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South African (JSE) Market Analysis & Valuation

UpdatedJan 21, 2026
DataAggregated Company Financials
Companies203
  • 7D-0.5%
  • 3M9.8%
  • 1Y36.1%
  • YTD3.0%

The market has been flat in the last week, however the Consumer Discretionary sector is down 6.6%. As for the longer term, the market has risen 36% in the past 12 months. As for the next few years, earnings are expected to grow by 20% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 21 Jan 2026R8.4tR5.3tR558.7b9.7x15.1x1.6x
Fri, 19 Dec 2025R8.1tR5.4tR561.9b9.4x14.4x1.5x
Sun, 16 Nov 2025R7.9tR5.5tR570.7b9.6x13.8x1.4x
Tue, 14 Oct 2025R7.8tR5.5tR573.2b9.2x13.7x1.4x
Thu, 11 Sep 2025R7.3tR5.5tR567.2b8.8x12.9x1.3x
Sat, 09 Aug 2025R7.2tR5.5tR465.6b8.8x15.5x1.3x
Mon, 07 Jul 2025R7.0tR5.5tR472.5b8.5x14.8x1.3x
Wed, 04 Jun 2025R6.8tR5.4tR432.7b8.7x15.7x1.3x
Fri, 02 May 2025R6.6tR5.4tR425.0b8.7x15.6x1.2x
Sun, 30 Mar 2025R6.5tR5.3tR422.7b8.6x15.4x1.2x
Tue, 25 Feb 2025R6.4tR5.3tR410.8b9.4x15.5x1.2x
Thu, 23 Jan 2025R6.2tR5.3tR367.8b9.8x17x1.2x
Sat, 21 Dec 2024R6.3tR5.3tR364.2b10x17.2x1.2x
Mon, 18 Nov 2024R6.2tR5.3tR344.4b10x18x1.2x
Wed, 16 Oct 2024R6.3tR5.1tR338.8b10.3x18.7x1.2x
Fri, 13 Sep 2024R6.0tR5.2tR346.7b9.7x17.3x1.2x
Sun, 11 Aug 2024R5.9tR5.2tR417.7b9.6x14.1x1.1x
Tue, 09 Jul 2024R5.8tR5.1tR458.5b9.3x12.8x1.1x
Thu, 06 Jun 2024R5.5tR5.2tR436.8b8.7x12.5x1x
Sat, 04 May 2024R5.5tR5.3tR432.5b8.6x12.8x1x
Mon, 01 Apr 2024R5.5tR5.3tR434.0b8.7x12.6x1x
Wed, 28 Feb 2024R5.5tR5.3tR516.3b9.1x10.6x1x
Fri, 26 Jan 2024R5.6tR5.5tR542.3b9.4x10.4x1x
Sun, 24 Dec 2023R5.7tR5.4tR540.1b9.3x10.6x1.1x
Tue, 21 Nov 2023R5.6tR5.4tR538.3b9x10.4x1x
Thu, 19 Oct 2023R5.4tR5.5tR547.5b9.1x9.9x1x
Sat, 16 Sep 2023R5.7tR5.5tR553.7b8.8x10.3x1x
Mon, 14 Aug 2023R6.0tR5.4tR631.5b8.4x9.5x1.1x
Wed, 12 Jul 2023R5.8tR5.4tR658.7b8.5x8.8x1.1x
Fri, 09 Jun 2023R7.4tR5.4tR655.7b8.3x11.4x1.4x
Sun, 07 May 2023R6.1tR5.3tR669.3b8.3x9.1x1.1x
Tue, 04 Apr 2023R6.0tR5.3tR646.6b8.4x9.3x1.1x
Thu, 02 Mar 2023R6.2tR5.3tR638.5b8.8x9.7x1.2x
Sat, 28 Jan 2023R6.5tR5.2tR658.5b8.3x9.8x1.2x
Price to Earnings Ratio

9.8x


Total Market Cap: R6.5tTotal Earnings: R658.5bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.1x202420252026
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 15.1x which is higher than its 3-year average PE of 13.1x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 5.3% 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-0.47%
Financials1.31%
Materials0.92%
Telecom0.30%
Utilities0%0
Real Estate-0.19%
Industrials-0.97%
Tech-1.22%
Consumer Staples-1.24%
Healthcare-1.43%
Energy-3.31%
Consumer Discretionary-6.57%
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 36.3% 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 FieldsR870.576.1%
+R44.9b		187.8%PE25.3xMaterials
CPI Capitec Bank HoldingsR4.28k2.3%
+R11.1b		43.8%PB9.2xFinancials
SBK Standard Bank GroupR289.002.1%
+R9.7b		31.7%PB1.7xFinancials
HAR Harmony Gold MiningR377.323.7%
+R8.5b		92.2%PE16.3xMaterials
IMP Impala Platinum HoldingsR316.862.1%
+R5.7b		225.0%PE373.5xMaterials
See more

