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South African (JSE) Market Analysis & Valuation

UpdatedJun 04, 2026
DataAggregated Company Financials
Companies202
  • 7D-2.2%
  • 3M-3.8%
  • 1Y14.4%
  • YTD-4.1%

Over the last 7 days, the market has dropped 2.2%, driven by a decline of 3.0% in the Financials sector. As for the longer term, the market has actually risen by 14% in the last year. Looking forward, 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
Thu, 04 Jun 2026R7.8tR5.5tR621.0b8.6x12.6x1.4x
Sat, 02 May 2026R8.0tR5.5tR619.6b9.2x12.9x1.4x
Mon, 30 Mar 2026R7.8tR5.5tR622.2b9.3x12.6x1.4x
Wed, 25 Feb 2026R8.7tR5.3tR580.9b9.8x15x1.6x
Fri, 23 Jan 2026R8.6tR5.3tR556.5b9.8x15.5x1.6x
Sun, 21 Dec 2025R8.1tR5.4tR562.3b9.3x14.4x1.5x
Tue, 18 Nov 2025R7.9tR5.5tR570.5b9.6x13.9x1.4x
Thu, 16 Oct 2025R7.9tR5.5tR573.6b9.1x13.7x1.4x
Sat, 13 Sep 2025R7.4tR5.5tR569.6b8.9x13x1.3x
Mon, 11 Aug 2025R7.2tR5.5tR465.6b8.8x15.5x1.3x
Wed, 09 Jul 2025R7.0tR5.5tR474.2b8.6x14.8x1.3x
Fri, 06 Jun 2025R6.9tR5.4tR431.7b8.6x15.9x1.3x
Sun, 04 May 2025R6.7tR5.3tR424.0b9x15.7x1.2x
Tue, 01 Apr 2025R6.4tR5.3tR421.8b8.5x15.3x1.2x
Thu, 27 Feb 2025R6.4tR5.3tR412.6b9.3x15.6x1.2x
Sat, 25 Jan 2025R6.2tR5.3tR367.5b9.9x16.8x1.2x
Mon, 23 Dec 2024R6.3tR5.3tR364.2b10x17.2x1.2x
Wed, 20 Nov 2024R6.3tR5.3tR343.5b10.1x18.2x1.2x
Fri, 18 Oct 2024R6.4tR5.1tR339.0b10.3x18.8x1.2x
Sun, 15 Sep 2024R6.0tR5.2tR332.5b9.7x18.1x1.2x
Tue, 13 Aug 2024R5.9tR5.2tR417.4b9.5x14.1x1.1x
Thu, 11 Jul 2024R5.8tR5.1tR458.6b9.2x12.6x1.1x
Sat, 08 Jun 2024R5.5tR5.3tR437.4b8.7x12.5x1x
Mon, 06 May 2024R5.5tR5.3tR432.5b8.6x12.8x1x
Wed, 03 Apr 2024R5.5tR5.3tR433.1b8.7x12.6x1x
Fri, 01 Mar 2024R5.4tR5.3tR514.2b8.9x10.5x1x
Sun, 28 Jan 2024R5.7tR5.4tR541.7b9.4x10.5x1x
Tue, 26 Dec 2023R5.7tR5.4tR539.9b9.3x10.6x1.1x
Thu, 23 Nov 2023R5.6tR5.4tR539.5b9.2x10.3x1x
Sat, 21 Oct 2023R5.3tR5.5tR546.9b9.1x9.7x1x
Mon, 18 Sep 2023R5.6tR5.5tR556.5b9x10.1x1x
Wed, 16 Aug 2023R5.9tR5.4tR634.2b8.4x9.3x1.1x
Fri, 14 Jul 2023R6.0tR5.4tR654.7b8.6x9.1x1.1x
Sun, 11 Jun 2023R7.5tR5.4tR654.7b8.3x11.4x1.4x
Price to Earnings Ratio

11.4x


Total Market Cap: R7.5tTotal Earnings: R654.7bTotal 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
  • Both revenue and earnings for South African listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

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

ZA Market-2.20%
Energy7.06%
Healthcare3.22%
Consumer Discretionary1.86%
Utilities0%0
Tech-0.23%
Industrials-1.36%
Consumer Staples-2.28%
Telecom-2.41%
Real Estate-2.77%
Financials-3.01%
Materials-3.54%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 12.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 26.1% which is higher than its past year's earnings decline of 2.1% per year.
  • The Consumer Discretionary sector is the least preferred by investors for future growth, which is trading below its 3-year average of 10.7x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 41% over the next 5 years.
  • This is better than its past earnings growth rate of 16% per year.
  • In contrast, the Consumer Discretionary sector is expected to see its earnings grow by 3.3% 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 NaspersR889.644.8%
+R30.8b		-17.9%PE7.2xConsumer Discretionary
SOL SasolR221.147.0%
+R9.3b		162.2%PE59.2xMaterials
APN Aspen Pharmacare HoldingsR145.508.0%
+R4.8b		19.5%PS1.5xHealthcare
EXX Exxaro ResourcesR225.905.9%
+R2.9b		51.0%PE7xEnergy
BID BidR413.501.4%
+R1.9b		-12.5%PE15.8xConsumer Staples
See more

