Narrative Update • Jun 05
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South African (JSE) Food Industry Analysis
UpdatedJun 15, 2026
DataAggregated Company Financials
Companies12
- 7D2.3%
- 3M-3.7%
- 1Y6.2%
- YTD-9.7%
The Food industry is up 2.3% in the last week, with Premier Group up 3.3%. Meanwhile, RCL Foods actually underperformed within the industry, shrinking 6.7% in the last week. This takes the industry's 12 month performance to a gain of 6.2%. As for the next few years, earnings are expected to grow by 12% per annum.
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 |
|---|---|---|---|---|---|---|
| Mon, 15 Jun 2026 | R136.1b | R175.2b | R12.3b | 9.6x | 11.1x | 0.8x |
| Wed, 13 May 2026 | R136.2b | R174.3b | R12.4b | 10.1x | 11x | 0.8x |
| Fri, 10 Apr 2026 | R140.2b | R174.3b | R12.4b | 10.3x | 11.3x | 0.8x |
| Sun, 08 Mar 2026 | R148.6b | R180.9b | R12.0b | 11.1x | 12.4x | 0.8x |
| Tue, 03 Feb 2026 | R157.6b | R182.8b | R12.7b | 9.2x | 12.5x | 0.9x |
| Thu, 01 Jan 2026 | R157.4b | R182.8b | R12.7b | 9.1x | 12.4x | 0.9x |
| Sat, 29 Nov 2025 | R153.2b | R186.2b | R12.6b | 8.8x | 12.1x | 0.8x |
| Mon, 27 Oct 2025 | R143.7b | R183.3b | R12.2b | 7.8x | 11.8x | 0.8x |
| Wed, 24 Sep 2025 | R139.3b | R183.0b | R12.2b | 7.7x | 11.5x | 0.8x |
| Fri, 22 Aug 2025 | R136.3b | R184.1b | R11.4b | 9.7x | 11.9x | 0.7x |
| Sun, 20 Jul 2025 | R131.8b | R184.1b | R11.4b | 7.8x | 11.5x | 0.7x |
| Tue, 17 Jun 2025 | R135.1b | R184.0b | R11.4b | 10.2x | 11.9x | 0.7x |
| Thu, 15 May 2025 | R133.1b | R181.5b | R10.6b | 9.5x | 12.5x | 0.7x |
| Sat, 12 Apr 2025 | R125.2b | R181.5b | R10.6b | 8.3x | 11.8x | 0.7x |
| Mon, 10 Mar 2025 | R125.9b | R182.3b | R11.0b | 8.8x | 11.4x | 0.7x |
| Wed, 05 Feb 2025 | R130.8b | R183.1b | R10.6b | 10.5x | 12.3x | 0.7x |
| Fri, 03 Jan 2025 | R139.1b | R183.1b | R10.6b | 11.4x | 13.1x | 0.8x |
| Sun, 01 Dec 2024 | R131.7b | R182.7b | R10.5b | 10.7x | 12.5x | 0.7x |
| Tue, 29 Oct 2024 | R127.3b | R182.1b | R9.4b | 12.3x | 13.6x | 0.7x |
| Thu, 26 Sep 2024 | R128.5b | R181.0b | R8.9b | 11.7x | 14.4x | 0.7x |
| Sat, 24 Aug 2024 | R119.3b | R194.9b | R8.8b | 10.3x | 13.6x | 0.6x |
| Mon, 22 Jul 2024 | R115.2b | R194.9b | R8.8b | 10.2x | 13.1x | 0.6x |
| Wed, 19 Jun 2024 | R111.3b | R181.4b | R8.9b | 9.4x | 12.5x | 0.6x |
| Fri, 17 May 2024 | R105.0b | R180.9b | R8.0b | 9.3x | 13.2x | 0.6x |
| Sun, 14 Apr 2024 | R102.0b | R180.9b | R8.0b | 9.1x | 12.8x | 0.6x |
| Tue, 12 Mar 2024 | R106.6b | R180.5b | R7.7b | 8.7x | 13.9x | 0.6x |
| Thu, 08 Feb 2024 | R103.3b | R178.7b | R7.2b | 9.9x | 14.4x | 0.6x |
| Sat, 06 Jan 2024 | R99.2b | R194.5b | R5.9b | 10.4x | 16.8x | 0.5x |
| Mon, 04 Dec 2023 | R95.1b | R194.5b | R5.9b | 10.1x | 16.1x | 0.5x |
| Wed, 01 Nov 2023 | R89.7b | R192.7b | R7.0b | 9.7x | 12.8x | 0.5x |
| Fri, 29 Sep 2023 | R89.3b | R192.7b | R7.0b | 9.2x | 12.7x | 0.5x |
| Sun, 27 Aug 2023 | R93.5b | R191.1b | R7.3b | 9.4x | 12.9x | 0.5x |
| Tue, 25 Jul 2023 | R89.8b | R191.1b | R7.3b | 9.4x | 12.4x | 0.5x |
| Thu, 22 Jun 2023 | R91.4b | R191.2b | R7.5b | 9.8x | 12.2x | 0.5x |
Price to Earnings Ratio
12.2x
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 11.1x which is lower than its 3-year average PE of 12.8x.
- 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 18% per year over the last three years.
- Meanwhile revenues for these companies have declined 2.9% 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 | 1.40% | |
| Consumer Staples | 3.16% | |
| Food | 2.28% | |
| Packaged Foods and Meats | 2.29% | |
| Agricultural Products | -0.25% | |
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 12.7x.
- Analysts are expecting annual earnings growth of 12.0%, which is lower than the prior year's growth of 17.3% per year.
- Investors are most pessimistic about the Agricultural Products industry, which is trading below its 3-year average of 7.8x.
Forecasted Growth
- Analysts are most optimistic on the Packaged Foods and Meats industry, expecting annual earnings growth of 12% 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 12% 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 | |
|---|---|---|---|---|---|
| PMR Premier Group | R177.99 | 3.3% +R729.6m | 28.5% | PE16.9x | |
| AVI AVI | R97.37 | 1.2% +R385.3m | 11.6% | PE12.5x | |
| OCE Oceana Group | R64.58 | 3.3% +R250.3m | 15.2% | PE10.9x | |
| TBS Tiger Brands | R293.84 | 0.5% +R193.0m | -8.9% | PE13.3x | |
| QFH Quantum Foods Holdings | R10.89 | 8.9% +R181.6m | 9.0% | PE7.1x |