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South African (JSE) Financials Sector Analysis

UpdatedAug 22, 2026
DataAggregated Company Financials
Companies35
  • 7D-1.9%
  • 3M3.7%
  • 1Y17.3%
  • YTD5.1%

Over the last 7 days, the Financials industry has dropped 2.1%, driven by Capitec declining 2.9%. This takes the industry's 12 month performance to a gain of 17%. Looking forward, earnings are forecast to grow by 14% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 22 Aug 2026R2.9tR1.3tR224.2b10.7x12.9x2.2x
Mon, 20 Jul 2026R2.9tR1.3tR219.7b11.1x13.2x2.2x
Wed, 17 Jun 2026R2.9tR1.3tR218.8b11x13.3x2.3x
Fri, 15 May 2026R2.8tR1.3tR218.8b10.5x12.7x2.1x
Sun, 12 Apr 2026R2.8tR1.3tR216.8b10.9x13.1x2.2x
Tue, 10 Mar 2026R2.8tR1.2tR214.5b10.4x12.8x2.2x
Thu, 05 Feb 2026R2.9tR1.2tR223.1b10.8x12.9x2.3x
Sat, 03 Jan 2026R2.8tR1.2tR223.6b10.3x12.4x2.2x
Mon, 01 Dec 2025R2.6tR1.2tR223.9b9.3x11.5x2.1x
Wed, 29 Oct 2025R2.6tR1.2tR223.7b9.3x11.5x2.1x
Fri, 26 Sep 2025R2.3tR1.2tR222.3b8.9x10.6x1.9x
Sun, 24 Aug 2025R2.5tR1.2tR217.9b9.4x11.3x2.1x
Tue, 22 Jul 2025R2.4tR1.2tR215.5b9.2x11.1x2x
Thu, 19 Jun 2025R2.3tR1.2tR215.7b9.2x10.7x2x
Sat, 17 May 2025R2.4tR1.2tR216.0b9.4x10.9x2x
Mon, 14 Apr 2025R2.1tR1.2tR215.1b8.1x9.7x1.8x
Wed, 12 Mar 2025R2.2tR1.2tR205.4b10.1x10.7x1.9x
Fri, 07 Feb 2025R2.3tR1.1tR195.5b11.1x11.6x2x
Sun, 05 Jan 2025R2.3tR1.1tR195.8b11.7x11.8x2.1x
Tue, 03 Dec 2024R2.3tR1.1tR192.9b12.3x12.1x2.1x
Thu, 31 Oct 2024R2.3tR1.1tR190.9b11.4x12.1x2.1x
Sat, 28 Sep 2024R2.4tR1.2tR190.1b12.5x12.5x2x
Mon, 26 Aug 2024R2.3tR1.2tR181.0b10.5x12.4x1.9x
Wed, 24 Jul 2024R2.1tR1.2tR182.9b10x11.4x1.8x
Fri, 21 Jun 2024R2.1tR1.2tR182.5b9.2x11.3x1.7x
Sun, 19 May 2024R1.9tR1.2tR182.3b9.8x10.3x1.6x
Tue, 16 Apr 2024R1.7tR1.2tR181.0b8.9x9.4x1.4x
Thu, 14 Mar 2024R1.9tR1.2tR182.5b9.5x10.2x1.5x
Sat, 10 Feb 2024R1.9tR1.2tR178.5b9.7x10.4x1.6x
Mon, 08 Jan 2024R1.9tR1.2tR178.7b10x10.7x1.6x
Wed, 06 Dec 2023R1.9tR1.2tR179.1b10.1x10.4x1.6x
Fri, 03 Nov 2023R1.8tR1.2tR179.3b10x10.1x1.6x
Sun, 01 Oct 2023R1.8tR1.2tR179.7b9.9x9.9x1.5x
Tue, 29 Aug 2023R1.9tR1.0tR182.7b9.9x10.2x1.9x
Price to Earnings Ratio

