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South African (JSE) Market Analysis & Valuation

UpdatedApr 20, 2026
DataAggregated Company Financials
Companies200
  • 7D1.9%
  • 3M-0.06%
  • 1Y31.1%
  • YTD2.8%

The market has climbed 1.9% in the last 7 days, lead by the Materials sector with a gain of 3.7%. In the last year, the market has climbed 31%. 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
Mon, 20 Apr 2026R8.4tR5.5tR613.6b9.2x13.7x1.5x
Wed, 18 Mar 2026R8.2tR5.5tR624.7b9.2x13.1x1.5x
Fri, 13 Feb 2026R8.5tR5.3tR557.0b9.7x15.3x1.6x
Sun, 11 Jan 2026R8.3tR5.4tR559.5b9.6x14.9x1.6x
Tue, 09 Dec 2025R7.8tR5.4tR567.0b9.4x13.8x1.4x
Thu, 06 Nov 2025R7.7tR5.5tR577.0b9.1x13.4x1.4x
Sat, 04 Oct 2025R7.7tR5.5tR572.1b8.9x13.5x1.4x
Mon, 01 Sep 2025R7.3tR5.5tR574.7b9.1x12.6x1.3x
Wed, 30 Jul 2025R7.1tR5.5tR468.7b8.2x15.2x1.3x
Fri, 27 Jun 2025R6.9tR5.5tR473.8b8.5x14.6x1.3x
Sun, 25 May 2025R6.7tR5.3tR418.2b8.7x16.1x1.3x
Tue, 22 Apr 2025R6.5tR5.4tR426.1b8.4x15.2x1.2x
Thu, 20 Mar 2025R6.5tR5.3tR413.1b9x15.8x1.2x
Sat, 15 Feb 2025R6.4tR5.3tR370.2b9.5x17.4x1.2x
Mon, 13 Jan 2025R6.2tR5.3tR371.3b10x16.6x1.2x
Wed, 11 Dec 2024R6.5tR5.3tR361.5b10.1x17.9x1.2x
Fri, 08 Nov 2024R6.4tR5.3tR336.2b10.3x18.9x1.2x
Sun, 06 Oct 2024R6.3tR5.3tR338.8b10.3x18.7x1.2x
Tue, 03 Sep 2024R6.1tR5.2tR345.4b9.8x17.7x1.2x
Thu, 01 Aug 2024R6.1tR5.2tR417.5b9.7x14.5x1.2x
Sat, 29 Jun 2024R5.8tR5.2tR421.3b8.9x13.8x1.1x
Mon, 27 May 2024R5.7tR5.3tR429.4b8.7x13.3x1.1x
Wed, 24 Apr 2024R5.3tR5.3tR436.5b8.5x12.2x1x
Fri, 22 Mar 2024R5.3tR5.4tR449.1b8.5x11.9x1x
Sun, 18 Feb 2024R5.5tR5.3tR526.0b9x10.4x1x
Tue, 16 Jan 2024R5.7tR5.4tR541.1b9.4x10.4x1x
Thu, 14 Dec 2023R5.5tR5.5tR544.6b9.1x10.2x1x
Sat, 11 Nov 2023R5.5tR5.5tR537.7b9x10.1x1x
Mon, 09 Oct 2023R5.3tR5.5tR549.9b9.1x9.6x1x
Wed, 06 Sep 2023R5.8tR5.4tR560.8b8.9x10.3x1.1x
Fri, 04 Aug 2023R5.9tR5.4tR635.0b8.4x9.4x1.1x
Sun, 02 Jul 2023R5.8tR5.4tR660.6b8.6x8.9x1.1x
Tue, 30 May 2023R5.7tR5.4tR663.4b8x8.6x1.1x
Thu, 27 Apr 2023R6.1tR5.4tR671.5b8.1x9.1x1.1x
Price to Earnings Ratio

9.1x


Total Market Cap: R6.1tTotal Earnings: R671.5bTotal Revenue: R5.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.5x202420252026
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 13.5x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 3.0% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the South African Market?

