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South African (JSE) Market Analysis & Valuation

UpdatedJan 14, 2026
DataAggregated Company Financials
Companies204
  • 7D1.1%
  • 3M8.2%
  • 1Y40.4%
  • YTD3.5%

The market has climbed 1.1% in the last 7 days, lead by the Materials sector with a gain of 5.9%. The market is up 40% over the last 12 months. Looking forward, earnings are forecast to grow by 19% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 14 Jan 2026R8.5tR5.4tR558.9b9.6x15.2x1.6x
Fri, 12 Dec 2025R7.9tR5.4tR564.2b9.2x14x1.5x
Sun, 09 Nov 2025R7.7tR5.5tR571.1b9.2x13.5x1.4x
Tue, 07 Oct 2025R7.7tR5.5tR571.6b9x13.5x1.4x
Thu, 04 Sep 2025R7.2tR5.5tR570.4b8.8x12.7x1.3x
Sat, 02 Aug 2025R7.0tR5.5tR470.7b8.2x15x1.3x
Mon, 30 Jun 2025R6.9tR5.5tR473.8b8.7x14.6x1.3x
Wed, 28 May 2025R6.7tR5.3tR419.0b8.7x16.1x1.3x
Fri, 25 Apr 2025R6.5tR5.4tR427.1b8.6x15.2x1.2x
Sun, 23 Mar 2025R6.5tR5.3tR415.5b8.7x15.6x1.2x
Tue, 18 Feb 2025R6.4tR5.3tR366.0b9.6x17.5x1.2x
Thu, 16 Jan 2025R6.2tR5.3tR369.3b9.7x16.8x1.2x
Sat, 14 Dec 2024R6.5tR5.3tR361.5b10.2x17.9x1.2x
Mon, 11 Nov 2024R6.3tR5.3tR339.7b10.2x18.6x1.2x
Wed, 09 Oct 2024R6.3tR5.3tR339.4b10.3x18.5x1.2x
Fri, 06 Sep 2024R6.0tR5.2tR343.6b9.8x17.5x1.2x
Sun, 04 Aug 2024R5.9tR5.2tR417.5b9.5x14.1x1.1x
Tue, 02 Jul 2024R5.8tR5.2tR422.2b9.1x13.8x1.1x
Thu, 30 May 2024R5.6tR5.2tR430.5b8.8x13.1x1.1x
Sat, 27 Apr 2024R5.4tR5.3tR434.5b8.4x12.4x1x
Mon, 25 Mar 2024R5.4tR5.4tR450.0b8.4x12x1x
Wed, 21 Feb 2024R5.5tR5.3tR509.1b9.1x10.7x1x
Fri, 19 Jan 2024R5.5tR5.5tR542.9b9.4x10.2x1x
Sun, 17 Dec 2023R5.8tR5.4tR539.3b9.1x10.7x1.1x
Tue, 14 Nov 2023R5.5tR5.4tR537.4b9x10.2x1x
Thu, 12 Oct 2023R5.5tR5.4tR546.3b9x10.1x1x
Sat, 09 Sep 2023R5.7tR5.5tR559.6b8.8x10.2x1x
Mon, 07 Aug 2023R6.0tR5.3tR630.8b8.5x9.5x1.1x
Wed, 05 Jul 2023R5.9tR5.4tR659.6b8.6x8.9x1.1x
Fri, 02 Jun 2023R5.8tR5.4tR663.4b8.1x8.7x1.1x
Sun, 30 Apr 2023R6.2tR5.4tR671.2b8.2x9.2x1.1x
Tue, 28 Mar 2023R5.9tR5.3tR646.4b8.2x9.2x1.1x
Thu, 23 Feb 2023R6.2tR5.3tR640.2b8.7x9.6x1.2x
Sat, 21 Jan 2023R6.4tR5.2tR658.2b8.3x9.7x1.2x
Price to Earnings Ratio