10.2x


Total Market Cap: R1.9tTotal Earnings: R182.7bTotal Revenue: R1.0tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Financials Sector Price to Earnings3Y Average 11.4x202420252026
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 12.9x which is higher than its 3-year average PE of 11.4x.
  • The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.2x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 7.1% per year over the last three years.
  • Revenues for these companies have grown 8.8% 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 Market1.47%
Financials-1.86%
Mortgage Finance0%0
Consumer Finance-0.61%
Banks-1.10%
Diversified Financial-1.12%
Insurance-3.29%
Capital Markets-4.76%
Industry PE
  • Investors are most optimistic about the Consumer Finance industry even though it's trading below its 3-year average PE ratio of 158x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
  • Investors are most pessimistic about the Capital Markets industry, which is trading close to its 3-year average of 9.4x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 16% over the next 5 years.
  • This is better than its past earnings growth rate of 10% per year.
  • In contrast, the Insurance industry is expected to see its earnings grow by 11% 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
NED Nedbank GroupR303.232.5%
+R3.4b		30.0%PB1.2x
ABG Absa GroupR227.001.2%
+R2.1b		17.5%PB1x
SBP Sabvest CapitalR146.156.7%
+R344.0m		54.2%PE4.9x
CML Coronation Fund ManagersR43.211.7%
+R248.2m		-0.5%PE8.9x
DNB Deneb InvestmentsR2.529.6%
+R97.1m		0.8%PE5.4x

Latest News

NED
R303.23
Nedbank Group
7D
2.5%
1Y
30.0%
ABG
R227.00
Absa Group
7D
1.2%
1Y
17.5%
SBK
R317.50
Standard Bank Group
7D
-0.9%
1Y
24.5%
Narrative Update • Aug 17

SBK: Higher Revenue Outlook And Lower Discount Rate Will Support Upside

Analysts have raised their Standard Bank Group price target from ZAR348.56 to ZAR355.81, reflecting updated assumptions for revenue growth, profit margins, and future P/E multiples within their valuation models. What’s in the News for Standard Bank Group Shareholders of Standard Bank Group approved the appointment of Deloitte as independent external auditor at the AGM held on June 8, 2026.
KST
R31.18
PSG Financial Services
7D
-4.7%
1Y
34.5%
Analysis Article • Aug 15

Here's Why We Think PSG Financial Services (JSE:KST) Is Well Worth Watching

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
DNB
R2.52
Deneb Investments
7D
9.6%
1Y
0.8%
INL
R135.55
Investec Group
7D
-6.5%
1Y
1.2%
FSR
R97.87
FirstRand
7D
-1.2%
1Y
25.4%
BAC
R5.00
Africa Bitcoin
7D
25.0%
1Y
-5.7%
DSY
R246.88
Discovery
7D
-4.8%
1Y
13.2%
Narrative Update • Jul 29

DSY: Higher Margin Outlook And Lower Discount Rate Suggest Balanced Future Prospects

The analyst price target for Discovery has been raised from ZAR207.10 to ZAR240.00, with analysts pointing to updated assumptions that include a lower discount rate, a wider profit margin, weaker revenue growth and a slightly higher future P/E multiple. What’s in the News for Discovery No recent Discovery specific press releases or news headlines were provided in the source feed as of 28 July 2026.
CPI
R4,702.58
Capitec
7D
-2.9%
1Y
27.8%
Narrative Update • Jul 27

CPI: Higher Revenue Assumptions And Shareholder Meeting Will Support Bullish Outlook

Analysts have lifted their price target for Capitec Bank Holdings from ZAR5,050.94 to ZAR5,225.14, citing updated assumptions around revenue growth, profit margins and future P/E estimates. What’s in the News for Capitec Bank Holdings Capitec Bank Holdings has a Special or Extraordinary Shareholders Meeting scheduled for July 30, 2026, according to the company’s event calendar.
OUT
R79.75
OUTsurance Group
7D
-2.7%
1Y
6.8%
Analysis Article • Jul 24

Here's Why We Think OUTsurance Group (JSE:OUT) Might Deserve Your Attention Today

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
RMH
R0.50
RMB Holdings
7D
2.0%
1Y
28.2%
EPE
R4.98
EPE Capital Partners
7D
7.1%
1Y
-22.2%
SBP
R146.15
Sabvest Capital
7D
6.7%
1Y
54.2%
SLM
R84.65
Sanlam
7D
-2.6%
1Y
-6.7%
CML
R43.21
Coronation Fund Managers
7D
1.7%
1Y
-0.5%