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

South African (JSE) Market Analysis & Valuation

UpdatedJun 30, 2026
DataAggregated Company Financials
Companies203
  • 7D-1.1%
  • 3M-4.2%
  • 1Y12.1%
  • YTD-5.1%

Over the last 7 days, the market has dropped 1.1%, driven by declines in the Materials and Financials sectors of 4.3% and 2.3%, respectively. In contrast to the last week, the market is actually up 12% over the past year. 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
Tue, 30 Jun 2026R7.7tR5.6tR611.7b8.6x12.6x1.4x
Thu, 28 May 2026R8.0tR5.5tR618.4b8.7x12.9x1.4x
Sat, 25 Apr 2026R8.1tR5.5tR617.8b9.2x13x1.5x
Mon, 23 Mar 2026R7.7tR5.5tR630.3b9.3x12.3x1.4x
Wed, 18 Feb 2026R8.4tR5.3tR557.9b9.5x15x1.6x
Fri, 16 Jan 2026R8.5tR5.3tR557.9b9.7x15.2x1.6x
Sun, 14 Dec 2025R8.0tR5.4tR563.2b9.3x14.1x1.5x
Tue, 11 Nov 2025R7.8tR5.5tR569.9b9.3x13.8x1.4x
Thu, 09 Oct 2025R7.8tR5.5tR571.1b9x13.7x1.4x
Sat, 06 Sep 2025R7.2tR5.5tR566.9b8.9x12.8x1.3x
Mon, 04 Aug 2025R7.0tR5.5tR470.7b8.2x15x1.3x
Wed, 02 Jul 2025R6.9tR5.5tR472.9b8.6x14.7x1.3x
Fri, 30 May 2025R6.8tR5.3tR421.8b8.7x16.2x1.3x
Sun, 27 Apr 2025R6.5tR5.4tR426.2b8.6x15.3x1.2x
Tue, 25 Mar 2025R6.5tR5.3tR415.7b8.7x15.6x1.2x
Thu, 20 Feb 2025R6.5tR5.3tR365.5b9.5x17.7x1.2x
Sat, 18 Jan 2025R6.2tR5.3tR368.9b9.7x16.9x1.2x
Mon, 16 Dec 2024R6.5tR5.3tR361.5b10.2x17.9x1.2x
Wed, 13 Nov 2024R6.2tR5.3tR341.6b10.1x18.3x1.2x
Fri, 11 Oct 2024R6.3tR5.1tR337.2b10.3x18.6x1.2x
Sun, 08 Sep 2024R6.0tR5.2tR347.6b10.1x17.2x1.1x
Tue, 06 Aug 2024R5.8tR5.2tR419.1b9.3x13.9x1.1x
Thu, 04 Jul 2024R5.9tR5.2tR422.4b9.2x13.9x1.1x
Sat, 01 Jun 2024R5.5tR5.2tR434.1b8.7x12.6x1x
Mon, 29 Apr 2024R5.4tR5.3tR434.6b8.4x12.5x1x
Wed, 27 Mar 2024R5.4tR5.4tR432.9b8.6x12.5x1x
Fri, 23 Feb 2024R5.5tR5.3tR520.1b9.1x10.6x1x
Sun, 21 Jan 2024R5.6tR5.5tR543.5b9.3x10.2x1x
Tue, 19 Dec 2023R5.8tR5.4tR540.8b9.3x10.7x1.1x
Thu, 16 Nov 2023R5.7tR5.5tR534.9b9.3x10.6x1x
Sat, 14 Oct 2023R5.5tR5.4tR547.1b9x10x1x
Mon, 11 Sep 2023R5.7tR5.5tR559.7b8.8x10.2x1x
Wed, 09 Aug 2023R6.0tR5.4tR631.2b8.5x9.5x1.1x
Fri, 07 Jul 2023R5.7tR5.4tR662.5b8.5x8.6x1.1x
Price to Earnings Ratio

8.6x


Total Market Cap: R5.7tTotal Earnings: R662.5bTotal 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 2.6% 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-1.06%
Tech3.95%
Consumer Discretionary2.87%
Telecom2.52%
Healthcare2.41%
Real Estate1.22%
Consumer Staples0.89%
Utilities0%0
Industrials-1.31%
Financials-2.27%
Energy-3.51%
Materials-4.34%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 16.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 13.5% 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 Consumer Discretionary sector is expected to see its earnings grow by 7.5% 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 NaspersR838.974.1%
+R26.8b		-23.3%PE7.7xConsumer Discretionary
VOD Vodacom GroupR149.904.2%
+R11.6b		7.2%PE14xTelecom
MTN MTN GroupR224.872.2%
+R8.9b		58.4%PE20.3xTelecom
BID BidR445.012.1%
+R3.0b		-4.9%PE17xConsumer Staples
OUT OUTsurance GroupR79.001.9%
+R2.3b		0.6%PE24.5xFinancials
See more

Market Insights

Header cover image
Yield measures a moment. A decade of raising it measures the business: durable earnings, a clean balance sheet, and management disciplined enough to keep it.
Continue reading
Watt's left in the overcrowded power trade?

