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South African (JSE) Market Analysis & Valuation

UpdatedNov 09, 2025
DataAggregated Company Financials
Companies210
  • 7D-0.4%
  • 3M7.1%
  • 1Y21.5%
  • YTD23.3%

The Energy sector gained 3.3% while the market remained flat over the last week. As for the longer term, the market has risen 21% in the past 12 months. Looking forward, earnings are forecast to grow by 18% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 09 Nov 2025R7.7tR5.5tR571.1b9.2x13.5x1.4x
Tue, 07 Oct 2025R7.7tR5.5tR571.6b9x13.5x1.4x
Thu, 04 Sep 2025R7.2tR5.5tR570.4b8.8x12.7x1.3x
Sat, 02 Aug 2025R7.0tR5.5tR470.7b8.2x15x1.3x
Mon, 30 Jun 2025R6.9tR5.5tR473.8b8.7x14.6x1.3x
Wed, 28 May 2025R6.7tR5.3tR419.0b8.7x16.1x1.3x
Fri, 25 Apr 2025R6.5tR5.4tR427.1b8.6x15.2x1.2x
Sun, 23 Mar 2025R6.5tR5.3tR415.5b8.7x15.6x1.2x
Tue, 18 Feb 2025R6.4tR5.3tR366.0b9.6x17.5x1.2x
Thu, 16 Jan 2025R6.2tR5.3tR369.3b9.7x16.8x1.2x
Sat, 14 Dec 2024R6.5tR5.3tR361.5b10.2x17.9x1.2x
Mon, 11 Nov 2024R6.3tR5.3tR339.7b10.2x18.6x1.2x
Wed, 09 Oct 2024R6.3tR5.3tR339.4b10.3x18.5x1.2x
Fri, 06 Sep 2024R6.0tR5.2tR343.6b9.8x17.5x1.2x
Sun, 04 Aug 2024R5.9tR5.2tR417.5b9.5x14.1x1.1x
Tue, 02 Jul 2024R5.8tR5.2tR422.2b9.1x13.8x1.1x
Thu, 30 May 2024R5.6tR5.2tR430.5b8.8x13.1x1.1x
Sat, 27 Apr 2024R5.4tR5.3tR434.5b8.4x12.4x1x
Mon, 25 Mar 2024R5.4tR5.4tR450.0b8.4x12x1x
Wed, 21 Feb 2024R5.5tR5.3tR509.1b9.1x10.7x1x
Fri, 19 Jan 2024R5.5tR5.5tR542.9b9.4x10.2x1x
Sun, 17 Dec 2023R5.8tR5.4tR539.3b9.1x10.7x1.1x
Tue, 14 Nov 2023R5.5tR5.4tR537.4b9x10.2x1x
Thu, 12 Oct 2023R5.5tR5.4tR546.3b9x10.1x1x
Sat, 09 Sep 2023R5.7tR5.5tR559.6b8.8x10.2x1x
Mon, 07 Aug 2023R6.0tR5.3tR630.8b8.5x9.5x1.1x
Wed, 05 Jul 2023R5.9tR5.4tR659.6b8.6x8.9x1.1x
Fri, 02 Jun 2023R5.8tR5.4tR663.4b8.1x8.7x1.1x
Sun, 30 Apr 2023R6.2tR5.4tR671.2b8.2x9.2x1.1x
Tue, 28 Mar 2023R5.9tR5.3tR646.4b8.2x9.2x1.1x
Thu, 23 Feb 2023R6.2tR5.3tR640.2b8.7x9.6x1.2x
Sat, 21 Jan 2023R6.4tR5.2tR658.2b8.3x9.7x1.2x
Mon, 19 Dec 2022R5.9tR5.2tR660.6b8.3x8.9x1.1x
Wed, 16 Nov 2022R6.1tR5.2tR832.8b8.7x7.4x1.2x
Price to Earnings Ratio

7.4x


Total Market Cap: R6.1tTotal Earnings: R832.8bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 12.7x202320242025
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 12.7x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 12% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.5% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

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

ZA Market-0.37%
Energy3.29%
Real Estate1.68%
Tech1.20%
Financials0.62%
Utilities0%0
Consumer Staples-0.12%
Consumer Discretionary-0.35%
Industrials-0.49%
Healthcare-1.08%
Materials-1.31%
Telecom-3.39%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 29.1x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 38.6%, which is higher than its past year's earnings growth of 5.5% per year.
  • The Industrials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 7.7x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 39% over the next 5 years.
  • This is better than its past earnings growth rate of 5.5% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 11% 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
CPI Capitec Bank HoldingsR3.94k2.9%
+R12.7b		19.6%PB8.5xFinancials
SBK Standard Bank GroupR258.001.4%
+R5.6b		6.8%PB1.5xFinancials
NED Nedbank GroupR245.744.1%
+R4.5b		-16.2%PB1xFinancials
SOL SasolR111.933.9%
+R2.7b		12.3%PE10.7xMaterials
ABG Absa GroupR196.731.5%
+R2.4b		16.6%PB0.9xFinancials
See more

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MTN Group
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OUT
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OUTsurance Group
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ABG
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Absa Group
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