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

South African (JSE) Market Analysis & Valuation

UpdatedJan 30, 2026
DataAggregated Company Financials
Companies202
  • 7D2.6%
  • 3M14.5%
  • 1Y41.2%
  • YTD7.4%

The market has climbed 2.6% in the last 7 days, lead by the Materials sector with a gain of 9.9%. As for the past 12 months, the market is up 41%. As for the next few years, earnings are expected to grow by 21% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 30 Jan 2026R8.8tR5.3tR552.4b9.6x15.9x1.7x
Sun, 28 Dec 2025R8.3tR5.4tR561.0b9.5x14.7x1.5x
Tue, 25 Nov 2025R7.8tR5.4tR563.0b9.3x13.8x1.4x
Thu, 23 Oct 2025R7.7tR5.5tR574.8b9.2x13.4x1.4x
Sat, 20 Sep 2025R7.5tR5.5tR572.7b8.9x13.1x1.4x
Mon, 18 Aug 2025R7.3tR5.5tR465.1b8.9x15.7x1.3x
Wed, 16 Jul 2025R6.9tR5.5tR475.0b8.4x14.6x1.3x
Fri, 13 Jun 2025R7.0tR5.5tR435.4b8.7x16x1.3x
Sun, 11 May 2025R6.6tR5.3tR421.8b8.8x15.7x1.2x
Tue, 08 Apr 2025R5.9tR5.4tR430.4b8.1x13.8x1.1x
Thu, 06 Mar 2025R6.3tR5.3tR413.6b9x15.3x1.2x
Sat, 01 Feb 2025R6.3tR5.3tR368.9b10x17x1.2x
Mon, 30 Dec 2024R6.3tR5.3tR366.5b9.9x17.1x1.2x
Wed, 27 Nov 2024R6.3tR5.3tR345.4b9.8x18.2x1.2x
Fri, 25 Oct 2024R6.4tR5.1tR338.8b10.3x18.8x1.2x
Sun, 22 Sep 2024R6.2tR5.2tR335.1b10x18.5x1.2x
Tue, 20 Aug 2024R6.2tR5.2tR410.4b9.6x15x1.2x
Thu, 18 Jul 2024R5.8tR5.2tR421.5b9.2x13.9x1.1x
Sat, 15 Jun 2024R5.6tR5.2tR434.4b8.7x12.8x1.1x
Mon, 13 May 2024R5.7tR5.3tR431.5b8.6x13.2x1.1x
Wed, 10 Apr 2024R5.6tR5.3tR430.7b8.6x12.9x1x
Fri, 08 Mar 2024R5.5tR5.3tR449.5b8.8x12.2x1x
Sun, 04 Feb 2024R5.7tR5.5tR542.4b9.4x10.4x1x
Tue, 02 Jan 2024R5.9tR5.4tR538.9b9.4x10.9x1.1x
Thu, 30 Nov 2023R5.7tR5.4tR542.2b9x10.4x1x
Sat, 28 Oct 2023R5.3tR5.5tR545.2b8.9x9.6x1x
Mon, 25 Sep 2023R5.6tR5.5tR549.5b9.2x10.1x1x
Wed, 23 Aug 2023R5.7tR5.4tR626.4b8.2x9.1x1.1x
Fri, 21 Jul 2023R6.0tR5.4tR654.3b8.5x9.1x1.1x
Sun, 18 Jun 2023R6.1tR5.4tR637.4b8.4x9.6x1.1x
Tue, 16 May 2023R5.9tR5.4tR668.4b8.2x8.8x1.1x
Thu, 13 Apr 2023R6.1tR5.3tR658.6b8.6x9.3x1.1x
Sat, 11 Mar 2023R6.1tR5.3tR648.1b8.5x9.3x1.1x
Mon, 06 Feb 2023R6.5tR5.2tR659.8b8.5x9.8x1.2x
Price to Earnings Ratio

9.8x


Total Market Cap: R6.5tTotal Earnings: R659.8bTotal Revenue: R5.2tTotal 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 15.9x which is higher than its 3-year average PE of 13.2x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 5.7% 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 Market2.61%
Materials9.89%
Financials0.78%
Energy0.47%
Utilities0%0
Real Estate-0.50%
Telecom-0.54%
Consumer Staples-0.68%
Tech-0.70%
Consumer Discretionary-1.43%
Industrials-1.58%
Healthcare-3.96%
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 38.7% 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 6.0% 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 FieldsR936.1012.9%
+R95.7b		192.7%PE28.1xMaterials
VAL Valterra PlatinumR1.77k8.1%
+R34.8b		181.3%PE350.6xMaterials
IMP Impala Platinum HoldingsR364.389.2%
+R27.6b		273.3%PE429.5xMaterials
SSW Sibanye StillwaterR81.7011.6%
+R24.1b		375.0%PS2.1xMaterials
HAR Harmony Gold MiningR400.009.8%
+R22.2b		91.9%PE17.3xMaterials
See more

Market Insights

Header cover image
Why longer lifespans could reshape portfolios 🧓
Stella Ong avatar
Stella Ong
|
|
There’s the Great Wealth Transfer and Longevity Effect. Here’s how our changing demographic and wealth is set to shape future markets.
Continue reading
How to invest when commodity prices get messy ⚖️
Last Week

