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South African (JSE) Market Analysis & Valuation

UpdatedFeb 28, 2024
DataAggregated Company Financials
Companies213
  • 7D-0.2%
  • 3M-2.4%
  • 1Y-5.5%
  • YTD-5.2%

Over the last 7 days, the market has remained flat, although notably the Real Estate sector gained 3.0% in that time. Unfortunately though, the market is down 5.5% over the past year. Looking forward, earnings are forecast to grow by 8.8% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 28 Feb 2024R5.5tR5.3tR516.3b9.1x10.6x1x
Fri, 26 Jan 2024R5.6tR5.5tR542.3b9.4x10.4x1x
Sun, 24 Dec 2023R5.7tR5.4tR540.1b9.3x10.6x1.1x
Tue, 21 Nov 2023R5.6tR5.4tR538.3b9x10.4x1x
Thu, 19 Oct 2023R5.4tR5.5tR547.5b9.1x9.9x1x
Sat, 16 Sep 2023R5.7tR5.5tR553.7b8.8x10.3x1x
Mon, 14 Aug 2023R6.0tR5.4tR631.5b8.4x9.5x1.1x
Wed, 12 Jul 2023R5.8tR5.4tR658.7b8.5x8.8x1.1x
Fri, 09 Jun 2023R7.4tR5.4tR655.7b8.3x11.4x1.4x
Sun, 07 May 2023R6.1tR5.3tR669.3b8.3x9.1x1.1x
Tue, 04 Apr 2023R6.0tR5.3tR646.6b8.4x9.3x1.1x
Thu, 02 Mar 2023R6.2tR5.3tR638.5b8.8x9.7x1.2x
Sat, 28 Jan 2023R6.5tR5.2tR658.5b8.3x9.8x1.2x
Mon, 26 Dec 2022R6.0tR5.2tR656.2b8.4x9.2x1.2x
Wed, 23 Nov 2022R6.1tR5.2tR838.3b8.6x7.3x1.2x
Fri, 21 Oct 2022R5.7tR5.2tR841.2b8.4x6.7x1.1x
Sun, 18 Sep 2022R5.7tR5.1tR823.7b8.4x6.9x1.1x
Tue, 16 Aug 2022R6.1tR5.2tR756.6b8.8x8.1x1.2x
Thu, 14 Jul 2022R5.8tR5.3tR788.1b8.5x7.3x1.1x
Sat, 11 Jun 2022R6.3tR5.2tR797.8b8.9x7.8x1.2x
Mon, 09 May 2022R6.3tR5.2tR786.8b9.4x8x1.2x
Wed, 06 Apr 2022R7.1tR5.2tR763.2b9.9x9.4x1.4x
Fri, 04 Mar 2022R7.4tR5.2tR754.2b10.5x9.9x1.4x
Sun, 30 Jan 2022R6.9tR5.1tR769.1b10.6x9x1.4x
Tue, 28 Dec 2021R6.8tR5.1tR765.5b10.6x8.8x1.3x
Thu, 25 Nov 2021R6.6tR5.1tR758.7b10.2x8.7x1.3x
Sat, 23 Oct 2021R6.7tR5.0tR580.5b11.3x11.6x1.3x
Mon, 20 Sep 2021R6.3tR5.0tR547.9b11.7x11.6x1.3x
Wed, 18 Aug 2021R6.6tR4.9tR513.3b11.5x12.9x1.4x
Wed, 02 Jun 2021R6.7tR4.6tR373.6b12.7x18x1.5x
Sat, 06 Mar 2021R6.4tR4.4tR198.9b11.6x32.4x1.5x
Price to Earnings Ratio

32.4x


Total Market Cap: R6.4tTotal Earnings: R198.9bTotal Revenue: R4.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 10.2x202220232024
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 10.2x.
Past Earnings Growth
  • The earnings for South African listed companies have grown 37% per year over the last three years.
  • Revenues for these companies have grown 6.6% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

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

ZA Market-0.23%
Real Estate3.02%
Telecom2.22%
Consumer Discretionary0.28%
Utilities0%
Energy-0.43%
Financials-0.51%
Industrials-0.72%
Consumer Staples-1.12%
Materials-1.29%
Tech-1.65%
Healthcare-1.73%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth even though it's trading below its 3-year average PE ratio of 23.2x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 13.3% which is higher than its past year's earnings decline of 4.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 64% over the next 5 years.
  • This is better than its past earnings growth rate of 1.8% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 23% 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 NaspersR3.25k1.2%
+R6.7b
-0.2%PE7xConsumer Discretionary
MTN MTN GroupR89.504.0%
+R6.3b
-38.2%PE7.9xTelecom
NRP NEPI RockcastleR133.076.6%
+R5.5b
20.8%PE8.9xReal Estate
BID BidR450.002.7%
+R4.4b
11.9%PE20.2xConsumer Staples
AMS Anglo American PlatinumR736.922.2%
+R4.2b
-27.6%PE14.8xMaterials
See more
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SOL

R148.89

Sasol

7D

3.6%

1Y

-44.9%

BID

R450.00

Bid

7D

2.7%

1Y

11.9%

GFI

R241.32

Gold Fields

7D

-8.3%

1Y

44.7%

PIK

R21.90

Pick n Pay Stores

7D

-18.0%

1Y

-52.3%

NRP

R133.07

NEPI Rockcastle

7D

6.6%

1Y

20.8%

FSR

R65.11

FirstRand

7D

0.5%

1Y

-0.7%

MTN

R89.50

MTN Group

7D

4.0%

1Y

-38.2%

SSW

R20.07

Sibanye Stillwater

7D

-4.8%

1Y

-45.9%

NPN

R3,251.20

Naspers

7D

1.2%

1Y

-0.2%

VOD

R93.23

Vodacom Group

7D

0.8%

1Y

-26.4%

INL

R119.53

Investec Group

7D

-2.0%

1Y

1.8%

SHP

R258.66

Shoprite Holdings

7D

-3.4%

1Y

16.2%

NED

R218.36

Nedbank Group

7D

-4.1%

1Y

-5.3%

CPI

R2,010.86

Capitec Bank Holdings

7D

-1.7%

1Y

14.6%