

Risks To Shareholder Returns Are Elevated At These Prices For Santam Ltd (JSE:SNT)

Dec 19
Risks To Shareholder Returns Are Elevated At These Prices For Santam Ltd (JSE:SNT)
FTA
R17.40
Fairvest
7D
-2.3%
1Y
0.6%
NPH
R367.67
Northam Platinum Holdings
7D
9.1%
1Y
253.8%

NPH: Higher Required Returns Will Constrain Future Upside Despite Stronger Margins

Analysts have raised their price target for Northam Platinum Holdings by roughly R8 to R283.06, citing slightly stronger expected revenue growth, improved profit margins, and a modestly lower future price earnings multiple, despite a small uptick in the discount rate. Valuation Changes Fair Value: Raised slightly from ZAR 274.94 to ZAR 283.06 per share, reflecting a modest uplift in the intrinsic valuation.
KIO
R370.44
Kumba Iron Ore
7D
5.5%
1Y
15.6%
OUT
R68.78
OUTsurance Group
7D
-4.0%
1Y
5.3%

OUTsurance Group Limited's (JSE:OUT) Share Price Could Signal Some Risk

Dec 10
OUTsurance Group Limited's (JSE:OUT) Share Price Could Signal Some Risk
FFB
R23.30
Fortress Real Estate Investments
7D
-2.5%
1Y
15.8%
SLM
R102.50
Sanlam
7D
4.1%
1Y
16.4%

Assupol Integration And Digital Shift Will Unlock Future Potential

Analysts have raised their price target for Sanlam from R99.21 to R101.55, citing significantly improved profit margin forecasts, even though there are expectations of steeper revenue contraction. Valuation Changes Fair Value increased from ZAR 99.21 to ZAR 101.55, reflecting a modest upward revision.
BID
R405.60
Bid
7D
-3.9%
1Y
-7.9%