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South African (JSE) Market Analysis & Valuation

UpdatedAug 11, 2026
DataAggregated Company Financials
Companies203
  • 7D3.6%
  • 3M1.3%
  • 1Y14.8%
  • YTD-0.1%

The market has climbed 3.6% in the last 7 days, lead by the Materials sector with a gain of 15%. As for the past 12 months, the market is up 15%. As for the next few years, earnings are expected to grow by 13% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 11 Aug 2026R8.1tR5.6tR625.9b8.8x13x1.4x
Thu, 09 Jul 2026R7.6tR5.6tR610.0b8.6x12.5x1.4x
Sat, 06 Jun 2026R7.7tR5.5tR623.3b8.7x12.4x1.4x
Mon, 04 May 2026R8.0tR5.5tR619.5b9.2x12.9x1.4x
Wed, 01 Apr 2026R7.9tR5.5tR620.0b9.2x12.8x1.4x
Fri, 27 Feb 2026R8.8tR5.4tR589.3b9.8x14.9x1.6x
Sun, 25 Jan 2026R8.6tR5.3tR556.4b9.7x15.5x1.6x
Tue, 23 Dec 2025R8.2tR5.4tR561.9b9.3x14.5x1.5x
Thu, 20 Nov 2025R7.9tR5.5tR571.0b9.5x13.8x1.4x
Sat, 18 Oct 2025R7.8tR5.5tR574.2b9.3x13.6x1.4x
Mon, 15 Sep 2025R7.4tR5.5tR569.6b8.9x13x1.3x
Wed, 13 Aug 2025R7.3tR5.5tR463.7b8.8x15.6x1.3x
Fri, 11 Jul 2025R7.0tR5.5tR473.8b8.5x14.8x1.3x
Sun, 08 Jun 2025R6.9tR5.4tR432.6b8.6x15.9x1.3x
Tue, 06 May 2025R6.6tR5.3tR423.0b8.9x15.7x1.2x
Thu, 03 Apr 2025R6.4tR5.4tR425.8b8.5x15.1x1.2x
Sat, 01 Mar 2025R6.4tR5.3tR413.2b9.3x15.4x1.2x
Mon, 27 Jan 2025R6.2tR5.3tR367.6b9.9x16.8x1.2x
Wed, 25 Dec 2024R6.3tR5.3tR365.8b10x17.2x1.2x
Fri, 22 Nov 2024R6.3tR5.3tR342.7b10.1x18.5x1.2x
Sun, 20 Oct 2024R6.4tR5.1tR338.5b10.4x19x1.3x
Tue, 17 Sep 2024R6.0tR5.2tR328.5b9.7x18.4x1.2x
Thu, 15 Aug 2024R6.0tR5.2tR415.4b9.5x14.3x1.1x
Sat, 13 Jul 2024R5.9tR5.2tR420.2b9.1x14.1x1.1x
Mon, 10 Jun 2024R5.5tR5.3tR437.7b8.7x12.5x1x
Wed, 08 May 2024R5.6tR5.3tR432.8b8.5x12.9x1x
Fri, 05 Apr 2024R5.5tR5.3tR432.9b8.7x12.8x1x
Sun, 03 Mar 2024R5.4tR5.3tR503.1b8.9x10.8x1x
Tue, 30 Jan 2024R5.6tR5.4tR541.8b9.3x10.4x1x
Thu, 28 Dec 2023R5.9tR5.4tR539.2b9.3x10.9x1.1x
Sat, 25 Nov 2023R5.7tR5.4tR540.9b9.2x10.5x1x
Mon, 23 Oct 2023R5.3tR5.5tR547.2b9.1x9.7x1x
Wed, 20 Sep 2023R5.6tR5.5tR555.5b9.2x10x1x
Fri, 18 Aug 2023R5.8tR5.4tR634.7b8.3x9.1x1.1x
Price to Earnings Ratio

9.1x


Total Market Cap: R5.8tTotal Earnings: R634.7bTotal Revenue: R5.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.9x202420252026
Current Market PE
  • Investors are relatively neutral on the South African market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 13.9x.
Past Earnings Growth
  • Both revenue and earnings for South African listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

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

ZA Market3.58%
Materials14.95%
Healthcare2.13%
Consumer Discretionary1.94%
Financials0.90%
Tech0.31%
Real Estate0.044%
Utilities0%0
Consumer Staples-0.31%
Industrials-0.35%
Energy-0.62%
Telecom-1.84%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 20.6x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 15.7% which is higher than its past year's earnings decline of 2.1% per year.
  • The Real Estate sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 8.2x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 40% over the next 5 years.
  • This is better than its past earnings growth rate of 16% per year.
  • In contrast, the Tech sector is expected to see its earnings grow by 7.4% 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 FieldsR653.0915.6%
+R78.8b		18.8%PE10.1xMaterials
VAL Valterra PlatinumR1.45k7.4%
+R26.1b		71.6%PE10.4xMaterials
HAR Harmony Gold MiningR317.2013.9%
+R24.1b		16.5%PE12.2xMaterials
IMP Impala Platinum HoldingsR212.1611.0%
+R18.9b		26.9%PE23.2xMaterials
SSW Sibanye StillwaterR43.1210.3%
+R11.4b		11.4%PS0.9xMaterials
See more

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Latest News

VOD
R153.24
Vodacom Group
7D
-4.2%
1Y
10.3%
GFI
R653.09
Gold Fields
7D
15.6%
1Y
18.8%
SSW
R43.12
Sibanye Stillwater
7D
10.3%
1Y
11.4%
Narrative Update • Aug 07

