Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

South African (JSE) Market Analysis & Valuation

UpdatedJul 11, 2026
DataAggregated Company Financials
Companies203
  • 7D-0.8%
  • 3M-5.8%
  • 1Y12.6%
  • YTD-4.9%

The Consumer Discretionary sector gained 4.7% while the market remained flat over the last week. As for the longer term, the market has risen 13% in the past 12 months. As for the next few years, earnings are expected to grow by 16% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 12 Jul 2026R7.7tR5.6tR609.4b8.6x12.7x1.4x
Tue, 09 Jun 2026R7.7tR5.5tR623.5b8.7x12.4x1.4x
Thu, 07 May 2026R8.3tR5.5tR616.7b9.1x13.4x1.5x
Sat, 04 Apr 2026R8.0tR5.5tR620.2b9.3x12.9x1.5x
Mon, 02 Mar 2026R8.9tR5.4tR597.5b9.7x14.9x1.7x
Wed, 28 Jan 2026R8.7tR5.3tR555.4b9.6x15.6x1.6x
Fri, 26 Dec 2025R8.3tR5.4tR561.0b9.5x14.7x1.5x
Sun, 23 Nov 2025R7.7tR5.5tR574.6b9.4x13.5x1.4x
Tue, 21 Oct 2025R7.9tR5.5tR574.3b9.2x13.7x1.4x
Thu, 18 Sep 2025R7.4tR5.5tR570.5b9.2x13x1.3x
Sat, 16 Aug 2025R7.3tR5.5tR465.1b8.9x15.7x1.3x
Mon, 14 Jul 2025R7.0tR5.5tR475.5b8.4x14.7x1.3x
Wed, 11 Jun 2025R6.9tR5.4tR432.2b8.7x16x1.3x
Fri, 09 May 2025R6.5tR5.3tR422.5b8.8x15.5x1.2x
Sun, 06 Apr 2025R5.9tR5.4tR427.7b8.1x13.7x1.1x
Tue, 04 Mar 2025R6.3tR5.3tR411.4b9.1x15.4x1.2x
Thu, 30 Jan 2025R6.2tR5.3tR368.5b9.7x16.9x1.2x
Sat, 28 Dec 2024R6.3tR5.3tR366.3b9.9x17.1x1.2x
Mon, 25 Nov 2024R6.3tR5.3tR344.8b10.1x18.3x1.2x
Wed, 23 Oct 2024R6.4tR5.1tR337.5b10.4x18.9x1.2x
Fri, 20 Sep 2024R6.2tR5.2tR333.3b9.8x18.6x1.2x
Sun, 18 Aug 2024R6.1tR5.2tR411.2b9.6x14.8x1.2x
Tue, 16 Jul 2024R6.0tR5.2tR421.4b9.4x14.2x1.1x
Thu, 13 Jun 2024R5.4tR5.2tR434.4b8.7x12.5x1x
Sat, 11 May 2024R5.7tR5.3tR431.5b8.6x13.2x1.1x
Mon, 08 Apr 2024R5.5tR5.3tR432.2b8.7x12.7x1x
Wed, 06 Mar 2024R5.4tR5.3tR451.4b8.9x11.9x1x
Fri, 02 Feb 2024R5.7tR5.4tR540.5b9.3x10.5x1x
Sun, 31 Dec 2023R5.9tR5.4tR538.5b9.4x10.9x1.1x
Tue, 28 Nov 2023R5.7tR5.4tR540.0b9.1x10.5x1x
Thu, 26 Oct 2023R5.3tR5.5tR546.7b9.1x9.7x1x
Sat, 23 Sep 2023R5.6tR5.5tR549.6b9.2x10.1x1x
Mon, 21 Aug 2023R5.7tR5.4tR633.5b8.3x9x1.1x
Wed, 19 Jul 2023R6.0tR5.4tR654.2b8.5x9.2x1.1x
Price to Earnings Ratio

9.2x


Total Market Cap: R6.0tTotal Earnings: R654.2bTotal Revenue: R5.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.8x202420252026
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 13.8x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 2.4% 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-0.85%
Consumer Discretionary4.69%
Real Estate0.57%
Tech0.02%
Utilities0%0
Financials-0.28%
Telecom-1.22%
Industrials-1.63%
Energy-1.97%
Consumer Staples-2.38%
Healthcare-2.56%
Materials-4.49%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 17.2x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 15.8% 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 46% 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
NPN NaspersR859.919.1%
+R53.9b		-21.9%PE8xConsumer Discretionary
SOL SasolR170.157.6%
+R7.7b		84.4%PE45.6xMaterials
SBK Standard Bank GroupR324.480.7%
+R3.4b		47.0%PB1.8xFinancials
KST PSG Financial ServicesR35.007.4%
+R3.0b		59.2%PE25.2xFinancials
FTA FairvestR20.726.3%
+R2.4b		12.6%PB3.7xReal Estate
See more

