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South African (JSE) Market Analysis & Valuation

UpdatedJun 05, 2026
DataAggregated Company Financials
Companies202
  • 7D-1.9%
  • 3M-4.0%
  • 1Y13.6%
  • YTD-4.4%

Over the last 7 days, the market has dropped 1.9%, driven by pullbacks in the Materials and Financials sectors of 3.7% and 2.5%, respectively. In the last year, the market is actually up 14%. Earnings are forecast to grow by 15% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 05 Jun 2026R7.8tR5.5tR622.5b8.7x12.5x1.4x
Sun, 03 May 2026R8.0tR5.5tR619.5b9.2x12.9x1.4x
Tue, 31 Mar 2026R7.8tR5.5tR622.6b9.3x12.6x1.4x
Thu, 26 Feb 2026R8.8tR5.3tR578.7b9.8x15.2x1.6x
Sat, 24 Jan 2026R8.6tR5.3tR556.6b9.7x15.5x1.6x
Mon, 22 Dec 2025R8.1tR5.4tR562.3b9.3x14.4x1.5x
Wed, 19 Nov 2025R7.8tR5.5tR570.9b9.4x13.6x1.4x
Fri, 17 Oct 2025R8.0tR5.5tR573.6b9.4x13.9x1.4x
Sun, 14 Sep 2025R7.4tR5.5tR569.6b8.9x13x1.3x
Tue, 12 Aug 2025R7.2tR5.5tR465.2b8.6x15.5x1.3x
Thu, 10 Jul 2025R7.0tR5.5tR474.2b8.6x14.8x1.3x
Sat, 07 Jun 2025R6.9tR5.4tR431.9b8.6x15.9x1.3x
Mon, 05 May 2025R6.7tR5.3tR424.0b9x15.7x1.2x
Wed, 02 Apr 2025R6.5tR5.3tR422.9b8.6x15.5x1.2x
Fri, 28 Feb 2025R6.4tR5.3tR412.4b9.1x15.4x1.2x
Sun, 26 Jan 2025R6.2tR5.3tR367.6b9.9x16.8x1.2x
Tue, 24 Dec 2024R6.3tR5.3tR365.6b10.1x17.2x1.2x
Thu, 21 Nov 2024R6.3tR5.3tR344.2b10.1x18.4x1.2x
Sat, 19 Oct 2024R6.4tR5.1tR338.5b10.4x19x1.3x
Mon, 16 Sep 2024R6.0tR5.2tR332.5b9.7x18.1x1.2x
Wed, 14 Aug 2024R5.9tR5.2tR415.5b9.4x14.2x1.1x
Fri, 12 Jul 2024R5.9tR5.1tR458.1b9.2x12.8x1.1x
Sun, 09 Jun 2024R5.5tR5.3tR437.3b8.7x12.5x1x
Tue, 07 May 2024R5.6tR5.3tR432.4b8.6x12.8x1x
Thu, 04 Apr 2024R5.4tR5.3tR432.6b8.6x12.5x1x
Sat, 02 Mar 2024R5.4tR5.3tR508.6b8.9x10.7x1x
Mon, 29 Jan 2024R5.7tR5.4tR541.7b9.4x10.5x1x
Wed, 27 Dec 2023R5.7tR5.4tR539.7b9.3x10.6x1.1x
Fri, 24 Nov 2023R5.7tR5.4tR540.4b9.1x10.5x1x
Sun, 22 Oct 2023R5.3tR5.5tR547.2b9.1x9.7x1x
Tue, 19 Sep 2023R5.6tR5.5tR556.8b9x10x1x
Thu, 17 Aug 2023R5.8tR5.4tR634.6b8.4x9.2x1.1x
Sat, 15 Jul 2023R6.0tR5.4tR656.0b8.5x9.1x1.1x
Mon, 12 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-1.87%
Energy5.48%
Consumer Discretionary0.73%
Utilities0%0
Consumer Staples-0.035%
Healthcare-0.53%
Tech-0.80%
Industrials-0.91%
Telecom-0.96%
Real Estate-1.74%
Financials-2.46%
Materials-3.69%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 12.9x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 25.4% 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 42% 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 3.4% 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 NaspersR870.002.1%
+R13.5b		-18.8%PE7xConsumer Discretionary
SOL SasolR214.506.5%
+R8.5b		159.1%PE57.4xMaterials
EXX Exxaro ResourcesR227.505.8%
+R2.9b		51.3%PE7xEnergy
MTM Momentum GroupR37.484.3%
+R2.0b		6.1%PE7.9xFinancials
BID BidR412.501.4%
+R1.9b		-11.2%PE15.7xConsumer Staples
See more

Market Insights

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Latest News

BID
R412.50
Bid
7D
1.4%
1Y
-11.2%
Narrative Update • Jun 04

BID: JPMorgan Upgrade And Analyst Day Insights Will Support Future Upside

Narrative Update on Bid Price Target Analysts have kept their ZAR price target for Bid broadly in line with prior levels, reflecting only fine tuning to inputs such as discount rate, revenue growth, profit margin and future P/E assumptions following the recent research upgrade. What's in the News Bid Corporation Limited held an Analyst/Investor Day, giving the market an updated view on its operations and capital allocation plans.
EXX
R227.50
Exxaro Resources
7D
5.8%
1Y
51.3%
Narrative Update • Jun 03