Latest News

SOL
R160.09
Sasol
7D
-13.8%
1Y
101.1%
NPN
R838.97
Naspers
7D
4.1%
1Y
-23.3%
APN
R155.95
Aspen Pharmacare Holdings
7D
3.1%
1Y
30.4%
FSR
R96.29
FirstRand
7D
-2.7%
1Y
26.4%
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.
GFI
R541.80
Gold Fields
7D
-3.0%
1Y
28.5%
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
R79.00
OUTsurance Group
7D
1.9%
1Y
0.6%
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
R20.99
Fairvest
7D
5.0%
1Y
16.7%
BID
R445.01
Bid
7D
2.1%
1Y
-4.9%
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.
VAL
R1,100.80
Valterra Platinum
7D
-4.7%
1Y
37.6%
Narrative Update • Jun 18

VAL: Higher P/E Assumptions And Execution Risks Will Pressure Future Share Price

Analysts have nudged their fair value estimate for Valterra Platinum higher from ZAR 689.00 to about ZAR 703.48, citing updated assumptions on growth, profitability and future P/E, along with mixed recent Street views that include a lower ZAR price target from RBC Capital and a fresh upgrade from Berenberg. Analyst Commentary Recent Street commentary on Valterra Platinum highlights a split view, with some analysts setting a more cautious tone even as the fair value estimate edges higher.
IMP
R174.30
Impala Platinum Holdings
7D
-6.5%
1Y
7.7%
Narrative Update • Jun 17

IMP: Stable 6E Volumes And Margins Will Support Future Share Price

Analysts have kept their ZAR price target for Impala Platinum Holdings broadly unchanged at around ZAR522.52, citing only slight adjustments to assumptions for the discount rate, revenue growth, profit margin and forward P/E in their valuation work. What’s in the News for Impala Platinum Holdings Impala Platinum Holdings reported 6E Group production of 762,000 oz for the third quarter ended March 31, 2026, compared with 766,000 oz for the same quarter a year earlier.
ABG
R244.10
Absa Group
7D
-3.2%
1Y
37.4%
Narrative Update • Jun 17

ABG: Dividend Payout And Digital Remittances Will Support Future Upside Potential

Analysts have slightly adjusted their fair value estimate for Absa Group, trimming the price target from ZAR269.19 to ZAR268.75 as they refine assumptions around discount rates, profit margins and future P/E expectations. What’s in the News for Absa Group No recent Absa Group news items were identified in the provided sources, so investors may need to rely on the latest company filings, official announcements or exchange disclosures for current updates.
DSY
R264.84
Discovery
7D
-8.2%
1Y
21.9%
Narrative Update • Jun 16

DSY: Stable Outlook Will Rely On Unchanged Assumptions For Future Upside Potential

The latest Discovery price target remains steady at ZAR301.19, as analysts cite unchanged fair value, discount rate, revenue growth, profit margin and future P/E assumptions in their updated models. What’s in the News for Discovery No recent Discovery news items are available from the provided primary sources.
MTN
R224.87
MTN Group
7D
2.2%
1Y
58.4%
Narrative Update • Jun 16

MTN: Fintech Partnership And Dividend Discipline Will Shape Future Share Balance

Analysts have slightly reduced their fair value estimate for MTN Group, trimming the price target from ZAR225.00 to about ZAR224.44 as they refine assumptions around growth, margins and future P/E based on their latest research. Analyst Commentary Analysts covering MTN Group see a mix of positives and risks, which is reflected in the very small trim to the fair value estimate.
VOD
R149.90
Vodacom Group
7D
4.2%
1Y
7.2%
Narrative Update • Jun 15

VOD: Neutral Stance And EPS Guidance Will Shape Balanced Medium Term Outlook

Analysts have lifted Vodacom Group's price target from ZAR151.88 to ZAR158.85, reflecting updated views on its growth, profitability profile and P/E assumptions following recent research coverage. What's in the News Vodacom Group issued earnings guidance for the year ending 31 March 2026, indicating an expected EPS range of 1,031 cents to 1,074 cents, based on company guidance.
SBK
R319.86
Standard Bank Group
7D
-2.5%
1Y
40.4%
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.
ADH
R47.52
ADvTECH
7D
9.1%
1Y
44.9%