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South African (JSE) Market Analysis & Valuation

UpdatedJul 26, 2024
DataAggregated Company Financials
Companies212
  • 7D1.3%
  • 3M9.3%
  • 1Y2.9%
  • YTD3.5%

Over the last 7 days, the market has risen 1.3%, driven by gains of 2.5% in the Financials sector. The market has been flat overall in the last year. 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
Fri, 26 Jul 2024R5.9tR5.2tR418.4b9.3x14.1x1.1x
Sun, 23 Jun 2024R5.9tR5.2tR442.9b9x13.2x1.1x
Tue, 21 May 2024R5.8tR5.3tR431.0b8.7x13.4x1.1x
Thu, 18 Apr 2024R5.3tR5.3tR434.1b8.5x12.2x1x
Sat, 16 Mar 2024R5.4tR5.4tR455.7b8.4x11.8x1x
Mon, 12 Feb 2024R5.5tR5.3tR527.2b9.1x10.4x1x
Wed, 10 Jan 2024R5.7tR5.4tR540.9b9.5x10.5x1x
Fri, 08 Dec 2023R5.6tR5.5tR544.4b9.1x10.3x1x
Sun, 05 Nov 2023R5.5tR5.4tR541.9b8.9x10.2x1x
Tue, 03 Oct 2023R5.3tR5.5tR548.7b9x9.7x1x
Thu, 31 Aug 2023R5.9tR5.4tR581.5b8.7x10.1x1.1x
Sat, 29 Jul 2023R6.1tR5.3tR627.4b8.5x9.8x1.2x
Mon, 26 Jun 2023R5.8tR5.4tR628.8b8.3x9.2x1.1x
Wed, 24 May 2023R5.8tR5.4tR668.4b8x8.7x1.1x
Fri, 21 Apr 2023R6.2tR5.3tR663.0b8.3x9.3x1.2x
Sun, 19 Mar 2023R5.0tR5.0tR586.3b8.2x8.5x1x
Tue, 14 Feb 2023R6.4tR5.2tR658.6b8.6x9.7x1.2x
Thu, 12 Jan 2023R6.3tR5.2tR656.6b8.3x9.6x1.2x
Sat, 10 Dec 2022R6.1tR5.2tR658.4b8.6x9.2x1.2x
Mon, 07 Nov 2022R6.0tR5.2tR838.7b8.6x7.1x1.2x
Wed, 05 Oct 2022R5.7tR5.1tR832.4b8.6x6.9x1.1x
Fri, 02 Sep 2022R5.7tR5.3tR812.0b8.1x7x1.1x
Sun, 31 Jul 2022R5.9tR5.2tR766.1b8.6x7.7x1.1x
Tue, 28 Jun 2022R6.4tR5.2tR872.9b8.7x7.3x1.2x
Thu, 26 May 2022R6.2tR5.2tR790.8b9x7.9x1.2x
Sat, 23 Apr 2022R6.7tR5.2tR782.5b9.7x8.5x1.3x
Mon, 21 Mar 2022R7.3tR5.2tR768.1b10.3x9.5x1.4x
Wed, 16 Feb 2022R7.2tR5.1tR762.3b11x9.5x1.4x
Fri, 14 Jan 2022R7.2tR5.1tR764.9b10.6x9.4x1.4x
Sun, 12 Dec 2021R6.7tR5.1tR773.2b10x8.7x1.3x
Tue, 09 Nov 2021R6.7tR5.0tR586.5b11.1x11.5x1.3x
Thu, 07 Oct 2021R6.5tR5.0tR581.6b11.3x11.2x1.3x
Sat, 04 Sep 2021R6.5tR4.9tR513.3b11.8x12.7x1.3x
Mon, 02 Aug 2021R6.6tR4.9tR513.3b11.5x12.9x1.4x
Price to Earnings Ratio

12.9x


Total Market Cap: R6.6tTotal Earnings: R513.3bTotal Revenue: R4.9tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 9.8x202220232024
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 14.1x which is higher than its 3-year average PE of 9.8x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 6.6% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.5% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

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

ZA Market1.28%
Telecom6.12%
Healthcare3.77%
Tech3.17%
Financials2.49%
Consumer Staples1.64%
Energy1.22%
Industrials1.14%
Real Estate0.89%
Utilities0%
Materials-0.73%
Consumer Discretionary-0.99%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 15.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 38.5% which is higher than its past year's earnings decline of 1.4% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 3.9x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 38% over the next 5 years.
  • This is better than its past earnings decline of 1.4% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 8.2% 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
AMS Anglo American PlatinumR701.3114.8%
+R23.7b		-21.6%PE15.9xMaterials
SBK Standard Bank GroupR219.104.6%
+R16.1b		15.2%PB1.4xFinancials
VOD Vodacom GroupR98.706.0%
+R10.9b		-17.1%PE11.7xTelecom
CPI Capitec Bank HoldingsR2.78k2.9%
+R9.1b		55.3%PB7.4xFinancials
FSR FirstRandR79.961.9%
+R8.2b		10.0%PE11.8xFinancials
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R218.36

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5.3%

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13.7%

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R80.08

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3.0%

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10.7%

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R158.27

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R318.51

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R163.29

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6.0%

1Y

-13.3%

GFI

R300.72

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-0.4%

1Y

11.5%

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R216.54

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R77.02

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