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

South African (JSE) Market Analysis & Valuation

UpdatedJan 23, 2026
DataAggregated Company Financials
Companies203
  • 7D1.2%
  • 3M10.1%
  • 1Y40.0%
  • YTD4.7%

The market is up 1.2% in the last 7 days, led by the Materials and Financials sectors. In contrast, the Consumer Discretionary sector is lagging, dropping 3.4%. The market is up 40% over the last 12 months. As for the next few years, earnings are expected to grow by 20% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 23 Jan 2026R8.6tR5.3tR556.5b9.8x15.5x1.6x
Sun, 21 Dec 2025R8.1tR5.4tR562.3b9.3x14.4x1.5x
Tue, 18 Nov 2025R7.9tR5.5tR570.5b9.6x13.9x1.4x
Thu, 16 Oct 2025R7.9tR5.5tR573.6b9.1x13.7x1.4x
Sat, 13 Sep 2025R7.4tR5.5tR569.6b8.9x13x1.3x
Mon, 11 Aug 2025R7.2tR5.5tR465.6b8.8x15.5x1.3x
Wed, 09 Jul 2025R7.0tR5.5tR474.2b8.6x14.8x1.3x
Fri, 06 Jun 2025R6.9tR5.4tR431.7b8.6x15.9x1.3x
Sun, 04 May 2025R6.7tR5.3tR424.0b9x15.7x1.2x
Tue, 01 Apr 2025R6.4tR5.3tR421.8b8.5x15.3x1.2x
Thu, 27 Feb 2025R6.4tR5.3tR412.6b9.3x15.6x1.2x
Sat, 25 Jan 2025R6.2tR5.3tR367.5b9.9x16.8x1.2x
Mon, 23 Dec 2024R6.3tR5.3tR364.2b10x17.2x1.2x
Wed, 20 Nov 2024R6.3tR5.3tR343.5b10.1x18.2x1.2x
Fri, 18 Oct 2024R6.4tR5.1tR339.0b10.3x18.8x1.2x
Sun, 15 Sep 2024R6.0tR5.2tR332.5b9.7x18.1x1.2x
Tue, 13 Aug 2024R5.9tR5.2tR417.4b9.5x14.1x1.1x
Thu, 11 Jul 2024R5.8tR5.1tR458.6b9.2x12.6x1.1x
Sat, 08 Jun 2024R5.5tR5.3tR437.4b8.7x12.5x1x
Mon, 06 May 2024R5.5tR5.3tR432.5b8.6x12.8x1x
Wed, 03 Apr 2024R5.5tR5.3tR433.1b8.7x12.6x1x
Fri, 01 Mar 2024R5.4tR5.3tR514.2b8.9x10.5x1x
Sun, 28 Jan 2024R5.7tR5.4tR541.7b9.4x10.5x1x
Tue, 26 Dec 2023R5.7tR5.4tR539.9b9.3x10.6x1.1x
Thu, 23 Nov 2023R5.6tR5.4tR539.5b9.2x10.3x1x
Sat, 21 Oct 2023R5.3tR5.5tR546.9b9.1x9.7x1x
Mon, 18 Sep 2023R5.6tR5.5tR556.5b9x10.1x1x
Wed, 16 Aug 2023R5.9tR5.4tR634.2b8.4x9.3x1.1x
Fri, 14 Jul 2023R6.0tR5.4tR654.7b8.6x9.1x1.1x
Sun, 11 Jun 2023R7.5tR5.4tR654.7b8.3x11.4x1.4x
Tue, 09 May 2023R6.1tR5.3tR668.8b8.1x9.1x1.1x
Thu, 06 Apr 2023R6.1tR5.3tR647.9b8.4x9.3x1.1x
Sat, 04 Mar 2023R6.2tR5.3tR638.2b8.5x9.7x1.2x
Mon, 30 Jan 2023R6.5tR5.2tR658.7b8.3x9.8x1.2x
Price to Earnings Ratio

9.8x


Total Market Cap: R6.5tTotal Earnings: R658.7bTotal 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 15.5x which is higher than its 3-year average PE of 13.1x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 5.5% 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 Market1.19%
Telecom3.69%
Materials2.66%
Financials2.12%
Real Estate1.74%
Industrials0.26%
Utilities0%0
Consumer Staples-0.81%
Energy-1.05%
Tech-1.68%
Consumer Discretionary-3.40%
Healthcare-4.26%
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 36.8% 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 46% 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 6.3% 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 PlatinumR1.69k12.1%
+R48.1b		177.6%PE335.8xMaterials
IMP Impala Platinum HoldingsR349.3117.4%
+R46.4b		260.1%PE411.7xMaterials
GFI Gold FieldsR851.514.0%
+R29.5b		174.7%PE25.1xMaterials
SSW Sibanye StillwaterR77.7912.2%
+R23.9b		343.8%PS2xMaterials
NPH Northam Platinum HoldingsR413.738.9%
+R12.8b		252.9%PE103xMaterials
See more

