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South African (JSE) Financials Sector Analysis

UpdatedMay 23, 2026
DataAggregated Company Financials
Companies36
  • 7D1.8%
  • 3M-6.7%
  • 1Y21.7%
  • YTD1.4%

Over the last 7 days, the Financials industry has risen 2.1%, driven by gains in Capitec Bank Holdings and Standard Bank Group of 2.8% and 2.6%, respectively. In the last 12 months, the industry was up 22%. As for the next few years, earnings are expected to grow by 14% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 23 May 2026R2.8tR1.3tR218.9b10.6x12.8x2.2x
Mon, 20 Apr 2026R2.9tR1.3tR217.0b11x13.3x2.2x
Wed, 18 Mar 2026R2.8tR1.3tR213.5b10.3x13x2.2x
Fri, 13 Feb 2026R3.0tR1.2tR223.0b10.8x13.3x2.4x
Sun, 11 Jan 2026R2.8tR1.2tR223.5b10.4x12.5x2.3x
Tue, 09 Dec 2025R2.6tR1.2tR223.9b9.7x11.8x2.1x
Thu, 06 Nov 2025R2.5tR1.2tR223.7b9.1x11.3x2x
Sat, 04 Oct 2025R2.4tR1.2tR223.8b8.7x10.7x1.9x
Mon, 01 Sep 2025R2.4tR1.2tR218.1b9.1x11x2x
Wed, 30 Jul 2025R2.4tR1.2tR215.5b8.7x10.9x2x
Fri, 27 Jun 2025R2.3tR1.2tR216.0b9x10.8x2x
Sun, 25 May 2025R2.3tR1.2tR216.2b9.1x10.7x2x
Tue, 22 Apr 2025R2.2tR1.2tR215.3b8.7x10.2x1.9x
Thu, 20 Mar 2025R2.3tR1.2tR205.5b10.2x11.2x2x
Sat, 15 Feb 2025R2.3tR1.1tR195.6b10.9x11.5x2x
Mon, 13 Jan 2025R2.3tR1.1tR195.8b11.5x11.5x2x
Wed, 11 Dec 2024R2.4tR1.1tR192.8b12.5x12.5x2.2x
Fri, 08 Nov 2024R2.4tR1.1tR190.7b11.4x12.4x2.1x
Sun, 06 Oct 2024R2.3tR1.1tR191.3b12.3x12.1x2.1x
Tue, 03 Sep 2024R2.3tR1.2tR181.5b10.9x12.5x1.9x
Thu, 01 Aug 2024R2.2tR1.2tR182.7b10x11.8x1.8x
Sat, 29 Jun 2024R2.1tR1.2tR182.4b9.9x11.3x1.7x
Mon, 27 May 2024R1.9tR1.2tR182.4b9.5x10.2x1.6x
Wed, 24 Apr 2024R1.7tR1.2tR182.8b9.3x9.4x1.4x
Fri, 22 Mar 2024R1.8tR1.2tR181.8b9.4x9.8x1.5x
Sun, 18 Feb 2024R1.9tR1.2tR178.3b9.8x10.6x1.6x
Tue, 16 Jan 2024R1.9tR1.2tR178.7b10.2x10.6x1.6x
Thu, 14 Dec 2023R1.8tR1.2tR179.1b10.1x10.2x1.6x
Sat, 11 Nov 2023R1.8tR1.2tR179.6b10.1x10.2x1.6x
Mon, 09 Oct 2023R1.8tR1.2tR180.1b9.9x9.9x1.5x
Wed, 06 Sep 2023R1.9tR1.0tR184.5b10x10.1x1.8x
Fri, 04 Aug 2023R1.8tR990.6bR176.5b9.8x10.4x1.8x
Sun, 02 Jul 2023R1.7tR1.0tR176.8b10.2x9.8x1.7x
Tue, 30 May 2023R1.6tR1.0tR178.6b9.6x8.8x1.5x
Price to Earnings Ratio

8.8x


Total Market Cap: R1.6tTotal Earnings: R178.6bTotal Revenue: R1.0tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Financials Sector Price to Earnings3Y Average 11.1x202420252026
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 12.8x which is higher than its 3-year average PE of 11.1x.
  • 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 8.5% 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 Market-0.81%
Financials1.79%
Capital Markets2.69%
Banks2.32%
Diversified Financial1.99%
Consumer Finance0.85%
Insurance0.21%
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 155x.
    • 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 roughly in line with its past earnings growth rate.
  • In contrast, the Capital Markets industry is expected to see its earnings grow by 8.7% 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
CPI Capitec Bank HoldingsR4.40k2.8%
+R13.9b		28.8%PB8.6x
SBK Standard Bank GroupR313.982.6%
+R13.1b		38.6%PB1.8x
FSR FirstRandR89.632.1%
+R10.4b		24.5%PE11.4x
INL Investec GroupR136.163.7%
+R4.1b		10.3%PE8.1x
ABG Absa GroupR234.121.7%
+R3.3b		40.0%PB1.1x

