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South African (JSE) Market Analysis & Valuation

UpdatedDec 31, 2025
DataAggregated Company Financials
Companies206
  • 7D0.2%
  • 3M8.0%
  • 1Y32.9%
  • YTD32.2%

In the last week, the market has stayed flat, however the Healthcare sector stood out, gaining 11%. Meanwhile, the market is actually up 33% over the past year. Looking forward, earnings are forecast to grow by 18% annually.

Market Valuation and Performance

Has the South African Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 31 Dec 2025R8.2tR5.4tR560.3b9.5x14.7x1.5x
Fri, 28 Nov 2025R7.8tR5.4tR572.3b9.4x13.6x1.4x
Sun, 26 Oct 2025R7.8tR5.5tR573.4b9.2x13.6x1.4x
Tue, 23 Sep 2025R7.5tR5.5tR572.4b8.8x13.1x1.4x
Thu, 21 Aug 2025R7.2tR5.5tR481.7b9.2x15x1.3x
Sat, 19 Jul 2025R7.1tR5.5tR473.1b8.2x15.1x1.3x
Mon, 16 Jun 2025R6.8tR5.5tR436.4b8.6x15.6x1.2x
Wed, 14 May 2025R6.6tR5.3tR422.5b8.8x15.7x1.2x
Fri, 11 Apr 2025R6.2tR5.4tR430.1b8.3x14.4x1.2x
Sun, 09 Mar 2025R6.4tR5.3tR419.4b9x15.3x1.2x
Tue, 04 Feb 2025R6.3tR5.3tR369.7b9.6x17x1.2x
Thu, 02 Jan 2025R6.2tR5.3tR370.0b10.2x16.8x1.2x
Sat, 30 Nov 2024R6.2tR5.3tR350.3b10.1x17.8x1.2x
Mon, 28 Oct 2024R6.4tR5.1tR339.6b10.5x18.8x1.2x
Wed, 25 Sep 2024R6.3tR5.2tR334.4b10.1x18.8x1.2x
Fri, 23 Aug 2024R6.1tR5.2tR352.1b9.6x17.4x1.2x
Sun, 21 Jul 2024R5.8tR5.2tR421.7b9.4x13.8x1.1x
Tue, 18 Jun 2024R5.6tR5.2tR433.4b8.6x12.8x1.1x
Thu, 16 May 2024R5.7tR5.3tR432.2b8.7x13.3x1.1x
Sat, 13 Apr 2024R5.5tR5.3tR433.1b8.6x12.7x1x
Mon, 11 Mar 2024R5.5tR5.3tR448.7b8.6x12.2x1x
Wed, 07 Feb 2024R5.6tR5.3tR534.9b9x10.5x1.1x
Fri, 05 Jan 2024R5.7tR5.4tR541.3b9.4x10.5x1x
Sun, 03 Dec 2023R5.6tR5.4tR545.2b9.1x10.3x1x
Tue, 31 Oct 2023R5.3tR5.5tR545.5b8.7x9.7x1x
Thu, 28 Sep 2023R5.5tR5.5tR552.2b9x9.9x1x
Sat, 26 Aug 2023R5.8tR5.4tR596.0b8.5x9.7x1.1x
Mon, 24 Jul 2023R6.0tR5.4tR654.4b8.5x9.1x1.1x
Wed, 21 Jun 2023R6.0tR5.4tR636.1b8.4x9.4x1.1x
Fri, 19 May 2023R5.8tR5.4tR671.1b7.8x8.7x1.1x
Sun, 16 Apr 2023R6.2tR5.3tR656.6b8.4x9.4x1.2x
Tue, 14 Mar 2023R6.0tR5.2tR647.2b8.4x9.3x1.2x
Thu, 09 Feb 2023R6.4tR5.2tR661.4b8.4x9.7x1.2x
Sat, 07 Jan 2023R6.2tR5.2tR658.0b8.3x9.4x1.2x
Price to Earnings Ratio

9.4x


Total Market Cap: R6.2tTotal Earnings: R658.0bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13x20242025
Current Market PE
  • Investors are optimistic on the South African market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 14.7x which is higher than its 3-year average PE of 13.0x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 5.2% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the South African Market?

