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

South African (JSE) Market Analysis & Valuation

UpdatedFeb 11, 2026
DataAggregated Company Financials
Companies202
  • 7D-0.1%
  • 3M8.0%
  • 1Y34.2%
  • YTD3.8%

Over the last 7 days, the market has remained flat, although notably the Consumer Discretionary sector declined by 3.9%. Meanwhile, the market is actually up 34% over the past year. 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
Wed, 11 Feb 2026R8.5tR5.3tR557.3b9.7x15.2x1.6x
Fri, 09 Jan 2026R8.3tR5.4tR559.8b9.6x14.8x1.5x
Sun, 07 Dec 2025R8.0tR5.4tR566.1b9.5x14x1.5x
Tue, 04 Nov 2025R7.7tR5.5tR576.2b9.1x13.4x1.4x
Thu, 02 Oct 2025R7.7tR5.5tR572.2b8.9x13.4x1.4x
Sat, 30 Aug 2025R7.3tR5.5tR575.9b9.1x12.6x1.3x
Mon, 28 Jul 2025R7.1tR5.5tR473.8b8.2x14.9x1.3x
Wed, 25 Jun 2025R6.9tR5.5tR472.5b8.7x14.6x1.3x
Fri, 23 May 2025R6.7tR5.3tR422.3b8.8x15.9x1.3x
Sun, 20 Apr 2025R6.5tR5.4tR426.0b8.4x15.2x1.2x
Tue, 18 Mar 2025R6.4tR5.3tR414.7b8.7x15.5x1.2x
Thu, 13 Feb 2025R6.4tR5.3tR370.5b9.5x17.3x1.2x
Sat, 11 Jan 2025R6.2tR5.3tR371.4b10x16.6x1.2x
Mon, 09 Dec 2024R6.4tR5.3tR362.8b10x17.7x1.2x
Wed, 06 Nov 2024R6.4tR5.3tR334.8b10.4x19.2x1.2x
Fri, 04 Oct 2024R6.3tR5.3tR339.0b10.2x18.7x1.2x
Sun, 01 Sep 2024R6.2tR5.2tR344.6b9.9x17.9x1.2x
Tue, 30 Jul 2024R5.9tR5.2tR419.0b9.4x14.1x1.1x
Thu, 27 Jun 2024R5.8tR5.2tR421.1b9x13.7x1.1x
Sat, 25 May 2024R5.7tR5.3tR431.1b8.7x13.3x1.1x
Mon, 22 Apr 2024R5.3tR5.3tR435.6b8.5x12.2x1x
Wed, 20 Mar 2024R5.3tR5.4tR461.7b8.4x11.4x1x
Fri, 16 Feb 2024R5.5tR5.3tR526.5b9x10.4x1x
Sun, 14 Jan 2024R5.7tR5.4tR541.0b9.4x10.5x1x
Tue, 12 Dec 2023R5.6tR5.5tR544.9b9.1x10.3x1x
Thu, 09 Nov 2023R5.5tR5.5tR543.0b8.8x10.1x1x
Sat, 07 Oct 2023R5.3tR5.5tR550.0b9.1x9.6x1x
Mon, 04 Sep 2023R5.8tR5.4tR564.2b8.7x10.2x1.1x
Wed, 02 Aug 2023R6.1tR5.3tR631.8b8.5x9.7x1.1x
Fri, 30 Jun 2023R5.8tR5.4tR660.3b8.6x8.8x1.1x
Sun, 28 May 2023R5.7tR5.4tR663.3b8.2x8.6x1.1x
Tue, 25 Apr 2023R6.1tR5.3tR670.3b8.3x9.1x1.1x
Thu, 23 Mar 2023R5.1tR5.1tR600.4b8.2x8.6x1x
Sat, 18 Feb 2023R6.3tR5.3tR659.4b8.5x9.5x1.2x
Price to Earnings Ratio

9.5x


Total Market Cap: R6.3tTotal Earnings: R659.4bTotal Revenue: R5.3tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.2x202420252026
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 13.2x.
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 Market-0.10%
Telecom1.26%
Industrials1.25%
Financials0.77%
Real Estate0.72%
Materials0.12%
Utilities0%0
Consumer Staples-0.26%
Energy-0.62%
Healthcare-0.82%
Tech-1.15%
Consumer Discretionary-3.92%
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 32.6% 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 6.2% 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
GFI Gold FieldsR878.695.7%
+R42.2b		144.7%PE26.2xMaterials
CPI Capitec Bank HoldingsR4.58k2.8%
+R14.4b		45.9%PB9.9xFinancials
MTN MTN GroupR191.762.5%
+R8.6b		63.8%PE46.5xTelecom
SBK Standard Bank GroupR312.270.9%
+R4.4b		43.4%PB1.8xFinancials
BID BidR418.682.9%
+R3.9b		-12.3%PE17.2xConsumer Staples
See more

Market Insights

Header cover image
Why alternative investments are making a splash 🖼️
Richard Bowman avatar
Richard Bowman
|
|
Is it the time to invest in alternatives? Here's how you can get exposure.
Continue reading
Why longer lifespans could reshape portfolios 🧓
Last Week

Why longer lifespans could reshape portfolios 🧓

Latest News

SLM
R102.43
Sanlam
7D
-2.2%
1Y
22.9%

Here's Why We Think Sanlam (JSE:SLM) Might Deserve Your Attention Today

Feb 10
Here's Why We Think Sanlam (JSE:SLM) Might Deserve Your Attention Today
PPH
R26.12
Pepkor Holdings
7D
-2.7%
1Y
-4.9%
IMP
R283.76
Impala Platinum Holdings
7D
-6.5%
1Y
183.8%
VAL
R1,443.23
Valterra Platinum
7D
-2.0%
1Y
125.8%

