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South African (JSE) Food Industry Analysis

UpdatedMar 04, 2026
DataAggregated Company Financials
Companies13
  • 7D-6.5%
  • 3M-3.0%
  • 1Y19.8%
  • YTD-4.8%

Over the last 7 days, the Food industry has dropped 2.7%, driven by Tiger Brands declining 9.4%. On the other hand Rainbow Chicken is actually up 6.1%. Over the past 12 months, the industry was up 25%. Looking forward, earnings are forecast to grow by 7.1% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 05 Mar 2026R150.1bR182.5bR12.3b10.4x12.2x0.8x
Sat, 31 Jan 2026R156.1bR182.8bR12.7b9.3x12.3x0.9x
Mon, 29 Dec 2025R156.4bR182.8bR12.7b9.1x12.4x0.9x
Wed, 26 Nov 2025R148.6bR186.2bR12.6b8.8x11.8x0.8x
Fri, 24 Oct 2025R144.4bR183.3bR12.2b7.8x11.9x0.8x
Sun, 21 Sep 2025R143.4bR183.0bR12.2b8x11.8x0.8x
Tue, 19 Aug 2025R136.0bR184.1bR11.4b9.7x11.9x0.7x
Thu, 17 Jul 2025R133.0bR184.1bR11.4b7.8x11.7x0.7x
Sat, 14 Jun 2025R135.1bR184.0bR11.4b10.2x11.9x0.7x
Mon, 12 May 2025R131.7bR181.5bR10.6b9.9x12.4x0.7x
Wed, 09 Apr 2025R123.2bR181.5bR10.6b8.5x11.6x0.7x
Fri, 07 Mar 2025R125.5bR181.6bR10.7b9.4x11.7x0.7x
Sun, 02 Feb 2025R132.2bR183.1bR10.6b10x12.4x0.7x
Tue, 31 Dec 2024R138.0bR183.1bR10.6b11.4x13x0.8x
Thu, 28 Nov 2024R131.8bR182.8bR10.4b11.4x12.7x0.7x
Sat, 26 Oct 2024R126.3bR182.1bR9.4b12.1x13.4x0.7x
Mon, 23 Sep 2024R128.4bR181.0bR8.9b11.5x14.4x0.7x
Wed, 21 Aug 2024R117.4bR194.9bR8.8b10.3x13.4x0.6x
Fri, 19 Jul 2024R115.3bR194.9bR8.8b10.2x13.1x0.6x
Sun, 16 Jun 2024R106.8bR180.8bR8.6b9.3x12.4x0.6x
Tue, 14 May 2024R104.1bR180.9bR8.0b9.2x13.1x0.6x
Thu, 11 Apr 2024R105.1bR180.9bR8.0b9.2x13.2x0.6x
Sat, 09 Mar 2024R106.7bR180.5bR7.7b8.6x13.9x0.6x
Mon, 05 Feb 2024R103.7bR194.5bR5.9b11.1x17.6x0.5x
Wed, 03 Jan 2024R100.1bR194.5bR5.9b10.5x17x0.5x
Fri, 01 Dec 2023R96.0bR193.5bR6.1b10x15.9x0.5x
Sun, 29 Oct 2023R88.9bR192.7bR7.0b9.5x12.7x0.5x
Tue, 26 Sep 2023R89.3bR192.7bR7.0b9.3x12.7x0.5x
Thu, 24 Aug 2023R93.9bR191.1bR7.3b9.3x12.9x0.5x
Sat, 22 Jul 2023R90.9bR191.1bR7.3b9.4x12.5x0.5x
Mon, 19 Jun 2023R92.4bR191.2bR7.5b9.5x12.4x0.5x
Wed, 17 May 2023R91.7bR167.6bR6.9b10.2x13.2x0.5x
Fri, 14 Apr 2023R96.2bR167.6bR7.0b10.6x13.8x0.6x
Sun, 12 Mar 2023R91.4bR166.3bR7.3b10.4x12.5x0.5x
Price to Earnings Ratio

12.5x


Total Market Cap: R91.4bTotal Earnings: R7.3bTotal Revenue: R166.3bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Food Industry Price to Earnings3Y Average 13.8x202420252026
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 12.3x which is lower than its 3-year average PE of 13.8x.
  • 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 19% per year over the last three years.
  • Revenues for these companies have grown 3.3% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

ZA Market-4.17%
Consumer Staples-6.19%
Food-6.52%
Agricultural Products0%0
Packaged Foods and Meats-6.53%
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 13.7x.
    • Analysts are expecting annual earnings growth of 7.1%, which is lower than the prior year's growth of 24.0% per year.
  • Investors are most pessimistic about the Agricultural Products industry, which is trading below its 3-year average of 8.7x.
Forecasted Growth
  • Analysts are most optimistic on the Packaged Foods and Meats industry, expecting annual earnings growth of 7.1% over the next 5 years.
  • However this is lower than its past earnings growth rate of 24% per year.
  • In contrast, the Packaged Foods and Meats industry is expected to see its earnings grow by 7.1% 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
RBO Rainbow ChickenR7.326.1%
+R375.1m		100.0%PE11.4x
QFH Quantum Foods HoldingsR10.0014.4%
+R255.8m		58.7%PE7.3x
OCE Oceana GroupR53.790.5%
+R33.5m		-7.7%PE9.6x
CKS Crookes BrothersR19.002.2%
+R6.0m		-38.9%PE5.7x

Latest News

SHG
R9.00
Sea Harvest Group
7D
-5.8%
1Y
35.5%
RCL
R8.72
RCL Foods
7D
-3.0%
1Y
-15.3%
ARL
R272.00
Astral Foods
7D
-2.7%
1Y
64.6%

ARL: New Finance Leadership And Steady Assumptions Will Support Balanced Prospects

Analysts have kept their ZAR265.00 price target on Astral Foods unchanged, reflecting largely steady assumptions on fair value, discount rate, revenue growth, profit margin and future P/E multiples. What's in the News Astral Foods appointed Mr. Henry Enslin CA(SA) as acting CFO for February 2026, with Enslin currently serving as Financial Manager for the Poultry Commercial Division and previously as Financial Director at Albany Bakeries, a division of Tiger Brands (company announcement).
PMR
R175.78
Premier Group
7D
-6.0%
1Y
47.6%
LBR
R4.36
Libstar Holdings
7D
-2.0%
1Y
11.5%

LBR: Minor Assumption Shifts Will Likely Sustain Perceived Overvaluation

Analysts have made only minor adjustments to their assumptions for Libstar Holdings, keeping the fair value estimate steady at ZAR3.98 per share. Small changes to the discount rate, revenue growth outlook and future P/E expectations did not materially alter their overall price target rationale.
OCE
R53.79
Oceana Group
7D
0.5%
1Y
-7.7%
TBS
R304.21
Tiger Brands
7D
-9.4%
1Y
12.7%

TBS: Pending Special Dividend Will Mask Underlying Earnings Quality Risk

Analysts have maintained their Tiger Brands fair value estimate at ZAR280.00. The slightly lower discount rate and modestly higher profit margin assumption result in only a small refinement to the underlying valuation rather than a major shift in the price target.
QFH
R10.00
Quantum Foods Holdings
7D
14.4%
1Y
58.7%
RBO
R7.32
Rainbow Chicken
7D
6.1%
1Y
100.0%
AVI
R109.16
AVI
7D
-4.8%
1Y
16.7%
CKS
R19.00
Crookes Brothers
7D
2.2%
1Y
-38.9%
RFG
R24.76
RFG Holdings
7D
-6.2%
1Y
27.5%