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South African (JSE) Food Industry Analysis

UpdatedApr 15, 2026
DataAggregated Company Financials
Companies12
  • 7D-0.9%
  • 3M-6.8%
  • 1Y14.5%
  • YTD-7.8%

The Food is pretty flat in the last 7 days, but RCL Foods has stood out, gaining 5.6%. The past year has been better, since the industry has gained 15% in that time. Looking forward, earnings are forecast to grow by 5.3% annually.

Industry Valuation and Performance

Has the South African Food Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 15 Apr 2026R140.3bR174.3bR12.4b10.4x11.3x0.8x
Fri, 13 Mar 2026R148.3bR182.2bR12.5b10.3x11.9x0.8x
Sun, 08 Feb 2026R162.2bR182.8bR12.7b10.2x12.8x0.9x
Tue, 06 Jan 2026R157.8bR182.8bR12.7b9x12.5x0.9x
Thu, 04 Dec 2025R154.6bR182.8bR12.7b8.8x12.1x0.8x
Sat, 01 Nov 2025R142.8bR183.3bR12.2b7.8x11.7x0.8x
Mon, 29 Sep 2025R137.9bR183.3bR12.2b7.5x11.3x0.8x
Wed, 27 Aug 2025R137.1bR184.1bR11.4b9.9x12x0.7x
Fri, 25 Jul 2025R131.8bR184.1bR11.4b8.1x11.5x0.7x
Sun, 22 Jun 2025R135.6bR184.0bR11.4b10.1x11.9x0.7x
Tue, 20 May 2025R133.1bR181.8bR10.4b10.1x12.7x0.7x
Thu, 17 Apr 2025R128.3bR181.5bR10.6b8.6x12.1x0.7x
Sat, 15 Mar 2025R121.9bR182.4bR11.1b8.7x10.9x0.7x
Mon, 10 Feb 2025R131.6bR183.1bR10.6b9.3x12.4x0.7x
Wed, 08 Jan 2025R139.5bR183.1bR10.6b11.4x13.1x0.8x
Fri, 06 Dec 2024R134.4bR183.1bR10.6b11x12.6x0.7x
Sun, 03 Nov 2024R128.4bR182.1bR9.4b12.3x13.7x0.7x
Tue, 01 Oct 2024R126.9bR181.0bR8.9b11.5x14.2x0.7x
Thu, 29 Aug 2024R119.9bR193.7bR8.4b10.8x14.3x0.6x
Sat, 27 Jul 2024R114.8bR194.9bR8.8b9.9x13.1x0.6x
Mon, 24 Jun 2024R113.5bR181.4bR8.9b9.9x12.8x0.6x
Wed, 22 May 2024R105.5bR181.3bR8.3b9.4x12.7x0.6x
Fri, 19 Apr 2024R101.7bR180.9bR8.0b9.5x12.7x0.6x
Sun, 17 Mar 2024R106.2bR180.9bR8.0b9x13.3x0.6x
Tue, 13 Feb 2024R102.6bR178.7bR7.2b9.8x14.3x0.6x
Thu, 11 Jan 2024R100.4bR194.5bR5.9b10.5x17x0.5x
Sat, 09 Dec 2023R97.7bR194.5bR5.9b10.5x16.6x0.5x
Mon, 06 Nov 2023R91.2bR192.7bR7.0b9.6x13x0.5x
Wed, 04 Oct 2023R89.5bR192.7bR7.0b9.5x12.8x0.5x
Fri, 01 Sep 2023R93.8bR191.1bR7.3b9.4x12.9x0.5x
Sun, 30 Jul 2023R91.4bR191.1bR7.3b9.4x12.6x0.5x
Tue, 27 Jun 2023R90.1bR191.2bR7.5b9.5x12.1x0.5x
Thu, 25 May 2023R90.9bR168.2bR6.5b10.1x14.1x0.5x
Sat, 22 Apr 2023R96.9bR167.6bR6.9b10.7x13.9x0.6x
Price to Earnings Ratio

13.9x


Total Market Cap: R96.9bTotal Earnings: R6.9bTotal Revenue: R167.6bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Food Industry Price to Earnings3Y Average 13.7x202420252026
Current Industry PE
  • Investors are pessimistic on the South African Food industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 11.3x which is lower than its 3-year average PE of 13.7x.
  • The industry is trading close to its 3-year average PS ratio of 0.68x.
Past Earnings Growth
  • The earnings for companies in the Food industry have grown 21% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the South African Consumer Staples industry?

