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South African (JSE) Market Analysis & Valuation

UpdatedJun 17, 2026
DataAggregated Company Financials
Companies203
  • 7D3.8%
  • 3M1.0%
  • 1Y20.1%
  • YTD-1.5%

The market has climbed 3.8% in the last 7 days, lead by the Materials sector with a gain of 8.3%. The market is up 20% over the last 12 months. As for the next few years, earnings are expected to grow by 15% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 18 Jun 2026R8.0tR5.5tR620.2b8.7x12.9x1.4x
Sat, 16 May 2026R7.9tR5.5tR617.2b8.7x12.8x1.4x
Mon, 13 Apr 2026R8.2tR5.5tR614.8b9.2x13.4x1.5x
Wed, 11 Mar 2026R8.3tR5.4tR604.4b9.6x13.8x1.5x
Fri, 06 Feb 2026R8.3tR5.3tR553.5b9.7x15x1.6x
Sun, 04 Jan 2026R8.2tR5.4tR559.4b9.6x14.7x1.5x
Tue, 02 Dec 2025R7.9tR5.4tR565.8b9.2x13.9x1.4x
Thu, 30 Oct 2025R7.8tR5.5tR573.3b9.2x13.6x1.4x
Sat, 27 Sep 2025R7.5tR5.5tR569.3b8.8x13.2x1.4x
Mon, 25 Aug 2025R7.4tR5.5tR491.8b9.2x15x1.3x
Wed, 23 Jul 2025R7.2tR5.5tR472.2b8.6x15.1x1.3x
Fri, 20 Jun 2025R6.8tR5.5tR440.6b8.4x15.4x1.2x
Sun, 18 May 2025R6.7tR5.3tR419.8b9x15.9x1.2x
Tue, 15 Apr 2025R6.4tR5.4tR425.6b8.3x15x1.2x
Thu, 13 Mar 2025R6.3tR5.3tR425.6b8.6x14.8x1.2x
Sat, 08 Feb 2025R6.4tR5.3tR369.7b9.8x17.3x1.2x
Mon, 06 Jan 2025R6.3tR5.3tR369.2b9.9x17x1.2x
Wed, 04 Dec 2024R6.3tR5.3tR361.6b10x17.5x1.2x
Fri, 01 Nov 2024R6.4tR5.3tR335.8b10.3x19x1.2x
Sun, 29 Sep 2024R6.4tR5.1tR333.2b10.4x19.4x1.3x
Tue, 27 Aug 2024R6.2tR5.2tR349.5b9.7x17.7x1.2x
Thu, 25 Jul 2024R5.9tR5.2tR418.5b9.2x14.1x1.1x
Sat, 22 Jun 2024R5.9tR5.2tR442.9b8.9x13.2x1.1x
Mon, 20 May 2024R5.8tR5.3tR431.0b8.6x13.3x1.1x
Wed, 17 Apr 2024R5.5tR5.3tR434.0b8.5x12.6x1x
Fri, 15 Mar 2024R5.4tR5.3tR461.5b8.4x11.7x1x
Sun, 11 Feb 2024R5.5tR5.3tR527.2b9.1x10.4x1x
Tue, 09 Jan 2024R5.7tR5.4tR540.4b9.5x10.5x1x
Thu, 07 Dec 2023R5.6tR5.5tR545.4b9.2x10.3x1x
Sat, 04 Nov 2023R5.5tR5.4tR541.9b8.9x10.2x1x
Mon, 02 Oct 2023R5.3tR5.4tR547.2b9.1x9.8x1x
Wed, 30 Aug 2023R5.8tR5.4tR584.9b8.7x10x1.1x
Fri, 28 Jul 2023R6.0tR5.3tR630.4b8.5x9.6x1.1x
Sun, 25 Jun 2023R5.8tR5.4tR628.8b8.3x9.2x1.1x
Price to Earnings Ratio

9.2x


Total Market Cap: R5.8tTotal Earnings: R628.8bTotal 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 Market3.85%
Materials8.28%
Tech5.43%
Telecom3.94%
Financials3.49%
Real Estate2.88%
Industrials2.32%
Consumer Staples2.29%
Healthcare0.54%
Utilities0%0
Consumer Discretionary-0.37%
Energy-3.80%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 14.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 15.0% 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 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 3.8% 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 FieldsR664.4017.4%
+R88.1b		48.6%PE10.1xMaterials
VAL Valterra PlatinumR1.29k13.9%
+R41.3b		73.4%PE22xMaterials
FSR FirstRandR97.706.2%
+R31.9b		34.6%PE12.4xFinancials
SBK Standard Bank GroupR331.736.2%
+R31.4b		46.4%PB1.9xFinancials
HAR Harmony Gold MiningR289.8720.7%
+R31.1b		10.3%PE11.1xMaterials
See more

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GFI
R664.40
Gold Fields
7D
17.4%
1Y
48.6%
VAL
R1,293.55
Valterra Platinum
7D
13.9%
1Y
73.4%
TGA
R120.80
Thungela Resources
7D
-5.0%
1Y
40.3%
Narrative Update • Jun 16

TGA: Higher Future P/E And Dividend Policy Will Support Undervalued Shares

The analyst price target for Thungela Resources has been revised from ZAR180.00 to ZAR250.00. Analysts attribute the change to updated fair value assumptions and a higher future P/E estimate as key drivers.
HAR
R289.87
Harmony Gold Mining
7D
20.7%
1Y
10.3%
VOD
R145.66
Vodacom Group
7D
-3.6%
1Y
12.0%
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.
SOL
R179.90
Sasol
7D
-21.2%
1Y
75.9%
CPI
R4,641.55
Capitec Bank Holdings
7D
5.6%
1Y
34.5%
Narrative Update • Jun 15

CPI: Higher P/E Assumptions Will Continue To Support Overpriced Shares

Analysts have adjusted their fair value estimate for Capitec Bank Holdings to ZAR3,881.06 from ZAR3,817.98, reflecting updated assumptions on revenue growth, profit margins and future P/E levels. What's in the News No recent company specific news items were provided in the supplied sources for Capitec Bank Holdings.
TEX
R2.80
Texton Property Fund
7D
-37.8%
1Y
-0.4%
SSW
R43.14
Sibanye Stillwater
7D
12.6%
1Y
37.9%
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.
SBK
R331.73
Standard Bank Group
7D
6.2%
1Y
46.4%
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.
IMP
R213.50
Impala Platinum Holdings
7D
17.3%
1Y
43.6%
DCP
R32.78
Dis-Chem Pharmacies
7D
-2.6%
1Y
4.6%
Narrative Update • Jun 08

DCP: Lower Dividend Payout And Weaker Margins Will Pressure Future Returns

Analysts have trimmed their ZAR price target for Dis-Chem Pharmacies from ZAR29.00 to ZAR27.00, reflecting updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Dis-Chem Pharmacies declared a gross final cash dividend of 15.91872 cents per share for the period ended 28 February 2026, in line with its stated policy of paying out 40% of headline earnings.
NPN
R840.00
Naspers
7D
-2.3%
1Y
-19.7%
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
R97.70
FirstRand
7D
6.2%
1Y
34.6%
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.
INL
R136.07
Investec Group
7D
-0.7%
1Y
13.4%
OPA
R15.15
Channel Vas Investments
7D
-3.5%
1Y
n/a