Market Insights

Header cover image
How to invest when commodity prices get messy ⚖️
Richard Bowman avatar
Richard Bowman
|
|
From miners to energy, 2026 may reward structure and margins over spot price bets.
Continue reading
Why Didn’t Oil React to Venezuela? 🇻🇪
Last Week

Why Didn’t Oil React to Venezuela? 🇻🇪

Latest News

VAL
R1,692.18
Valterra Platinum
7D
12.1%
1Y
177.6%
SSW
R77.79
Sibanye Stillwater
7D
12.2%
1Y
343.8%
CLS
R314.70
Clicks Group
7D
-9.2%
1Y
-8.2%

Increases to Clicks Group Limited's (JSE:CLS) CEO Compensation Might Cool off for now

Jan 23
Increases to Clicks Group Limited's (JSE:CLS) CEO Compensation Might Cool off for now
GFI
R851.51
Gold Fields
7D
4.0%
1Y
174.7%

GFI: Higher Gold Price Assumptions And Capital Returns Will Drive Re Rating

Analysts have raised their fair value estimate for Gold Fields from $640.00 to $1,100.00, citing recent price target changes that reference the company's Q3 report, updated gold price assumptions, and new five-year guidance featuring higher reinvestment and a competitive capital returns program. Analyst Commentary Bullish analysts are pointing to recent research as a sign that sentiment around Gold Fields is improving, especially after the latest Q3 report and updated guidance.
NPN
R1,023.04
Naspers
7D
-6.2%
1Y
36.1%

NPN: Dividend Policy And Profitability Assumptions Will Support Future Upside

Analysts have trimmed their price target for Naspers, with fair value moving from R1,569.02 to R1,533.03, reflecting updated views on the discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Naspers Limited announced an annual dividend of ZAR 5.08 per share, payable on December 8, 2025, with an ex-date of December 3, 2025, and a record date of December 5, 2025 (Key Developments).
IMP
R349.31
Impala Platinum Holdings
7D
17.4%
1Y
260.1%
NTC
R15.71
Netcare
7D
-4.4%
1Y
8.0%

NTC: Dividend Clarity And Margin Outlook Will Support A Balanced Shareview

Narrative Update on Netcare The analyst price target for Netcare has shifted from R16.42 to R17.04. Analysts link this change to updated assumptions for the discount rate, revenue growth, profit margin and future P/E levels.
SOL
R117.03
Sasol
7D
14.8%
1Y
35.1%

SOL: Higher Profit Margin Outlook Will Support Bullish Long Term rerating

Sasol's updated analyst price target is now set around R175.84, a small move from the prior R175.22. Analysts cited revised assumptions for discount rates, revenue growth, profit margins and future P/E as the basis for this fine tuning.
HAR
R380.67
Harmony Gold Mining
7D
4.0%
1Y
91.1%

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

Analysts have lifted their fair value estimate for Harmony Gold Mining from $370.00 to $385.00, citing updated assumptions around revenue growth, profit margins and future P/E that feed into a slightly lower discount rate in their models. What's in the News Harmony approved the high margin, long life Eva Copper Project after completing a three year feasibility study update and FEED phase with Tier 1 contractors, which the company says has further reduced project risk.
MTN
R176.18
MTN Group
7D
-1.7%
1Y
56.1%

MTN: Leadership Reset And Brand Strength Will Shape Balanced Execution Outlook

Narrative Update Analysts have lifted their fair value estimate for MTN Group from R176.89 to R186.22, citing slightly higher projected revenue growth, a modestly lower profit margin profile, and an updated future P/E assumption of 11.49x that reflects recent sector research and valuation resets seen in wider leisure and consumer names. Analyst Commentary Recent Street research around MTN Group has focused less on near term trading updates and more on leadership changes, brand strength, and execution risk.
SAP
R22.35
Sappi
7D
-6.2%
1Y
-52.3%

Many Still Looking Away From Sappi Limited (JSE:SAP)

Jan 17
Many Still Looking Away From Sappi Limited (JSE:SAP)
SHP
R268.63
Shoprite Holdings
7D
-2.5%
1Y
-6.2%

SHP: Future Upside Will Be Driven By Stable Margins And Earnings Multiples

Analysts have nudged their fair value estimate for Shoprite Holdings up from R326.88 to R329.75, citing small adjustments in the discount rate, revenue growth, profit margin and future P/E assumptions as the key drivers of this revised target. Valuation Changes Fair Value: Adjusted from ZAR326.88 to ZAR329.75, a small upward change in the estimated intrinsic value.
APN
R112.91
Aspen Pharmacare Holdings
7D
-6.7%
1Y
-34.1%

Aspen Pharmacare Holdings Limited's (JSE:APN) 29% Share Price Surge Not Quite Adding Up

Jan 10
Aspen Pharmacare Holdings Limited's (JSE:APN) 29% Share Price Surge Not Quite Adding Up
NPH
R413.73
Northam Platinum Holdings
7D
8.9%
1Y
252.9%

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
R295.84
Standard Bank Group
7D
2.5%
1Y
37.4%

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.
BID
R404.36
Bid
7D
-1.2%
1Y
-12.4%