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South African (JSE) Market Analysis & Valuation

UpdatedJun 24, 2026
DataAggregated Company Financials
Companies203
  • 7D-2.9%
  • 3M-0.9%
  • 1Y15.5%
  • YTD-4.1%

Over the last 7 days, the market has dropped 2.9%, driven by a pullback of 11% in the Materials sector. In the last year, the market is actually up 15%. 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
Thu, 25 Jun 2026R7.8tR5.5tR625.9b8.6x12.5x1.4x
Sat, 23 May 2026R7.8tR5.5tR617.1b8.5x12.7x1.4x
Mon, 20 Apr 2026R8.4tR5.5tR613.6b9.2x13.7x1.5x
Wed, 18 Mar 2026R8.2tR5.5tR624.7b9.2x13.1x1.5x
Fri, 13 Feb 2026R8.5tR5.3tR557.0b9.7x15.3x1.6x
Sun, 11 Jan 2026R8.3tR5.4tR559.5b9.6x14.9x1.6x
Tue, 09 Dec 2025R7.8tR5.4tR567.0b9.4x13.8x1.4x
Thu, 06 Nov 2025R7.7tR5.5tR577.0b9.1x13.4x1.4x
Sat, 04 Oct 2025R7.7tR5.5tR572.1b8.9x13.5x1.4x
Mon, 01 Sep 2025R7.3tR5.5tR574.7b9.1x12.6x1.3x
Wed, 30 Jul 2025R7.1tR5.5tR468.7b8.2x15.2x1.3x
Fri, 27 Jun 2025R6.9tR5.5tR473.8b8.5x14.6x1.3x
Sun, 25 May 2025R6.7tR5.3tR418.2b8.7x16.1x1.3x
Tue, 22 Apr 2025R6.5tR5.4tR426.1b8.4x15.2x1.2x
Thu, 20 Mar 2025R6.5tR5.3tR413.1b9x15.8x1.2x
Sat, 15 Feb 2025R6.4tR5.3tR370.2b9.5x17.4x1.2x
Mon, 13 Jan 2025R6.2tR5.3tR371.3b10x16.6x1.2x
Wed, 11 Dec 2024R6.5tR5.3tR361.5b10.1x17.9x1.2x
Fri, 08 Nov 2024R6.4tR5.3tR336.2b10.3x18.9x1.2x
Sun, 06 Oct 2024R6.3tR5.3tR338.8b10.3x18.7x1.2x
Tue, 03 Sep 2024R6.1tR5.2tR345.4b9.8x17.7x1.2x
Thu, 01 Aug 2024R6.1tR5.2tR417.5b9.7x14.5x1.2x
Sat, 29 Jun 2024R5.8tR5.2tR421.3b8.9x13.8x1.1x
Mon, 27 May 2024R5.7tR5.3tR429.4b8.7x13.3x1.1x
Wed, 24 Apr 2024R5.3tR5.3tR436.5b8.5x12.2x1x
Fri, 22 Mar 2024R5.3tR5.4tR449.1b8.5x11.9x1x
Sun, 18 Feb 2024R5.5tR5.3tR526.0b9x10.4x1x
Tue, 16 Jan 2024R5.7tR5.4tR541.1b9.4x10.4x1x
Thu, 14 Dec 2023R5.5tR5.5tR544.6b9.1x10.2x1x
Sat, 11 Nov 2023R5.5tR5.5tR537.7b9x10.1x1x
Mon, 09 Oct 2023R5.3tR5.5tR549.9b9.1x9.6x1x
Wed, 06 Sep 2023R5.8tR5.4tR560.8b8.9x10.3x1.1x
Fri, 04 Aug 2023R5.9tR5.4tR635.0b8.4x9.4x1.1x
Sun, 02 Jul 2023R5.8tR5.4tR660.6b8.6x8.9x1.1x
Price to Earnings Ratio

