South African (JSE) Asset Management Industry Analysis

Industry Valuation and Performance

Has the South African Asset Management Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 26 May 2026	R84.7b	R23.8b	R6.9b	9.6x	12.3x	3.6x
Thu, 23 Apr 2026	R84.0b	R23.8b	R6.7b	10.7x	12.6x	3.5x
Sat, 21 Mar 2026	R79.1b	R22.8b	R6.4b	9.9x	12.4x	3.5x
Mon, 16 Feb 2026	R88.7b	R23.4b	R9.5b	7.7x	9.4x	3.8x
Wed, 14 Jan 2026	R86.0b	R23.4b	R9.5b	7.4x	9.1x	3.7x
Fri, 12 Dec 2025	R84.1b	R23.4b	R9.5b	7.2x	8.9x	3.6x
Sun, 09 Nov 2025	R84.2b	R23.0b	R10.5b	9.2x	8.1x	3.7x
Tue, 07 Oct 2025	R80.1b	R22.4b	R10.3b	8.5x	7.8x	3.6x
Thu, 04 Sep 2025	R76.2b	R22.0b	R7.5b	7.4x	10.1x	3.5x
Sat, 02 Aug 2025	R75.6b	R22.0b	R8.1b	6.6x	9.3x	3.4x
Mon, 30 Jun 2025	R75.6b	R22.0b	R8.1b	6.8x	9.3x	3.4x
Wed, 28 May 2025	R87.0b	R24.5b	R8.6b	6.3x	10.1x	3.5x
Fri, 25 Apr 2025	R80.9b	R24.5b	R8.7b	6x	9.3x	3.3x
Sun, 23 Mar 2025	R81.6b	R23.9b	R7.4b	6.7x	11x	3.4x
Tue, 18 Feb 2025	R78.8b	R23.5b	R7.1b	9.9x	11x	3.3x
Thu, 16 Jan 2025	R80.9b	R23.5b	R7.1b	9.7x	11.3x	3.4x
Sat, 14 Dec 2024	R80.4b	R23.6b	R4.8b	12.9x	16.9x	3.4x
Mon, 11 Nov 2024	R76.7b	R22.3b	R3.2b	10.5x	23.9x	3.4x
Wed, 09 Oct 2024	R74.0b	R21.7b	R3.1b	10.4x	23.6x	3.4x
Fri, 06 Sep 2024	R66.2b	R22.0b	R3.8b	10.5x	17.6x	3x
Sun, 04 Aug 2024	R62.2b	R22.0b	R4.9b	9.9x	12.7x	2.8x
Tue, 02 Jul 2024	R64.3b	R22.0b	R4.9b	9.9x	13.1x	2.9x
Thu, 30 May 2024	R58.6b	R21.5b	R5.1b	10.2x	11.5x	2.7x
Sat, 27 Apr 2024	R54.9b	R21.4b	R4.2b	10.8x	13x	2.6x
Mon, 25 Mar 2024	R54.2b	R21.0b	R3.0b	11.1x	17.9x	2.6x
Wed, 21 Feb 2024	R57.2b	R20.4b	-R520,631,000.00	14.5x	-109.9x	2.8x
Fri, 19 Jan 2024	R61.7b	R24.4b	-R147,838,000.00	11.9x	-417.6x	2.5x
Sun, 17 Dec 2023	R62.3b	R24.4b	-R147,838,000.00	11.4x	-421.6x	2.6x
Tue, 14 Nov 2023	R60.9b	R25.8b	-R1,126,450,977.00	15.8x	-54.1x	2.4x
Thu, 12 Oct 2023	R65.1b	R26.2b	-R837,128,977.00	15.6x	-77.7x	2.5x
Sat, 09 Sep 2023	R57.0b	R23.8b	-R2,836,819,977.00	15.8x	-20.1x	2.4x
Mon, 07 Aug 2023	R56.5b	R24.1b	-R2,400,034,977.00	18.3x	-23.6x	2.3x
Wed, 05 Jul 2023	R56.0b	R24.1b	-R2,400,034,977.00	18.3x	-23.3x	2.3x
Fri, 02 Jun 2023	R58.5b	R24.0b	-R860,855,786.00	16.2x	-68x	2.4x

Current Industry PE

Investors are pessimistic on the South African Asset Management and Custody Banks 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 12.3x which is higher than its 3-year average PE of -20.9x.

