South African (JSE) Food Industry Analysis

Industry Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 15 Jul 2026	R142.9b	R175.9b	R12.2b	12.1x	11.8x	0.8x
Fri, 12 Jun 2026	R135.2b	R175.2b	R12.3b	9.5x	11x	0.8x
Sun, 10 May 2026	R138.2b	R174.3b	R12.4b	10.3x	11.2x	0.8x
Tue, 07 Apr 2026	R140.7b	R174.3b	R12.4b	10.3x	11.4x	0.8x
Thu, 05 Mar 2026	R151.4b	R182.5b	R12.3b	10.4x	12.3x	0.8x
Sat, 31 Jan 2026	R156.1b	R182.8b	R12.7b	9.3x	12.3x	0.9x
Mon, 29 Dec 2025	R156.4b	R182.8b	R12.7b	9.1x	12.4x	0.9x
Wed, 26 Nov 2025	R148.6b	R186.2b	R12.6b	8.8x	11.8x	0.8x
Fri, 24 Oct 2025	R144.4b	R183.3b	R12.2b	7.8x	11.9x	0.8x
Sun, 21 Sep 2025	R143.4b	R183.0b	R12.2b	8x	11.8x	0.8x
Tue, 19 Aug 2025	R136.0b	R184.1b	R11.4b	9.7x	11.9x	0.7x
Thu, 17 Jul 2025	R133.0b	R184.1b	R11.4b	7.8x	11.7x	0.7x
Sat, 14 Jun 2025	R135.1b	R184.0b	R11.4b	10.2x	11.9x	0.7x
Mon, 12 May 2025	R131.7b	R181.5b	R10.6b	9.9x	12.4x	0.7x
Wed, 09 Apr 2025	R123.2b	R181.5b	R10.6b	8.5x	11.6x	0.7x
Fri, 07 Mar 2025	R125.5b	R181.6b	R10.7b	9.4x	11.7x	0.7x
Sun, 02 Feb 2025	R132.2b	R183.1b	R10.6b	10x	12.4x	0.7x
Tue, 31 Dec 2024	R138.0b	R183.1b	R10.6b	11.4x	13x	0.8x
Thu, 28 Nov 2024	R131.8b	R182.8b	R10.4b	11.4x	12.7x	0.7x
Sat, 26 Oct 2024	R126.3b	R182.1b	R9.4b	12.1x	13.4x	0.7x
Mon, 23 Sep 2024	R128.4b	R181.0b	R8.9b	11.5x	14.4x	0.7x
Wed, 21 Aug 2024	R117.4b	R194.9b	R8.8b	10.3x	13.4x	0.6x
Fri, 19 Jul 2024	R115.3b	R194.9b	R8.8b	10.2x	13.1x	0.6x
Sun, 16 Jun 2024	R106.8b	R180.8b	R8.6b	9.3x	12.4x	0.6x
Tue, 14 May 2024	R104.1b	R180.9b	R8.0b	9.2x	13.1x	0.6x
Thu, 11 Apr 2024	R105.1b	R180.9b	R8.0b	9.2x	13.2x	0.6x
Sat, 09 Mar 2024	R106.7b	R180.5b	R7.7b	8.6x	13.9x	0.6x
Mon, 05 Feb 2024	R103.7b	R194.5b	R5.9b	11.1x	17.6x	0.5x
Wed, 03 Jan 2024	R100.1b	R194.5b	R5.9b	10.5x	17x	0.5x
Fri, 01 Dec 2023	R96.0b	R193.5b	R6.1b	10x	15.9x	0.5x
Sun, 29 Oct 2023	R88.9b	R192.7b	R7.0b	9.5x	12.7x	0.5x
Tue, 26 Sep 2023	R89.3b	R192.7b	R7.0b	9.3x	12.7x	0.5x
Thu, 24 Aug 2023	R93.9b	R191.1b	R7.3b	9.3x	12.9x	0.5x
Sat, 22 Jul 2023	R90.9b	R191.1b	R7.3b	9.4x	12.5x	0.5x

Current Industry PE

Investors are relatively neutral on the South African Food 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 12.7x.

The industry is trading close to its 3-year average PS ratio of 0.67x.