8.9x


Total Market Cap: R5.8tTotal Earnings: R660.6bTotal 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-2.87%
Tech5.63%
Healthcare3.01%
Consumer Staples0.65%
Financials0.65%
Real Estate0.64%
Industrials0.36%
Utilities0%0
Telecom-2.58%
Consumer Discretionary-2.84%
Energy-4.61%
Materials-11.27%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 15.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 14.5% 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 10.6x.
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 2.1% 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
CPI Capitec Bank HoldingsR4.71k1.4%
+R7.5b		34.3%PB9.2xFinancials
FSR FirstRandR99.001.3%
+R7.2b		32.2%PE12.5xFinancials
ABG Absa GroupR252.092.4%
+R4.8b		45.9%PB1.1xFinancials
SOL SasolR185.723.2%
+R3.8b		134.0%PE49.7xMaterials
NED Nedbank GroupR279.662.5%
+R3.1b		15.9%PB1.1xFinancials
See more

Market Insights

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Latest News

FSR
R99.00
FirstRand
7D
1.3%
1Y
32.2%
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.
DTC
R93.00
Datatec
7D
11.1%
1Y
44.5%
GFI
R558.58
Gold Fields
7D
-15.9%
1Y
30.8%
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.
NPN
R805.55
Naspers
7D
-4.1%
1Y
-26.9%
CPI
R4,706.40
Capitec Bank Holdings
7D
1.4%
1Y
34.3%
BID
R436.00
Bid
7D
1.6%
1Y
-5.1%
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
R1,155.13
Valterra Platinum
7D
-10.7%
1Y
57.9%
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.
SOL
R185.72
Sasol
7D
3.2%
1Y
134.0%
Narrative Update • Jun 18

SOL: Higher Margins And Fuel Volume Guidance Will Drive Future Rerating

Analysts have lifted their fair value estimate for Sasol to ZAR260.00 from ZAR222.00, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E as key drivers of the higher price target. What’s in the News for Sasol Sasol issued new guidance for fiscal year 2026, stating that overall guidance remains unchanged while providing updated volume expectations.
NED
R279.66
Nedbank Group
7D
2.5%
1Y
15.9%
Narrative Update • Jun 17

NED: Future Returns Will Improve As Earnings Delivery Supports Higher Fair Value

Analysts have slightly reduced their price target for Nedbank Group to ZAR308.72 from ZAR310.61, reflecting small adjustments to assumptions on the discount rate, revenue growth, profit margin and future P/E multiples. What’s in the News for Nedbank Group No recent Nedbank Group specific news items were provided in the primary sources.
HAR
R257.47
Harmony Gold Mining
7D
-11.2%
1Y
3.7%
Narrative Update • Jun 17

HAR: Jelani JV Progress And Existing Infrastructure Access Will Support Future Returns

Analysts have lifted their price target for Harmony Gold Mining from ZAR300 to ZAR320. They cite updated assumptions for revenue growth, profit margins, discount rate and future P/E as the key drivers of this valuation change.
IMP
R186.39
Impala Platinum Holdings
7D
-12.7%
1Y
21.3%
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
R252.09
Absa Group
7D
2.4%
1Y
45.9%
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.
MTN
R220.02
MTN Group
7D
-3.4%
1Y
66.8%
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.
SSW
R36.96
Sibanye Stillwater
7D
-14.3%
1Y
19.7%
Narrative Update • Jun 11

SSW: Stable Production And Higher Metal Prices Will Support Repricing

Analysts have adjusted their fair value estimate for Sibanye Stillwater to ZAR97.49 per share from ZAR97.55. This reflects updated views on a slightly higher discount rate, firmer revenue growth assumptions, a modestly softer profit margin, and a largely unchanged future P/E expectation.
NPH
R248.50
Northam Platinum Holdings
7D
-11.4%
1Y
35.2%
REM
R196.27
Remgro
7D
2.6%
1Y
26.6%