Naspers' (JSE:NPN) Earnings Are Of Questionable Quality
Jun 30
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South African (JSE) Consumer Discretionary Sector Analysis
UpdatedJul 13, 2025
DataAggregated Company Financials
Companies30
- 7D1.0%
- 3M15.7%
- 1Y32.2%
- YTD12.7%
The Consumer Discretionary industry has stayed flat over the last week. The past year has been better, since the industry has gained 32% in that time. Earnings are forecast to grow by 2.1% annually.
Sector Valuation and Performance
Has the South African Consumer Discretionary Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 13 Jul 2025 | R1.3t | R743.7b | R125.5b | 11x | 10.1x | 1.7x |
| Tue, 10 Jun 2025 | R1.3t | R736.7b | R90.6b | 11.2x | 13.8x | 1.7x |
| Thu, 08 May 2025 | R1.2t | R727.1b | R90.9b | 11.5x | 13.4x | 1.7x |
| Sat, 05 Apr 2025 | R1.1t | R732.0b | R93.8b | 10.6x | 11.6x | 1.5x |
| Mon, 03 Mar 2025 | R1.2t | R730.3b | R91.4b | 11.7x | 12.7x | 1.6x |
| Wed, 29 Jan 2025 | R1.1t | R731.0b | R91.5b | 11.8x | 11.8x | 1.5x |
| Fri, 27 Dec 2024 | R1.2t | R732.2b | R92.1b | 12.9x | 13x | 1.6x |
| Sun, 24 Nov 2024 | R1.1t | R724.8b | R79.6b | 12.6x | 14.2x | 1.6x |
| Tue, 22 Oct 2024 | R1.2t | R697.6b | R77.6b | 12.8x | 15x | 1.7x |
| Thu, 19 Sep 2024 | R1.0t | R695.1b | R77.4b | 11x | 13.5x | 1.5x |
| Sat, 17 Aug 2024 | R1.0t | R693.8b | R80.8b | 10.2x | 13x | 1.5x |
| Mon, 15 Jul 2024 | R1.0t | R694.5b | R81.1b | 9.7x | 12.7x | 1.5x |
| Wed, 12 Jun 2024 | R1.0t | R708.2b | R106.1b | 8.4x | 9.6x | 1.4x |
| Fri, 10 May 2024 | R1.0t | R701.8b | R105.8b | 8.4x | 9.7x | 1.5x |
| Sun, 07 Apr 2024 | R942.8b | R724.8b | R105.8b | 8.2x | 8.9x | 1.3x |
| Tue, 05 Mar 2024 | R907.8b | R726.3b | R107.2b | 8.8x | 8.5x | 1.2x |
| Thu, 01 Feb 2024 | R941.1b | R712.2b | R106.7b | 9x | 8.8x | 1.3x |
| Sat, 30 Dec 2023 | R940.7b | R710.3b | R105.5b | 8.4x | 8.9x | 1.3x |
| Mon, 27 Nov 2023 | R1.0t | R705.7b | R103.5b | 10x | 9.7x | 1.4x |
| Wed, 25 Oct 2023 | R873.2b | R700.5b | R105.1b | 9.8x | 8.3x | 1.2x |
| Fri, 22 Sep 2023 | R810.1b | R699.0b | R104.5b | 9.3x | 7.8x | 1.2x |
| Sun, 20 Aug 2023 | R953.5b | R690.5b | R105.0b | 8.8x | 9.1x | 1.4x |
| Tue, 18 Jul 2023 | R988.2b | R660.3b | R101.7b | 9.5x | 9.7x | 1.5x |
| Thu, 15 Jun 2023 | R943.6b | R687.9b | R73.0b | 10.1x | 12.9x | 1.4x |
| Sat, 13 May 2023 | R950.5b | R688.9b | R75.4b | 9.8x | 12.6x | 1.4x |
| Mon, 10 Apr 2023 | R994.5b | R678.9b | R73.0b | 10.1x | 13.6x | 1.5x |
| Wed, 08 Mar 2023 | R1.0t | R673.8b | R73.5b | 11x | 13.9x | 1.5x |
| Fri, 03 Feb 2023 | R1.1t | R645.3b | R70.0b | 10.9x | 15.3x | 1.7x |
| Sun, 01 Jan 2023 | R828.2b | R645.1b | R69.7b | 11.3x | 11.9x | 1.3x |
| Tue, 29 Nov 2022 | R815.2b | R644.6b | R69.6b | 10.2x | 11.7x | 1.3x |
| Thu, 27 Oct 2022 | R733.8b | R633.0b | R250.4b | 8.9x | 2.9x | 1.2x |
| Sat, 24 Sep 2022 | R834.0b | R633.6b | R250.5b | 10x | 3.3x | 1.3x |
| Mon, 22 Aug 2022 | R888.4b | R612.4b | R236.3b | 9.2x | 3.8x | 1.5x |
| Wed, 20 Jul 2022 | R866.7b | R611.2b | R236.7b | 9x | 3.7x | 1.4x |
Price to Earnings Ratio
3.7x
Current Industry PE
- Investors are relatively neutral on the South African Consumer Discretionary industry at the moment, indicating that they anticipate long term growth rates to remain steady.
- The industry is trading close to its 3-year average PE ratio of 10.6x.
- The 3-year average PS ratio of 1.5x is lower than the industry's current PS ratio of 1.7x.
Past Earnings Growth
- The earnings for companies in the Consumer Discretionary industry have declined 19% per year over the last three years.
- Meanwhile revenues for these companies have grown 6.8% 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.
Industry Trends
Which industries have driven the changes within the South African Consumer Discretionary sector?
| ZA Market | -0.64% | |
| Consumer Discretionary | 1.01% | |
| Auto Components | 2.78% | |
| Hospitality | 2.27% | |
| General Merchandise and Department Stores | 2.26% | |
| Consumer Durables | 1.00% | |
| Retail Distributors | 0% | 0 |
| Online Retail and Ecommerce | 0% | 0 |
| Consumer Services | -2.33% | |
| Specialty Stores | -2.43% | |
Industry PE
- Investors are most optimistic about the Consumer Services industry, which is trading close to its 3-year average PE ratio of 19.1x.
- It looks like they are confident that earnings will grow faster in the future than they have historically.
- Investors are most pessimistic about the Auto Components industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.
Forecasted Growth
- Analysts are most optimistic on the Auto Components industry, expecting annual earnings growth of 40% over the next 5 years.
- In contrast, the General Merchandise and Department Stores industry is expected to see its earnings growth to stay flat over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| NPN Naspers | R5.51k | 2.7% +R21.6b | 49.9% | PE8.8x | |
| SSU Southern Sun | R9.70 | 9.1% +R1.1b | 72.6% | PE12.7x | |
| SPG Super Group | R17.92 | 15.3% +R806.2m | -39.8% | PS0.1x | |
| HIL HomeChoice International | R37.49 | 16.2% +R547.4m | 50.0% | PE9.5x | |
| ITE Italtile | R10.40 | 4.0% +R475.9m | -11.9% | PE8.3x |