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IMP
R316.86
Impala Platinum Holdings
7D
2.1%
1Y
225.0%
HAR
R377.32
Harmony Gold Mining
7D
3.7%
1Y
92.2%

HAR: Copper Project And Payout Policy Will Support Balanced Medium Term Outlook

Analysts have lifted their fair value estimate for Harmony Gold Mining from $370.00 to $385.00, citing updated assumptions around revenue growth, profit margins and future P/E that feed into a slightly lower discount rate in their models. What's in the News Harmony approved the high margin, long life Eva Copper Project after completing a three year feasibility study update and FEED phase with Tier 1 contractors, which the company says has further reduced project risk.
SOL
R100.25
Sasol
7D
-17.8%
1Y
9.6%
ABG
R245.26
Absa Group
7D
2.4%
1Y
30.4%
VOD
R144.60
Vodacom Group
7D
2.1%
1Y
33.9%

VOD: Safaricom Stake Talks And Dividend Will Support Balanced Medium-Term Outlook

Analysts have raised their fair value estimate for Vodacom Group from R146.44 to R148.33 per share. This reflects updated assumptions that combine higher revenue growth expectations with slightly lower profit margin forecasts and an unchanged forward P/E multiple.
SSW
R70.97
Sibanye Stillwater
7D
-1.9%
1Y
328.6%

SSW: Wage Deal And Settlement Payments Will Weigh On Future Earnings

Analysts have kept their fair value estimate for Sibanye Stillwater steady at $38.00, while fine tuning inputs such as a slightly lower discount rate, modestly higher revenue growth assumptions, a small change in profit margin expectations, and a marginally lower future P/E to reflect a more balanced view of the company’s risk and earnings profile. What's in the News Sibanye Stillwater concluded a three year wage agreement for its South African gold operations with AMCU, NUM, UASA and Solidarity.
SAP
R22.90
Sappi
7D
-9.3%
1Y
-51.3%

Many Still Looking Away From Sappi Limited (JSE:SAP)

Jan 17
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VAL
R1,572.00
Valterra Platinum
7D
-1.1%
1Y
156.3%
CPI
R4,282.93
Capitec Bank Holdings
7D
2.3%
1Y
43.8%
GFI
R870.57
Gold Fields
7D
6.1%
1Y
187.8%
EXX
R186.00
Exxaro Resources
7D
-2.1%
1Y
20.1%

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Jan 12
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APN
R112.78
Aspen Pharmacare Holdings
7D
-8.6%
1Y
-33.7%

Aspen Pharmacare Holdings Limited's (JSE:APN) 29% Share Price Surge Not Quite Adding Up

Jan 10
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NPH
R385.00
Northam Platinum Holdings
7D
-1.8%
1Y
232.7%

NPH: Higher P/E Assumptions Will Limit Future Upside Despite Firm Margins

Analysts have nudged their price target for Northam Platinum Holdings higher to R290.06 from R283.06, reflecting updated assumptions around discount rates, margins, and future P/E expectations. Valuation Changes Fair Value: Updated slightly higher from R283.06 to R290.06 per share.
SBK
R289.00
Standard Bank Group
7D
2.1%
1Y
31.7%

SBK: Easing Macro Backdrop Will Support Steady Returns With Balanced Near-Term Expectations

Analysts have kept their fair value estimate for Standard Bank Group broadly unchanged at about ZAR 292.74 per share, with a slightly lower discount rate and similar revenue growth, profit margin and forward P/E assumptions. This reflects recent coverage that highlights an easing macro backdrop and a more supportive near term growth outlook for South African banks.
NPN
R1,016.61
Naspers
7D
-11.1%
1Y
37.0%

NPN: Higher Revenue Outlook And Dividend Policy Will Support Future Upside

Analysts have trimmed their fair value estimate for Naspers from R1,586.07 to R1,569.02, citing updated assumptions around revenue growth, profit margins and a higher future P/E multiple. What's in the News Naspers Limited declared an annual dividend of R5.08 per share, with an ex-date on December 3, 2025, a record date on December 5, 2025, and payment scheduled for December 8, 2025 (Key Developments).
OUT
R68.66
OUTsurance Group
7D
3.5%
1Y
2.7%

OUTsurance Group Limited's (JSE:OUT) Share Price Could Signal Some Risk

Dec 10
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