SSW: Future Returns Will Depend On PGM Portfolio Upgrades And Deleveraging

Sibanye Stillwater's analyst fair value estimate has been revised lower from ZAR65.41 to ZAR47.27 as analysts factor in a more cautious profit outlook, a slightly higher required return, and near term headwinds including subdued PGM markets, higher capital spending, execution risks, and uncertainty around Keliber cash flows. Analyst Commentary Recent Street research on Sibanye Stillwater points to a more balanced view, with bullish analysts highlighting long term portfolio work and cautious analysts focusing on capital needs and near term market conditions.
NPN
R875.03
Naspers
7D
-4.1%
1Y
-22.1%
Narrative Update • Aug 06

NPN: Prosus Exposure And Capital Returns Will Support Future Upside

Analysts have trimmed their fair value estimate for Naspers, with the implied price target moving from about ZAR 1,313 to roughly ZAR 1,280. This reflects updated assumptions on growth, margins and future P/E in light of recent Neutral coverage and the ZAR 902 target cited for the stock.
HAR
R317.20
Harmony Gold Mining
7D
13.9%
1Y
16.5%
ARI
R184.06
African Rainbow Minerals
7D
8.1%
1Y
-1.3%
Narrative Update • Aug 05

ARI: Bokoni Development Will Underpin Future Repricing Toward Fair Value

Analysts have trimmed their price target on African Rainbow Minerals from ZAR264.60 to ZAR220.60, citing updated assumptions that now reflect a higher discount rate, a lower revenue growth outlook, a slightly higher profit margin, and a lower future P/E multiple. What's in the News African Rainbow Minerals approved the development of the Bokoni project, which targets a combined concentrator capacity of 180,000 tonnes per month using an existing 60,000 tonnes per month plant and a new 120,000 tonnes per month plant.
NPH
R267.69
Northam Platinum Holdings
7D
7.6%
1Y
24.7%
Narrative Update • Aug 05

NPH: Higher Discount Rate Will Sustain Overvaluation Despite Refined Output Growth

Analysts have trimmed their price target on Northam Platinum Holdings from ZAR270 to ZAR210, reflecting updated assumptions that combine a higher discount rate and more moderate revenue growth expectations with slightly improved profit margin and P/E estimates. What's in the News for Northam Platinum Holdings Northam Platinum Holdings reported production results for the financial year ended 30 June 2026.
VAL
R1,449.55
Valterra Platinum
7D
7.4%
1Y
71.6%
FSR
R99.40
FirstRand
7D
-2.1%
1Y
28.9%
MTN
R193.20
MTN Group
7D
-5.4%
1Y
12.3%
Narrative Update • Aug 03

MTN: Fintech Execution And Margin Discipline Will Drive Future Repricing

Analysts have trimmed their fair value estimate for MTN Group to ZAR280 from ZAR300, citing updated assumptions on future revenue growth, profit margins, and a slightly lower forward P/E multiple. Analyst Commentary Recent research on MTN Group highlights how valuation adjustments can still sit within a constructive view of the company.
SOL
R188.82
Sasol
7D
3.0%
1Y
100.5%
Narrative Update • Jul 30

SOL: Higher Margins And Lower Future P/E Will Pressure Returns

Analysts have increased their price target for Sasol by ZAR5 to ZAR160, reflecting updated assumptions that include a slightly lower implied future P/E multiple and a higher expected profit margin, even as projected revenue growth is marked a little lower. What’s in the News for Sasol Public Investment Corporation Limited, a major institutional investor, acquired an additional 5.14% stake in Sasol Limited on July 13, 2026.
IMP
R212.16
Impala Platinum Holdings
7D
11.0%
1Y
26.9%
Narrative Update • Jul 29

IMP: Safety Reset And Lower P/E Multiple Will Shape Future Upside

Analysts have trimmed their price target for Impala Platinum Holdings to ZAR175 from ZAR201, reflecting updated assumptions for the discount rate, revenue growth, profit margin and future P/E multiples. What’s in the News for Impala Platinum Holdings Impala Platinum Holdings temporarily suspended mining operations at its Impala Rustenburg complex from July 24 to July 28, 2026 to carry out a comprehensive safety reset in response to an increase in safety incidents.
CPI
R4,799.82
Capitec
7D
-1.7%
1Y
32.5%
Narrative Update • Jul 27

CPI: Higher Revenue Assumptions And Shareholder Meeting Will Support Bullish Outlook

Analysts have lifted their price target for Capitec Bank Holdings from ZAR5,050.94 to ZAR5,225.14, citing updated assumptions around revenue growth, profit margins and future P/E estimates. What’s in the News for Capitec Bank Holdings Capitec Bank Holdings has a Special or Extraordinary Shareholders Meeting scheduled for July 30, 2026, according to the company’s event calendar.
SBK
R325.70
Standard Bank Group
7D
-3.2%
1Y
37.8%
Narrative Update • Jul 09

SBK: Dividend Strength And Tighter Risk Assumptions Will Guide Post Downgrade Outlook

The analyst fair value estimate for Standard Bank Group has been adjusted from ZAR341.01 to ZAR348.56, reflecting updated assumptions on discount rates, profit margins and forward P/E, while also incorporating more cautious views from recent Street research, where some analysts have turned more bearish on the stock. Analyst Commentary Recent Street research around Standard Bank Group points to a more cautious tone, even as the updated fair value estimate reflects refined assumptions on discount rates, profit margins and forward P/E.
SLM
R86.59
Sanlam
7D
-3.7%
1Y
0.06%
OMU
R12.75
Old Mutual
7D
-6.5%
1Y
2.2%