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South African (JSE) Market Analysis & Valuation

UpdatedApr 07, 2026
DataAggregated Company Financials
Companies200
  • 7D2.8%
  • 3M-3.8%
  • 1Y37.3%
  • YTD-1.5%

The market has climbed 2.9% in the last 7 days, lead by the Materials sector with a gain of 9.2%. The market is up 39% over the last 12 months. 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
Tue, 07 Apr 2026R8.0tR5.5tR620.2b9.3x12.9x1.5x
Thu, 05 Mar 2026R8.4tR5.4tR593.4b9.6x14.2x1.6x
Sat, 31 Jan 2026R8.5tR5.3tR554.3b9.5x15.3x1.6x
Mon, 29 Dec 2025R8.3tR5.4tR561.0b9.5x14.7x1.5x
Wed, 26 Nov 2025R7.8tR5.4tR568.9b9.3x13.6x1.4x
Fri, 24 Oct 2025R7.8tR5.5tR574.0b9.4x13.7x1.4x
Sun, 21 Sep 2025R7.5tR5.5tR572.3b9x13.1x1.4x
Tue, 19 Aug 2025R7.3tR5.5tR465.4b8.9x15.6x1.3x
Thu, 17 Jul 2025R7.0tR5.5tR474.3b8.5x14.7x1.3x
Sat, 14 Jun 2025R6.8tR5.5tR436.4b8.6x15.6x1.2x
Mon, 12 May 2025R6.6tR5.3tR421.8b8.9x15.7x1.2x
Wed, 09 Apr 2025R6.1tR5.4tR431.4b8.2x14.1x1.1x
Fri, 07 Mar 2025R6.4tR5.3tR416.5b9.2x15.3x1.2x
Sun, 02 Feb 2025R6.3tR5.3tR368.9b10x17x1.2x
Tue, 31 Dec 2024R6.2tR5.3tR367.3b10.1x16.9x1.2x
Thu, 28 Nov 2024R6.3tR5.3tR350.0b10x17.9x1.2x
Sat, 26 Oct 2024R6.4tR5.1tR338.8b10.4x18.8x1.2x
Mon, 23 Sep 2024R6.2tR5.2tR335.1b10x18.5x1.2x
Wed, 21 Aug 2024R6.2tR5.2tR397.0b9.7x15.5x1.2x
Fri, 19 Jul 2024R5.8tR5.2tR421.8b9.2x13.8x1.1x
Sun, 16 Jun 2024R5.6tR5.2tR434.5b8.7x12.8x1.1x
Tue, 14 May 2024R5.7tR5.3tR430.1b8.6x13.3x1.1x
Thu, 11 Apr 2024R5.5tR5.3tR432.5b8.7x12.8x1x
Sat, 09 Mar 2024R5.5tR5.3tR450.0b8.6x12.2x1x
Mon, 05 Feb 2024R5.7tR5.5tR542.4b9.4x10.4x1x
Wed, 03 Jan 2024R5.8tR5.4tR540.1b9.4x10.8x1.1x
Fri, 01 Dec 2023R5.7tR5.4tR546.9b9.1x10.3x1x
Sun, 29 Oct 2023R5.3tR5.5tR545.2b8.9x9.6x1x
Tue, 26 Sep 2023R5.6tR5.5tR549.5b9.2x10.1x1x
Thu, 24 Aug 2023R5.8tR5.4tR595.0b8.5x9.7x1.1x
Sat, 22 Jul 2023R6.0tR5.4tR654.2b8.5x9.1x1.1x
Mon, 19 Jun 2023R6.1tR5.4tR637.2b8.4x9.6x1.1x
Wed, 17 May 2023R5.9tR5.4tR667.2b8.1x8.8x1.1x
Fri, 14 Apr 2023R6.2tR5.3tR656.7b8.3x9.4x1.2x
Price to Earnings Ratio

9.4x


Total Market Cap: R6.2tTotal Earnings: R656.7bTotal Revenue: R5.3tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.4x202420252026
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 13.4x.
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 Market2.78%
Materials5.70%
Healthcare4.07%
Financials2.44%
Consumer Discretionary2.11%
Tech1.28%
Industrials0.93%
Real Estate0.70%
Telecom0.50%
Consumer Staples0.43%
Utilities0%0
Energy-0.043%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 5.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 43.7% which is higher than its past year's earnings decline of 2.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 49% over the next 5 years.
  • This is better than its past earnings growth rate of 17% per year.
  • In contrast, the Consumer Discretionary sector is expected to see its earnings grow by 3.9% 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 FieldsR800.588.5%
+R56.2b		101.9%PE11.8xMaterials
VAL Valterra PlatinumR1.46k6.6%
+R23.6b		140.3%PE24.8xMaterials
SBK Standard Bank GroupR310.323.9%
+R19.1b		41.7%PB1.8xFinancials
CPI Capitec Bank HoldingsR4.22k3.5%
+R16.5b		54.7%PB9.1xFinancials
HAR Harmony Gold MiningR273.0710.3%
+R15.9b		5.6%PE10.5xMaterials
See more

