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South African (JSE) Financials Sector Analysis

UpdatedFeb 08, 2026
DataAggregated Company Financials
Companies37
  • 7D1.8%
  • 3M13.9%
  • 1Y27.2%
  • YTD4.6%

Over the last 7 days, the Financials industry has risen 1.8%, driven by gains from Standard Bank Group of 3.6%. This means that the industry has gained 27% 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
Sun, 08 Feb 2026R2.9tR1.2tR223.0b10.8x13x2.3x
Tue, 06 Jan 2026R2.8tR1.2tR223.5b10.4x12.3x2.2x
Thu, 04 Dec 2025R2.6tR1.2tR223.9b9.7x11.7x2.1x
Sat, 01 Nov 2025R2.5tR1.2tR223.7b9.2x11.2x2x
Mon, 29 Sep 2025R2.3tR1.2tR222.3b8.8x10.5x1.9x
Wed, 27 Aug 2025R2.4tR1.2tR218.1b9.2x11.1x2x
Fri, 25 Jul 2025R2.4tR1.2tR215.5b8.7x10.9x2x
Sun, 22 Jun 2025R2.3tR1.2tR215.7b9.3x10.8x2x
Tue, 20 May 2025R2.3tR1.2tR216.2b9.3x10.8x2x
Thu, 17 Apr 2025R2.2tR1.2tR215.2b8.6x10.1x1.9x
Sat, 15 Mar 2025R2.3tR1.2tR205.7b10.2x10.9x1.9x
Mon, 10 Feb 2025R2.3tR1.1tR195.5b11.2x11.6x2x
Wed, 08 Jan 2025R2.3tR1.1tR195.9b11.6x11.9x2.1x
Fri, 06 Dec 2024R2.4tR1.1tR192.9b12.7x12.4x2.1x
Sun, 03 Nov 2024R2.3tR1.1tR190.9b11.1x12.2x2.1x
Tue, 01 Oct 2024R2.3tR1.1tR189.6b12.4x12.3x2.1x
Thu, 29 Aug 2024R2.3tR1.2tR181.1b10.9x12.6x1.9x
Sat, 27 Jul 2024R2.1tR1.2tR182.8b10x11.6x1.8x
Mon, 24 Jun 2024R2.1tR1.2tR182.4b9.8x11.4x1.7x
Wed, 22 May 2024R1.9tR1.2tR182.2b9.7x10.3x1.6x
Fri, 19 Apr 2024R1.7tR1.2tR182.3b9.2x9.2x1.4x
Sun, 17 Mar 2024R1.8tR1.2tR183.2b9.4x9.9x1.5x
Tue, 13 Feb 2024R1.9tR1.2tR178.4b9.7x10.4x1.6x
Thu, 11 Jan 2024R1.9tR1.2tR178.7b10.3x10.7x1.6x
Sat, 09 Dec 2023R1.8tR1.2tR179.0b10.1x10.2x1.6x
Mon, 06 Nov 2023R1.8tR1.2tR179.4b10.2x10.3x1.6x
Wed, 04 Oct 2023R1.7tR1.2tR179.8b9.9x9.7x1.5x
Fri, 01 Sep 2023R1.9tR1.0tR183.2b10.1x10.1x1.8x
Sun, 30 Jul 2023R1.9tR1.0tR175.4b10.4x10.8x1.9x
Tue, 27 Jun 2023R1.7tR1.0tR176.6b10.2x9.6x1.7x
Thu, 25 May 2023R1.6tR1.0tR178.2b9.7x8.9x1.6x
Sat, 22 Apr 2023R1.7tR1.0tR178.4b8.6x9.4x1.7x
Mon, 20 Mar 2023R1.7tR1.0tR180.3b8.7x9.2x1.6x
Wed, 15 Feb 2023R1.8tR1.1tR173.1b9.9x10.5x1.7x
Price to Earnings Ratio

