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South African (JSE) Market Analysis & Valuation

UpdatedDec 22, 2025
DataAggregated Company Financials
Companies208
  • 7D1.7%
  • 3M7.7%
  • 1Y29.8%
  • YTD30.0%

Over the last 7 days, the market has risen 1.8%, driven by gains in every sector, especially the Financials sector. In the last year, the market has climbed 29%. Looking forward, earnings are forecast to grow by 18% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 22 Dec 2025R8.1tR5.4tR562.3b9.3x14.4x1.5x
Wed, 19 Nov 2025R7.8tR5.5tR570.9b9.4x13.6x1.4x
Fri, 17 Oct 2025R8.0tR5.5tR573.6b9.4x13.9x1.4x
Sun, 14 Sep 2025R7.4tR5.5tR569.6b8.9x13x1.3x
Tue, 12 Aug 2025R7.2tR5.5tR465.2b8.6x15.5x1.3x
Thu, 10 Jul 2025R7.0tR5.5tR474.2b8.6x14.8x1.3x
Sat, 07 Jun 2025R6.9tR5.4tR431.9b8.6x15.9x1.3x
Mon, 05 May 2025R6.7tR5.3tR424.0b9x15.7x1.2x
Wed, 02 Apr 2025R6.5tR5.3tR422.9b8.6x15.5x1.2x
Fri, 28 Feb 2025R6.4tR5.3tR412.4b9.1x15.4x1.2x
Sun, 26 Jan 2025R6.2tR5.3tR367.6b9.9x16.8x1.2x
Tue, 24 Dec 2024R6.3tR5.3tR365.6b10.1x17.2x1.2x
Thu, 21 Nov 2024R6.3tR5.3tR344.2b10.1x18.4x1.2x
Sat, 19 Oct 2024R6.4tR5.1tR338.5b10.4x19x1.3x
Mon, 16 Sep 2024R6.0tR5.2tR332.5b9.7x18.1x1.2x
Wed, 14 Aug 2024R5.9tR5.2tR415.5b9.4x14.2x1.1x
Fri, 12 Jul 2024R5.9tR5.1tR458.1b9.2x12.8x1.1x
Sun, 09 Jun 2024R5.5tR5.3tR437.3b8.7x12.5x1x
Tue, 07 May 2024R5.6tR5.3tR432.4b8.6x12.8x1x
Thu, 04 Apr 2024R5.4tR5.3tR432.6b8.6x12.5x1x
Sat, 02 Mar 2024R5.4tR5.3tR508.6b8.9x10.7x1x
Mon, 29 Jan 2024R5.7tR5.4tR541.7b9.4x10.5x1x
Wed, 27 Dec 2023R5.7tR5.4tR539.7b9.3x10.6x1.1x
Fri, 24 Nov 2023R5.7tR5.4tR540.4b9.1x10.5x1x
Sun, 22 Oct 2023R5.3tR5.5tR547.2b9.1x9.7x1x
Tue, 19 Sep 2023R5.6tR5.5tR556.8b9x10x1x
Thu, 17 Aug 2023R5.8tR5.4tR634.6b8.4x9.2x1.1x
Sat, 15 Jul 2023R6.0tR5.4tR656.0b8.5x9.1x1.1x
Mon, 12 Jun 2023R7.5tR5.4tR654.7b8.3x11.4x1.4x
Wed, 10 May 2023R6.0tR5.4tR670.3b7.9x9x1.1x
Fri, 07 Apr 2023R6.1tR5.2tR649.0b8.6x9.4x1.2x
Sun, 05 Mar 2023R6.2tR5.3tR638.0b8.5x9.7x1.2x
Tue, 31 Jan 2023R6.4tR5.2tR659.5b8.4x9.7x1.2x
Thu, 29 Dec 2022R6.1tR5.2tR657.1b8.5x9.2x1.2x
Price to Earnings Ratio

9.2x


Total Market Cap: R6.1tTotal Earnings: R657.1bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13x202320242025
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 14.4x which is higher than its 3-year average PE of 13.0x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 5.1% 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 Market1.74%
Healthcare3.52%
Energy2.75%
Telecom2.09%
Materials2.07%
Tech1.93%
Financials1.83%
Consumer Discretionary1.68%
Real Estate0.88%
Consumer Staples0.78%
Industrials0.56%
Utilities0%0
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 34.4% 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 13% 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 NaspersR1.13k2.8%
+R23.6b		34.2%PE9.1xConsumer Discretionary
VAL Valterra PlatinumR1.39k5.1%
+R17.7b		140.8%PE275.6xMaterials
IMP Impala Platinum HoldingsR244.106.8%
+R13.9b		161.6%PE287.7xMaterials
FSR FirstRandR89.622.4%
+R11.9b		16.2%PE11.9xFinancials
SBK Standard Bank GroupR283.362.4%
+R10.7b		25.7%PB1.6xFinancials
See more

Market Insights

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Latest News

NPN
R1,132.38
Naspers
7D
2.8%
1Y
34.2%

NPN: Future Returns Will Reflect Lower Margins And Higher Required Yield

Analysts have trimmed their price target on Naspers from approximately R5,295 to about R1,243. This reflects a more conservative stance on long term profitability and valuation multiples despite relatively stable growth expectations.
SOL
R103.19
Sasol
7D
-2.1%
1Y
23.8%

