Altron's (JSE:AEL) Earnings Offer More Than Meets The Eye
Nov 10
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South African (JSE) Tech Sector Analysis
UpdatedNov 15, 2025
DataAggregated Company Financials
Companies11
- 7D3.0%
- 3M17.3%
- 1Y46.0%
- YTD15.7%
The Tech industry is up 3.0% in the last week, with Datatec up 4.6%. Meanwhile, Mustek actually underperformed within the industry, shrinking 9.4% in the last week. In the last 12 months, the industry was up 46%. As for the next few years, earnings are expected to grow by 18% per annum.
Sector Valuation and Performance
Has the South African Tech Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 16 Nov 2025 | R55.9b | R92.8b | R3.4b | 11.7x | 16.4x | 0.6x |
| Tue, 14 Oct 2025 | R29.6b | R90.5b | R1.1b | 14.1x | 25.9x | 0.3x |
| Thu, 11 Sep 2025 | R27.2b | R91.9b | R1.1b | 11.9x | 24.9x | 0.3x |
| Sat, 09 Aug 2025 | R26.6b | R92.9b | R1.1b | 11.2x | 24.7x | 0.3x |
| Mon, 07 Jul 2025 | R29.1b | R92.3b | R1.1b | 12.7x | 27.3x | 0.3x |
| Wed, 04 Jun 2025 | R29.5b | R93.3b | R1.1b | 13.6x | 27.5x | 0.3x |
| Fri, 02 May 2025 | R26.3b | R125.5b | R1.2b | 12.1x | 22x | 0.2x |
| Sun, 30 Mar 2025 | R25.6b | R125.3b | R1.4b | 11.8x | 18x | 0.2x |
| Tue, 25 Feb 2025 | R24.2b | R125.5b | R1.5b | 12x | 16.4x | 0.2x |
| Thu, 23 Jan 2025 | R24.3b | R126.1b | R1.5b | 12.6x | 16.5x | 0.2x |
| Sat, 21 Dec 2024 | R23.2b | R125.6b | R1.2b | 12.2x | 18.7x | 0.2x |
| Mon, 18 Nov 2024 | R21.5b | R125.1b | R1.2b | 11.5x | 17.5x | 0.2x |
| Wed, 16 Oct 2024 | R19.6b | R124.9b | R686.9m | 14.3x | 28.6x | 0.2x |
| Fri, 13 Sep 2024 | R18.7b | R126.6b | R925.5m | 10x | 20.2x | 0.1x |
| Sun, 11 Aug 2024 | R18.3b | R129.5b | R950.1m | 9.5x | 19.2x | 0.1x |
| Tue, 09 Jul 2024 | R18.4b | R128.4b | R1.0b | 10.2x | 17.8x | 0.1x |
| Thu, 06 Jun 2024 | R17.5b | R132.9b | R1.1b | 9.9x | 16.2x | 0.1x |
| Sat, 04 May 2024 | R16.7b | R132.7b | -R750,595,608.00 | 9.9x | -22.3x | 0.1x |
| Mon, 01 Apr 2024 | R23.0b | R137.6b | -R657,302,955.00 | 10.2x | -35x | 0.2x |
| Wed, 28 Feb 2024 | R20.6b | R140.5b | -R607,596,554.50 | 9.8x | -33.9x | 0.1x |
| Fri, 26 Jan 2024 | R24.7b | R162.6b | R59.9m | 10.3x | 411.7x | 0.2x |
| Sun, 24 Dec 2023 | R23.6b | R160.6b | R67.0m | 9.3x | 351.9x | 0.1x |
| Tue, 21 Nov 2023 | R22.6b | R159.4b | R222.4m | 8.6x | 101.6x | 0.1x |
| Thu, 19 Oct 2023 | R21.6b | R156.4b | R22.4m | 9.6x | 965.7x | 0.1x |
| Sat, 16 Sep 2023 | R21.0b | R149.2b | R86.8m | 9.7x | 242x | 0.1x |
| Mon, 14 Aug 2023 | R21.2b | R149.0b | R75.0m | 9.5x | 282.2x | 0.1x |
| Wed, 12 Jul 2023 | R21.8b | R147.0b | -R400,690,569.00 | 9.8x | -54.5x | 0.1x |
| Fri, 09 Jun 2023 | R22.7b | R147.7b | -R318,702,537.00 | 9.9x | -71.2x | 0.2x |
| Sun, 07 May 2023 | R23.2b | R139.3b | R1.0b | 12x | 22.8x | 0.2x |
| Tue, 04 Apr 2023 | R23.9b | R136.3b | R996.0m | 12.3x | 24x | 0.2x |
| Thu, 02 Mar 2023 | R24.3b | R137.9b | R1.1b | 10.9x | 21.2x | 0.2x |
| Sat, 28 Jan 2023 | R23.9b | R133.3b | R1.1b | 12.4x | 21.5x | 0.2x |
| Mon, 26 Dec 2022 | R23.1b | R132.2b | R1.1b | 13.1x | 21.8x | 0.2x |
| Wed, 23 Nov 2022 | R25.6b | R133.5b | R929.4m | 11.5x | 27.6x | 0.2x |
Price to Earnings Ratio
27.6x
Current Industry PE
- Investors are pessimistic on the South African Information Technology 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 16.4x which is lower than its 3-year average PE of 56.5x.
- The industry is trading close to its 3-year average PS ratio of 0.19x.
Past Earnings Growth
- The earnings for companies in the Information Technology industry have grown 54% per year over the last three years.
- Meanwhile revenues for these companies have declined 11% per year.
- This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.
Industry Trends
Which industries have driven the changes within the South African Tech sector?
| ZA Market | 2.26% | |
| Tech | 3.01% | |
| Electronic Equipment and Components | 4.60% | |
| IT | 3.50% | |
| Software | 2.06% | |
| Communications | 0% | 0 |
| Semiconductors | 0% | 0 |
| Tech Hardware | -9.38% | |
Industry PE
- Investors are most optimistic about the Software industry which is trading above its 3-year average PE ratio of 18.8x.
- It looks like they are confident that earnings will grow faster in the future than they have historically.
- Investors are most pessimistic about the Semiconductors industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.
Forecasted Growth
- Analysts are most optimistic on the IT industry, expecting annual earnings growth of 21% over the next 5 years.
- This is roughly in line with its past earnings growth rate.
- In contrast, the Electronic Equipment and Components industry is expected to see its earnings grow by 16% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| DTC Datatec | R77.01 | 4.6% +R787.0m | 95.7% | PE12.5x | |
| OPA Channel Vas Investments | R19.90 | 2.1% +R494.0m | n/a | PE27.7x | |
| AEL Altron | R18.90 | 4.1% +R282.7m | -6.0% | PE11.5x | |
| PBT PBT Holdings | R7.26 | 21.0% +R126.2m | 31.8% | PE11.2x | |
| 4SI 4Sight Holdings | R0.75 | 5.6% +R21.3m | 5.6% | PE8.2x |