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South African (JSE) Market Analysis & Valuation

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies201
  • 7D1.7%
  • 3M-3.8%
  • 1Y22.1%
  • YTD-3.2%

The market has climbed 1.7% over the last week, with theFinancials and Energy sectors leading the way. In the last year, the market has climbed 22%. 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, 27 Mar 2026R7.9tR5.5tR631.0b9.3x12.5x1.4x
Sun, 22 Feb 2026R8.6tR5.3tR585.7b9.7x14.7x1.6x
Tue, 20 Jan 2026R8.4tR5.3tR558.4b9.6x15.1x1.6x
Thu, 18 Dec 2025R8.1tR5.4tR562.0b9.3x14.3x1.5x
Sat, 15 Nov 2025R7.9tR5.5tR570.7b9.6x13.8x1.4x
Mon, 13 Oct 2025R7.8tR5.5tR574.9b9.2x13.5x1.4x
Wed, 10 Sep 2025R7.3tR5.5tR567.0b8.9x12.9x1.3x
Fri, 08 Aug 2025R7.2tR5.5tR466.9b8.5x15.4x1.3x
Sun, 06 Jul 2025R7.0tR5.5tR472.5b8.5x14.8x1.3x
Tue, 03 Jun 2025R6.8tR5.4tR432.6b8.7x15.7x1.3x
Thu, 01 May 2025R6.6tR5.4tR425.6b8.7x15.6x1.2x
Sat, 29 Mar 2025R6.5tR5.3tR422.3b8.6x15.4x1.2x
Mon, 24 Feb 2025R6.5tR5.3tR415.7b9.6x15.5x1.2x
Wed, 22 Jan 2025R6.2tR5.3tR367.9b9.7x17x1.2x
Fri, 20 Dec 2024R6.3tR5.3tR364.7b9.9x17.2x1.2x
Sun, 17 Nov 2024R6.2tR5.3tR344.4b10x18x1.2x
Tue, 15 Oct 2024R6.3tR5.1tR336.2b10.4x18.9x1.2x
Thu, 12 Sep 2024R5.9tR5.2tR347.7b9.7x17.1x1.1x
Sat, 10 Aug 2024R5.9tR5.2tR418.4b9.6x14.1x1.1x
Mon, 08 Jul 2024R5.8tR5.1tR458.9b9.3x12.7x1.1x
Wed, 05 Jun 2024R5.5tR5.2tR433.0b8.7x12.6x1x
Fri, 03 May 2024R5.5tR5.3tR432.9b8.5x12.7x1x
Sun, 31 Mar 2024R5.5tR5.3tR434.1b8.7x12.6x1x
Tue, 27 Feb 2024R5.5tR5.3tR517.7b9x10.6x1x
Thu, 25 Jan 2024R5.7tR5.5tR542.6b9.3x10.4x1x
Sat, 23 Dec 2023R5.7tR5.4tR539.3b9.3x10.6x1.1x
Mon, 20 Nov 2023R5.6tR5.4tR538.6b9x10.3x1x
Wed, 18 Oct 2023R5.5tR5.4tR545.8b9x10.1x1x
Fri, 15 Sep 2023R5.7tR5.5tR553.7b8.8x10.3x1x
Sun, 13 Aug 2023R6.0tR5.4tR631.5b8.4x9.5x1.1x
Tue, 11 Jul 2023R5.7tR5.4tR660.6b8.5x8.7x1.1x
Thu, 08 Jun 2023R5.9tR5.4tR654.9b8.3x9.1x1.1x
Sat, 06 May 2023R6.1tR5.3tR669.4b8.3x9.1x1.1x
Mon, 03 Apr 2023R6.0tR5.3tR646.5b8.2x9.3x1.1x
Price to Earnings Ratio