ZA Market1.88%
Consumer Discretionary4.41%
Materials3.66%
Real Estate2.21%
Consumer Staples2.16%
Financials0.94%
Industrials0.91%
Tech0.20%
Utilities0%0
Healthcare-1.49%
Telecom-2.07%
Energy-9.65%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 7.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 24.3% 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 48% 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 3.4% 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
NPN NaspersR953.296.7%
+R44.8b		5.7%PE7.7xConsumer Discretionary
HAR Harmony Gold MiningR312.4715.3%
+R26.0b		-4.3%PE12xMaterials
FSR FirstRandR91.784.9%
+R23.7b		31.7%PE11.6xFinancials
IMP Impala Platinum HoldingsR273.118.7%
+R19.7b		116.8%PE29.9xMaterials
CPI Capitec Bank HoldingsR4.43k3.7%
+R18.1b		43.1%PB9.5xFinancials
See more

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Latest News

CPI
R4,425.15
Capitec Bank Holdings
7D
1.9%
1Y
43.1%

CPI: 2026 Earnings Guidance Will Continue To Support Overpriced Shares

Analysts have nudged their price target for Capitec Bank Holdings slightly higher to ZAR3,418 from about ZAR3,416, reflecting updated assumptions around revenue growth, profit margins and future P/E levels. What's in the News Capitec Bank Holdings issued group earnings guidance for the year ending 28 February 2026, covering both headline earnings per share and earnings per share.
EXX
R209.10
Exxaro Resources
7D
-6.9%
1Y
38.7%

EXX: Higher Fair Value Will Reflect Pending ZAR10 Dividend Decision

Analysts now place Exxaro Resources' fair value at ZAR256.40, up from ZAR218.20, reflecting updated views on slightly higher long term revenue growth, profit margins, and a revised future P/E assumption. What's in the News A board meeting is scheduled for March 17, 2026, with an agenda item to approve a proposed gross final dividend of ZAR10.00 per share (Key Developments).
GFI
R819.57
Gold Fields
7D
1.6%
1Y
81.0%

GFI: Rich Payouts And Higher Costs Will Pressure Future Returns

Analysts have lifted the fair value estimate for Gold Fields to ZAR700 from ZAR680, reflecting updated views on revenue growth, profit margins and an adjusted future P/E multiple, informed by recent changes to Street price targets and ratings. Analyst Commentary Recent Street commentary on Gold Fields has been mixed, with several research houses updating price targets and ratings in quick succession.
NPN
R953.29
Naspers
7D
6.1%
1Y
5.7%

NPN: Future Returns Will Be Driven By Portfolio Execution And Premium P/E

Narrative Update on Naspers The updated analyst price target for Naspers has shifted from around ZAR1,184 to about ZAR1,086. Analysts attribute this change to small adjustments in the discount rate, revenue growth, profit margin and future P/E assumptions following recent research updates.
VAL
R1,577.84
Valterra Platinum
7D
3.1%
1Y
106.4%
SOL
R193.46
Sasol
7D
-6.3%
1Y
192.8%

SOL: Higher Margins And Weaker Near Term EPS Will Shape Future Rerating

Analysts have lifted their price target on Sasol from ZAR175.84 to ZAR222.00, citing updated assumptions that include a lower discount rate, a changed revenue growth outlook, higher expected profit margins and a revised future P/E multiple. What's in the News Sasol issued revenue guidance for the six months ended 31 December 2025, focusing on expected earnings per share for the period.
VOD
R143.64
Vodacom Group
7D
-2.4%
1Y
11.9%

VOD: Neutral Stance And Margin Pressure Will Likely Cap Future Upside

Analysts have maintained their Vodacom Group fair value estimate at ZAR130.00 per share. Updated assumptions reflect higher modelled revenue growth, a lower profit margin and a slightly lower future P/E multiple, in line with recent neutral Street research on the stock.
HAR
R312.47
Harmony Gold Mining
7D
14.5%
1Y
-4.3%

