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South African (JSE) Market Analysis & Valuation

UpdatedJul 22, 2026
DataAggregated Company Financials
Companies203
  • 7D-1.3%
  • 3M-5.4%
  • 1Y7.8%
  • YTD-6.3%

Over the last 7 days, the market has dropped 1.3%, driven by a loss of 6.0% in the Consumer Discretionary sector. In the last year, the market is actually up 7.8%. 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, 23 Jul 2026R7.6tR5.6tR610.9b8.6x12.5x1.4x
Sat, 20 Jun 2026R7.9tR5.5tR625.1b8.6x12.6x1.4x
Mon, 18 May 2026R7.9tR5.5tR617.2b8.5x12.8x1.4x
Wed, 15 Apr 2026R8.3tR5.5tR614.0b9.2x13.5x1.5x
Fri, 13 Mar 2026R8.1tR5.5tR611.5b9.3x13.2x1.5x
Sun, 08 Feb 2026R8.4tR5.3tR557.7b9.7x15.1x1.6x
Tue, 06 Jan 2026R8.2tR5.4tR558.1b9.6x14.7x1.5x
Thu, 04 Dec 2025R7.8tR5.4tR566.6b9.3x13.8x1.4x
Sat, 01 Nov 2025R7.7tR5.5tR575.2b9.2x13.4x1.4x
Mon, 29 Sep 2025R7.5tR5.5tR571.5b8.8x13.2x1.4x
Wed, 27 Aug 2025R7.3tR5.5tR550.2b9.1x13.3x1.3x
Fri, 25 Jul 2025R7.2tR5.5tR472.8b8.2x15.1x1.3x
Sun, 22 Jun 2025R6.8tR5.5tR440.4b8.4x15.4x1.2x
Tue, 20 May 2025R6.6tR5.3tR422.7b9x15.7x1.2x
Thu, 17 Apr 2025R6.5tR5.4tR425.9b8.3x15.2x1.2x
Sat, 15 Mar 2025R6.4tR5.3tR418.2b8.9x15.2x1.2x
Mon, 10 Feb 2025R6.4tR5.3tR369.7b9.8x17.2x1.2x
Wed, 08 Jan 2025R6.2tR5.3tR369.2b9.8x16.9x1.2x
Fri, 06 Dec 2024R6.4tR5.3tR362.8b10.1x17.7x1.2x
Sun, 03 Nov 2024R6.4tR5.3tR335.9b10.4x18.9x1.2x
Tue, 01 Oct 2024R6.4tR5.1tR334.2b10.3x19x1.2x
Thu, 29 Aug 2024R6.2tR5.2tR349.6b9.8x17.7x1.2x
Sat, 27 Jul 2024R5.9tR5.2tR418.1b9.4x14.2x1.1x
Mon, 24 Jun 2024R5.9tR5.2tR442.9b9x13.2x1.1x
Wed, 22 May 2024R5.8tR5.3tR430.7b8.6x13.4x1.1x
Fri, 19 Apr 2024R5.3tR5.3tR436.1b8.5x12.2x1x
Sun, 17 Mar 2024R5.4tR5.4tR456.0b8.5x11.7x1x
Tue, 13 Feb 2024R5.5tR5.3tR526.4b9.1x10.4x1x
Thu, 11 Jan 2024R5.6tR5.4tR541.3b9.4x10.4x1x
Sat, 09 Dec 2023R5.6tR5.5tR543.9b9.1x10.3x1x
Mon, 06 Nov 2023R5.5tR5.4tR541.9b8.9x10.2x1x
Wed, 04 Oct 2023R5.3tR5.5tR548.7b9.2x9.6x1x
Fri, 01 Sep 2023R5.8tR5.4tR587.4b8.8x9.9x1.1x
Sun, 30 Jul 2023R6.1tR5.3tR627.5b8.5x9.8x1.2x
Price to Earnings Ratio

9.8x


Total Market Cap: R6.1tTotal Earnings: R627.5bTotal Revenue: R5.3tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.8x202420252026
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 13.8x.
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-1.27%
Energy1.16%
Industrials0.92%
Consumer Staples0.30%
Utilities0%0
Financials-0.22%
Materials-0.64%
Real Estate-0.66%
Telecom-2.17%
Healthcare-2.32%
Tech-3.06%
Consumer Discretionary-6.04%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 18.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 15.9% which is higher than its past year's earnings decline of 2.1% per year.
  • The Real Estate sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 8.2x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 40% over the next 5 years.
  • This is better than its past earnings growth rate of 16% per year.
  • In contrast, the Tech sector is expected to see its earnings grow by 7.4% 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
GFI Gold FieldsR553.834.5%
+R21.3b		26.7%PE8.5xMaterials
VAL Valterra PlatinumR1.16k7.5%
+R21.2b		26.3%PE19.7xMaterials
HAR Harmony Gold MiningR264.777.8%
+R12.0b		5.2%PE10.2xMaterials
SSW Sibanye StillwaterR35.827.6%
+R7.1b		-16.9%PS0.8xMaterials
IMP Impala Platinum HoldingsR185.593.6%
+R5.8b		-0.3%PE20.3xMaterials
See more

Market Insights

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A strong brand today doesn't guarantee a strong brand forever. Even the most established names can see their pricing power fade over time. In an industry landscape being reshaped by new entrants, shifting tastes and disruptive technology, it's worth understanding how to tell a temporary dip from a permanent decline.
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What makes a lasting brand?

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