Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

South African (JSE) Market Analysis & Valuation

UpdatedJan 09, 2026
DataAggregated Company Financials
Companies204
  • 7D1.1%
  • 3M6.8%
  • 1Y34.5%
  • YTD0.8%

The market has climbed 1.1% in the last 7 days, lead by the Financials sector with a gain of 1.4%. As for the past 12 months, the market is up 34%. 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
Fri, 09 Jan 2026R8.3tR5.4tR559.8b9.6x14.8x1.5x
Sun, 07 Dec 2025R8.0tR5.4tR566.1b9.5x14x1.5x
Tue, 04 Nov 2025R7.7tR5.5tR576.2b9.1x13.4x1.4x
Thu, 02 Oct 2025R7.7tR5.5tR572.2b8.9x13.4x1.4x
Sat, 30 Aug 2025R7.3tR5.5tR575.9b9.1x12.6x1.3x
Mon, 28 Jul 2025R7.1tR5.5tR473.8b8.2x14.9x1.3x
Wed, 25 Jun 2025R6.9tR5.5tR472.5b8.7x14.6x1.3x
Fri, 23 May 2025R6.7tR5.3tR422.3b8.8x15.9x1.3x
Sun, 20 Apr 2025R6.5tR5.4tR426.0b8.4x15.2x1.2x
Tue, 18 Mar 2025R6.4tR5.3tR414.7b8.7x15.5x1.2x
Thu, 13 Feb 2025R6.4tR5.3tR370.5b9.5x17.3x1.2x
Sat, 11 Jan 2025R6.2tR5.3tR371.4b10x16.6x1.2x
Mon, 09 Dec 2024R6.4tR5.3tR362.8b10x17.7x1.2x
Wed, 06 Nov 2024R6.4tR5.3tR334.8b10.4x19.2x1.2x
Fri, 04 Oct 2024R6.3tR5.3tR339.0b10.2x18.7x1.2x
Sun, 01 Sep 2024R6.2tR5.2tR344.6b9.9x17.9x1.2x
Tue, 30 Jul 2024R5.9tR5.2tR419.0b9.4x14.1x1.1x
Thu, 27 Jun 2024R5.8tR5.2tR421.1b9x13.7x1.1x
Sat, 25 May 2024R5.7tR5.3tR431.1b8.7x13.3x1.1x
Mon, 22 Apr 2024R5.3tR5.3tR435.6b8.5x12.2x1x
Wed, 20 Mar 2024R5.3tR5.4tR461.7b8.4x11.4x1x
Fri, 16 Feb 2024R5.5tR5.3tR526.5b9x10.4x1x
Sun, 14 Jan 2024R5.7tR5.4tR541.0b9.4x10.5x1x
Tue, 12 Dec 2023R5.6tR5.5tR544.9b9.1x10.3x1x
Thu, 09 Nov 2023R5.5tR5.5tR543.0b8.8x10.1x1x
Sat, 07 Oct 2023R5.3tR5.5tR550.0b9.1x9.6x1x
Mon, 04 Sep 2023R5.8tR5.4tR564.2b8.7x10.2x1.1x
Wed, 02 Aug 2023R6.1tR5.3tR631.8b8.5x9.7x1.1x
Fri, 30 Jun 2023R5.8tR5.4tR660.3b8.6x8.8x1.1x
Sun, 28 May 2023R5.7tR5.4tR663.3b8.2x8.6x1.1x
Tue, 25 Apr 2023R6.1tR5.3tR670.3b8.3x9.1x1.1x
Thu, 23 Mar 2023R5.1tR5.1tR600.4b8.2x8.6x1x
Sat, 18 Feb 2023R6.3tR5.3tR659.4b8.5x9.5x1.2x
Mon, 16 Jan 2023R6.4tR5.2tR656.0b8.3x9.7x1.2x
Price to Earnings Ratio

9.7x


Total Market Cap: R6.4tTotal Earnings: R656.0bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13x202420252026
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 14.8x 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 Market1.12%
Energy4.83%
Telecom3.59%
Tech2.35%
Industrials2.07%
Financials1.36%
Real Estate1.31%
Consumer Discretionary0.97%
Consumer Staples0.42%
Materials0.25%
Utilities0%0
Healthcare-2.30%
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 34.9% 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 5.7% 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
MTN MTN GroupR177.094.5%
+R13.9b		95.8%PE43xTelecom
NPN NaspersR1.12k1.3%
+R11.0b		51.4%PE9.1xConsumer Discretionary
VOD Vodacom GroupR145.533.0%
+R8.2b		43.5%PE14.9xTelecom
FSR FirstRandR92.171.6%
+R7.9b		22.6%PE12.3xFinancials
SLM SanlamR102.003.6%
+R7.3b		18.8%PE10.9xFinancials
See more