ZA Market-0.22%
Consumer Staples-0.63%
Food-0.89%
Agricultural Products8.39%
Packaged Foods and Meats-0.90%
Industry PE
  • Investors are most optimistic about the Packaged Foods and Meats industry even though it's trading below its 3-year average PE ratio of 13.6x.
    • Analysts are expecting annual earnings growth of 5.3%, which is lower than the prior year's growth of 28.3% per year.
  • Investors are most pessimistic about the Agricultural Products industry, which is trading below its 3-year average of 8.4x.
Forecasted Growth
  • Analysts are most optimistic on the Packaged Foods and Meats industry, expecting annual earnings growth of 5.3% over the next 5 years.
  • However this is lower than its past earnings growth rate of 28% per year.
  • In contrast, the Packaged Foods and Meats industry is expected to see its earnings grow by 5.3% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
RCL RCL FoodsR8.653.8%
+R287.5m		-8.9%PE7.1x
OCE Oceana GroupR55.833.2%
+R207.2m		-6.5%PE9.9x
RBO Rainbow ChickenR7.002.9%
+R179.7m		118.1%PE6.8x
LBR Libstar HoldingsR4.651.5%
+R41.7m		50.0%PE34.9x
PMR Premier GroupR173.260.1%
+R25.8m		33.7%PE16.4x

Latest News

QFH
R9.99
Quantum Foods Holdings
7D
-15.6%
1Y
42.7%
AVI
R98.16
AVI
7D
-4.2%
1Y
7.0%

AVI: Slightly Higher P/E Expectations Will Support Stronger Intrinsic Upside

Analysts have trimmed their price target on AVI slightly from ZAR126.50 to ZAR125.75. This reflects updated views on revenue growth, profit margins and the stock's future P/E multiple.
LBR
R4.65
Libstar Holdings
7D
1.5%
1Y
50.0%

LBR: Dividend Outlook And Lower Impairments Will Support Steady Risk Profile

Analysts have kept their valuation drivers for Libstar Holdings broadly unchanged, resulting in a steady analyst price target around ZAR4.70 as they continue to see similar assumptions for discount rate, revenue growth, profit margin and future P/E. What's in the News Announced an annual dividend of ZAR0.2800 per share, with an ex-dividend date of April 8, 2026, record date of April 10, 2026, and payment date of April 13, 2026 (Key Developments).
TBS
R299.80
Tiger Brands
7D
-1.1%
1Y
4.3%

TBS: Special Dividend And Buybacks Will Support Improved Earnings Quality

Analysts now set their Tiger Brands price target at ZAR348.00, slightly below the prior ZAR350.75, reflecting updated views that incorporate a modest adjustment to discount rates, revenue growth expectations, profit margins and the assumed future P/E multiple. Valuation Changes Fair Value: ZAR348.00, slightly below the prior ZAR350.75.
ARL
R253.86
Astral Foods
7D
-2.2%
1Y
55.2%
RBO
R7.00
Rainbow Chicken
7D
2.9%
1Y
118.1%
SHG
R8.54
Sea Harvest Group
7D
-0.7%
1Y
29.4%
BRT
R4.81
Brimstone Investment
7D
0.2%
1Y
0.2%
RCL
R8.65
RCL Foods
7D
3.8%
1Y
-8.9%
PMR
R173.26
Premier Group
7D
0.1%
1Y
33.7%
OCE
R55.83
Oceana Group
7D
3.2%
1Y
-6.5%
CKS
R18.90
Crookes Brothers
7D
6.5%
1Y
-36.3%