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South African (JSE) Energy Sector Analysis

UpdatedJan 12, 2026
DataAggregated Company Financials
Companies2
  • 7D3.7%
  • 3M12.2%
  • 1Y11.2%
  • YTD5.3%

In the last week, the Energy industry is up 5.3%, with all of the companies up. This takes the industry's 12 month performance to a gain of 9.9%. Looking forward, earnings are forecast to decline by 5.9% per year.

Sector Valuation and Performance

Has the South African Energy Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 12 Jan 2026R58.5bR75.9bR10.7b5.4x5.4x0.8x
Wed, 10 Dec 2025R54.0bR76.0bR10.4b4.9x5.2x0.7x
Fri, 07 Nov 2025R57.2bR76.0bR10.4b4.8x5.5x0.8x
Sun, 05 Oct 2025R54.7bR76.0bR10.5b4.7x5.2x0.7x
Tue, 02 Sep 2025R59.1bR76.0bR10.5b5.1x5.6x0.8x
Thu, 31 Jul 2025R53.6bR76.4bR11.1b4.2x4.9x0.7x
Sat, 28 Jun 2025R48.5bR76.4bR11.1b3.8x4.4x0.6x
Mon, 26 May 2025R47.9bR76.4bR11.1b3.8x4.3x0.6x
Wed, 23 Apr 2025R51.7bR76.3bR11.2b4.3x4.6x0.7x
Fri, 21 Mar 2025R53.2bR76.3bR11.2b4.5x4.8x0.7x
Sun, 16 Feb 2025R56.5bR71.8bR12.3b4.6x4.6x0.8x
Tue, 14 Jan 2025R54.5bR71.8bR12.3b4.6x4.4x0.8x
Thu, 12 Dec 2024R60.3bR71.8bR12.3b4.9x4.9x0.8x
Sat, 09 Nov 2024R59.8bR71.8bR12.3b4.9x4.9x0.8x
Mon, 07 Oct 2024R58.0bR71.8bR12.3b4.6x4.7x0.8x
Wed, 04 Sep 2024R53.5bR71.8bR12.3b4.2x4.3x0.7x
Fri, 02 Aug 2024R63.9bR69.4bR16.3b3.6x3.9x0.9x
Sun, 30 Jun 2024R59.3bR69.4bR16.3b3.4x3.6x0.9x
Tue, 28 May 2024R64.7bR69.4bR16.3b3.8x4x0.9x
Thu, 25 Apr 2024R63.7bR69.4bR16.4b3.7x3.9x0.9x
Sat, 23 Mar 2024R60.3bR69.4bR16.4b3.5x3.7x0.9x
Mon, 19 Feb 2024R61.7bR82.0bR22.5b2.6x2.7x0.8x
Wed, 17 Jan 2024R67.8bR82.0bR22.5b2.9x3x0.8x
Fri, 15 Dec 2023R68.3bR82.0bR22.5b2.9x3x0.8x
Sun, 12 Nov 2023R69.0bR82.0bR22.5b3x3.1x0.8x
Tue, 10 Oct 2023R68.7bR81.9bR22.6b2.9x3x0.8x
Thu, 07 Sep 2023R64.7bR81.9bR22.6b2.7x2.9x0.8x
Sat, 05 Aug 2023R56.8bR97.1bR30.8b1.8x1.8x0.6x
Mon, 03 Jul 2023R63.2bR97.1bR30.8b2x2.1x0.7x
Wed, 31 May 2023R59.5bR97.1bR30.8b1.9x1.9x0.6x
Fri, 28 Apr 2023R72.4bR97.1bR30.8b2.4x2.4x0.7x
Sun, 26 Mar 2023R73.2bR88.8bR28.9b2.5x2.5x0.8x
Tue, 21 Feb 2023R79.8bR82.4bR27.8b2.8x2.9x1x
Thu, 19 Jan 2023R89.0bR82.4bR27.8b3.2x3.2x1.1x
Price to Earnings Ratio

3.2x


Total Market Cap: R89.0bTotal Earnings: R27.8bTotal Revenue: R82.4bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Energy Sector Price to Earnings3Y Average 3.8x202420252026
Current Industry PE
    There are only 2 companies in the South African Energy industry, so there is insufficient data to make an industry-wide assessment of both the PE and PS ratio.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 27% per year over the last three years,
  • Revenues have also declined 2.7% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the South African Energy sector?

ZA Market1.16%
Energy3.73%
Oil and Gas3.73%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 3.8x.
    • Analysts are expecting annual earnings decline of 5.9%, which is less than its past year's earnings decline of 17.0%.
  • Investors are most pessimistic about the Oil and Gas industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 3.8x.
Forecasted Growth
  • Despite it being negative, analysts are least pessimistic on the Oil and Gas industry since they expect its earnings to decline by only 5.9% per year over the next 5 years, which isn't as bad as the other industries.
  • This is an improvement from its past earnings decline of 17% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings decline by 5.9% 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
TGA Thungela ResourcesR105.168.9%
+R1.1b		-19.7%PE5.2x
EXX Exxaro ResourcesR189.002.3%
+R1.0b		25.5%PE5.5x

Latest News

TGA
R105.16
Thungela Resources
7D
8.9%
1Y
-19.7%

TGA: Lower Margins And Weaker Revenue Will Pressure Future Returns

Analysts have cut their fair value estimate for Thungela Resources from R92.00 to R50.00, citing updated assumptions that include a slightly lower revenue growth outlook, a narrower profit margin and a modestly reduced forward P/E multiple. What's in the News Thungela Resources issued full year 2025 production guidance of approximately 13.7 Mt of export saleable production, compared with a prior guidance range of 12.8 Mt to 13.6 Mt (company guidance).
EXX
R189.00
Exxaro Resources
7D
2.3%
1Y
25.5%

EXX: Higher Margin Outlook Will Offset Revised Production Guidance

Analysts have lifted their price target on Exxaro Resources from R201.01 to R215.66, citing updated assumptions for revenue growth, profit margins, a slightly lower discount rate and a modestly lower future P/E multiple. What's in the News Exxaro Resources issued revised production guidance for fiscal 2025, now expecting total production of 39,577,000 tonnes, compared with previous guidance of 41,204,000 tonnes (Key Developments).