Market Insights

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Latest News

TGA
R154.98
Thungela Resources
7D
10.3%
1Y
72.2%
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TGA: Large Cash Dividend Will Support Undervalued Shares In 2026

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IMP
R219.81
Impala Platinum Holdings
7D
-5.4%
1Y
63.3%
Narrative Update • Jun 02

IMP: Strong Production Volumes And Firm Margins Will Support Future Share Price

Analysts have slightly revised their valuation model for Impala Platinum Holdings, trimming the ZAR fair value estimate from about ZAR529.29 to ZAR522.52. Updated assumptions on revenue growth, profit margins, the discount rate and the future P/E have resulted in a lower price target.
GFI
R625.67
Gold Fields
7D
-3.6%
1Y
36.4%
APN
R145.50
Aspen Pharmacare Holdings
7D
8.0%
1Y
19.5%
SBK
R304.39
Standard Bank Group
7D
-3.7%
1Y
31.4%
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It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
CPI
R4,315.96
Capitec Bank Holdings
7D
-4.3%
1Y
23.3%
Narrative Update • Jun 01

CPI: Higher Profit Margins And Richer P/E Will Support Future Share Repricing

Analysts have lifted their price target for Capitec Bank Holdings from ZAR4,990 to ZAR5,686, citing updated assumptions that include a slightly lower discount rate, adjustments to revenue growth expectations, a higher profit margin, and a modestly higher future P/E multiple. Valuation Changes Fair Value: Updated from ZAR4,990 to ZAR5,686, indicating a higher central estimate for the stock.
NPN
R889.64
Naspers
7D
4.8%
1Y
-17.9%
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Does Naspers (JSE:NPN) Deserve A Spot On Your Watchlist?

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HAR
R282.52
Harmony Gold Mining
7D
-5.2%
1Y
3.2%
DTC
R79.04
Datatec
7D
3.9%
1Y
25.7%
EXX
R225.90
Exxaro Resources
7D
5.9%
1Y
51.0%
INL
R138.23
Investec Group
7D
0.7%
1Y
11.5%
SLM
R81.79
Sanlam
7D
-5.2%
1Y
-8.4%
FSR
R90.09
FirstRand
7D
-2.3%
1Y
19.8%
Narrative Update • May 22

FSR: Earnings Quality And Resilient Positioning Will Support Future Upside

Analysts have trimmed their ZAR fair value estimate for FirstRand slightly to ZAR104.33 from ZAR104.45, reflecting updated assumptions around discount rates and earnings quality following recent research, including a downgrade highlighted by Citi. Analyst Commentary Recent commentary around FirstRand reflects a mix of confidence in the group’s long term positioning and a more cautious stance on how much of that quality is already captured in the share price, especially following the recent downgrade referenced in street research.
VAL
R1,300.00
Valterra Platinum
7D
-3.9%
1Y
80.3%
Narrative Update • May 20

VAL: Dividend Windfall And Stable Margins Will Support Future Returns

Analysts have trimmed their ZAR price target on Valterra Platinum to reflect a slightly lower assumed discount rate and more moderate future P/E expectations, while still incorporating steady revenue growth and profit margin assumptions. Analyst Commentary Recent Street research on Valterra Platinum points to mixed views on valuation, with a group of bullish analysts highlighting potential upside drivers for the stock.
SOL
R221.14
Sasol
7D
7.0%
1Y
162.2%
BID
R413.50
Bid
7D
1.4%
1Y
-12.5%
Narrative Update • Apr 30

BID: JPMorgan Upgrade And Cash Dividend Timeline Will Support Future Upside

Analysts have raised their ZAR price target for Bid, citing updated assumptions that keep fair value around ZAR 481 while slightly adjusting the discount rate, revenue growth, profit margin and future P/E expectations to reflect the latest JPMorgan upgrade and supporting research. Analyst Commentary Analyst reactions to the latest ZAR 481 fair value update for Bid center on how realistic the new assumptions are for revenue growth, profit margin and future P/E, especially in light of the recent JPMorgan upgrade.