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South African (JSE) Market Analysis & Valuation

UpdatedApr 03, 2026
DataAggregated Company Financials
Companies200
  • 7D1.8%
  • 3M-1.5%
  • 1Y31.4%
  • YTD-1.5%

Over the last 7 days, the market has risen 1.8%, driven by gains of 8.7% in the Materials sector. On the other hand, with a decline of 3.3%, the Communication Services sector is lagging behind. As for the past 12 months, the market is up 31%. Looking forward, earnings are forecast to grow by 16% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 03 Apr 2026R8.0tR5.5tR619.7b9.3x13x1.5x
Sun, 01 Mar 2026R8.9tR5.4tR596.7b9.8x15x1.7x
Tue, 27 Jan 2026R8.7tR5.3tR555.1b9.7x15.7x1.6x
Thu, 25 Dec 2025R8.3tR5.4tR561.3b9.4x14.7x1.5x
Sat, 22 Nov 2025R7.7tR5.5tR574.5b9.4x13.5x1.4x
Mon, 20 Oct 2025R7.8tR5.5tR574.3b9.2x13.6x1.4x
Wed, 17 Sep 2025R7.4tR5.5tR569.2b9.1x13x1.3x
Fri, 15 Aug 2025R7.3tR5.5tR466.1b8.9x15.7x1.3x
Sun, 13 Jul 2025R7.0tR5.5tR475.5b8.4x14.7x1.3x
Tue, 10 Jun 2025R6.9tR5.4tR432.0b8.7x15.9x1.3x
Thu, 08 May 2025R6.6tR5.3tR423.1b8.8x15.6x1.2x
Sat, 05 Apr 2025R5.9tR5.4tR427.7b8.1x13.7x1.1x
Mon, 03 Mar 2025R6.3tR5.3tR411.9b9.3x15.2x1.2x
Wed, 29 Jan 2025R6.1tR5.3tR369.3b9.7x16.6x1.2x
Fri, 27 Dec 2024R6.3tR5.3tR367.7b10x17.1x1.2x
Sun, 24 Nov 2024R6.3tR5.3tR346.1b10.1x18.3x1.2x
Tue, 22 Oct 2024R6.4tR5.1tR338.4b10.4x18.9x1.3x
Thu, 19 Sep 2024R6.1tR5.2tR332.1b9.7x18.4x1.2x
Sat, 17 Aug 2024R6.1tR5.2tR411.3b9.6x14.8x1.2x
Mon, 15 Jul 2024R5.9tR5.2tR420.0b9.1x14.1x1.1x
Wed, 12 Jun 2024R5.4tR5.2tR435.6b8.6x12.5x1x
Fri, 10 May 2024R5.6tR5.3tR431.8b8.4x13x1x
Sun, 07 Apr 2024R5.5tR5.3tR432.2b8.7x12.7x1x
Tue, 05 Mar 2024R5.4tR5.3tR502.5b8.7x10.8x1x
Thu, 01 Feb 2024R5.6tR5.4tR541.2b9.3x10.4x1x
Sat, 30 Dec 2023R5.9tR5.4tR539.7b9.4x10.9x1.1x
Mon, 27 Nov 2023R5.7tR5.4tR540.6b9.2x10.5x1x
Wed, 25 Oct 2023R5.3tR5.5tR548.1b9.1x9.7x1x
Fri, 22 Sep 2023R5.6tR5.5tR550.9b9.2x10.1x1x
Sun, 20 Aug 2023R5.7tR5.4tR633.5b8.3x9x1.1x
Tue, 18 Jul 2023R6.0tR5.4tR655.6b8.5x9.1x1.1x
Thu, 15 Jun 2023R6.0tR5.4tR638.1b8.4x9.5x1.1x
Sat, 13 May 2023R5.9tR5.4tR669.9b8x8.8x1.1x
Mon, 10 Apr 2023R6.1tR5.3tR650.4b8.6x9.4x1.1x
Price to Earnings Ratio

9.4x


Total Market Cap: R6.1tTotal Earnings: R650.4bTotal 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 Market1.79%
Materials8.68%
Energy6.77%
Healthcare2.59%
Industrials0.64%
Tech0.18%
Financials0.069%
Utilities0%0
Real Estate-0.32%
Consumer Staples-0.68%
Consumer Discretionary-1.04%
Telecom-3.33%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 4.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 43.7% which is higher than its past year's earnings decline of 2.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 49% over the next 5 years.
  • This is better than its past earnings growth rate of 17% per year.
  • In contrast, the Consumer Discretionary sector is expected to see its earnings grow by 3.9% 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 FieldsR800.5812.3%
+R78.6b		88.2%PE11.9xMaterials
VAL Valterra PlatinumR1.46k12.0%
+R41.0b		117.3%PE24.8xMaterials
IMP Impala Platinum HoldingsR245.328.9%
+R18.0b		121.7%PE26.8xMaterials
HAR Harmony Gold MiningR273.0711.0%
+R16.9b		-1.4%PE10.5xMaterials
SBK Standard Bank GroupR310.323.1%
+R15.3b		41.1%PB1.8xFinancials
See more