ZA Market0.16%
Healthcare11.03%
Telecom2.13%
Real Estate1.63%
Industrials1.06%
Financials0.84%
Consumer Staples0.58%
Consumer Discretionary0.29%
Utilities0%0
Energy-0.016%
Tech-0.88%
Materials-2.21%
Sector PE
  • Investors favour the Materials sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 34.6% which is higher than its past year's earnings decline of 3.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 49% over the next 5 years.
  • This is better than its past earnings growth rate of 17% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 12% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
APN Aspen Pharmacare HoldingsR115.7521.9%
+R9.2b		-29.8%PS1.2xHealthcare
MTN MTN GroupR169.092.6%
+R7.9b		83.8%PE41xTelecom
SBK Standard Bank GroupR289.261.2%
+R5.8b		30.4%PB1.7xFinancials
FSR FirstRandR90.500.9%
+R4.6b		19.1%PE12.1xFinancials
VOD Vodacom GroupR141.101.6%
+R4.4b		39.2%PE14.5xTelecom
See more

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APN
R115.75
Aspen Pharmacare Holdings
7D
21.9%
1Y
-29.8%
GFI
R742.50
Gold Fields
7D
-3.8%
1Y
200.5%

Gold Fields Limited's (JSE:GFI) Price In Tune With Earnings

Dec 27
Gold Fields Limited's (JSE:GFI) Price In Tune With Earnings
NPN
R1,119.43
Naspers
7D
-0.05%
1Y
34.1%

Naspers' (JSE:NPN) Returns On Capital Are Heading Higher

Dec 22
Naspers' (JSE:NPN) Returns On Capital Are Heading Higher
CPI
R4,207.30
Capitec Bank Holdings
7D
0.8%
1Y
34.2%

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).
SBK
R289.26
Standard Bank Group
7D
1.2%
1Y
30.4%

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.
NED
R265.68
Nedbank Group
7D
1.4%
1Y
-5.7%

NED: Future Returns Will Improve As Legal Settlement Clears Major Overhang

Narrative Update Analysts have nudged their fair value estimate for Nedbank Group higher to approximately R293.64 from about R288.63 per share. This reflects slightly improved long term valuation assumptions, despite marginal downward revisions to revenue growth and profit margin forecasts, along with a modestly higher expected future P/E multiple.
SSW
R61.95
Sibanye Stillwater
7D
-2.3%
1Y
313.6%

SSW: Future Returns Will Depend On Chrome Agreement Cash Flows

Analysts have slightly trimmed their price target on Sibanye Stillwater to around $50.07 from approximately $50.16, citing moderate reductions in the assumed discount rate, upgraded forecasts for revenue growth and profit margins, and a somewhat lower future price to earnings multiple. What's in the News Concluded a three year wage agreement at South African gold operations with AMCU, NUM, UASA, and Solidarity.
VOD
R141.10
Vodacom Group
7D
1.6%
1Y
39.2%

VOD: Dividend, Margins And Safaricom Stake Moves Will Shape Steady Outlook

Analysts have raised their price target on Vodacom Group slightly, from ZAR 122.00 to ZAR 125.00. They cited a modestly improved profit margin outlook and a marginally lower discount rate, which more than offset slightly reduced revenue growth expectations and a marginally lower future P/E assumption.
MTN
R169.09
MTN Group
7D
2.6%
1Y
83.8%

MTN: Leadership Reset Will Drive Future Turnaround Despite Near Term Execution Risks

Analysts have modestly lowered their price target on Vail Resorts to a range of about $145 to $237 per share. This reflects concerns over softer Epic pass sales, a more guarded fiscal 2026 EBITDA outlook, and uncertainty around the pace of the company’s operational turnaround.
IMP
R267.15
Impala Platinum Holdings
7D
-1.6%
1Y
204.4%

IMP: Higher Margins Are Expected To Drive Strong Share Price Rebound

Analysts have lifted their price target on Impala Platinum Holdings from R200.00 to R310.00, citing expectations for faster revenue growth, stronger profit margins, and a modestly lower future price-to-earnings multiple that together support a higher fair value estimate despite a slightly increased discount rate. What's in the News Reported first quarter 2025 6E group production of 882,000 oz, down from 928,000 oz in the prior year period, highlighting some operational headwinds (company announcement).
HAR
R337.59
Harmony Gold Mining
7D
-6.2%
1Y
124.0%

HAR: Higher Multiple And Copper Project Will Eventually Disappoint Expectations

Analysts have raised their price target for Harmony Gold Mining from approximately $220 to about $270 per share. They cite a higher discount rate, lower long term revenue growth and profit margin assumptions, and a rerating to a richer future P/E multiple that together better reflect the company’s risk profile and earnings quality.
VAL
R1,450.00
Valterra Platinum
7D
-0.6%
1Y
154.9%
LHC
R11.29
Life Healthcare Group Holdings
7D
-2.4%
1Y
-31.1%

LHC: Dividend Strength Is Expected To Drive Attractive Future Returns

Analysts have nudged their price target on Life Healthcare Group Holdings slightly lower, from R13.78 to R12.90. They have factored more muted revenue growth, softer profit margin expectations, and a higher future price to earnings multiple into their updated valuation models.
FSR
R90.50
FirstRand
7D
0.9%
1Y
19.1%

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.
SSU
R10.30
Southern Sun
7D
-2.7%
1Y
13.4%
NRP
R146.37
NEPI Rockcastle
7D
1.7%
1Y
6.1%