Market Insights

Header cover image
No financial statement shows what a brand is 'worth' despite it being an incredibly valuable asset for some companies. In the volatile world of social media hypes and fads, it's worth understanding what makes a true enduring brand.
Continue reading
Q-Day: The risk the market forgot to reprice

Latest News

SSW
R34.58
Sibanye Stillwater
7D
-3.9%
1Y
-6.5%
Narrative Update • Jul 09

SSW: Cost Discipline And Production Plans Will Guide Balanced Future Returns

Analysts have trimmed their fair value estimate for Sibanye Stillwater from ZAR48.43 to ZAR33.00, citing updated assumptions on discount rates, revenue growth, profit margins, future P/E multiples, and recent Street target reductions. What's in the News Sibanye Stillwater held an Analyst and Investor Day focused on the group’s international and recycling operations, outlining capital and production plans for these parts of the business.
VAL
R1,090.00
Valterra Platinum
7D
-8.6%
1Y
28.2%
SBK
R324.48
Standard Bank Group
7D
0.7%
1Y
47.0%
Narrative Update • Jul 09

SBK: Dividend Strength And Tighter Risk Assumptions Will Guide Post Downgrade Outlook

The analyst fair value estimate for Standard Bank Group has been adjusted from ZAR341.01 to ZAR348.56, reflecting updated assumptions on discount rates, profit margins and forward P/E, while also incorporating more cautious views from recent Street research, where some analysts have turned more bearish on the stock. Analyst Commentary Recent Street research around Standard Bank Group points to a more cautious tone, even as the updated fair value estimate reflects refined assumptions on discount rates, profit margins and forward P/E.
NPN
R859.91
Naspers
7D
9.1%
1Y
-21.9%
Narrative Update • Jul 09

NPN: Future Returns Will Reflect Prosus Exposure And Share Buyback Outcomes

The Analyst Price Target for Naspers has been adjusted from ZAR 810 to ZAR 828, as analysts factor in updated assumptions on fair value, profitability and valuation multiples following fresh Street coverage that emphasizes the company’s significant exposure to Prosus and supports a Neutral stance overall. What's in the News Naspers reported completion of its share repurchase program announced on June 27, 2022, having bought back 939,992,619 shares in total for US$32.8b, according to company disclosures.
GFI
R560.00
Gold Fields
7D
-4.9%
1Y
29.4%
NPH
R233.52
Northam Platinum Holdings
7D
-5.5%
1Y
15.4%
Narrative Update • Jul 08

NPH: Higher Margin Outlook Will Support Continued Bullish Future P/E View

Analysts have trimmed their price target on Northam Platinum Holdings to ZAR369.17 from ZAR403.92, reflecting updated assumptions for slightly higher discount rates, more moderate revenue expectations, a marginally stronger profit margin profile, and a steady future P/E outlook. What’s in the News for Northam Platinum Holdings No recent company specific news items were identified for Northam Platinum Holdings based on the provided sources.
SOL
R170.15
Sasol
7D
7.6%
1Y
84.4%
Narrative Update • Jul 02

SOL: Higher Fuel Volumes And Repriced P/E Will Support Future Upside

Analysts have lifted their fair value estimate for Sasol from ZAR149.78 to ZAR212.89, citing updated assumptions around revenue growth, profit margins and future P/E levels as key drivers of the higher price target. What's in the News Sasol issued new guidance for fiscal year 2026 sales volumes and gas production, providing updated expectations for key operational metrics.
HAR
R248.49
Harmony Gold Mining
7D
-9.7%
1Y
-4.5%
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.
ABG
R215.97
Absa Group
7D
-2.8%
1Y
23.8%
SHP
R283.70
Shoprite Holdings
7D
-2.8%
1Y
4.5%
MTN
R228.59
MTN Group
7D
-2.1%
1Y
60.6%
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.
INL
R132.26
Investec Group
7D
1.3%
1Y
0.7%
Narrative Update • Jun 26

INL: FTSE 100 Inclusion And Higher Margins Will Support Future Upside

Analysts have lifted their price target for Investec Group to ZAR167.53 from ZAR136.01, citing updated assumptions that include a lower discount rate, a higher projected profit margin at 36.20% and a reduced future P/E of 10.57x. What's in the News Investec Group has been added to the FTSE 100 Index, reflecting its inclusion in the large cap benchmark in London.
FSR
R96.85
FirstRand
7D
0.4%
1Y
33.1%
Narrative Update • Jun 23

FSR: Earnings Resilience And Citi Downgrade Will Shape Future Upside

Analysts have nudged their price target for FirstRand slightly higher, with fair value moving from ZAR104.41 to ZAR105.13. This reflects updated views on the discount rate, revenue growth, profit margin and future P/E assumptions following recent research that included a downgrade from Citi.
FTA
R20.72
Fairvest
7D
6.3%
1Y
12.6%
SAP
R11.14
Sappi
7D
16.2%
1Y
-61.8%
KST
R35.00
PSG Financial Services
7D
7.4%
1Y
59.2%