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South African (JSE) Market Analysis & Valuation

UpdatedJul 03, 2026
DataAggregated Company Financials
Companies202
  • 7D0.2%
  • 3M-3.7%
  • 1Y11.6%
  • YTD-5.1%

The market has been flat in the last week, however the Information Technology sector is down 5.6%. More promisingly, the market is up 12% over the past year. Earnings are forecast to grow by 16% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 03 Jul 2026R7.7tR5.6tR609.2b8.6x12.7x1.4x
Sun, 31 May 2026R7.9tR5.5tR616.7b8.7x12.9x1.4x
Tue, 28 Apr 2026R8.1tR5.5tR617.8b9.2x13x1.5x
Thu, 26 Mar 2026R8.0tR5.5tR627.4b9.3x12.7x1.4x
Sat, 21 Feb 2026R8.6tR5.3tR554.9b9.7x15.5x1.6x
Mon, 19 Jan 2026R8.4tR5.3tR558.6b9.6x15.1x1.6x
Wed, 17 Dec 2025R7.9tR5.4tR562.3b9.3x14.1x1.5x
Fri, 14 Nov 2025R8.0tR5.5tR569.9b9.7x14.1x1.4x
Sun, 12 Oct 2025R7.8tR5.5tR574.9b9.2x13.5x1.4x
Tue, 09 Sep 2025R7.3tR5.5tR566.3b8.9x12.9x1.3x
Thu, 07 Aug 2025R7.2tR5.5tR467.2b8.5x15.3x1.3x
Sat, 05 Jul 2025R7.0tR5.5tR472.5b8.5x14.8x1.3x
Mon, 02 Jun 2025R6.8tR5.3tR426.6b8.6x15.9x1.3x
Wed, 30 Apr 2025R6.6tR5.4tR425.4b8.6x15.5x1.2x
Fri, 28 Mar 2025R6.5tR5.3tR421.0b8.6x15.6x1.2x
Sun, 23 Feb 2025R6.5tR5.3tR415.7b9.6x15.5x1.2x
Tue, 21 Jan 2025R6.2tR5.3tR368.2b9.7x16.9x1.2x
Thu, 19 Dec 2024R6.3tR5.3tR362.9b10x17.5x1.2x
Sat, 16 Nov 2024R6.2tR5.3tR343.1b10x18.1x1.2x
Mon, 14 Oct 2024R6.3tR5.1tR336.2b10.4x18.9x1.2x
Wed, 11 Sep 2024R6.0tR5.2tR347.9b9.9x17.3x1.2x
Fri, 09 Aug 2024R5.9tR5.2tR418.4b9.6x14.1x1.1x
Sun, 07 Jul 2024R5.8tR5.1tR458.9b9.3x12.7x1.1x
Tue, 04 Jun 2024R5.6tR5.2tR431.9b8.7x12.9x1.1x
Thu, 02 May 2024R5.5tR5.3tR433.5b8.5x12.7x1x
Sat, 30 Mar 2024R5.5tR5.3tR433.2b8.7x12.6x1x
Mon, 26 Feb 2024R5.5tR5.3tR522.1b9.1x10.6x1x
Wed, 24 Jan 2024R5.6tR5.5tR543.5b9.4x10.3x1x
Fri, 22 Dec 2023R5.8tR5.4tR539.1b9.2x10.7x1.1x
Sun, 19 Nov 2023R5.6tR5.4tR538.6b9x10.3x1x
Tue, 17 Oct 2023R5.5tR5.4tR545.8b9x10.1x1x
Thu, 14 Sep 2023R5.7tR5.5tR552.8b8.8x10.3x1x
Sat, 12 Aug 2023R6.0tR5.4tR631.3b8.4x9.5x1.1x
Mon, 10 Jul 2023R5.8tR5.4tR660.7b8.5x8.7x1.1x
Price to Earnings Ratio

8.7x


Total Market Cap: R5.8tTotal Earnings: R660.7bTotal Revenue: R5.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.7x202420252026
Current Market PE
  • Investors are relatively neutral on the South African market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 13.7x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 2.7% 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 Market0.22%
Healthcare1.87%
Consumer Discretionary0.86%
Industrials0.82%
Materials0.51%
Financials0.28%
Telecom0.092%
Utilities0%0
Consumer Staples-0.36%
Real Estate-1.12%
Energy-3.15%
Tech-5.63%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 16.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 13.1% which is higher than its past year's earnings decline of 2.1% per year.
  • The Real Estate sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 8.1x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 43% over the next 5 years.
  • This is better than its past earnings growth rate of 16% per year.
  • In contrast, the Tech sector is expected to see its earnings grow by 7.4% 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
GFI Gold FieldsR588.616.7%
+R33.0b		36.1%PE9.1xMaterials
VAL Valterra PlatinumR1.19k4.9%
+R14.5b		40.3%PE20.3xMaterials
MTN MTN GroupR233.383.3%
+R13.6b		66.7%PE21.1xTelecom
CPI Capitec Bank HoldingsR4.77k2.1%
+R11.4b		33.4%PB9.3xFinancials
HAR Harmony Gold MiningR275.106.4%
+R10.4b		8.4%PE10.6xMaterials
See more

Market Insights

Header cover image
Markets are supposed to reprice risk when it changes. This time they've repriced the promise, but left the threat largely untouched. Whether that's an oversight or a fair call is worth thinking through.
Continue reading
Finding dividends that actually last

Latest News

DSY
R264.46
Discovery
7D
-5.9%
1Y
20.0%
VAL
R1,192.17
Valterra Platinum
7D
4.9%
1Y
40.3%
Narrative Update • Jul 02

