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South African (JSE) Market Analysis & Valuation

UpdatedJun 11, 2026
DataAggregated Company Financials
Companies202
  • 7D-2.1%
  • 3M-4.2%
  • 1Y10.7%
  • YTD-6.4%

Over the last 7 days, the market has dropped 2.1%, driven by a pullback of 11% in the Materials sector. In contrast to the last week, the market is actually up 11% over the past year. Looking forward, 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, 12 Jun 2026R7.6tR5.5tR624.0b8.5x12.2x1.4x
Sun, 10 May 2026R8.1tR5.5tR610.1b9.1x13.3x1.5x
Tue, 07 Apr 2026R8.0tR5.5tR620.2b9.3x12.9x1.5x
Thu, 05 Mar 2026R8.4tR5.4tR593.4b9.6x14.2x1.6x
Sat, 31 Jan 2026R8.5tR5.3tR554.3b9.5x15.3x1.6x
Mon, 29 Dec 2025R8.3tR5.4tR561.0b9.5x14.7x1.5x
Wed, 26 Nov 2025R7.8tR5.4tR568.9b9.3x13.6x1.4x
Fri, 24 Oct 2025R7.8tR5.5tR574.0b9.4x13.7x1.4x
Sun, 21 Sep 2025R7.5tR5.5tR572.3b9x13.1x1.4x
Tue, 19 Aug 2025R7.3tR5.5tR465.4b8.9x15.6x1.3x
Thu, 17 Jul 2025R7.0tR5.5tR474.3b8.5x14.7x1.3x
Sat, 14 Jun 2025R6.8tR5.5tR436.4b8.6x15.6x1.2x
Mon, 12 May 2025R6.6tR5.3tR421.8b8.9x15.7x1.2x
Wed, 09 Apr 2025R6.1tR5.4tR431.4b8.2x14.1x1.1x
Fri, 07 Mar 2025R6.4tR5.3tR416.5b9.2x15.3x1.2x
Sun, 02 Feb 2025R6.3tR5.3tR368.9b10x17x1.2x
Tue, 31 Dec 2024R6.2tR5.3tR367.3b10.1x16.9x1.2x
Thu, 28 Nov 2024R6.3tR5.3tR350.0b10x17.9x1.2x
Sat, 26 Oct 2024R6.4tR5.1tR338.8b10.4x18.8x1.2x
Mon, 23 Sep 2024R6.2tR5.2tR335.1b10x18.5x1.2x
Wed, 21 Aug 2024R6.2tR5.2tR397.0b9.7x15.5x1.2x
Fri, 19 Jul 2024R5.8tR5.2tR421.8b9.2x13.8x1.1x
Sun, 16 Jun 2024R5.6tR5.2tR434.5b8.7x12.8x1.1x
Tue, 14 May 2024R5.7tR5.3tR430.1b8.6x13.3x1.1x
Thu, 11 Apr 2024R5.5tR5.3tR432.5b8.7x12.8x1x
Sat, 09 Mar 2024R5.5tR5.3tR450.0b8.6x12.2x1x
Mon, 05 Feb 2024R5.7tR5.5tR542.4b9.4x10.4x1x
Wed, 03 Jan 2024R5.8tR5.4tR540.1b9.4x10.8x1.1x
Fri, 01 Dec 2023R5.7tR5.4tR546.9b9.1x10.3x1x
Sun, 29 Oct 2023R5.3tR5.5tR545.2b8.9x9.6x1x
Tue, 26 Sep 2023R5.6tR5.5tR549.5b9.2x10.1x1x
Thu, 24 Aug 2023R5.8tR5.4tR595.0b8.5x9.7x1.1x
Sat, 22 Jul 2023R6.0tR5.4tR654.2b8.5x9.1x1.1x
Mon, 19 Jun 2023R6.1tR5.4tR637.2b8.4x9.6x1.1x
Price to Earnings Ratio

9.6x


Total Market Cap: R6.1tTotal Earnings: R637.2bTotal 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 pessimistic on the South African market, indicating that they anticipate earnings will not grow as fast as they have historically.
  • The market is trading at a PE ratio of 12.2x which is lower than its 3-year average PE 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-2.08%
Consumer Discretionary1.94%
Consumer Staples1.20%
Financials1.15%
Real Estate0.86%
Utilities0%0
Industrials-0.98%
Healthcare-1.11%
Telecom-1.12%
Tech-1.41%
Energy-7.77%
Materials-11.05%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 13.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 24.8% 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 3.6% 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
MTN MTN GroupR223.984.4%
+R17.4b		66.9%PE20.3xTelecom
CPI Capitec Bank HoldingsR4.40k2.4%
+R11.9b		25.1%PB8.6xFinancials
SBK Standard Bank GroupR312.392.1%
+R10.4b		32.7%PB1.8xFinancials
SOL SasolR228.346.5%
+R8.9b		162.2%PE61.2xMaterials
DSY DiscoveryR278.344.5%
+R8.1b		27.1%PE17.7xFinancials
See more

