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South African (JSE) Financials Sector Analysis

UpdatedFeb 21, 2026
DataAggregated Company Financials
Companies36
  • 7D2.4%
  • 3M16.5%
  • 1Y32.6%
  • YTD8.7%

Over the last 7 days, the Financials industry has risen 2.4%, driven by gains from FirstRand of 3.2%. In the same time, AfroCentric Investment was down 20%. This means that the industry has gained 33% over the past year. As for the next few years, earnings are expected to grow by 12% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 21 Feb 2026R3.0tR1.2tR220.2b11.2x13.6x2.4x
Mon, 19 Jan 2026R2.8tR1.2tR223.4b10.2x12.5x2.3x
Wed, 17 Dec 2025R2.7tR1.2tR223.8b9.9x12x2.2x
Fri, 14 Nov 2025R2.6tR1.2tR223.6b9.4x11.7x2.1x
Sun, 12 Oct 2025R2.5tR1.2tR223.9b9x11.1x2x
Tue, 09 Sep 2025R2.4tR1.2tR219.1b8.9x10.8x2x
Thu, 07 Aug 2025R2.3tR1.2tR214.4b8.8x10.9x2x
Sat, 05 Jul 2025R2.4tR1.2tR215.6b9.2x11x2x
Mon, 02 Jun 2025R2.4tR1.2tR213.8b9.4x11x2x
Wed, 30 Apr 2025R2.3tR1.2tR216.6b9.2x10.7x2x
Fri, 28 Mar 2025R2.3tR1.2tR213.7b9.5x10.9x2x
Sun, 23 Feb 2025R2.3tR1.1tR195.7b10.9x11.6x2x
Tue, 21 Jan 2025R2.3tR1.1tR195.5b11.7x11.6x2x
Thu, 19 Dec 2024R2.4tR1.1tR192.9b11.6x12.2x2.1x
Sat, 16 Nov 2024R2.3tR1.1tR191.6b11.2x12.1x2.1x
Mon, 14 Oct 2024R2.3tR1.1tR191.1b12.1x12.3x2.1x
Wed, 11 Sep 2024R2.3tR1.2tR185.9b11.1x12.3x1.9x
Fri, 09 Aug 2024R2.1tR1.2tR183.3b9.9x11.5x1.8x
Sun, 07 Jul 2024R2.1tR1.2tR182.6b9.9x11.3x1.7x
Tue, 04 Jun 2024R1.8tR1.2tR182.8b9.3x10.1x1.6x
Thu, 02 May 2024R1.8tR1.2tR182.4b9.6x9.9x1.5x
Sat, 30 Mar 2024R1.8tR1.2tR181.5b9.1x9.8x1.5x
Mon, 26 Feb 2024R1.9tR1.2tR178.7b9.9x10.6x1.6x
Wed, 24 Jan 2024R1.9tR1.2tR178.9b9.9x10.6x1.6x
Fri, 22 Dec 2023R1.9tR1.2tR178.4b9.9x10.5x1.6x
Sun, 19 Nov 2023R1.9tR1.2tR176.6b10.1x10.5x1.6x
Tue, 17 Oct 2023R1.8tR1.2tR179.6b10.2x9.9x1.5x
Thu, 14 Sep 2023R1.8tR1.2tR182.4b9.9x10x1.6x
Sat, 12 Aug 2023R1.9tR993.3bR177.2b10x10.6x1.9x
Mon, 10 Jul 2023R1.7tR1.0tR176.6b10.1x9.9x1.7x
Wed, 07 Jun 2023R1.6tR1.0tR178.2b10x9.1x1.6x
Fri, 05 May 2023R1.6tR1.0tR178.8b8.8x9.1x1.6x
Sun, 02 Apr 2023R1.7tR1.0tR180.2b9.2x9.4x1.7x
Tue, 28 Feb 2023R1.8tR1.1tR173.4b9.4x10.5x1.7x
Price to Earnings Ratio

10.5x


Total Market Cap: R1.8tTotal Earnings: R173.4bTotal Revenue: R1.1tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Financials Sector Price to Earnings3Y Average 10.9x202420252026
Current Industry PE
  • Investors are optimistic on the South African Financials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 13.6x which is higher than its 3-year average PE of 10.9x.
  • The 3-year average PS ratio of 1.8x is lower than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 8.3% per year over the last three years.
  • Revenues for these companies have grown 5.5% 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 Financials sector?