VAL: Future Upside Will Depend On Platinum Pricing And Production Delivery

The updated analyst price target for Valterra Platinum has shifted in line with revised fair value estimates from ZAR1,470.70 to ZAR1,398.59, as analysts factor in adjusted expectations for revenue, profit margins and P/E multiples alongside mixed recent Street research on the stock. Analyst Commentary Street research on Valterra Platinum highlights a mix of optimism on sector fundamentals and more restrained views on valuation, which helps explain the recent shift in the consolidated price target closer to fair value estimates.
NPN
R788.49
Naspers
7D
-1.4%
1Y
-26.4%
Analysis Article • Jul 02

Naspers Limited Just Beat Revenue By 6.9%: Here's What Analysts Think Will Happen Next

As you might know, Naspers Limited ( JSE:NPN ) recently reported its annual numbers. It was a workmanlike result, with...
HAR
R275.10
Harmony Gold Mining
7D
6.4%
1Y
8.4%
Narrative Update • Jul 01

HAR: New Project Progress And Margin Strength Will Support Further Upside

Analysts have trimmed their ZAR fair value estimate for Harmony Gold Mining from ZAR500 to ZAR450, citing refreshed assumptions for revenue growth, profit margins, discount rate and future P/E that slightly shift the balance of risks and potential returns. What’s in the News for Harmony Gold Mining Jelani Resources, the joint venture vehicle between Harmony Gold Mining subsidiaries and Lexington Gold, received formal acceptance of its Mining Right application for the Jelani JV Project from South Africa’s Department of Mineral and Petroleum Resources.
SSW
R36.00
Sibanye Stillwater
7D
-2.4%
1Y
3.0%
ABG
R222.16
Absa Group
7D
-8.3%
1Y
23.7%
CPI
R4,773.72
Capitec Bank Holdings
7D
2.1%
1Y
33.4%
MTN
R233.38
MTN Group
7D
3.3%
1Y
66.7%
Narrative Update • Jun 30

MTN: Higher Assumed P/E Will Tighten Future Return Potential

The analyst price target for MTN Group has been revised upward from ZAR95.48 to ZAR102.09, with analysts pointing to updated assumptions on revenue growth, profit margins and forward P/E as the main drivers of this change. Analyst Commentary on MTN Group The higher price target for MTN Group sits against a backdrop of more cautious sentiment seen in parts of the wider equity market, where some companies are experiencing trimmed expectations after softer operating trends or guidance.
DTC
R88.49
Datatec
7D
-7.8%
1Y
39.0%
Narrative Update • Jun 26

DTC: Higher Earnings Guidance And Auditor Change Will Support Balanced Outlook

Analysts have adjusted their Datatec valuation framework, lifting the price target from ZAR88.03 to ZAR98.58 as they refresh assumptions around fair value, discount rate, revenue growth, profit margin and future P/E expectations. What's in the News Datatec changed its Independent Registered External Auditor for the financial year ending 28 February 2027, replacing PricewaterhouseCoopers Inc.
GFI
R588.61
Gold Fields
7D
6.7%
1Y
36.1%
Narrative Update • Jun 22

GFI: Higher Gold Price Assumptions Will Support Future Re Rating

Analysts have trimmed their price target for Gold Fields from ZAR1,263.00 to about ZAR1,217.40, citing updated gold price forecasts, slight adjustments to discount rate assumptions, and expectations for revenue growth, profit margins, and a lower future P/E multiple. Analyst Commentary Recent Street research on Gold Fields reflects a mix of upgraded ratings and adjusted targets, with several bullish analysts highlighting potential upside linked to revised gold price assumptions and the company’s ability to execute on its plans.
OUT
R79.85
OUTsurance Group
7D
4.8%
1Y
1.4%
Narrative Update • Jun 22

OUT: Stable Leadership Transition Will Support Future Earnings And Dividend Strength

Analysts have made only marginal adjustments to their valuation inputs for OUTsurance Group, leaving the implied fair value effectively unchanged around ZAR86.26. A largely stable discount rate, revenue growth outlook, profit margin assumptions and future P/E of about 29.16x underpin the steady price target view.
FTA
R19.50
Fairvest
7D
-7.1%
1Y
14.6%
KIO
R286.83
Kumba Iron Ore
7D
-2.3%
1Y
-4.0%
Narrative Update • Jun 18

KIO: Future Returns Will Depend On Stable Output And Rail Delivery

Analysts have reaffirmed their ZAR 313.71 price target for Kumba Iron Ore, citing only marginal tweaks to assumptions, such as a slightly lower discount rate and an unchanged outlook for revenue growth, profit margin and future P/E. What's in the News for Kumba Iron Ore Kumba Iron Ore reported total production of 8.8 Mt for the first quarter ended March 31, 2026, compared with 9.0 Mt in Q1 2025.
BID
R432.42
Bid
7D
-1.2%
1Y
-6.2%
Narrative Update • Jun 18

BID: JPMorgan Upgrade And Refined Assumptions Will Support Future Upside

Analysts have maintained their ZAR fair value estimate for Bid Corp. at approximately ZAR481 per share, while refining assumptions on the discount rate, revenue growth, profit margin, and future P/E following a recent upgrade in Street research.
SLM
R91.08
Sanlam
7D
4.9%
1Y
2.6%
SBK
R322.37
Standard Bank Group
7D
1.3%
1Y
42.3%
Narrative Update • Jun 10

SBK: Dividend Strength And Refined Risk Assumptions Will Support Post Downgrade Stability

Analysts have nudged their fair value estimate for Standard Bank Group slightly higher from ZAR336.77 to about ZAR341.01, citing refreshed assumptions on discount rates and future P/E in spite of recent bearish Street research. Analyst Commentary Bullish Takeaways Bullish analysts see the refreshed discount rate and P/E assumptions as better aligned with current risk pricing, which supports the modest uplift in fair value to about ZAR341.01.