Market Insights

Header cover image
Which Markets Will Sink or Swim in 2026? 🌍
Richard Bowman avatar
Richard Bowman
|
|
What research teams agree on – and where they don’t – heading into 2026.
Continue reading
Three Sectors Expected to Rally in 2026 📈
Last Week

Three Sectors Expected to Rally in 2026 📈

Latest News

SOL
R102.38
Sasol
7D
-3.6%
1Y
17.3%
FSR
R92.17
FirstRand
7D
1.6%
1Y
22.6%

FSR: Stable Fair Value And Auditor Transition Will Shape Future Risk Profile

Analysts have raised their price target for FirstRand to R99.22, unchanged from the previous R99.22, reflecting updated model inputs on discount rates, revenue growth, profit margin and a slightly higher assumed future P/E of 15.00x. What's in the News Shareholders approved the appointment of KPMG Inc.
VOD
R145.53
Vodacom Group
7D
3.0%
1Y
43.5%

Vodacom Group Limited's (JSE:VOD) Popularity With Investors Is Under Threat From Overpricing

Jan 07
Vodacom Group Limited's (JSE:VOD) Popularity With Investors Is Under Threat From Overpricing
NPN
R1,118.76
Naspers
7D
1.3%
1Y
51.4%

NPN: Higher Revenue Outlook And Dividend Policy Will Support Future Upside

Analysts have trimmed their fair value estimate for Naspers from R1,586.07 to R1,569.02, citing updated assumptions around revenue growth, profit margins and a higher future P/E multiple. What's in the News Naspers Limited declared an annual dividend of R5.08 per share, with an ex-date on December 3, 2025, a record date on December 5, 2025, and payment scheduled for December 8, 2025 (Key Developments).
HAR
R335.40
Harmony Gold Mining
7D
-0.5%
1Y
92.8%

HAR: Copper Expansion And Payout Policy Will Support Balanced Medium Term Outlook

Analysts have nudged their price target for Harmony Gold Mining up slightly, with fair value moving from $365.00 to $370.00 as they factor in updated assumptions around the discount rate, long term revenue growth, profit margins, and a future P/E of 12.46x. What's in the News Approved high margin, long life EVA COPPER PRO project after a three year feasibility study and FEED phase using Tier 1 contractors.
MTN
R177.09
MTN Group
7D
4.5%
1Y
95.8%

MTN: Lower Future P/E And Leadership Changes Will Constrain Upside Potential

Analysts have slightly reduced their fair value estimate for MTN Group to $82.69 from $83.94, citing updated assumptions for faster revenue growth, higher profit margins, and a lower future P/E multiple following recent sector and leadership changes highlighted in Street research. Analyst Commentary Bearish analysts frame the reduced fair value estimate of $82.69 as a signal that MTN Group faces a thinner margin for execution, even with updated assumptions that factor in faster revenue growth and higher profit margins.
MRP
R168.82
Mr Price Group
7D
-3.5%
1Y
-39.1%

Mr Price Group Limited's (JSE:MRP) Popularity With Investors Is Under Threat From Overpricing

Jan 01
Mr Price Group Limited's (JSE:MRP) Popularity With Investors Is Under Threat From Overpricing
VAL
R1,394.00
Valterra Platinum
7D
-1.1%
1Y
129.6%
APN
R112.30
Aspen Pharmacare Holdings
7D
-3.8%
1Y
-33.8%
ABG
R245.84
Absa Group
7D
2.7%
1Y
25.2%

ABG: Larger Domestic Stake Will Support Future Margins And Measured Shareholder Returns

Analysts have modestly raised their price target on Absa Group from R243.84 to approximately R250.61. They cite slightly stronger expected profitability and a marginally higher future valuation multiple, while growth and risk assumptions remain largely unchanged.
CPI
R4,202.75
Capitec Bank Holdings
7D
1.1%
1Y
35.8%

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).
NED
R276.42
Nedbank Group
7D
3.8%
1Y
-2.5%

NED: Future Returns Will Improve As Legal Settlement Clears Major Overhang

Narrative Update Analysts have nudged their fair value estimate for Nedbank Group higher to approximately R293.64 from about R288.63 per share. This reflects slightly improved long term valuation assumptions, despite marginal downward revisions to revenue growth and profit margin forecasts, along with a modestly higher expected future P/E multiple.
OUT
R69.25
OUTsurance Group
7D
-3.4%
1Y
6.2%

OUTsurance Group Limited's (JSE:OUT) Share Price Could Signal Some Risk

Dec 10
OUTsurance Group Limited's (JSE:OUT) Share Price Could Signal Some Risk
FFB
R23.21
Fortress Real Estate Investments
7D
-2.9%
1Y
15.0%
SLM
R102.00
Sanlam
7D
3.6%
1Y
18.8%

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.
BID
R405.60
Bid
7D
-3.9%
1Y
-8.2%