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

Analysts have raised their price target on Sasol from approximately $70 to $107 per share, citing a higher assumed future earnings multiple that more than offsets adjusted expectations for revenue growth and profit margins. What's in the News Sasol International Chemicals has launched LIVINEX IO 7, a patent-pending bio-circular surfactant derived from insect oils, positioned as a first of its kind in fabric, home care, industrial and institutional cleaning markets (Key Developments).
HCI
R144.84
Hosken Consolidated Investments
7D
-10.0%
1Y
-11.3%
IMP
R244.10
Impala Platinum Holdings
7D
4.4%
1Y
161.7%

IMP: Higher Margins Are Expected To Drive Strong Share Price Rebound

Analysts have lifted their price target on Impala Platinum Holdings from R200.00 to R310.00, citing expectations for faster revenue growth, stronger profit margins, and a modestly lower future price-to-earnings multiple that together support a higher fair value estimate despite a slightly increased discount rate. What's in the News Reported first quarter 2025 6E group production of 882,000 oz, down from 928,000 oz in the prior year period, highlighting some operational headwinds (company announcement).
HAR
R342.51
Harmony Gold Mining
7D
-3.9%
1Y
117.2%

HAR: Higher Multiple And Copper Project Will Eventually Disappoint Expectations

Analysts have raised their price target for Harmony Gold Mining from approximately $220 to about $270 per share. They cite a higher discount rate, lower long term revenue growth and profit margin assumptions, and a rerating to a richer future P/E multiple that together better reflect the company’s risk profile and earnings quality.
VAL
R1,388.59
Valterra Platinum
7D
4.5%
1Y
135.4%
GFI
R741.38
Gold Fields
7D
-2.2%
1Y
188.3%

GFI: Elevated Capex And Project Execution Will Likely Pressure Future Returns

The analyst fair value estimate for Gold Fields has been raised sharply from about $400 to roughly $630, as analysts factor in higher gold price assumptions, stronger projected revenue growth and margins, and medium term upside from the company's growth projects and capital returns program. Analyst Commentary Recent Street research paints a mixed picture for Gold Fields, with a widening range of price targets and ratings that reflect both optimism on gold prices and emerging concerns around execution and capital allocation.
FSR
R89.62
FirstRand
7D
4.3%
1Y
16.3%

FSR: Improved Profitability And Lower Risk Will Support Further Share Upside

Analysts have nudged their price target for FirstRand higher by approximately R2.20 to around R99.20, citing slightly faster expected revenue growth, a modestly improved profit margin, and a marginally lower discount rate that supports a richer, but still reasonable, future P E multiple. What's in the News Shareholders approved the appointment of KPMG Inc.
KIO
R338.29
Kumba Iron Ore
7D
-0.8%
1Y
5.7%
CLS
R330.53
Clicks Group
7D
-1.1%
1Y
-14.3%
MRP
R173.00
Mr Price Group
7D
-3.4%
1Y
-41.9%

MRP: Dividend Momentum And Margin Recovery Will Drive Share Price Upside

Analysts have raised their price target on Mr Price Group to ZAR 257, a modest uplift that reflects slightly improved margin expectations and valuation multiples despite a higher assumed discount rate. Analyst Commentary Recent research commentary on Mr Price Group has turned incrementally more constructive following the upgrade to Buy, with the higher target price framed as a function of both improving operational execution and a still-reasonable valuation backdrop.
ABG
R237.64
Absa Group
7D
4.2%
1Y
22.7%

ABG: Larger Domestic Stake Will Support Margins And Measured Shareholder Returns

Analysts have raised their price target for Absa Group to R243.84 from R235.28, citing slightly stronger projected revenue growth, modestly higher expected profit margins and a small uplift in future valuation multiples. What's in the News Public Investment Corporation Limited completed the acquisition of an additional minority stake in Absa Group Limited on December 10, 2025, increasing its shareholding to 15.32 percent (Key Developments) The larger strategic stake held by Public Investment Corporation Limited is expected to strengthen Absa Group's local institutional shareholder base and potentially enhance long term governance stability (Key Developments) Market observers note that the heightened ownership by a major domestic investor may influence Absa Group's capital allocation priorities and future engagement with regulators and policymakers (Key Developments) Valuation Changes Fair Value Estimate increased slightly from ZAR 235.28 to ZAR 243.84 per share, reflecting a modestly higher intrinsic valuation.
CPI
R4,142.50
Capitec Bank Holdings
7D
3.9%
1Y
30.4%
SBK
R283.36
Standard Bank Group
7D
2.4%
1Y
25.7%

SBK: Easing Macro Headwinds Will Support Stable Returns And Fair Value Ahead

Analysts have nudged their fair value estimate for Standard Bank Group higher, lifting the price target from ZAR 285.39 to about ZAR 288.06 as easing macro headwinds and an improving near term growth outlook support slightly stronger revenue growth assumptions, despite modestly lower margin expectations. Analyst Commentary Bullish analysts point to a healthier macro backdrop for South African banks and a more supportive growth outlook as key reasons the fair value estimate for Standard Bank Group can drift higher, even without a material re-rating of the sector.
FFB
R23.15
Fortress Real Estate Investments
7D
-3.5%
1Y
13.5%
SLM
R99.17
Sanlam
7D
3.3%
1Y
15.7%

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.