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South African (JSE) Market Analysis & Valuation

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies208
  • 7D2.6%
  • 3M10.9%
  • 1Y31.8%
  • YTD32.6%

The market has climbed by 3.5% over the past week, with every sector up and the Materials sector leading the way. The market is up 31% over the last 12 months. 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
Thu, 25 Dec 2025R8.3tR5.4tR561.3b9.4x14.7x1.5x
Sat, 22 Nov 2025R7.7tR5.5tR574.5b9.4x13.5x1.4x
Mon, 20 Oct 2025R7.8tR5.5tR574.3b9.2x13.6x1.4x
Wed, 17 Sep 2025R7.4tR5.5tR569.2b9.1x13x1.3x
Fri, 15 Aug 2025R7.3tR5.5tR466.1b8.9x15.7x1.3x
Sun, 13 Jul 2025R7.0tR5.5tR475.5b8.4x14.7x1.3x
Tue, 10 Jun 2025R6.9tR5.4tR432.0b8.7x15.9x1.3x
Thu, 08 May 2025R6.6tR5.3tR423.1b8.8x15.6x1.2x
Sat, 05 Apr 2025R5.9tR5.4tR427.7b8.1x13.7x1.1x
Mon, 03 Mar 2025R6.3tR5.3tR411.9b9.3x15.2x1.2x
Wed, 29 Jan 2025R6.1tR5.3tR369.3b9.7x16.6x1.2x
Fri, 27 Dec 2024R6.3tR5.3tR367.7b10x17.1x1.2x
Sun, 24 Nov 2024R6.3tR5.3tR346.1b10.1x18.3x1.2x
Tue, 22 Oct 2024R6.4tR5.1tR338.4b10.4x18.9x1.3x
Thu, 19 Sep 2024R6.1tR5.2tR332.1b9.7x18.4x1.2x
Sat, 17 Aug 2024R6.1tR5.2tR411.3b9.6x14.8x1.2x
Mon, 15 Jul 2024R5.9tR5.2tR420.0b9.1x14.1x1.1x
Wed, 12 Jun 2024R5.4tR5.2tR435.6b8.6x12.5x1x
Fri, 10 May 2024R5.6tR5.3tR431.8b8.4x13x1x
Sun, 07 Apr 2024R5.5tR5.3tR432.2b8.7x12.7x1x
Tue, 05 Mar 2024R5.4tR5.3tR502.5b8.7x10.8x1x
Thu, 01 Feb 2024R5.6tR5.4tR541.2b9.3x10.4x1x
Sat, 30 Dec 2023R5.9tR5.4tR539.7b9.4x10.9x1.1x
Mon, 27 Nov 2023R5.7tR5.4tR540.6b9.2x10.5x1x
Wed, 25 Oct 2023R5.3tR5.5tR548.1b9.1x9.7x1x
Fri, 22 Sep 2023R5.6tR5.5tR550.9b9.2x10.1x1x
Sun, 20 Aug 2023R5.7tR5.4tR633.5b8.3x9x1.1x
Tue, 18 Jul 2023R6.0tR5.4tR655.6b8.5x9.1x1.1x
Thu, 15 Jun 2023R6.0tR5.4tR638.1b8.4x9.5x1.1x
Sat, 13 May 2023R5.9tR5.4tR669.9b8x8.8x1.1x
Mon, 10 Apr 2023R6.1tR5.3tR650.4b8.6x9.4x1.1x
Wed, 08 Mar 2023R6.2tR5.3tR640.5b8.6x9.6x1.2x
Fri, 03 Feb 2023R6.5tR5.2tR657.9b8.6x9.8x1.2x
Sun, 01 Jan 2023R6.0tR5.2tR656.5b8.3x9.1x1.1x
Price to Earnings Ratio

9.1x


Total Market Cap: R6.0tTotal Earnings: R656.5bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13x202320242025
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 14.6x which is higher than its 3-year average PE of 13.0x.
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 Market2.55%
Materials6.36%
Consumer Discretionary2.19%
Energy1.93%
Industrials1.55%
Telecom1.34%
Financials1.31%
Healthcare1.13%
Real Estate0.45%
Utilities0%0
Tech-0.032%
Consumer Staples-0.28%
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 34.4% 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 48% 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 12% 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 NaspersR1.12k3.5%
+R29.6b		31.0%PE9.1xConsumer Discretionary
VAL Valterra PlatinumR1.49k7.8%
+R28.4b		153.7%PE294.7xMaterials
GFI Gold FieldsR771.884.0%
+R26.7b		203.8%PE22.1xMaterials
IMP Impala Platinum HoldingsR273.0011.8%
+R25.9b		193.9%PE321.8xMaterials
SSW Sibanye StillwaterR64.7011.8%
+R19.4b		295.7%PS1.6xMaterials
See more

Market Insights

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Latest News

NPN
R1,120.19
Naspers
7D
3.5%
1Y
31.0%

Naspers' (JSE:NPN) Returns On Capital Are Heading Higher

Dec 22
Naspers' (JSE:NPN) Returns On Capital Are Heading Higher
CPI
R4,210.70
Capitec Bank Holdings
7D
2.0%
1Y
33.0%

