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South African (JSE) Market Analysis & Valuation

UpdatedNov 23, 2025
DataAggregated Company Financials
Companies208
  • 7D-1.9%
  • 3M4.9%
  • 1Y21.2%
  • YTD23.6%

Over the last 7 days, the market has dropped 1.9%, driven by a pullback of 3.4% in the Materials sector. In the last year, the market is actually up 21%. Earnings are forecast to grow by 17% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 23 Nov 2025R7.7tR5.5tR574.6b9.4x13.5x1.4x
Tue, 21 Oct 2025R7.9tR5.5tR574.3b9.2x13.7x1.4x
Thu, 18 Sep 2025R7.4tR5.5tR570.5b9.2x13x1.3x
Sat, 16 Aug 2025R7.3tR5.5tR465.1b8.9x15.7x1.3x
Mon, 14 Jul 2025R7.0tR5.5tR475.5b8.4x14.7x1.3x
Wed, 11 Jun 2025R6.9tR5.4tR432.2b8.7x16x1.3x
Fri, 09 May 2025R6.5tR5.3tR422.5b8.8x15.5x1.2x
Sun, 06 Apr 2025R5.9tR5.4tR427.7b8.1x13.7x1.1x
Tue, 04 Mar 2025R6.3tR5.3tR411.4b9.1x15.4x1.2x
Thu, 30 Jan 2025R6.2tR5.3tR368.5b9.7x16.9x1.2x
Sat, 28 Dec 2024R6.3tR5.3tR366.3b9.9x17.1x1.2x
Mon, 25 Nov 2024R6.3tR5.3tR344.8b10.1x18.3x1.2x
Wed, 23 Oct 2024R6.4tR5.1tR337.5b10.4x18.9x1.2x
Fri, 20 Sep 2024R6.2tR5.2tR333.3b9.8x18.6x1.2x
Sun, 18 Aug 2024R6.1tR5.2tR411.2b9.6x14.8x1.2x
Tue, 16 Jul 2024R6.0tR5.2tR421.4b9.4x14.2x1.1x
Thu, 13 Jun 2024R5.4tR5.2tR434.4b8.7x12.5x1x
Sat, 11 May 2024R5.7tR5.3tR431.5b8.6x13.2x1.1x
Mon, 08 Apr 2024R5.5tR5.3tR432.2b8.7x12.7x1x
Wed, 06 Mar 2024R5.4tR5.3tR451.4b8.9x11.9x1x
Fri, 02 Feb 2024R5.7tR5.4tR540.5b9.3x10.5x1x
Sun, 31 Dec 2023R5.9tR5.4tR538.5b9.4x10.9x1.1x
Tue, 28 Nov 2023R5.7tR5.4tR540.0b9.1x10.5x1x
Thu, 26 Oct 2023R5.3tR5.5tR546.7b9.1x9.7x1x
Sat, 23 Sep 2023R5.6tR5.5tR549.6b9.2x10.1x1x
Mon, 21 Aug 2023R5.7tR5.4tR633.5b8.3x9x1.1x
Wed, 19 Jul 2023R6.0tR5.4tR654.2b8.5x9.2x1.1x
Fri, 16 Jun 2023R6.1tR5.4tR637.9b8.4x9.6x1.1x
Sun, 14 May 2023R5.9tR5.4tR669.8b8x8.8x1.1x
Tue, 11 Apr 2023R6.1tR5.3tR650.6b8.6x9.3x1.1x
Thu, 09 Mar 2023R6.1tR5.3tR642.2b8.7x9.5x1.1x
Sat, 04 Feb 2023R6.5tR5.2tR659.7b8.5x9.8x1.2x
Mon, 02 Jan 2023R6.0tR5.2tR656.5b8.3x9.1x1.1x
Wed, 30 Nov 2022R6.1tR5.2tR654.5b8.4x9.3x1.2x
Price to Earnings Ratio

9.3x


Total Market Cap: R6.1tTotal Earnings: R654.5bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 12.8x202320242025
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 12.8x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 4.3% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.2% 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-1.94%
Tech1.77%
Real Estate1.14%
Industrials0.23%
Utilities0%0
Telecom-0.24%
Financials-1.37%
Consumer Staples-1.51%
Energy-2.17%
Consumer Discretionary-3.33%
Materials-3.44%
Healthcare-4.84%
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 31.4% which is higher than its past year's earnings decline of 19.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 47% over the next 5 years.
  • This is better than its past earnings decline of 27% 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
MRP Mr Price GroupR212.113.9%
+R2.0b		-26.6%PE14.7xConsumer Discretionary
MTN MTN GroupR169.510.6%
+R1.9b		110.8%PE41.1xTelecom
SSW Sibanye StillwaterR48.600.8%
+R1.1b		156.6%PS1.2xMaterials
ABG Absa GroupR208.500.6%
+R1.1b		21.2%PB1xFinancials
GRT Growthpoint PropertiesR17.301.9%
+R1.1b		31.7%PB0.9xReal Estate
See more

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