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South African (JSE) Market Analysis & Valuation

UpdatedJun 07, 2025
DataAggregated Company Financials
Companies211
  • 7D2.0%
  • 3M8.3%
  • 1Y27.2%
  • YTD11.1%

The market is up 2.0% over the last week, with the Materials sector leading the way, up 6.2%. In the last year, the market has climbed 27%. As for the next few years, earnings are expected to grow by 19% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Jun 2025R6.9tR5.4tR431.9b8.6x15.9x1.3x
Mon, 05 May 2025R6.7tR5.3tR424.0b9x15.7x1.2x
Wed, 02 Apr 2025R6.5tR5.3tR422.9b8.6x15.5x1.2x
Fri, 28 Feb 2025R6.4tR5.3tR412.4b9.1x15.4x1.2x
Sun, 26 Jan 2025R6.2tR5.3tR367.6b9.9x16.8x1.2x
Tue, 24 Dec 2024R6.3tR5.3tR365.6b10.1x17.2x1.2x
Thu, 21 Nov 2024R6.3tR5.3tR344.2b10.1x18.4x1.2x
Sat, 19 Oct 2024R6.4tR5.1tR338.5b10.4x19x1.3x
Mon, 16 Sep 2024R6.0tR5.2tR332.5b9.7x18.1x1.2x
Wed, 14 Aug 2024R5.9tR5.2tR415.5b9.4x14.2x1.1x
Fri, 12 Jul 2024R5.9tR5.1tR458.1b9.2x12.8x1.1x
Sun, 09 Jun 2024R5.5tR5.3tR437.3b8.7x12.5x1x
Tue, 07 May 2024R5.6tR5.3tR432.4b8.6x12.8x1x
Thu, 04 Apr 2024R5.4tR5.3tR432.6b8.6x12.5x1x
Sat, 02 Mar 2024R5.4tR5.3tR508.6b8.9x10.7x1x
Mon, 29 Jan 2024R5.7tR5.4tR541.7b9.4x10.5x1x
Wed, 27 Dec 2023R5.7tR5.4tR539.7b9.3x10.6x1.1x
Fri, 24 Nov 2023R5.7tR5.4tR540.4b9.1x10.5x1x
Sun, 22 Oct 2023R5.3tR5.5tR547.2b9.1x9.7x1x
Tue, 19 Sep 2023R5.6tR5.5tR556.8b9x10x1x
Thu, 17 Aug 2023R5.8tR5.4tR634.6b8.4x9.2x1.1x
Sat, 15 Jul 2023R6.0tR5.4tR656.0b8.5x9.1x1.1x
Mon, 12 Jun 2023R7.5tR5.4tR654.7b8.3x11.4x1.4x
Wed, 10 May 2023R6.0tR5.4tR670.3b7.9x9x1.1x
Fri, 07 Apr 2023R6.1tR5.2tR649.0b8.6x9.4x1.2x
Sun, 05 Mar 2023R6.2tR5.3tR638.0b8.5x9.7x1.2x
Tue, 31 Jan 2023R6.4tR5.2tR659.5b8.4x9.7x1.2x
Thu, 29 Dec 2022R6.1tR5.2tR657.1b8.5x9.2x1.2x
Sat, 26 Nov 2022R6.2tR5.2tR661.7b8.6x9.3x1.2x
Mon, 24 Oct 2022R5.6tR5.2tR841.3b8.5x6.7x1.1x
Wed, 21 Sep 2022R5.7tR5.1tR825.6b8.6x6.9x1.1x
Fri, 19 Aug 2022R6.1tR5.3tR773.2b9x7.9x1.2x
Sun, 17 Jul 2022R5.7tR5.3tR791.3b8.4x7.2x1.1x
Tue, 14 Jun 2022R6.1tR5.2tR806.7b8.8x7.6x1.2x
Price to Earnings Ratio

7.6x


Total Market Cap: R6.1tTotal Earnings: R806.7bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 11.8x202320242025
Current Market PE
  • Investors are optimistic on the South African market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 15.9x which is higher than its 3-year average PE of 11.8x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 19% 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 Market2.00%
Materials6.23%
Consumer Discretionary2.47%
Energy2.06%
Telecom1.50%
Financials1.48%
Industrials1.18%
Utilities0%0
Tech-0.22%
Real Estate-0.84%
Healthcare-0.96%
Consumer Staples-2.00%
Sector PE
  • Investors favour the Telecom sector the most for future growth, which is trading above its 3-year average PE ratio of 23.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 41.7% which is higher than its past year's earnings decline of 3.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 42% over the next 5 years.
  • This is better than its past earnings decline of 3.7% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 7.6% 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 FieldsR438.308.1%
+R29.5b		49.3%PE17.7xMaterials
VAL Valterra PlatinumR759.007.7%
+R14.5b		31.5%PE28.2xMaterials
IMP Impala Platinum HoldingsR142.8510.6%
+R12.3b		62.8%PS1.5xMaterials
FSR FirstRandR76.242.3%
+R9.7b		20.5%PE10.7xFinancials
MTN MTN GroupR130.144.1%
+R9.3b		61.3%PS1.2xTelecom
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R759.00

Valterra Platinum

7D

7.7%

1Y

31.5%

NRP

R135.58

NEPI Rockcastle

7D

-2.0%

1Y

0.4%

TBS

R330.00

Tiger Brands

7D

-4.7%

1Y

68.6%

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R80.56

OUTsurance Group

7D

6.1%

1Y

94.4%

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MTN

R130.14

MTN Group

7D

4.1%

1Y

61.3%

WHL

R56.25

Woolworths Holdings

7D

-4.0%

1Y

2.8%

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KIO

R290.47

Kumba Iron Ore

7D

-1.4%

1Y

-38.1%

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GFI

R438.30

Gold Fields

7D

8.1%

1Y

49.3%

IMP

R142.85

Impala Platinum Holdings

7D

10.6%

1Y

62.8%

VOD

R136.28

Vodacom Group

7D

-1.1%

1Y

49.9%

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CPI

R3,514.43

Capitec Bank Holdings

7D

2.0%

1Y

60.8%

SSW

R29.88

Sibanye Stillwater

7D

9.0%

1Y

40.5%

CLS

R379.73

Clicks Group

7D

-2.2%

1Y

27.1%

FSR

R76.24

FirstRand

7D

2.3%

1Y

20.5%

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BID

R464.60

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-2.5%

1Y

9.1%

SHP

R285.38

Shoprite Holdings

7D

-2.3%

1Y

13.7%