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South African (JSE) Market Analysis & Valuation

UpdatedDec 16, 2025
DataAggregated Company Financials
Companies208
  • 7D1.9%
  • 3M7.6%
  • 1Y23.5%
  • YTD27.6%

The market has climbed 1.9% in the last 7 days, lead by the Materials sector with a gain of 4.0%. As for the past 12 months, the market is up 23%. As for the next few years, earnings are expected to grow by 17% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 16 Dec 2025R7.9tR5.4tR562.3b9.3x14.1x1.5x
Thu, 13 Nov 2025R7.9tR5.5tR571.4b9.6x13.9x1.4x
Sat, 11 Oct 2025R7.8tR5.5tR574.8b9.2x13.5x1.4x
Mon, 08 Sep 2025R7.2tR5.5tR566.9b8.9x12.8x1.3x
Wed, 06 Aug 2025R7.1tR5.5tR468.7b8.3x15.2x1.3x
Fri, 04 Jul 2025R7.0tR5.5tR471.7b8.6x14.8x1.3x
Sun, 01 Jun 2025R6.8tR5.3tR426.5b8.6x15.9x1.3x
Tue, 29 Apr 2025R6.5tR5.4tR426.1b8.6x15.3x1.2x
Thu, 27 Mar 2025R6.6tR5.3tR422.2b8.6x15.5x1.2x
Sat, 22 Feb 2025R6.5tR5.3tR370.0b9.6x17.4x1.2x
Mon, 20 Jan 2025R6.2tR5.3tR369.0b9.7x16.9x1.2x
Wed, 18 Dec 2024R6.3tR5.3tR363.3b10.1x17.4x1.2x
Fri, 15 Nov 2024R6.2tR5.3tR343.3b10.1x18.1x1.2x
Sun, 13 Oct 2024R6.3tR5.1tR336.3b10.4x18.9x1.2x
Tue, 10 Sep 2024R6.0tR5.2tR347.5b9.8x17.2x1.1x
Thu, 08 Aug 2024R5.9tR5.2tR418.7b9.5x14x1.1x
Sat, 06 Jul 2024R5.9tR5.2tR421.2b9.3x14x1.1x
Mon, 03 Jun 2024R5.5tR5.2tR433.6b8.7x12.6x1x
Wed, 01 May 2024R5.5tR5.3tR434.6b8.5x12.6x1x
Fri, 29 Mar 2024R5.5tR5.3tR433.3b8.7x12.6x1x
Sun, 25 Feb 2024R5.5tR5.3tR522.1b9.1x10.6x1x
Tue, 23 Jan 2024R5.5tR5.5tR544.7b9.4x10.2x1x
Thu, 21 Dec 2023R5.7tR5.4tR538.0b9.2x10.6x1.1x
Sat, 18 Nov 2023R5.6tR5.4tR535.9b9.1x10.4x1x
Mon, 16 Oct 2023R5.5tR5.4tR547.3b9x10x1x
Wed, 13 Sep 2023R5.7tR5.5tR558.3b8.8x10.3x1.1x
Fri, 11 Aug 2023R6.0tR5.4tR630.0b8.4x9.6x1.1x
Sun, 09 Jul 2023R5.8tR5.4tR660.7b8.5x8.7x1.1x
Tue, 06 Jun 2023R5.9tR5.4tR656.1b8.1x8.9x1.1x
Thu, 04 May 2023R6.1tR5.3tR668.6b8.3x9.1x1.1x
Sat, 01 Apr 2023R6.0tR5.3tR646.4b8.2x9.3x1.1x
Mon, 27 Feb 2023R6.1tR5.3tR640.1b8.6x9.6x1.2x
Wed, 25 Jan 2023R6.4tR5.2tR658.5b8.5x9.8x1.2x
Fri, 23 Dec 2022R6.0tR5.2tR657.2b8.4x9.1x1.1x
Price to Earnings Ratio

9.1x


Total Market Cap: R6.0tTotal Earnings: R657.2bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 12.9x202320242025
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 12.9x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 5.1% 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 Market1.94%
Materials3.97%
Healthcare2.19%
Industrials2.07%
Financials1.90%
Energy1.85%
Consumer Discretionary1.82%
Real Estate0.36%
Telecom0.15%
Tech0.035%
Utilities0%0
Consumer Staples-0.96%
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 31.7% 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 49% 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 13% 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
NPN NaspersR1.08k4.0%
+R31.9b		21.6%PE8.7xConsumer Discretionary
GFI Gold FieldsR740.004.5%
+R28.8b		184.6%PE21xMaterials
VAL Valterra PlatinumR1.32k7.0%
+R22.6b		123.5%PE262.2xMaterials
SBK Standard Bank GroupR280.493.0%
+R13.3b		22.1%PB1.6xFinancials
FSR FirstRandR87.492.2%
+R10.6b		7.5%PE11.7xFinancials
See more

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R181.34
Mr Price Group
7D
-14.5%
1Y
-38.7%

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4.5%
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17.9%

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CPI
R4,067.29
Capitec Bank Holdings
7D
2.0%
1Y
22.2%
NPN
R1,080.50
Naspers
7D
4.0%
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SBK
R280.49
Standard Bank Group
7D
3.0%
1Y
22.1%

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R87.49
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7D
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7.5%
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R26.35
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7D
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