Past Earnings Growth

The earnings for companies in the Food industry have grown 19% per year over the last three years.
Meanwhile revenues for these companies have declined 2.7% per year.
This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

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


ZA Market	2.05%
Consumer Staples	-0.50%
Food	-0.085%
Agricultural Products	1.52%
Packaged Foods and Meats	-0.088%

Industry PE

Investors are most optimistic about the Packaged Foods and Meats industry, which is trading close to its 3-year average PE ratio of 12.6x.

Analysts are expecting annual earnings growth of 9.3%, which is lower than the prior year's growth of 17.3% per year.

Forecasted Growth

Analysts are most optimistic on the Packaged Foods and Meats industry, expecting annual earnings growth of 9.3% over the next 5 years.
However this is lower than its past earnings growth rate of 17% per year.

In contrast, the Packaged Foods and Meats industry is expected to see its earnings grow by 9.3% per year 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
RCL RCL Foods	R8.25	5.2% +R368.4m	-17.5%	PE6.8x
OCE Oceana Group	R71.81	2.9% +R240.7m	36.5%	PE12.1x
SHG Sea Harvest Group	R8.67	2.0% +R56.2m	8.8%	PE8.7x
BRT Brimstone Investment	R5.22	4.4% +R53.0m	21.4%	PE28.5x
LBR Libstar Holdings	R4.25	1.2% +R29.8m	20.1%	PE31.9x

Astral Foods Limited Announces Appointment of Directors and Members of the Audit and Risk Committee, Effective August 1, 2026

Astral Foods Limited had appointed Ms Alexander Muller and Ms Marion Shikwinya as Independent Non-Executive Directors to the Board of Directors and members of the Audit and Risk Committee with effect from August 1, 2026. Alexander is a Chartered Accountant, having completed her articles at PricewaterhouseCoopers Inc. (PwC) in 2002. She joined the PwC partnership in 2010 to February 2019, and since 2014, was responsible for heading up the Governance, Risk and Internal Audit Practice in the Financial Services Assurance division at PwC. She is a former Non-Executive Director and Audit and Risk Committee Chairperson of Murray and Roberts Holdings Limited. Alexander is currently a Non-Executive Director of AVI Limited, where she chairs the Social and Ethics Committee and is a member of the Audit and Risk Committee. She is also a Non-Executive Director of Infiniti Insurance Limited, a member of the Audit and Risk Committee, Compliance Committee as well as the Remuneration Committee. Alexander serves as a member of the Nominations Committee at Discovery Health Medical Scheme. Marion, an admitted attorney, practiced with Adams & Adams and Webber Wentzel Attorneys, where she focused on Intellectual Property as well as mergers and acquisitions. She is a seasoned Legal, Risk, Compliance and ESG expert. Marion currently serves on a variety of boards, including the listed Mahube Infrastructure Limited. She represents Agbiz (Agricultural Business Chamber) on the Gauteng Province Agri Black Economic Empowerment Sector Charter Structure and serves on the Market Access Committee, amongst others. She is a former member of the John Deere Africa Board and chaired their Social and Ethics Committee. She is an Independent Non-Executive Director at Mahube, where she chairs the Social and Ethics Committee and is a member of the Investment Committee as well as the Audit and Risk Committee. The Board confirmed that a fit and proper assessment had been conducted on both of these directors and that the Board was satisfied with the outcome of these assessments. In accordance with paragraph 6.74 of the JSE Listings Requirements, the Company advised that Alexander previously served as a director of a company that was placed into liquidation in 2024.

South African (JSE) Food Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Upcoming dividend of R1.82 per share

Now 22% undervalued after recent price drop

Astral Foods Limited Announces Appointment of Directors and Members of the Audit and Risk Committee, Effective August 1, 2026

New major risk - Dividend sustainability

Investor sentiment deteriorates as stock falls 16%

Upcoming dividend of R4.30 per share

LBR: Stable Margins And Governance Update Will Support Future Upside

Price target increased by 41% to R90.00

Investor sentiment deteriorates as stock falls 17%

New minor risk - Share price stability

Sea Harvest Group Limited, Annual General Meeting, May 28, 2026

Upcoming dividend of R0.15 per share