Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

South African (JSE) Financials Sector Analysis

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies37
  • 7D1.0%
  • 3M12.3%
  • 1Y17.0%
  • YTD18.2%

In the last week, Financials has been flat. As for the the longer term, the industry is up 17% over the past 12 months. As for the next few years, earnings are expected to grow by 11% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Dec 2025R2.7tR1.2tR223.7b10.2x12.1x2.2x
Thu, 20 Nov 2025R2.6tR1.2tR223.8b9.5x11.7x2.1x
Sat, 18 Oct 2025R2.5tR1.2tR224.1b8.8x11.1x2x
Mon, 15 Sep 2025R2.4tR1.2tR221.4b9.2x10.8x2x
Wed, 13 Aug 2025R2.4tR1.2tR214.4b9.1x11.2x2x
Fri, 11 Jul 2025R2.4tR1.2tR215.7b9.1x10.9x2x
Sun, 08 Jun 2025R2.4tR1.2tR213.8b9.1x11.2x2x
Tue, 06 May 2025R2.3tR1.2tR216.2b9.2x10.7x2x
Thu, 03 Apr 2025R2.2tR1.2tR214.2b8.7x10.3x1.9x
Sat, 01 Mar 2025R2.3tR1.1tR195.8b10.7x11.6x2x
Mon, 27 Jan 2025R2.2tR1.1tR195.6b11.7x11.3x2x
Wed, 25 Dec 2024R2.3tR1.1tR193.1b11.4x12.1x2.1x
Fri, 22 Nov 2024R2.4tR1.1tR192.4b11.5x12.4x2.1x
Sun, 20 Oct 2024R2.4tR1.1tR191.3b12.2x12.4x2.1x
Tue, 17 Sep 2024R2.3tR1.2tR186.0b11.1x12.1x1.9x
Thu, 15 Aug 2024R2.2tR1.2tR182.4b9.9x11.8x1.8x
Sat, 13 Jul 2024R2.1tR1.2tR182.6b9.9x11.5x1.8x
Mon, 10 Jun 2024R1.8tR1.2tR183.3b9x9.7x1.5x
Wed, 08 May 2024R1.8tR1.2tR182.3b9.6x10x1.5x
Fri, 05 Apr 2024R1.8tR1.2tR181.4b9.2x9.8x1.5x
Sun, 03 Mar 2024R1.9tR1.2tR180.2b9.6x10.5x1.6x
Tue, 30 Jan 2024R1.9tR1.2tR178.8b9.9x10.5x1.6x
Thu, 28 Dec 2023R1.9tR1.2tR178.5b9.8x10.9x1.7x
Sat, 25 Nov 2023R1.9tR1.2tR177.2b10.5x10.7x1.6x
Mon, 23 Oct 2023R1.7tR1.2tR179.8b9.9x9.6x1.5x
Wed, 20 Sep 2023R1.8tR1.2tR184.9b10x9.7x1.5x
Fri, 18 Aug 2023R1.8tR997.0bR178.0b10.1x10.3x1.8x
Sun, 16 Jul 2023R1.8tR1.0tR176.2b10.2x10.2x1.8x
Tue, 13 Jun 2023R1.7tR1.0tR177.7b10.3x9.5x1.7x
Thu, 11 May 2023R1.6tR1.0tR177.5b9.4x9.2x1.6x
Sat, 08 Apr 2023R1.7tR1.0tR180.7b9.3x9.5x1.7x
Mon, 06 Mar 2023R1.8tR1.1tR174.7b9.7x10.5x1.7x
Wed, 01 Feb 2023R1.8tR1.1tR172.9b9.6x10.4x1.7x
Fri, 30 Dec 2022R1.7tR1.0tR172.2b8.7x10x1.6x
Price to Earnings Ratio

10x


Total Market Cap: R1.7tTotal Earnings: R172.2bTotal Revenue: R1.0tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Financials Sector Price to Earnings3Y Average 10.7x202320242025
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 12.1x which is higher than its 3-year average PE of 10.7x.
  • The 3-year average PS ratio of 1.8x 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 9.1% per year over the last three years.
  • Revenues for these companies have grown 5.6% 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 Market2.76%
Financials0.95%
Consumer Finance5.34%
Capital Markets1.37%
Banks1.19%
Diversified Financial0.61%
Insurance0.50%
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 152x.
    • 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 below 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
CPI Capitec Bank HoldingsR4.18k2.7%
+R12.6b		31.9%PB9x
FSR FirstRandR89.672.5%
+R12.2b		15.6%PE12x
SBK Standard Bank GroupR285.701.9%
+R8.4b		26.7%PB1.7x
ABG Absa GroupR236.622.0%
+R3.8b		23.0%PB1.1x
INL Investec GroupR122.973.1%
+R3.1b		-2.0%PE7.3x