VAL: Higher Earnings Guidance Will Support Stronger Future Profitability

Analysts have raised their price target for Valterra Platinum from $1,050 to $2,160, citing updated assumptions regarding fair value, discount rate, revenue growth, profit margin, and future P/E expectations. What's in the News Reported fourth quarter 2025 total mining and concentrating PGM production of 880,200 ounces compared with 875,700 ounces in the prior year quarter, with total refined production of 1,296,700 ounces compared with 1,210,700 ounces (company announcement of operating results).
NPH
R369.77
Northam Platinum Holdings
7D
-2.8%
1Y
214.7%

NPH: Higher Margin Outlook Will Support Repriced Bullish Thesis

Analysts have raised their fair value estimate for Northam Platinum Holdings from R230.00 to R490.00, citing updated assumptions on revenue growth, profit margin, and future P/E following recent bullish research updates. Analyst Commentary Recent bullish research updates have pushed Northam Platinum Holdings further onto the radar of investors who focus on valuation reset stories.
CPI
R4,578.22
Capitec Bank Holdings
7D
2.8%
1Y
45.9%

CPI: Revised Discount Rate And P/E Assumptions Will Shape Balanced Outlook

Analysts have reduced their fair value estimate for Capitec Bank Holdings from R4,671.17 to R4,647.92, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. Valuation Changes Fair Value: Reduced slightly from ZAR 4,671.17 to ZAR 4,647.92 per share.
SBK
R312.27
Standard Bank Group
7D
0.9%
1Y
43.4%

SBK: Easing Macro Turn And Mixed Views Will Support Steady ROE

Narrative Update Analysts have nudged their price target for Standard Bank Group slightly higher to ZAR 301.52 from ZAR 299.63, reflecting updated views on fair value, discount rates and forward P/E assumptions in the context of recent research commentary, including a downgrade from Investec and a Neutral initiation with a ZAR 272 target from Goldman Sachs. Analyst Commentary Recent research gives you a mixed but useful read on how the market is thinking about Standard Bank Group right now, with some highlighting scope for value at current levels and others flagging execution and macro risks that could cap upside.
NED
R277.91
Nedbank Group
7D
2.5%
1Y
-1.3%

NED: Bearish Downgrades And Legal Settlement Will Shape A Cautious Fair Outlook

Nedbank Group's analyst fair value target is unchanged at R255.00 per share, with a slight adjustment in the discount rate and future P/E, reflecting a more cautious stance from some analysts following recent research downgrades. Analyst Commentary Bearish analysts are taking a more cautious stance on Nedbank Group, reflected in recent research downgrades and a shift toward lower valuation assumptions.
MTN
R191.76
MTN Group
7D
2.5%
1Y
63.8%
GFI
R878.69
Gold Fields
7D
5.7%
1Y
144.7%

GFI: Higher Gold Price Framework And Capital Returns Will Support Re Rating

Analysts have nudged their price targets on Gold Fields higher, with recent changes such as Citi moving to $57 from $50 and Scotiabank adding $14. These adjustments reflect updated views on gold price assumptions, reinvestment plans and capital returns.
NPN
R927.50
Naspers
7D
-4.6%
1Y
11.9%

NPN: Higher Growth Assumptions Will Support A More Optimistic Future P/E

Analysts have cut their implied fair value estimate for Naspers from R8,039.18 to R1,768.46, citing updated assumptions for revenue growth, profit margins and future P/E that together indicate a more conservative view of the stock's potential valuation range. Valuation Changes Fair Value Estimate: Reduced from ZAR 8,039.18 to ZAR 1,768.46, pointing to a much lower implied valuation level.
HAR
R339.30
Harmony Gold Mining
7D
-1.5%
1Y
51.6%

HAR: Eva Copper Project Approval Will Underpin A More Optimistic Outlook

Analysts have adjusted their fair value estimate for Harmony Gold Mining from $320 to $515, citing updated assumptions for revenue growth, profit margins, and future P/E levels as key drivers of the new price target. What's in the News Harmony Gold Mining approved the high margin, long life Eva Copper Project after completing a three year feasibility study update and FEED phase with Tier 1 contractors.
SSW
R67.19
Sibanye Stillwater
7D
-3.1%
1Y
272.0%

SSW: Recent Bank Upgrades And Project Progress Will Support Repricing

Analysts have roughly doubled their price target for Sibanye Stillwater to US$103.00 from US$50.00, citing updated assumptions for faster revenue growth, higher profit margins, and a lower future P/E multiple following recent upgrades from major banks. Analyst Commentary Recent upgrades from major banks have reinforced the view that Sibanye Stillwater could offer investors a more attractive balance between growth potential and valuation than previously assumed.
DSY
R242.80
Discovery
7D
1.5%
1Y
25.3%

DSY: Refined Assumptions And Stable Margins Will Support Future Shareholder Value

Analysts have raised their price target on Discovery to US$255.79 from US$245.50, citing updated assumptions around a slightly lower expected revenue decline, a modest shift in profit margin expectations, and a small adjustment to the future P/E multiple and discount rate. Valuation Changes Fair Value: updated from US$245.50 to US$255.79, representing a modest upward adjustment to the target estimate.
FSR
R94.72
FirstRand
7D
0.6%
1Y
25.0%

FSR: Stable Fair Value And Governance Changes Will Shape Future Risk Profile

Analysts have nudged their price target for FirstRand higher to R101.33 from R99.22, pointing to slightly refined assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What's in the News FirstRand has scheduled a special or extraordinary shareholders meeting for February 11, 2026, giving investors a date to watch for potential company resolutions or structural decisions (Key Developments).
BID
R418.68
Bid
7D
2.9%
1Y
-12.3%