EXX: Future Dividend Decision And P/E Assumptions Will Shape Balanced Outlook

Analysts have raised their ZAR price target on Exxaro Resources from ZAR 195.00 to ZAR 217.00, citing updates to fair value assumptions, discount rate, revenue growth, profit margin and future P/E inputs in their models. What's in the News Exxaro Resources has scheduled a board meeting for March 17, 2026, to consider key corporate matters.
VAL
R1,293.17
Valterra Platinum
7D
-4.2%
1Y
70.4%
Narrative Update • Jun 03

VAL: Trimmed Growth And Margin Assumptions Will Pressure Future Earnings Multiple

Analysts have trimmed their price target on Valterra Platinum from ZAR 8,000 to ZAR 7,890, citing updated assumptions for revenue growth, profit margins, discount rate, and future P/E following recent mixed research commentary. Analyst Commentary Recent research has highlighted a more cautious tone around Valterra Platinum, with the latest price target revisions reflecting updated assumptions on growth, profitability, and valuation multiples.
HAR
R279.32
Harmony Gold Mining
7D
-5.7%
1Y
7.2%
Narrative Update • Jun 03

HAR: Higher Margins And Payouts Will Support A Stronger Medium Term Outlook

Analysts have lifted their Harmony Gold Mining price target slightly from ZAR385 to ZAR390, reflecting updated assumptions for revenue growth, profit margins and a lower future P/E multiple in their models. What's in the News Ninety One SA (Pty) Ltd increased its minority holding in Harmony Gold Mining Company to 5.2017% of total issued shares, following the completion of an additional stake acquisition on April 20, 2026.
SOL
R214.50
Sasol
7D
6.5%
1Y
159.1%
Narrative Update • Jun 03

SOL: Elevated Discount Rate And Weaker Gas Volumes Will Pressure Future P/E

Analysts now maintain Sasol's fair value price target at ZAR155.00, with only small adjustments to assumptions around the discount rate, revenue contraction, profit margin and future P/E, which together support this unchanged view. What's in the News Sasol confirmed revised guidance for fiscal year 2026, keeping most guidance unchanged while updating specific volume expectations.
TGA
R149.75
Thungela Resources
7D
4.5%
1Y
67.2%
Narrative Update • Jun 02

TGA: Large Cash Dividend Will Support Undervalued Shares In 2026

Analysts maintained their ZAR 180.00 price target for Thungela Resources, noting that only minor changes to the discount rate, revenue growth, profit margin and future P/E assumptions were made, which did not materially change their valuation view. What's in the News A board meeting is scheduled for 20 March 2026 to consider approval of Thungela Resources' annual financial statements for the year ended 31 December 2025, for presentation at the next AGM.
IMP
R217.01
Impala Platinum Holdings
7D
-6.4%
1Y
51.9%
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.
DSY
R266.25
Discovery
7D
-4.3%
1Y
21.9%
Narrative Update • Jun 02

DSY: Stable Assumptions And Slight Model Tweaks Will Shape Future Upside Potential

Analysts have nudged their ZAR price target for Discovery slightly higher, from about ZAR299 to roughly ZAR301. This reflects updated views on fair value, the discount rate, and longer term P/E assumptions.
GFI
R622.23
Gold Fields
7D
-3.0%
1Y
42.0%
APN
R146.50
Aspen Pharmacare Holdings
7D
1.2%
1Y
21.1%
SBK
R306.00
Standard Bank Group
7D
-2.7%
1Y
30.7%
Analysis Article • Jun 01

Do Standard Bank Group's (JSE:SBK) Earnings Warrant Your Attention?

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
CPI
R4,294.11
Capitec Bank Holdings
7D
-3.7%
1Y
22.2%
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
R870.00
Naspers
7D
2.1%
1Y
-18.8%
Analysis Article • May 31

Does Naspers (JSE:NPN) Deserve A Spot On Your Watchlist?

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
MTM
R37.48
Momentum Group
7D
4.3%
1Y
6.1%
Narrative Update • May 30

MTM: Index Inclusion And Dividend Payout Will Support Future P E Rerating

Analysts have kept their fair value estimate for Momentum Group steady at ZAR44.09, with only slight adjustments to inputs such as discount rate, revenue growth, profit margin and future P/E. This reflects fine tuning of their models rather than a shift in overall view.
SSW
R45.57
Sibanye Stillwater
7D
-6.6%
1Y
52.5%
Narrative Update • May 28

SSW: Future Returns Will Rely On Executing Higher Margin And P E Assumptions

Analysts have reset their ZAR price expectations for Sibanye Stillwater lower, with a new fair value estimate of about ZAR65.41 compared with roughly ZAR82.53 previously, reflecting updated views on revenue growth, profit margins and a reduced future P/E assumption. What's in the News First quarter 2026 update: SA PGM operations 4E production, excluding third party concentrate, was 2% higher year on year, with AISC of ZAR 24,629/4Eoz (US$1,507/4Eoz) in line with the first quarter of 2025.
FTA
R18.49
Fairvest
7D
2.2%
1Y
8.1%