9.3x


Total Market Cap: R6.0tTotal Earnings: R646.5bTotal Revenue: R5.3tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.4x202420252026
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 13.4x.
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 Market1.65%
Consumer Staples3.24%
Materials2.56%
Financials1.88%
Telecom1.60%
Healthcare1.52%
Tech1.25%
Industrials0.97%
Real Estate0.55%
Utilities0%0
Consumer Discretionary-0.50%
Energy-3.78%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth even though it's trading below its 3-year average PE ratio of 20.4x.
    • Analysts are expecting annual earnings growth of 11.5%, which is lower than the prior year's growth of 14.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 48% over the next 5 years.
  • This is better than its past earnings growth rate of 17% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 9.5% 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
GFI Gold FieldsR712.804.2%
+R25.5b		86.9%PE10.4xMaterials
CPI Capitec Bank HoldingsR4.26k2.9%
+R14.1b		32.3%PB9.2xFinancials
HAR Harmony Gold MiningR246.098.1%
+R11.5b		4.7%PE9.4xMaterials
VOD Vodacom GroupR150.072.9%
+R8.1b		23.2%PE15.4xTelecom
SSW Sibanye StillwaterR49.076.1%
+R8.0b		151.9%PS1.1xMaterials
See more

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Latest News

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1Y
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GFI
R712.80
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1Y
86.9%
EXX
R212.66
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SHP
R277.00
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7D
5.2%
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2.2%

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

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Valterra Platinum
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-2.4%
1Y
73.8%

VAL: Dividend Windfall And Higher Earnings Guidance Will Drive Future Returns

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SNT
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Santam
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3.5%

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Catalysts About Santam Santam is a South African based short term insurer with growing direct, reinsurance and international operations, including a Lloyd's syndicate and partnerships across Africa and India. What are the underlying business or industry changes driving this perspective?
HAR
R246.09
Harmony Gold Mining
7D
8.1%
1Y
4.7%
SBK
R300.90
Standard Bank Group
7D
1.2%
1Y
21.9%

SBK: Cautious Downgrade Will Still Rely On Dividend Support Through 2028

Analysts have raised their price target for Standard Bank Group from ZAR307.41 to ZAR321.45, citing updated views on revenue growth, profit margins and future P/E assumptions, even as some recent research has turned more cautious on the shares. Analyst Commentary Bullish Takeaways Bullish analysts point to the raised price target to ZAR321.45 as a sign that updated assumptions on revenue and profit margins still support room for upside against current trading levels.
CPI
R4,261.13
Capitec Bank Holdings
7D
2.9%
1Y
32.3%

CPI: 2026 Earnings Guidance Will Likely Keep Shares Looking Overpriced

Analysts have adjusted their ZAR fair value estimate for Capitec Bank Holdings to ZAR3,445.76 per share, reflecting updated assumptions around revenue growth, profit margin and future P/E levels. What's in the News Capitec Bank Holdings issued group earnings guidance for the year ending 28 February 2026, giving investors an updated reference point for expected profitability.
SSW
R49.07
Sibanye Stillwater
7D
6.1%
1Y
151.9%
NPN
R882.34
Naspers
7D
-1.2%
1Y
-6.7%

NPN: Future Returns Will Be Driven By Higher Growth And Premium P/E

Analysts have raised their price target for Naspers to ZAR1,184, citing adjusted assumptions around the discount rate, revenue growth, profit margins, and future P/E as key drivers of the updated view. Valuation Changes Fair Value: ZAR1,184.25 remains unchanged in the updated assessment.
BID
R406.03
Bid
7D
-0.6%
1Y
-6.8%
VOD
R150.07
Vodacom Group
7D
2.9%
1Y
23.2%

VOD: Lower Growth And Higher Margins Will Shape Balanced Medium Term Outlook

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ABG
R241.97
Absa Group
7D
3.4%
1Y
31.0%

ABG: Dividend Momentum And Higher Profitability Assumptions Will Support Future Upside

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SAP
R17.10
Sappi
7D
-7.2%
1Y
-55.0%
FTA
R17.61
Fairvest
7D
-2.2%
1Y
-1.6%