ZA Market1.68%
Financials2.41%
Insurance3.50%
Diversified Financial2.88%
Banks1.85%
Capital Markets1.53%
Consumer Finance0.87%
Mortgage Finance0%0
Industry PE
  • Investors are most optimistic about the Consumer Finance industry even though it's trading below its 3-year average PE ratio of 153x.
    • Analysts are expecting annual earnings growth of 17.3%, which is lower than the prior year's growth of 5,250.7% per year.
  • Investors are most pessimistic about the Capital Markets industry, which is trading close to its 3-year average of 9.3x.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Finance industry, expecting annual earnings growth of 17% over the next 5 years.
  • In contrast, the Capital Markets industry is expected to see its earnings grow by 6.8% 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
FSR FirstRandR98.043.2%
+R17.0b		35.1%PE13.1x
SBK Standard Bank GroupR320.032.0%
+R10.2b		46.0%PB1.9x
SLM SanlamR106.224.5%
+R9.6b		20.3%PE11.3x
CPI Capitec Bank HoldingsR4.73k1.7%
+R9.2b		52.2%PB10.2x
ABG Absa GroupR268.432.6%
+R5.5b		41.8%PB1.3x

Latest News

DSY
R240.93
Discovery
7D
3.0%
1Y
15.1%

DSY: Steady Fair Value And Slightly Lower Risk Will Support Future Returns

Analysts kept their ZAR fair value estimate broadly steady at about ZAR255.79. A slightly lower discount rate and marginally adjusted assumptions for revenue decline, profit margin and future P/E support a broadly unchanged price target narrative.
ABG
R268.43
Absa Group
7D
2.6%
1Y
41.8%
CPI
R4,727.87
Capitec Bank Holdings
7D
1.7%
1Y
52.2%
FSR
R98.04
FirstRand
7D
3.2%
1Y
35.1%

FSR: Stable Fair Value And Governance Changes Will Shape Future Risk Profile

Analysts have nudged their fair value estimate for FirstRand higher from R101.33 to R101.88, citing updated assumptions around the discount rate and future P/E as the key drivers of the target price change. What's in the News FirstRand has scheduled a special or extraordinary shareholders meeting for 11 February 2026 at 09:00 South Africa Standard Time to discuss proposed amendments to the group’s Memorandum of Incorporation, or MOI (Key Developments).
SLM
R106.22
Sanlam
7D
4.5%
1Y
20.3%

Here's Why We Think Sanlam (JSE:SLM) Might Deserve Your Attention Today

Feb 10
Here's Why We Think Sanlam (JSE:SLM) Might Deserve Your Attention Today
SBK
R320.03
Standard Bank Group
7D
2.0%
1Y
46.0%

SBK: Easing Macro Turn And Mixed Views Will Support Steady ROE

Narrative Update Analysts have nudged their price target for Standard Bank Group slightly higher to ZAR 301.52 from ZAR 299.63, reflecting updated views on fair value, discount rates and forward P/E assumptions in the context of recent research commentary, including a downgrade from Investec and a Neutral initiation with a ZAR 272 target from Goldman Sachs. Analyst Commentary Recent research gives you a mixed but useful read on how the market is thinking about Standard Bank Group right now, with some highlighting scope for value at current levels and others flagging execution and macro risks that could cap upside.
ZED
R1.29
Zeder Investments
7D
-1.5%
1Y
-15.7%
OUT
R76.22
OUTsurance Group
7D
4.8%
1Y
13.4%
INL
R138.00
Investec Group
7D
2.2%
1Y
10.0%
BAT
R2.33
Brait
7D
-1.3%
1Y
15.3%
SNT
R442.52
Santam
7D
-0.06%
1Y
9.0%
AFH
R8.22
Alexander Forbes Group Holdings
7D
-0.7%
1Y
3.4%
SYG
R33.41
Sygnia
7D
-1.7%
1Y
47.2%
FGL
R1.14
Finbond Group
7D
-5.0%
1Y
100.0%
ACT
R0.92
AfroCentric Investment
7D
-20.0%
1Y
-46.2%

The Market Doesn't Like What It Sees From AfroCentric Investment Corporation Limited's (JSE:ACT) Revenues Yet

Nov 05
The Market Doesn't Like What It Sees From AfroCentric Investment Corporation Limited's (JSE:ACT) Revenues Yet
SBP
R140.00
Sabvest Capital
7D
-3.4%
1Y
60.0%