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South African (JSE) Market Analysis & Valuation

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies201
  • 7D3.4%
  • 3M15.4%
  • 1Y43.5%
  • YTD9.4%

The market is up 3.4% over the last week, with the Materials sector leading the way, up 10%. In the last year, the market has climbed 43%. As for the next few years, earnings are expected to grow by 16% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 02 Mar 2026R8.9tR5.4tR597.5b9.7x14.9x1.7x
Wed, 28 Jan 2026R8.7tR5.3tR555.4b9.6x15.6x1.6x
Fri, 26 Dec 2025R8.3tR5.4tR561.0b9.5x14.7x1.5x
Sun, 23 Nov 2025R7.7tR5.5tR574.6b9.4x13.5x1.4x
Tue, 21 Oct 2025R7.9tR5.5tR574.3b9.2x13.7x1.4x
Thu, 18 Sep 2025R7.4tR5.5tR570.5b9.2x13x1.3x
Sat, 16 Aug 2025R7.3tR5.5tR465.1b8.9x15.7x1.3x
Mon, 14 Jul 2025R7.0tR5.5tR475.5b8.4x14.7x1.3x
Wed, 11 Jun 2025R6.9tR5.4tR432.2b8.7x16x1.3x
Fri, 09 May 2025R6.5tR5.3tR422.5b8.8x15.5x1.2x
Sun, 06 Apr 2025R5.9tR5.4tR427.7b8.1x13.7x1.1x
Tue, 04 Mar 2025R6.3tR5.3tR411.4b9.1x15.4x1.2x
Thu, 30 Jan 2025R6.2tR5.3tR368.5b9.7x16.9x1.2x
Sat, 28 Dec 2024R6.3tR5.3tR366.3b9.9x17.1x1.2x
Mon, 25 Nov 2024R6.3tR5.3tR344.8b10.1x18.3x1.2x
Wed, 23 Oct 2024R6.4tR5.1tR337.5b10.4x18.9x1.2x
Fri, 20 Sep 2024R6.2tR5.2tR333.3b9.8x18.6x1.2x
Sun, 18 Aug 2024R6.1tR5.2tR411.2b9.6x14.8x1.2x
Tue, 16 Jul 2024R6.0tR5.2tR421.4b9.4x14.2x1.1x
Thu, 13 Jun 2024R5.4tR5.2tR434.4b8.7x12.5x1x
Sat, 11 May 2024R5.7tR5.3tR431.5b8.6x13.2x1.1x
Mon, 08 Apr 2024R5.5tR5.3tR432.2b8.7x12.7x1x
Wed, 06 Mar 2024R5.4tR5.3tR451.4b8.9x11.9x1x
Fri, 02 Feb 2024R5.7tR5.4tR540.5b9.3x10.5x1x
Sun, 31 Dec 2023R5.9tR5.4tR538.5b9.4x10.9x1.1x
Tue, 28 Nov 2023R5.7tR5.4tR540.0b9.1x10.5x1x
Thu, 26 Oct 2023R5.3tR5.5tR546.7b9.1x9.7x1x
Sat, 23 Sep 2023R5.6tR5.5tR549.6b9.2x10.1x1x
Mon, 21 Aug 2023R5.7tR5.4tR633.5b8.3x9x1.1x
Wed, 19 Jul 2023R6.0tR5.4tR654.2b8.5x9.2x1.1x
Fri, 16 Jun 2023R6.1tR5.4tR637.9b8.4x9.6x1.1x
Sun, 14 May 2023R5.9tR5.4tR669.8b8x8.8x1.1x
Tue, 11 Apr 2023R6.1tR5.3tR650.6b8.6x9.3x1.1x
Thu, 09 Mar 2023R6.1tR5.3tR642.2b8.7x9.5x1.1x
Price to Earnings Ratio

9.5x


Total Market Cap: R6.1tTotal Earnings: R642.2bTotal Revenue: R5.3tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.3x202420252026
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 14.9x which is higher than its 3-year average PE of 13.3x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 2.4% 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 Market3.39%
Materials10.46%
Healthcare6.04%
Telecom3.86%
Industrials2.14%
Energy2.09%
Financials1.31%
Tech1.19%
Real Estate0.12%
Utilities0%0
Consumer Discretionary-1.19%
Consumer Staples-2.52%
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 21.7%, which is higher than its past year's earnings growth of 6.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 45% 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 4.8% 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 PlatinumR1.86k19.5%
+R78.8b		215.6%PE31.7xMaterials
IMP Impala Platinum HoldingsR353.6716.1%
+R43.9b		273.1%PE416.9xMaterials
GFI Gold FieldsR928.473.7%
+R29.6b		166.3%PE14.5xMaterials
NPH Northam Platinum HoldingsR433.3510.8%
+R23.2b		313.3%PE18.6xMaterials
MTN MTN GroupR207.576.4%
+R22.7b		75.8%PE50.4xTelecom
See more

