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South African (JSE) Market Analysis & Valuation

UpdatedJun 21, 2026
DataAggregated Company Financials
Companies203
  • 7D0.8%
  • 3M2.2%
  • 1Y18.0%
  • YTD-3.1%

In the last week, the market has stayed flat, however the Information Technology sector stood out, gaining 5.3%. Meanwhile, the market is actually up 18% over the past year. 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
Sun, 21 Jun 2026R7.9tR5.5tR625.1b8.6x12.6x1.4x
Tue, 19 May 2026R7.9tR5.5tR617.2b8.3x12.8x1.4x
Thu, 16 Apr 2026R8.2tR5.5tR614.2b9.3x13.4x1.5x
Sat, 14 Mar 2026R8.0tR5.5tR610.8b9.6x13x1.5x
Mon, 09 Feb 2026R8.4tR5.3tR557.7b9.7x15.1x1.6x
Wed, 07 Jan 2026R8.4tR5.4tR558.3b9.7x15x1.6x
Fri, 05 Dec 2025R7.8tR5.4tR566.5b9.4x13.8x1.4x
Sun, 02 Nov 2025R7.7tR5.5tR575.7b9.2x13.4x1.4x
Tue, 30 Sep 2025R7.6tR5.5tR570.8b8.9x13.2x1.4x
Thu, 28 Aug 2025R7.3tR5.5tR552.7b9x13.2x1.3x
Sat, 26 Jul 2025R7.1tR5.5tR473.8b8.2x14.9x1.3x
Mon, 23 Jun 2025R6.8tR5.5tR440.3b8.4x15.4x1.2x
Wed, 21 May 2025R6.7tR5.3tR421.6b8.8x15.8x1.2x
Fri, 18 Apr 2025R6.5tR5.4tR425.8b8.4x15.2x1.2x
Sun, 16 Mar 2025R6.4tR5.3tR418.2b8.9x15.2x1.2x
Tue, 11 Feb 2025R6.4tR5.3tR369.9b9.8x17.3x1.2x
Thu, 09 Jan 2025R6.1tR5.3tR370.2b9.8x16.6x1.2x
Sat, 07 Dec 2024R6.4tR5.3tR362.6b10x17.7x1.2x
Mon, 04 Nov 2024R6.4tR5.3tR335.9b10.4x18.9x1.2x
Wed, 02 Oct 2024R6.4tR5.1tR336.8b10.3x18.9x1.2x
Fri, 30 Aug 2024R6.2tR5.2tR349.7b10x17.8x1.2x
Sun, 28 Jul 2024R5.9tR5.2tR418.1b9.4x14.2x1.1x
Tue, 25 Jun 2024R5.9tR5.2tR444.2b9x13.2x1.1x
Thu, 23 May 2024R5.8tR5.3tR432.6b8.6x13.3x1.1x
Sat, 20 Apr 2024R5.3tR5.3tR436.1b8.5x12.2x1x
Mon, 18 Mar 2024R5.4tR5.4tR456.0b8.5x11.7x1x
Wed, 14 Feb 2024R5.5tR5.3tR527.7b9.1x10.3x1x
Fri, 12 Jan 2024R5.7tR5.4tR540.9b9.4x10.5x1x
Sun, 10 Dec 2023R5.6tR5.5tR544.0b9.1x10.3x1x
Tue, 07 Nov 2023R5.6tR5.4tR542.2b9.1x10.2x1x
Thu, 05 Oct 2023R5.3tR5.5tR549.9b9.2x9.6x1x
Sat, 02 Sep 2023R5.8tR5.4tR586.9b8.7x9.9x1.1x
Mon, 31 Jul 2023R6.1tR5.3tR627.5b8.5x9.8x1.2x
Wed, 28 Jun 2023R5.8tR5.4tR628.0b8.4x9.2x1.1x
Price to Earnings Ratio

9.2x


Total Market Cap: R5.8tTotal Earnings: R628.0bTotal 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 Market0.77%
Tech5.27%
Healthcare5.02%
Financials4.12%
Real Estate3.44%
Industrials2.02%
Consumer Staples1.92%
Telecom0.59%
Utilities0%0
Energy-0.75%
Consumer Discretionary-1.03%
Materials-5.10%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 14.9x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 14.7% 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 44% 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 4.2% 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 HoldingsR4.76k6.1%
+R31.9b		36.9%PB9.3xFinancials
FSR FirstRandR98.884.7%
+R24.7b		36.2%PE12.5xFinancials
SBK Standard Bank GroupR335.274.6%
+R23.8b		47.4%PB1.9xFinancials
ABG Absa GroupR252.865.4%
+R10.7b		46.3%PB1.1xFinancials
MTN MTN GroupR230.682.5%
+R10.3b		81.7%PE20.9xTelecom
See more

Market Insights

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Latest News

FTA
R21.09
Fairvest
7D
14.6%
1Y
18.5%
NPN
R828.84
Naspers
7D
-3.2%
1Y
-20.8%
CPI
R4,762.67
Capitec Bank Holdings
7D
6.1%
1Y
36.9%
VAL
R1,154.47
Valterra Platinum
7D
-3.5%
1Y
60.8%
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
R186.36
Sasol
7D
-12.7%
1Y
95.7%
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
R281.46
Nedbank Group
7D
8.0%
1Y
13.5%
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.
IMP
R179.99
Impala Platinum Holdings
7D
-8.8%
1Y
25.1%
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
R252.86
Absa Group
7D
5.4%
1Y
46.3%
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.
GFI
R555.81
Gold Fields
7D
-5.8%
1Y
26.3%
MTN
R230.68
MTN Group
7D
2.5%
1Y
81.7%
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.
VOD
R147.40
Vodacom Group
7D
-2.1%
1Y
12.5%
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.
SSW
R36.88
Sibanye Stillwater
7D
-7.5%
1Y
17.8%
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
R335.27
Standard Bank Group
7D
4.6%
1Y
47.4%
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.
NPH
R249.28
Northam Platinum Holdings
7D
-3.9%
1Y
48.5%
OUT
R77.62
OUTsurance Group
7D
5.2%
1Y
-2.3%
Narrative Update • Jun 08

OUT: Dividends Will Support A Stronger Future Earnings Profile

Analysts have made a small upward adjustment to the OUTsurance Group price target to ZAR86.26, reflecting refreshed assumptions around fair value and forward P/E, while keeping revenue growth and profit margin expectations broadly unchanged. What's in the News Group CFO Jan Hofmeyr has resigned after more than 18 years with OUTsurance Group to join a new fintech venture, with his notice period running to 2 October 2026, according to a company announcement.
FSR
R98.88
FirstRand
7D
4.7%
1Y
36.2%
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.