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Latest News

SBK
R310.32
Standard Bank Group
7D
3.9%
1Y
41.7%

SBK: Cautious Downgrade Will Still Rely On Dividend Support

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CPI
R4,223.89
Capitec Bank Holdings
7D
3.5%
1Y
54.7%

CPI: 2026 Earnings Guidance Will Likely Sustain Overpriced Share Levels

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GFI
R800.58
Gold Fields
7D
8.5%
1Y
101.9%

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Analysts have lifted the price target for Gold Fields to ZAR 680, supported by updated views on the company’s risk profile, revenue outlook, margins and forward P/E assumptions, even as recent research includes both upward target revisions and a downgrade. Analyst Commentary Recent research on Gold Fields includes a higher price target of $80 from JPMorgan, alongside other updated targets and a downgrade from another major firm.
NPN
R870.41
Naspers
7D
2.0%
1Y
0.8%

NPN: Higher Future P/E Assumptions Will Support A More Constructive Outlook

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SOL
R208.08
Sasol
7D
-7.4%
1Y
241.1%

SOL: Severe EPS Collapse Will Weigh On Long-Term Bio-Circular Surfactant Story

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HAR
R273.07
Harmony Gold Mining
7D
10.3%
1Y
5.6%

HAR: Earnings Guidance And Dividend Payout Will Support Future Upside

Analysts have raised their ZAR price target for Harmony Gold Mining to ZAR500, citing slightly firmer long term revenue growth, profit margins, and a lower projected future P/E multiple that together support maintaining this fair value level. What's in the News Reported gold production of 724,099 oz (22,522 kg) for the six months ended 31 December 2025, compared with 797,854 oz (24,816 kg) a year earlier, with a 9% decline linked to temporary challenges in the second quarter of fiscal 2026 (Key Developments).
IMP
R245.32
Impala Platinum Holdings
7D
4.3%
1Y
152.7%

IMP: Recent Upgrades Will Test Execution And Profitability Assumptions Going Forward

Analysts have trimmed their ZAR fair value estimate for Impala Platinum Holdings from ZAR246.17 to ZAR225.00, reflecting updated assumptions on revenue growth, profitability and future P/E following recent upgrades from major firms that have reassessed the stock's long term risk and return profile. Analyst Commentary The recent fair value trim to ZAR225.00 comes as several major houses revisit their assumptions on revenue, margins and the sustainability of current P/E levels for Impala Platinum Holdings.
SSW
R52.21
Sibanye Stillwater
7D
7.0%
1Y
200.9%

SSW: Higher Earnings Outlook And Execution Risks Will Shape Future Returns

The analyst price target for Sibanye Stillwater has been raised from ZAR38.00 to about ZAR49.92, with analysts citing updated assumptions on fair value, discount rate, revenue growth, profit margins, and a higher future P/E multiple as the main drivers of this change. Analyst Commentary Recent research updates highlight a mix of optimism and caution around Sibanye Stillwater, with the raised ZAR49.92 price target sitting alongside more guarded views on the company’s ability to deliver on those assumptions.
VAL
R1,459.72
Valterra Platinum
7D
6.6%
1Y
140.3%
DSY
R246.29
Discovery
7D
-0.9%
1Y
35.9%

DSY: Interim Dividend And Strong Margins Will Support Future Upside

Analysts have kept their ZAR price target for Discovery steady at ZAR292.97. This reflects unchanged views on fair value, required return and the expected balance between revenue contraction and profit margin strength.
TGA
R171.35
Thungela Resources
7D
-1.9%
1Y
80.0%
FFB
R22.42
Fortress Real Estate Investments
7D
-2.5%
1Y
28.9%
HCI
R160.00
Hosken Consolidated Investments
7D
-4.2%
1Y
29.1%
BID
R408.00
Bid
7D
-0.5%
1Y
-4.7%
OPA
R19.35
Channel Vas Investments
7D
-1.6%
1Y
n/a
BOX
R73.78
Boxer Retail
7D
-1.2%
1Y
12.8%