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South African (JSE) Market Analysis & Valuation
UpdatedAug 22, 2025
DataAggregated Company Financials
Companies212
- 7D-0.4%
- 3M8.0%
- 1Y18.7%
- YTD16.7%
The Energy sector gained 5.3% while the market remained flat over the last week. Meanwhile, the market is actually up 19% over the past year. Earnings are forecast to grow by 20% annually.
Market Valuation and Performance
Has the South African Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Fri, 22 Aug 2025 | R7.3t | R5.5t | R482.1b | 9.1x | 15.1x | 1.3x |
| Sun, 20 Jul 2025 | R7.1t | R5.5t | R473.1b | 8.2x | 15.1x | 1.3x |
| Tue, 17 Jun 2025 | R6.8t | R5.5t | R436.6b | 8.6x | 15.6x | 1.2x |
| Thu, 15 May 2025 | R6.7t | R5.3t | R422.4b | 8.7x | 15.7x | 1.2x |
| Sat, 12 Apr 2025 | R6.2t | R5.4t | R427.9b | 8.2x | 14.5x | 1.2x |
| Mon, 10 Mar 2025 | R6.4t | R5.3t | R419.4b | 9x | 15.3x | 1.2x |
| Wed, 05 Feb 2025 | R6.2t | R5.3t | R369.0b | 9.8x | 16.9x | 1.2x |
| Fri, 03 Jan 2025 | R6.2t | R5.3t | R368.7b | 10x | 16.9x | 1.2x |
| Sun, 01 Dec 2024 | R6.2t | R5.3t | R350.7b | 10.1x | 17.8x | 1.2x |
| Tue, 29 Oct 2024 | R6.4t | R5.1t | R339.7b | 10.4x | 19x | 1.3x |
| Thu, 26 Sep 2024 | R6.4t | R5.2t | R334.1b | 10.1x | 19x | 1.2x |
| Sat, 24 Aug 2024 | R6.2t | R5.2t | R350.4b | 9.7x | 17.7x | 1.2x |
| Mon, 22 Jul 2024 | R5.8t | R5.2t | R422.0b | 9.4x | 13.8x | 1.1x |
| Wed, 19 Jun 2024 | R5.8t | R5.2t | R432.3b | 8.7x | 13.5x | 1.1x |
| Fri, 17 May 2024 | R5.8t | R5.3t | R431.3b | 8.8x | 13.4x | 1.1x |
| Sun, 14 Apr 2024 | R5.5t | R5.3t | R433.1b | 8.6x | 12.7x | 1x |
| Tue, 12 Mar 2024 | R5.5t | R5.4t | R448.5b | 8.5x | 12.2x | 1x |
| Thu, 08 Feb 2024 | R5.6t | R5.3t | R535.2b | 9.1x | 10.4x | 1.1x |
| Sat, 06 Jan 2024 | R5.7t | R5.4t | R541.1b | 9.5x | 10.5x | 1x |
| Mon, 04 Dec 2023 | R5.6t | R5.4t | R545.2b | 9.1x | 10.3x | 1x |
| Wed, 01 Nov 2023 | R5.3t | R5.5t | R544.0b | 8.7x | 9.7x | 1x |
| Fri, 29 Sep 2023 | R5.5t | R5.5t | R550.8b | 9x | 10x | 1x |
| Sun, 27 Aug 2023 | R5.8t | R5.4t | R585.9b | 8.5x | 9.9x | 1.1x |
| Tue, 25 Jul 2023 | R6.0t | R5.3t | R633.7b | 8.5x | 9.4x | 1.1x |
| Thu, 22 Jun 2023 | R5.9t | R5.4t | R629.4b | 8.5x | 9.4x | 1.1x |
| Sat, 20 May 2023 | R5.9t | R5.4t | R671.6b | 7.6x | 8.7x | 1.1x |
| Mon, 17 Apr 2023 | R6.2t | R5.3t | R656.6b | 8.4x | 9.4x | 1.2x |
| Wed, 15 Mar 2023 | R5.9t | R5.3t | R647.4b | 8.2x | 9.2x | 1.1x |
| Fri, 10 Feb 2023 | R6.4t | R5.2t | R662.8b | 8.5x | 9.6x | 1.2x |
| Sun, 08 Jan 2023 | R6.2t | R5.2t | R657.5b | 8.3x | 9.4x | 1.2x |
| Tue, 06 Dec 2022 | R6.1t | R5.2t | R658.2b | 8.4x | 9.2x | 1.2x |
| Thu, 03 Nov 2022 | R5.8t | R5.2t | R842.3b | 8.4x | 6.9x | 1.1x |
| Sat, 01 Oct 2022 | R5.5t | R5.1t | R838.2b | 8.5x | 6.6x | 1.1x |
| Mon, 29 Aug 2022 | R6.0t | R5.3t | R800.2b | 8.5x | 7.5x | 1.1x |
Price to Earnings Ratio
7.5x
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 15.1x which is higher than its 3-year average PE of 12.3x.
Past Earnings Growth
- The earnings for South African listed companies have declined 16% 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 Market | -0.42% | |
| Energy | 5.31% | |
| Tech | 2.52% | |
| Real Estate | 2.15% | |
| Consumer Staples | 1.46% | |
| Materials | 0.94% | |
| Industrials | 0.46% | |
| Utilities | 0% | 0 |
| Healthcare | -0.14% | |
| Financials | -0.55% | |
| Consumer Discretionary | -1.63% | |
| Telecom | -4.63% | |
Sector PE
- Investors favour the Tech sector the most for future growth even though it's trading below its 3-year average PE ratio of 56.9x.
- Analysts are expecting annual earnings growth of 17.0%, which is lower than the prior year's growth of 30.3% per year.
Forecasted Growth
- Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 44% over the next 5 years.
- This is better than its past earnings decline of 15% per year.
- In contrast, the Energy sector is expected to see its earnings decline by 5.9% 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 | Sector | |
|---|---|---|---|---|---|---|
| GFI Gold Fields | R542.84 | 2.3% +R10.8b | 91.2% | PE22x | Materials | |
| HAR Harmony Gold Mining | R283.43 | 4.6% +R7.7b | 47.7% | PE16.8x | Materials | |
| SOL Sasol | R108.00 | 10.0% +R6.3b | -25.1% | PS0.3x | Materials | |
| EXX Exxaro Resources | R178.01 | 8.2% +R3.3b | 7.2% | PE5.6x | Energy | |
| NRP NEPI Rockcastle | R146.40 | 3.3% +R3.1b | 5.3% | PE8.9x | Real Estate |