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Latest News

SBK
R312.39
Standard Bank Group
7D
1.8%
1Y
37.3%
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.
NPH
R248.04
Northam Platinum Holdings
7D
-10.7%
1Y
45.4%
IMP
R182.05
Impala Platinum Holdings
7D
-9.3%
1Y
22.1%
OUT
R71.97
OUTsurance Group
7D
4.5%
1Y
-9.2%
Narrative Update • Jun 08

OUT: Dividends Will Support A Stronger Future Earnings Profile

Analysts have made a small upward adjustment to the OUTsurance Group price target to ZAR86.26, reflecting refreshed assumptions around fair value and forward P/E, while keeping revenue growth and profit margin expectations broadly unchanged. What's in the News Group CFO Jan Hofmeyr has resigned after more than 18 years with OUTsurance Group to join a new fintech venture, with his notice period running to 2 October 2026, according to a company announcement.
MTN
R223.98
MTN Group
7D
5.8%
1Y
69.0%
NPN
R860.04
Naspers
7D
-2.6%
1Y
-19.1%
Narrative Update • Jun 08

NPN: Prosus Exposure And Dividend Policy Will Support Future Upside

Analysts have trimmed their Naspers fair value estimate from ZAR 1,533.03 to ZAR 1,312.53. The updated ZAR 902 Street price target reflects a more cautious view on profit margins and future P/E multiples, even as assumptions for revenue growth remain firm.
FSR
R91.96
FirstRand
7D
1.1%
1Y
27.3%
Narrative Update • Jun 07

FSR: Earnings Resilience And Discount Rate Shift Will Support Future Upside

Analysts have made a small upward tweak to their ZAR price target for FirstRand, reflecting slightly adjusted assumptions for fair value, discount rate, revenue growth, profit margin and future P/E following recent research that included a downgrade at Citi. What's in the News Analysts have revised fair value, discount rate, revenue growth assumptions, profit margin and future P/E inputs for FirstRand following recent research updates.
GFI
R565.95
Gold Fields
7D
-6.6%
1Y
25.3%
Narrative Update • Jun 06

GFI: Higher Gold Prices And Project Execution Will Support Future Upside

Analysts have raised their price target on Gold Fields from about ZAR831.30 to roughly ZAR914.75. They cite updated gold price forecasts, mixed revisions to stock ratings, and adjusted assumptions for growth, margins, the discount rate, and future P/E multiples.
BID
R429.40
Bid
7D
4.1%
1Y
-3.3%
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.
VAL
R1,136.00
Valterra Platinum
7D
-4.0%
1Y
49.2%
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
R240.17
Harmony Gold Mining
7D
-8.7%
1Y
-9.9%
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.
KIO
R286.51
Kumba Iron Ore
7D
-4.5%
1Y
1.5%
Narrative Update • Jun 03

KIO: Future Returns Will Rely On Rail Delivery And Stable Payouts

Analysts have raised their price target for Kumba Iron Ore from ZAR306 to about ZAR314, citing updated assumptions that reflect slightly slower expected revenue declines, a modestly higher projected profit margin, and a small adjustment to the forecast future P/E multiple and discount rate. What's in the News Kumba Iron Ore reported first quarter 2026 production of 8.8 Mt, compared with 9.0 Mt in Q1 2025, with lower output at Kolomela partly offset by higher production at Sishen.
DSY
R278.34
Discovery
7D
4.5%
1Y
28.9%
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.
CPI
R4,397.07
Capitec Bank Holdings
7D
1.0%
1Y
27.4%
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.
SSW
R38.31
Sibanye Stillwater
7D
-9.9%
1Y
25.2%
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.
SHP
R293.56
Shoprite Holdings
7D
3.0%
1Y
8.5%
Narrative Update • Mar 25

SHP: Future Upside Will Be Driven By Dividend Support And Earnings Guidance

Analysts have trimmed their Shoprite Holdings price target from ZAR322.69 to ZAR317.19, as slightly softer assumptions on revenue growth, profit margins and fair value are now partly offset by a marginally higher future P/E estimate and a small adjustment to the discount rate. What's in the News The board declares an interim cash dividend of 307 cents per ordinary share for the 26-week period ended 28 December 2025, with payment scheduled for 30 March 2026 from retained earnings in line with applicable legislation (Key Developments).