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South African (JSE) Capital Markets Industry Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies17
  • 7D2.3%
  • 3M1.3%
  • 1Y8.7%
  • YTD8.0%

The Capital Markets industry is up 1.4% in the last week, with Investec Group up 1.9%. In the last 12 months, the industry was up 7.6%. As for the next few years, earnings are expected to grow by 6.8% per annum.

Industry Valuation and Performance

Has the South African Capital Markets Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025R201.5bR72.2bR24.7b9.2x8.2x2.8x
Fri, 21 Nov 2025R200.3bR72.0bR24.8b9x8.1x2.8x
Sun, 19 Oct 2025R202.3bR73.4bR26.0b8.3x7.8x2.8x
Tue, 16 Sep 2025R204.0bR73.0bR23.2b7.8x8.8x2.8x
Thu, 14 Aug 2025R200.0bR73.3bR23.3b7.5x8.6x2.7x
Sat, 12 Jul 2025R200.7bR73.8bR24.0b7.5x8.4x2.7x
Mon, 09 Jun 2025R197.7bR73.7bR22.1b7.1x8.9x2.7x
Wed, 07 May 2025R197.8bR75.8bR24.7b6.6x8x2.6x
Fri, 04 Apr 2025R183.8bR75.6bR24.2b6.3x7.6x2.4x
Sun, 02 Mar 2025R196.2bR73.2bR22.6b7.3x8.7x2.7x
Tue, 28 Jan 2025R198.6bR72.8bR22.5b9.7x8.8x2.7x
Thu, 26 Dec 2024R205.5bR73.0bR20.2b10.9x10.2x2.8x
Sat, 23 Nov 2024R207.8bR71.4bR19.6b9.6x10.6x2.9x
Mon, 21 Oct 2024R210.4bR69.7bR17.9b11.1x11.8x3x
Wed, 18 Sep 2024R199.2bR69.5bR17.9b11.1x11.1x2.9x
Fri, 16 Aug 2024R191.9bR69.8bR18.9b10x10.2x2.8x
Sun, 14 Jul 2024R192.2bR70.1bR19.8b10.1x9.7x2.7x
Tue, 11 Jun 2024R177.8bR70.7bR20.4b9.1x8.7x2.5x
Thu, 09 May 2024R176.5bR77.4bR19.9b10x8.9x2.3x
Sat, 06 Apr 2024R174.7bR77.9bR18.9b10x9.2x2.2x
Mon, 04 Mar 2024R174.0bR78.5bR15.7b10.7x11.1x2.2x
Wed, 31 Jan 2024R184.3bR81.8bR15.8b10.4x11.6x2.3x
Fri, 29 Dec 2023R184.1bR81.2bR15.7b9.9x11.7x2.3x
Sun, 26 Nov 2023R179.7bR83.0bR14.8b10.5x12.1x2.2x
Tue, 24 Oct 2023R166.0bR80.1bR17.8b10x9.3x2.1x
Thu, 21 Sep 2023R169.6bR79.8bR17.8b10.2x9.5x2.1x
Sat, 19 Aug 2023R160.2bR79.7bR16.8b10.3x9.6x2x
Mon, 17 Jul 2023R161.1bR78.9bR16.5b11.6x9.7x2x
Wed, 14 Jun 2023R159.3bR78.2bR17.8b15.6x8.9x2x
Fri, 12 May 2023R152.2bR76.8bR17.5b9.9x8.7x2x
Sun, 09 Apr 2023R151.0bR73.7bR19.1b9.9x7.9x2x
Tue, 07 Mar 2023R176.4bR74.6bR20.6b9x8.6x2.4x
Thu, 02 Feb 2023R176.2bR72.9bR20.0b9.5x8.8x2.4x
Sat, 31 Dec 2022R170.6bR71.3bR19.5b8.9x8.7x2.4x
Price to Earnings Ratio

8.7x


Total Market Cap: R170.6bTotal Earnings: R19.5bTotal Revenue: R71.3bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Capital Markets Industry Price to Earnings3Y Average 9.3x202320242025
Current Industry PE
  • Investors are pessimistic on the South African Capital Markets industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 8.1x which is lower than its 3-year average PE of 9.3x.
  • The 3-year average PS ratio of 2.5x is lower than the industry's current PS ratio of 2.8x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 8.1% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the South African Financials industry?

ZA Market3.47%
Financials1.91%
Capital Markets2.33%
Financial Exchanges and Data4.40%
Diversified Capital Markets3.15%
Asset Management1.07%
Industry PE
  • Investors are most optimistic about the Financial Exchanges and Data industry, which is trading close to its 3-year average PE ratio of 10.9x.
    • Analysts are expecting annual earnings growth of 5.5%, which is lower than the prior year's growth of 18.3% per year.
  • Investors are most pessimistic about the Diversified Capital Markets industry, which is trading close to its 3-year average of 7.0x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Capital Markets industry, expecting annual earnings growth of 6.9% over the next 5 years.
  • This is better than its past earnings growth rate of 1.9% per year.
  • In contrast, the Financial Exchanges and Data industry is expected to see its earnings grow by 5.5% 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
INL Investec GroupR122.973.1%
+R3.1b		-2.0%PE7.3x
KST PSG Financial ServicesR26.482.0%
+R634.8m		35.1%PE22.9x
JSE JSER140.374.4%
+R481.5m		17.0%PE11.6x
CML Coronation Fund ManagersR47.491.0%
+R189.7m		24.0%PE11.1x
ZED Zeder InvestmentsR1.286.7%
+R123.2m		-22.0%PB0.8x

Latest News

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R2.60
Vunani
7D
18.2%
1Y
30.0%

Vunani Limited's (JSE:VUN) Price Is Right But Growth Is Lacking After Shares Rocket 30%

Dec 24
Vunani Limited's (JSE:VUN) Price Is Right But Growth Is Lacking After Shares Rocket 30%
CML
R47.49
Coronation Fund Managers
7D
1.0%
1Y
24.0%
BAT
R2.18
Brait
7D
0.5%
1Y
6.9%
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
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AFH
R7.80
Alexander Forbes Group Holdings
7D
-1.3%
1Y
-3.2%
INL
R122.97
Investec Group
7D
3.1%
1Y
-2.0%
YYLBEE
R49.00
YeboYethu (RF)
7D
-0.02%
1Y
145.0%
MHB
R5.51
Mahube Infrastructure
7D
-8.2%
1Y
30.9%
MTNZF
R0.20
MTN Zakhele Futhi (RF)
7D
-20.0%
1Y
-97.4%
PPE
R2.07
Purple Group
7D
3.0%
1Y
97.1%
KST
R26.48
PSG Financial Services
7D
2.0%
1Y
35.1%
BAC
R8.20
Africa Bitcoin
7D
-25.5%
1Y
26.2%
JSE
R140.37
JSE
7D
4.4%
1Y
17.0%

Digital Infrastructure Upgrades And African Market Expansion Will Boost Efficiency

The consensus price target for JSE saw a slight upward revision as analysts raised their revenue growth forecasts, while profit margin expectations remained stable, resulting in a new fair value of ZAR154.50. Valuation Changes Summary of Valuation Changes for JSE The Consensus Analyst Price Target remained effectively unchanged, moving only marginally from ZAR152.60 to ZAR154.50.
ZED
R1.28
Zeder Investments
7D
6.7%
1Y
-22.0%