HAR: Updated Costs And Margin Outlook Will Shape Future Return Balance

Analysts have trimmed their price target on Harmony Gold Mining from ZAR330 to ZAR300, citing updated assumptions that combine higher projected revenue growth with a lower profit margin outlook and a slightly reduced future P/E multiple. What's in the News Reported gold production of 724,099 oz, or 22,522 kg, for the six months ended 31 December 2025, compared with 797,854 oz, or 24,816 kg, a year earlier, with management attributing a 9% decline to temporary challenges in the second quarter of fiscal 2026 (company announcement of operating results).
MTN
R199.50
MTN Group
7D
-2.2%
1Y
81.3%

MTN: Dividend Policy IHS Outcome And Margin Profile Will Shape Future Balance

The analyst fair value estimate for MTN Group has shifted from ZAR207.67 to ZAR216.25 as analysts factor in updated assumptions for revenue growth, profit margins, and a slightly lower future P/E multiple following recent bullish research coverage. Analyst Commentary Recent research on MTN Group has shifted toward a more constructive tone, with bullish analysts updating their models and supporting a higher fair value estimate.
IMP
R273.11
Impala Platinum Holdings
7D
8.1%
1Y
116.8%

IMP: Future Returns Will Reflect Stronger Earnings Guidance And Recent Broker Upgrades

Analysts have trimmed their 12 month price target for Impala Platinum Holdings to about ZAR355 from roughly ZAR372, as higher discount rate assumptions offset slightly stronger views on revenue growth, profit margins and the future P/E multiple, with recent research upgrades cited as support for the updated outlook. Analyst Commentary Recent research has shifted more positively, with price target revisions and upgrades reflecting a mix of confidence in the business and caution around execution risks.
SSW
R57.31
Sibanye Stillwater
7D
7.8%
1Y
151.9%

SSW: Recent Bank Upgrades And Margin Delivery May Support Repricing

Analysts have reduced their ZAR fair value estimate for Sibanye Stillwater from ZAR103.00 to ZAR100.00, citing slightly higher discount rate assumptions, a modestly lower revenue growth outlook, and a lower future P/E multiple, partly offset by a small improvement in projected profit margins. Analyst Commentary Recent research updates on Sibanye Stillwater point to a more constructive tone from several bullish analysts, with a focus on valuation support and execution on key priorities.
SBK
R322.31
Standard Bank Group
7D
-2.0%
1Y
43.7%
OUT
R72.83
OUTsurance Group
7D
-1.6%
1Y
5.0%

OUT: Special Dividend Payouts Will Support A Higher Future Earnings Profile

Analysts have made a small adjustment to their OUTsurance Group price target to ZAR85.56, reflecting updated assumptions that combine slightly higher revenue growth expectations with a modestly lower profit margin and a marginally higher forward P/E multiple. What's in the News OUTsurance Group declared a special dividend of 30.3 cents per ordinary share out of income reserves for the six months ended 31 December 2025, with the dividend declared on 10 March 2026, shares trading ex dividend from 15 April 2026, a record date of 17 April 2026 and payment on 20 April 2026 (company announcement).
FSR
R91.78
FirstRand
7D
3.8%
1Y
31.7%

FSR: Revised Risk Assumptions Will Support Richer Margins And Stronger Future Returns

Analysts have nudged their FirstRand fair value estimate slightly higher to around ZAR104.45 from about ZAR104.14, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E after recent research including Citi's downgrade. Analyst Commentary Recent research has prompted a modest reassessment of FirstRand, with analysts refining their assumptions on discount rate, revenue growth, profit margin and future P/E.
TGA
R127.25
Thungela Resources
7D
-17.0%
1Y
25.4%
APN
R130.50
Aspen Pharmacare Holdings
7D
-4.1%
1Y
-20.3%