Latest News

CPI
R4,175.94
Capitec Bank Holdings
7D
2.7%
1Y
31.9%

CPI: Higher Dividend Payouts Will Support A Stronger Future Share Repricing

Analysts have raised their fair value estimate for Capitec Bank Holdings from R4,440 to R4,990, citing slightly lower projected revenue growth and profit margins being more than offset by expectations of a higher future price to earnings multiple. What's in the News Directors declared a gross interim dividend of 2,620 cents per ordinary share for the six months ended 31 August 2025, up from 2,085 cents in 2024, reflecting a substantial year on year increase in shareholder payouts (company announcement).
DSY
R226.91
Discovery
7D
-0.4%
1Y
14.5%
SBK
R285.70
Standard Bank Group
7D
1.9%
1Y
26.7%

SBK: Easing Macro Shift Will Support Stable Returns With Neutral Near-Term Upside

Analysts have nudged their fair value estimate for Standard Bank Group higher to approximately ZAR 293 from about ZAR 288, reflecting slightly stronger expected revenue growth and valuation multiples as macro headwinds ease and the near term outlook improves. Analyst Commentary Recent coverage of Standard Bank Group highlights a balanced mix of optimism and caution, with the initiation of coverage at a neutral rating and a price target slightly below current fair value estimates reinforcing a measured stance on the stock.
MTM
R38.00
Momentum Group
7D
3.3%
1Y
23.9%

Subdued Growth No Barrier To Momentum Group Limited's (JSE:MTM) Price

Dec 19
Subdued Growth No Barrier To Momentum Group Limited's (JSE:MTM) Price
FSR
R89.67
FirstRand
7D
2.5%
1Y
15.6%

FSR: Improved Profitability And Lower Risk Will Support Further Share Upside

Analysts have nudged their price target for FirstRand higher by approximately R2.20 to around R99.20, citing slightly faster expected revenue growth, a modestly improved profit margin, and a marginally lower discount rate that supports a richer, but still reasonable, future P E multiple. What's in the News Shareholders approved the appointment of KPMG Inc.
SYG
R35.55
Sygnia
7D
-0.03%
1Y
65.3%

Sygnia's (JSE:SYG) Shareholders Will Receive A Bigger Dividend Than Last Year

Dec 11
Sygnia's (JSE:SYG) Shareholders Will Receive A Bigger Dividend Than Last Year
ABG
R236.62
Absa Group
7D
2.0%
1Y
23.0%

ABG: Larger Domestic Stake Will Support Margins And Measured Shareholder Returns

Analysts have raised their price target for Absa Group to R243.84 from R235.28, citing slightly stronger projected revenue growth, modestly higher expected profit margins and a small uplift in future valuation multiples. What's in the News Public Investment Corporation Limited completed the acquisition of an additional minority stake in Absa Group Limited on December 10, 2025, increasing its shareholding to 15.32 percent (Key Developments) The larger strategic stake held by Public Investment Corporation Limited is expected to strengthen Absa Group's local institutional shareholder base and potentially enhance long term governance stability (Key Developments) Market observers note that the heightened ownership by a major domestic investor may influence Absa Group's capital allocation priorities and future engagement with regulators and policymakers (Key Developments) Valuation Changes Fair Value Estimate increased slightly from ZAR 235.28 to ZAR 243.84 per share, reflecting a modestly higher intrinsic valuation.
AFH
R7.80
Alexander Forbes Group Holdings
7D
-1.3%
1Y
-3.2%
INL
R122.97
Investec Group
7D
3.1%
1Y
-2.0%
MHB
R5.51
Mahube Infrastructure
7D
-8.2%
1Y
30.9%
MTNZF
R0.20
MTN Zakhele Futhi (RF)
7D
-20.0%
1Y
-97.4%
OMU
R14.72
Old Mutual
7D
2.4%
1Y
15.9%
ACT
R1.20
AfroCentric Investment
7D
-11.8%
1Y
-44.2%

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
OPA
R20.38
Channel Vas Investments
7D
6.1%
1Y
n/a
BAC
R8.20
Africa Bitcoin
7D
-25.5%
1Y
26.2%
CLI
R13.70
Clientèle
7D
-2.1%
1Y
14.2%