CPI: Higher Dividend Payouts Will Support A Stronger Future Share Repricing

Analysts have raised their fair value estimate for Capitec Bank Holdings from R4,440 to R4,990, citing slightly lower projected revenue growth and profit margins being more than offset by expectations of a higher future price to earnings multiple. What's in the News Directors declared a gross interim dividend of 2,620 cents per ordinary share for the six months ended 31 August 2025, up from 2,085 cents in 2024, reflecting a substantial year on year increase in shareholder payouts (company announcement).
DSY
R228.11
Discovery
7D
-0.6%
1Y
15.1%
SSW
R64.70
Sibanye Stillwater
7D
11.8%
1Y
295.7%

SSW: Future Returns Will Depend On Chrome Agreement Cash Flows

Analysts have slightly trimmed their price target on Sibanye Stillwater to around $50.07 from approximately $50.16, citing moderate reductions in the assumed discount rate, upgraded forecasts for revenue growth and profit margins, and a somewhat lower future price to earnings multiple. What's in the News Concluded a three year wage agreement at South African gold operations with AMCU, NUM, UASA, and Solidarity.
IMP
R273.00
Impala Platinum Holdings
7D
11.8%
1Y
193.9%

IMP: Higher Margins Are Expected To Drive Strong Share Price Rebound

Analysts have lifted their price target on Impala Platinum Holdings from R200.00 to R310.00, citing expectations for faster revenue growth, stronger profit margins, and a modestly lower future price-to-earnings multiple that together support a higher fair value estimate despite a slightly increased discount rate. What's in the News Reported first quarter 2025 6E group production of 882,000 oz, down from 928,000 oz in the prior year period, highlighting some operational headwinds (company announcement).
HAR
R363.00
Harmony Gold Mining
7D
5.7%
1Y
131.7%

HAR: Higher Multiple And Copper Project Will Eventually Disappoint Expectations

Analysts have raised their price target for Harmony Gold Mining from approximately $220 to about $270 per share. They cite a higher discount rate, lower long term revenue growth and profit margin assumptions, and a rerating to a richer future P/E multiple that together better reflect the company’s risk profile and earnings quality.
VAL
R1,485.00
Valterra Platinum
7D
7.8%
1Y
153.7%
FTA
R17.99
Fairvest
7D
-1.5%
1Y
5.9%
NPH
R346.01
Northam Platinum Holdings
7D
6.8%
1Y
242.8%

NPH: Higher Required Returns Will Constrain Future Upside Despite Stronger Margins

Analysts have raised their price target for Northam Platinum Holdings by roughly R8 to R283.06, citing slightly stronger expected revenue growth, improved profit margins, and a modestly lower future price earnings multiple, despite a small uptick in the discount rate. Valuation Changes Fair Value: Raised slightly from ZAR 274.94 to ZAR 283.06 per share, reflecting a modest uplift in the intrinsic valuation.
GFI
R771.88
Gold Fields
7D
4.0%
1Y
203.8%

GFI: Elevated Capex And Project Execution Will Likely Pressure Future Returns

The analyst fair value estimate for Gold Fields has been raised sharply from about $400 to roughly $630, as analysts factor in higher gold price assumptions, stronger projected revenue growth and margins, and medium term upside from the company's growth projects and capital returns program. Analyst Commentary Recent Street research paints a mixed picture for Gold Fields, with a widening range of price targets and ratings that reflect both optimism on gold prices and emerging concerns around execution and capital allocation.
MTH
R121.25
Motus Holdings
7D
-2.6%
1Y
-0.6%

MTH Will Likely See Improved Profitability With Modest Near-Term Expectations

Analysts have raised their price target on Motus Holdings from R103.00 to R115.00, citing expectations of improved profitability and a higher future earnings multiple, despite slightly lower projected revenue growth and a modestly reduced discount rate. Valuation Changes Fair Value: Increased from ZAR 103.00 to ZAR 115.00, reflecting a moderate upward revision in the estimated intrinsic value per share.
SHP
R269.70
Shoprite Holdings
7D
-0.7%
1Y
-10.8%
CLS
R333.59
Clicks Group
7D
-1.4%
1Y
-12.1%
MRP
R171.26
Mr Price Group
7D
-5.5%
1Y
-42.2%

MRP: Dividend Momentum And Margin Recovery Will Drive Share Price Upside

Analysts have raised their price target on Mr Price Group to ZAR 257, a modest uplift that reflects slightly improved margin expectations and valuation multiples despite a higher assumed discount rate. Analyst Commentary Recent research commentary on Mr Price Group has turned incrementally more constructive following the upgrade to Buy, with the higher target price framed as a function of both improving operational execution and a still-reasonable valuation backdrop.
FFB
R23.53
Fortress Real Estate Investments
7D
-2.0%
1Y
16.8%
SLM
R98.60
Sanlam
7D
-0.7%
1Y
12.4%

Assupol Integration And Digital Shift Will Unlock Future Potential

Analysts have raised their price target for Sanlam from R99.21 to R101.55, citing significantly improved profit margin forecasts, even though there are expectations of steeper revenue contraction. Valuation Changes Fair Value increased from ZAR 99.21 to ZAR 101.55, reflecting a modest upward revision.