Market Insights

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Latest News

NPH
R433.35
Northam Platinum Holdings
7D
10.8%
1Y
313.3%
VAL
R1,864.39
Valterra Platinum
7D
19.5%
1Y
215.6%
NRP
R148.04
NEPI Rockcastle
7D
-2.3%
1Y
9.4%
BID
R420.14
Bid
7D
-4.7%
1Y
-7.3%
DSY
R261.36
Discovery
7D
8.3%
1Y
25.7%

DSY: Slightly Higher Fair Value And Margins Will Support Future Returns

Analysts have slightly raised their price target for Discovery from ZAR255.79 to ZAR257.08, reflecting updated assumptions that combine softer revenue growth with a small uplift in profit margin and a marginally higher future P/E multiple. Valuation Changes Fair Value: Adjusted slightly higher from ZAR255.79 to ZAR257.08.
SPP
R69.80
SPAR Group
7D
-8.4%
1Y
-46.5%
OUT
R73.47
OUTsurance Group
7D
-3.7%
1Y
6.2%
TBS
R318.00
Tiger Brands
7D
-6.1%
1Y
18.2%

TBS: Pending Special Dividend Will Mask Underlying Earnings Quality Risk

Analysts have maintained their Tiger Brands fair value estimate at ZAR280.00. The slightly lower discount rate and modestly higher profit margin assumption result in only a small refinement to the underlying valuation rather than a major shift in the price target.
MTN
R207.57
MTN Group
7D
6.4%
1Y
75.8%
SHP
R264.52
Shoprite Holdings
7D
-2.2%
1Y
-4.5%

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

Analysts have made a small downward adjustment to their Shoprite Holdings price target to ZAR325.88. This reflects slightly different assumptions for fair value, discount rate, revenue growth, profit margin and future P/E compared with the prior ZAR327.13 view.
GFI
R928.47
Gold Fields
7D
3.7%
1Y
166.3%
SSW
R70.00
Sibanye Stillwater
7D
7.4%
1Y
354.3%
SBK
R321.33
Standard Bank Group
7D
-0.2%
1Y
45.3%

SBK: Mixed Rating Shift Will Support Steady ROE Within 2028 Targets

The analyst price target for Standard Bank Group has shifted slightly higher, from ZAR301.52 to ZAR307.41. Analysts point to updated assumptions on fair value, discount rate, profit margin and future P/E, even as some firms, such as Investec, have taken a more cautious stance on the shares.
NED
R315.00
Nedbank Group
7D
10.2%
1Y
10.4%

NED: Higher Fair Value And Settlement Resolution Will Support Future Upside

Analysts have lifted their ZAR fair value estimate for Nedbank Group from ZAR 375.74 to ZAR 390.99, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E, even as some recent research has turned more cautious on the shares. Analyst Commentary Recent research is mixed, with some research turning more cautious on Nedbank Group even as the updated ZAR 390.99 fair value points to a more constructive view on the shares overall.
NPN
R885.28
Naspers
7D
-3.2%
1Y
-2.2%

NPN: Lower Discount Rate Will Support A More Optimistic Future P/E

Analysts have slightly trimmed their Naspers fair value estimate from ZAR1,768.46 to ZAR1,752.32 as tweaks to discount rate, growth and margin assumptions feed through to a modestly higher future P/E outlook. Valuation Changes Fair Value: Updated to ZAR1,752.32 from ZAR1,768.46, representing a small reduction in the estimate.
IMP
R353.67
Impala Platinum Holdings
7D
16.1%
1Y
273.1%

IMP: Broker Upgrades Will Likely Prove Vulnerable To Execution Risks

Analysts have raised their ZAR price target on Impala Platinum Holdings to ZAR246.17, based on research that incorporates slightly firmer revenue growth and profit margin assumptions, a modestly lower future P/E, and a small adjustment to the discount rate. Analyst Commentary Even with a higher ZAR price target, not every analyst is enthusiastic.