9.7x


Total Market Cap: R6.4tTotal Earnings: R658.2bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.1x202420252026
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 15.2x which is higher than its 3-year average PE of 13.1x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 5.3% 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 Market1.06%
Materials5.90%
Healthcare3.33%
Energy3.10%
Industrials1.03%
Consumer Discretionary1.00%
Consumer Staples0.71%
Real Estate0.44%
Tech0.20%
Utilities0%0
Telecom-0.85%
Financials-2.16%
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 35.4% 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 6.4% 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
GFI Gold FieldsR819.198.4%
+R56.9b		191.0%PE23.7xMaterials
SSW Sibanye StillwaterR71.9611.2%
+R20.5b		334.3%PS1.8xMaterials
HAR Harmony Gold MiningR376.388.3%
+R18.0b		115.8%PE16.3xMaterials
IMP Impala Platinum HoldingsR302.434.8%
+R12.5b		203.5%PE356.5xMaterials
VAL Valterra PlatinumR1.57k2.9%
+R11.5b		147.1%PE310.8xMaterials
See more

Market Insights

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VAL
R1,566.13
Valterra Platinum
7D
2.9%
1Y
147.1%
ABG
R238.17
Absa Group
7D
-2.2%
1Y
25.7%

ABG: Larger Domestic Stake Will Support Moderate Revenue Mix Shift And Shareholder Returns

Analysts have kept their fair value estimate for Absa Group steady at R250.61 per share. A slightly lower discount rate and a marginally adjusted future P/E assumption help explain the modest refinement in their price target rationale.
GFI
R819.19
Gold Fields
7D
8.4%
1Y
191.0%
SSW
R71.96
Sibanye Stillwater
7D
11.2%
1Y
334.3%
IMP
R302.43
Impala Platinum Holdings
7D
4.8%
1Y
203.5%
NPH
R382.53
Northam Platinum Holdings
7D
4.2%
1Y
254.1%

NPH: Higher P/E Assumptions Will Limit Future Upside Despite Firm Margins

Analysts have nudged their price target for Northam Platinum Holdings higher to R290.06 from R283.06, reflecting updated assumptions around discount rates, margins, and future P/E expectations. Valuation Changes Fair Value: Updated slightly higher from R283.06 to R290.06 per share.
SBK
R282.79
Standard Bank Group
7D
-4.0%
1Y
31.5%

SBK: Easing Macro Backdrop Will Support Steady Returns With Balanced Near-Term Expectations

Analysts have kept their fair value estimate for Standard Bank Group broadly unchanged at about ZAR 292.74 per share, with a slightly lower discount rate and similar revenue growth, profit margin and forward P/E assumptions. This reflects recent coverage that highlights an easing macro backdrop and a more supportive near term growth outlook for South African banks.
SOL
R115.48
Sasol
7D
6.3%
1Y
21.4%
FSR
R90.39
FirstRand
7D
-1.8%
1Y
22.8%

FSR: Stable Fair Value And Auditor Transition Will Shape Future Risk Profile

Analysts have raised their price target for FirstRand to R99.22, unchanged from the previous R99.22, reflecting updated model inputs on discount rates, revenue growth, profit margin and a slightly higher assumed future P/E of 15.00x. What's in the News Shareholders approved the appointment of KPMG Inc.
VOD
R142.96
Vodacom Group
7D
-2.3%
1Y
38.1%

Vodacom Group Limited's (JSE:VOD) Popularity With Investors Is Under Threat From Overpricing

Jan 07
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NPN
R1,144.84
Naspers
7D
0.7%
1Y
59.1%

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).
HAR
R376.38
Harmony Gold Mining
7D
8.3%
1Y
115.8%

HAR: Copper Expansion And Payout Policy Will Support Balanced Medium Term Outlook

Analysts have nudged their price target for Harmony Gold Mining up slightly, with fair value moving from $365.00 to $370.00 as they factor in updated assumptions around the discount rate, long term revenue growth, profit margins, and a future P/E of 12.46x. What's in the News Approved high margin, long life EVA COPPER PRO project after a three year feasibility study and FEED phase using Tier 1 contractors.
DSY
R223.39
Discovery
7D
-3.1%
1Y
18.2%
KIO
R358.77
Kumba Iron Ore
7D
-2.9%
1Y
2.3%
OUT
R67.34
OUTsurance Group
7D
-3.9%
1Y
4.3%

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

Dec 10
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SLM
R98.94
Sanlam
7D
-3.3%
1Y
18.6%

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.