The 3-year average PS ratio of 3.1x is lower than the industry's current PS ratio of 3.6x.

Past Earnings Growth

Total earnings for the Asset Management and Custody Banks industry have gone up over the last three years, and the industry is now profitable.
Revenues have remained mostly flat. This means that the industry has become more efficient since profits are increasing while sales have been flat.

Industry Comparison

How does South African Asset Management compare with similar industries?


ZA Market	1.93%
Financials	3.06%
Capital Markets	2.89%
Asset Management	2.32%
Diversified Capital Markets	3.58%
Financial Exchanges and Data	0.63%
Investment Banking and Brokerage	0%	0

Industry PEThere are no additional sub-industries under this industry.

Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
KST PSG Financial Services	R28.90	3.2% +R1.1b	41.8%	PE20.8x
CML Coronation Fund Managers	R45.65	2.3% +R356.6m	15.4%	PE9.6x
SYG Sygnia	R32.49	6.3% +R301.2m	28.0%	PE13.4x
BAT Brait	R2.33	2.2% +R193.1m	9.4%	PS19.1x
ZED Zeder Investments	R1.31	2.3% +R46.2m	11.0%	PB0.9x

Alexander Forbes Group Holdings Limited Announces Changes to Director Functions and Board Composition

Alexander Forbes Group Holdings Limited announced that Messrs. D Dlamini and R Roux, current independent non-executive directors of the Company, have also been appointed as independent non-executive directors on the board of Newco with effect from February 23, 2026. The executive committee members, comprising executive directors and prescribed officers of Alexforbes, have concluded an exchange agreement with ARC AF Holdings (RF) Proprietary Limited for the transfer of 30,553,016 Alexforbes ordinary shares held in escrow and subject to certain restrictions, representing 2.35% of the issued share capital of the Company, in exchange for Class A shares in a new special purpose vehicle (Newco), a wholly-owned subsidiary of Alexforbes. Executives have pledged vested share awards received over several years under the Company’s Long Term Incentive Share Plan in accordance with the Minimum Shareholding Requirement policy. The total cumulative number of Alexforbes ordinary shares pledged by executives stands at 30,553,016 that are held in escrow on behalf of each executive and are subject to tradability restrictions in terms of the current MSR policy. The following executives are involved: DJ de Villiers, Executive director and director of a major subsidiary; BP Bydawell, Executive director and director of a major subsidiary; CH Wessels, Company Secretary and Prescribed officer; B Tladi, Prescribed officer; TJ Muthige, Prescribed officer; VR Maharaj, Prescribed officer. The Remuneration Committee, a sub-committee of the Board, confirms that the Transaction has been concluded on commercial terms and on an arm’s length basis. None of the ARC nominated directors serve on the Remco. As part of the governance process, the Company appointed an independent professional expert to provide the Remco with a voluntary fairness opinion regarding the Transaction. The Independent Expert Opinion has confirmed that the terms of the Transaction are fair to shareholders (excluding ARC and its associates). The Remco assessed and evaluated the terms and conditions of the Transaction and received external legal advice throughout the process. The Remco believes that the Transaction is fair to shareholders (excluding ARC and its associates), is in the Company’s best interests and has been concluded on an arm’s length basis. The following documents can be inspected at the registered office of Alexforbes and/or through a secure electronic manner at the election of the person requesting the inspection for a period of 14 days from the date of this announcement: Independent Expert Opinion, ARC Subscription Agreement, and Exchange Agreement.

South African (JSE) Asset Management Industry Analysis

Industry Valuation and Performance

Industry Comparison

Top Stock Gainers and Losers

Latest News

Upcoming dividend of R0.07 per share

High number of new and inexperienced directors

High number of new directors

New major risk - Revenue size

New major risk - Earnings quality

New minor risk - Profit margin trend

Alexander Forbes Group Holdings Limited Announces Changes to Director Functions and Board Composition

Coronation Fund Managers Limited Elects Members of SET Committee

Non-Executive Director recently bought R257k worth of stock

Upcoming dividend of R1.33 per share