Latest News

INL
R136.16
Investec Group
7D
3.7%
1Y
10.3%
DNB
R2.15
Deneb Investments
7D
-15.4%
1Y
9.7%
SLM
R84.51
Sanlam
7D
-1.3%
1Y
-1.5%
FSR
R89.63
FirstRand
7D
2.1%
1Y
24.5%
Narrative Update • May 22

FSR: Earnings Quality And Resilient Positioning Will Support Future Upside

Analysts have trimmed their ZAR fair value estimate for FirstRand slightly to ZAR104.33 from ZAR104.45, reflecting updated assumptions around discount rates and earnings quality following recent research, including a downgrade highlighted by Citi. Analyst Commentary Recent commentary around FirstRand reflects a mix of confidence in the group’s long term positioning and a more cautious stance on how much of that quality is already captured in the share price, especially following the recent downgrade referenced in street research.
SNT
R380.07
Santam
7D
-0.8%
1Y
-8.9%
Analysis Article • May 21

Santam (JSE:SNT) Ticks All The Boxes When It Comes To Earnings Growth

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
NED
R255.66
Nedbank Group
7D
-0.07%
1Y
0.9%
Narrative Update • May 19

NED: Neutral Reinstatement And Guidance Will Frame A Cautious Forward Outlook

Analysts have kept their fair value estimate for Nedbank Group steady at ZAR275.00, citing only minor model tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions following a recent Neutral rating update from the Street. Analyst Commentary Recent Street research, including a Neutral reinstatement from Goldman Sachs, has reinforced a cautious tone around Nedbank Group.
CPI
R4,404.67
Capitec Bank Holdings
7D
2.8%
1Y
28.8%
Narrative Update • May 17

CPI: Higher Margin And P/E Assumptions Will Sustain Overpriced Shares

Analysts have lifted their fair value estimate for Capitec Bank Holdings from ZAR3,417.99 to ZAR3,817.98, citing updated assumptions for discount rates, revenue growth, profit margins, and future P/E expectations. Valuation Changes Fair Value: Updated from ZAR3,417.99 to ZAR3,817.98, reflecting a higher central estimate of worth per share.
VUN
R1.07
Vunani
7D
-47.5%
1Y
-42.2%
ABG
R234.12
Absa Group
7D
1.7%
1Y
40.0%
Narrative Update • Apr 28

ABG: Dividend Strength And Digital Remittances Will Support Future Upside Potential

Analysts have kept Absa Group's fair value estimate broadly unchanged at about ZAR273.25 per share, reflecting only marginal tweaks to assumptions such as the discount rate, revenue growth, profit margin and future P/E. What's in the News Declared a final ordinary dividend of ZAR8.50 per share for the financial period ended 31 December 2025, with the last day to trade cum dividend on 21 April 2026, ex-dividend date on 22 April 2026, record date on 24 April 2026, and payment on 28 April 2026 (Key Developments).
DSY
R268.05
Discovery
7D
1.2%
1Y
27.6%
Narrative Update • Apr 26

DSY: Interim Dividend And Strong Earnings Guidance Will Support Future Upside

Analysts have adjusted the price target for Discovery slightly higher to about ZAR299.05 from ZAR298.48. This reflects updated assumptions around fair value, profit margins and the future P/E multiple.
SBP
R149.00
Sabvest Capital
7D
-5.1%
1Y
52.0%
SBK
R313.98
Standard Bank Group
7D
2.6%
1Y
38.6%
Narrative Update • Apr 22

SBK: Future Dividend And Stable Earnings Will Underpin Fairly Valued Outlook

Analysts have adjusted their price target for Standard Bank Group slightly higher to ZAR337.10 from ZAR333.77, reflecting small refinements to fair value estimates, discount rate assumptions and the expected future P/E multiple. What's in the News The board has declared final gross cash dividend No. 112 of 878.00 cents per ordinary share to shareholders on the register at close of business on 17 April 2026 (company announcement).
KST
R28.08
PSG Financial Services
7D
4.7%
1Y
37.6%
REM
R190.95
Remgro
7D
2.1%
1Y
20.1%
ACT
R1.05
AfroCentric Investment
7D
-12.5%
1Y
-32.3%
AFH
R7.69
Alexander Forbes Group Holdings
7D
-1.5%
1Y
-13.7%