10.5x


Total Market Cap: R1.8tTotal Earnings: R173.1bTotal Revenue: R1.1tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Financials Sector Price to Earnings3Y Average 10.8x202420252026
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 13.0x which is higher than its 3-year average PE of 10.8x.
  • The 3-year average PS ratio of 1.8x is lower than the industry's current PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 8.8% 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 Market-0.47%
Financials1.85%
Banks2.47%
Diversified Financial1.63%
Capital Markets1.22%
Insurance1.15%
Mortgage Finance0%0
Consumer Finance-1.59%
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 6.7% 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
SBK Standard Bank GroupR309.443.6%
+R17.3b		39.7%PB1.8x
CPI Capitec Bank HoldingsR4.45k2.3%
+R11.7b		38.1%PB9.6x
FSR FirstRandR94.251.8%
+R9.5b		23.6%PE12.6x
OUT OUTsurance GroupR73.502.9%
+R3.2b		10.9%PE24.2x
NED Nedbank GroupR269.761.7%
+R2.1b		-2.5%PB1.1x

Latest News

SLM
R100.73
Sanlam
7D
-0.3%
1Y
21.2%
SBK
R309.44
Standard Bank Group
7D
3.6%
1Y
39.7%

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.
NED
R269.76
Nedbank Group
7D
1.7%
1Y
-2.5%

NED: Bearish Downgrades And Legal Settlement Will Shape A Cautious Fair Outlook

Nedbank Group's analyst fair value target is unchanged at R255.00 per share, with a slight adjustment in the discount rate and future P/E, reflecting a more cautious stance from some analysts following recent research downgrades. Analyst Commentary Bearish analysts are taking a more cautious stance on Nedbank Group, reflected in recent research downgrades and a shift toward lower valuation assumptions.
DSY
R238.00
Discovery
7D
1.2%
1Y
24.4%

DSY: Refined Assumptions And Stable Margins Will Support Future Shareholder Value

Analysts have raised their price target on Discovery to US$255.79 from US$245.50, citing updated assumptions around a slightly lower expected revenue decline, a modest shift in profit margin expectations, and a small adjustment to the future P/E multiple and discount rate. Valuation Changes Fair Value: updated from US$245.50 to US$255.79, representing a modest upward adjustment to the target estimate.
PPE
R2.10
Purple Group
7D
-5.0%
1Y
110.0%
OUT
R73.50
OUTsurance Group
7D
2.9%
1Y
10.9%
FSR
R94.25
FirstRand
7D
1.8%
1Y
23.6%

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

Analysts have nudged their price target for FirstRand higher to R101.33 from R99.22, pointing to slightly refined assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What's in the News FirstRand has scheduled a special or extraordinary shareholders meeting for February 11, 2026, giving investors a date to watch for potential company resolutions or structural decisions (Key Developments).
CPI
R4,452.45
Capitec Bank Holdings
7D
2.3%
1Y
38.1%

CPI: Higher Forecast Assumptions Will Likely Leave Shares Looking Overpriced

Analysts have raised their price target for Capitec Bank Holdings from R2,903.38 to R3,474.12, citing updated assumptions that include higher revenue growth, a slightly different discount rate, a modestly higher profit margin, and a lower future P/E multiple. Valuation Changes Fair Value Estimate: Adjusted from ZAR2,903.38 to ZAR3,474.12, reflecting a higher assessed intrinsic value per share.
INL
R133.54
Investec Group
7D
1.6%
1Y
10.9%
SNT
R443.66
Santam
7D
3.1%
1Y
17.0%
DNB
R2.35
Deneb Investments
7D
-11.0%
1Y
6.8%
CLI
R14.00
Clientèle
7D
-2.1%
1Y
7.8%
AXX
R1.95
Araxi
7D
-1.0%
1Y
41.3%
CML
R50.31
Coronation Fund Managers
7D
-0.6%
1Y
36.8%
OPA
R21.79
Channel Vas Investments
7D
-1.7%
1Y
n/a
KST
R27.28
PSG Financial Services
7D
-0.6%
1Y
49.9%