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South African (JSE) Market Analysis & Valuation

UpdatedDec 29, 2025
DataAggregated Company Financials
Companies207
  • 7D1.1%
  • 3M9.2%
  • 1Y33.6%
  • YTD32.6%

The market has climbed 2.0% in the last 7 days, lead by the Materials sector with a gain of 6.1%. As for the past 12 months, the market is up 33%. 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
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
Sun, 12 Mar 2023R6.1tR5.3tR647.5b8.5x9.3x1.1x
Tue, 07 Feb 2023R6.4tR5.2tR660.8b8.6x9.7x1.2x
Thu, 05 Jan 2023R6.1tR5.2tR655.7b8.2x9.3x1.2x
Price to Earnings Ratio

9.3x


Total Market Cap: R6.1tTotal Earnings: R655.7bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13x20242025
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 14.7x 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 Market1.10%
Telecom2.11%
Financials1.50%
Industrials1.16%
Materials0.94%
Consumer Staples0.78%
Consumer Discretionary0.66%
Real Estate0.54%
Utilities0%0
Tech-0.59%
Energy-1.04%
Healthcare-1.09%
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 34.6% 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
FSR FirstRandR90.632.9%
+R14.2b		18.3%PE12.1xFinancials
VAL Valterra PlatinumR1.49k3.3%
+R12.4b		167.9%PE294.7xMaterials
SBK Standard Bank GroupR288.302.1%
+R9.8b		30.2%PB1.7xFinancials
MTN MTN GroupR166.393.1%
+R9.1b		79.2%PE40.4xTelecom
CPI Capitec Bank HoldingsR4.21k1.6%
+R7.8b		34.5%PB9.1xFinancials
See more

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