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GFI
R800.58
Gold Fields
7D
12.3%
1Y
88.2%
SOL
R208.08
Sasol
7D
-5.2%
1Y
208.3%

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ABG
R238.35
Absa Group
7D
-1.5%
1Y
44.9%
VOD
R144.11
Vodacom Group
7D
-4.0%
1Y
17.6%

VOD: Neutral UBS Stance Will Support Higher Future Earnings Multiple

Analysts have nudged their Vodacom Group price target slightly higher to ZAR201.69 from ZAR200.72, reflecting updated assumptions around revenue growth, profit margins and future P/E following recent research that includes a new neutral stance from UBS on the shares. Analyst Commentary Bullish analysts see the latest ZAR201.69 price target as consistent with a view that Vodacom Group can support its current P/E assumptions if it executes reliably on revenue and margin expectations.
HAR
R273.07
Harmony Gold Mining
7D
11.0%
1Y
-1.4%

HAR: Earnings Guidance And Dividend Payout Will Support Future Upside

Analysts have raised their ZAR price target for Harmony Gold Mining to ZAR500, citing slightly firmer long term revenue growth, profit margins, and a lower projected future P/E multiple that together support maintaining this fair value level. What's in the News Reported gold production of 724,099 oz (22,522 kg) for the six months ended 31 December 2025, compared with 797,854 oz (24,816 kg) a year earlier, with a 9% decline linked to temporary challenges in the second quarter of fiscal 2026 (Key Developments).
MTN
R194.11
MTN Group
7D
-2.6%
1Y
71.6%

MTN: Dividend Policy IHS Decision And Margin Resilience Will Shape Future Balance

Analysts have nudged their fair value estimate for MTN Group to ZAR207.67 from ZAR200.00, citing updated assumptions that combine slightly softer revenue growth with higher profit margin expectations and a lower future P/E multiple. Analyst Commentary Recent commentary on MTN Group reflects a mix of optimism and caution around how the updated fair value estimate ties back to execution, profitability and the multiples investors might be willing to pay for the shares.
IMP
R245.32
Impala Platinum Holdings
7D
8.9%
1Y
121.7%

IMP: Recent Upgrades Will Test Execution And Profitability Assumptions Going Forward

Analysts have trimmed their ZAR fair value estimate for Impala Platinum Holdings from ZAR246.17 to ZAR225.00, reflecting updated assumptions on revenue growth, profitability and future P/E following recent upgrades from major firms that have reassessed the stock's long term risk and return profile. Analyst Commentary The recent fair value trim to ZAR225.00 comes as several major houses revisit their assumptions on revenue, margins and the sustainability of current P/E levels for Impala Platinum Holdings.
FSR
R86.64
FirstRand
7D
-1.6%
1Y
32.0%
SSW
R52.21
Sibanye Stillwater
7D
6.4%
1Y
166.5%

SSW: Higher Earnings Outlook And Execution Risks Will Shape Future Returns

The analyst price target for Sibanye Stillwater has been raised from ZAR38.00 to about ZAR49.92, with analysts citing updated assumptions on fair value, discount rate, revenue growth, profit margins, and a higher future P/E multiple as the main drivers of this change. Analyst Commentary Recent research updates highlight a mix of optimism and caution around Sibanye Stillwater, with the raised ZAR49.92 price target sitting alongside more guarded views on the company’s ability to deliver on those assumptions.
SBK
R310.32
Standard Bank Group
7D
3.1%
1Y
41.1%
VAL
R1,459.72
Valterra Platinum
7D
12.0%
1Y
117.3%
DSY
R246.29
Discovery
7D
-3.1%
1Y
29.4%

DSY: Interim Dividend And Strong Margins Will Support Future Upside

Analysts have kept their ZAR price target for Discovery steady at ZAR292.97. This reflects unchanged views on fair value, required return and the expected balance between revenue contraction and profit margin strength.
KIO
R325.78
Kumba Iron Ore
7D
4.7%
1Y
8.2%

KIO: Fair Value Will Depend On Dividends And Rail Logistics Delivery

Analysts have reduced their price target for Kumba Iron Ore from ZAR320.70 to ZAR313.14, citing revised assumptions that include flatter revenue growth, a higher profit margin, and a slightly lower future P/E multiple. What's in the News Kumba Iron Ore approved a gross final cash dividend of 1,543 cents per share for the year ended 31 December 2025, with a 20% dividend withholding tax for non exempt shareholders, resulting in a net dividend of 1,234.40 cents per share (company announcement).
NPH
R348.08
Northam Platinum Holdings
7D
4.7%
1Y
185.6%

NPH: Upgraded View Will Rely On Higher Margins And Production Delivery

Analysts have revised their price target on Northam Platinum Holdings from ZAR 434.94 to ZAR 400.94. This reflects updated views on revenue growth, margins and future P/E multiples following recent research that has become more positive on the shares overall.
CPI
R4,223.89
Capitec Bank Holdings
7D
-0.9%
1Y
51.0%

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.
NPN
R870.41
Naspers
7D
-1.4%
1Y
-5.9%

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.