How to invest when commodity prices get messy ⚖️

Latest News

ARI
R267.92
African Rainbow Minerals
7D
16.3%
1Y
66.4%
WHL
R56.05
Woolworths Holdings
7D
-6.8%
1Y
-4.2%
SAP
R18.58
Sappi
7D
-18.1%
1Y
-61.4%

Sappi Limited's (JSE:SAP) CEO Might Not Expect Shareholders To Be So Generous This Year

Jan 29
Sappi Limited's (JSE:SAP) CEO Might Not Expect Shareholders To Be So Generous This Year
HAR
R400.00
Harmony Gold Mining
7D
9.8%
1Y
91.9%
BVT
R235.70
Bidvest Group
7D
-3.8%
1Y
-7.6%

BVT: Dividend Strength And Higher Future P E Will Support Share Price

Analysts have trimmed their price target for Bidvest Group to R291.39 from R292.19, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations. Valuation Changes Fair Value: trimmed slightly to ZAR291.39 from ZAR292.19 per share.
NPH
R453.80
Northam Platinum Holdings
7D
13.7%
1Y
276.3%

NPH: Constructive Research Stance Will Support Higher P/E While Risks Remain

Narrative Update The analyst fair value estimate for Northam Platinum Holdings has shifted from R290.06 to R396.94 per share. Analysts attribute this change to updated assumptions around revenue growth, profit margin and future P/E multiples following recent research that has become more constructive on the stock.
VAL
R1,766.63
Valterra Platinum
7D
8.1%
1Y
181.3%

VAL: Higher Output Guidance Will Later Meet Softer Earnings Multiple

Analysts have nudged their price target on Valterra Platinum slightly higher to $689, reflecting tweaked assumptions around a marginally higher discount rate, stronger modeled revenue growth, a modestly softer profit margin, and a slightly lower future P/E multiple. What's in the News Valterra Platinum issued earnings guidance for the twelve months ending December 31, 2025, with basic EPS projected in a range of 5,522 cents to 6,055 cents per share, compared with 2,683 cents per share in the prior period (Corporate guidance).
CPI
R4,439.00
Capitec Bank Holdings
7D
2.1%
1Y
50.7%

CPI: Higher Forecast Assumptions Will Likely Leave Shares Looking Overpriced

Analysts have raised their price target for Capitec Bank Holdings from R2,903.38 to R3,474.12, citing updated assumptions that include higher revenue growth, a slightly different discount rate, a modestly higher profit margin, and a lower future P/E multiple. Valuation Changes Fair Value Estimate: Adjusted from ZAR2,903.38 to ZAR3,474.12, reflecting a higher assessed intrinsic value per share.
WBC
R46.25
We Buy Cars Holdings
7D
-12.2%
1Y
14.0%
NED
R263.00
Nedbank Group
7D
-2.9%
1Y
-5.3%

NED: Higher Fair Value Will Sit Beside Bearish Downgrade And Legal Settlement

Analysts have raised their fair value estimate for Nedbank Group from R239.00 to R255.00 per share. This reflects updated views on revenue growth, discount rate assumptions, profit margins and future P/E expectations, despite some recent bearish Street research.
SSW
R81.70
Sibanye Stillwater
7D
11.6%
1Y
375.0%
GFI
R936.10
Gold Fields
7D
12.9%
1Y
192.7%

GFI: Higher Gold Price Assumptions And Capital Returns Will Drive Re Rating

Analysts have raised their fair value estimate for Gold Fields from $640.00 to $1,100.00, citing recent price target changes that reference the company's Q3 report, updated gold price assumptions, and new five-year guidance featuring higher reinvestment and a competitive capital returns program. Analyst Commentary Bullish analysts are pointing to recent research as a sign that sentiment around Gold Fields is improving, especially after the latest Q3 report and updated guidance.
NPN
R1,022.10
Naspers
7D
-0.7%
1Y
30.9%

NPN: Dividend Policy And Profitability Assumptions Will Support Future Upside

Analysts have trimmed their price target for Naspers, with fair value moving from R1,569.02 to R1,533.03, reflecting updated views on the discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Naspers Limited announced an annual dividend of ZAR 5.08 per share, payable on December 8, 2025, with an ex-date of December 3, 2025, and a record date of December 5, 2025 (Key Developments).
IMP
R364.38
Impala Platinum Holdings
7D
9.2%
1Y
273.3%
MTN
R180.60
MTN Group
7D
-1.6%
1Y
52.8%

MTN: Leadership Reset And Brand Strength Will Shape Balanced Execution Outlook

Narrative Update Analysts have lifted their fair value estimate for MTN Group from R176.89 to R186.22, citing slightly higher projected revenue growth, a modestly lower profit margin profile, and an updated future P/E assumption of 11.49x that reflects recent sector research and valuation resets seen in wider leisure and consumer names. Analyst Commentary Recent Street research around MTN Group has focused less on near term trading updates and more on leadership changes, brand strength, and execution risk.
APN
R109.41
Aspen Pharmacare Holdings
7D
-4.0%
1Y
-39.4%

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

Jan 10
Aspen Pharmacare Holdings Limited's (JSE:APN) 29% Share Price Surge Not Quite Adding Up