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South African (JSE) Market Analysis & Valuation

UpdatedApr 21, 2026
DataAggregated Company Financials
Companies200
  • 7D0.3%
  • 3M-1.4%
  • 1Y29.4%
  • YTD1.8%

The market has climbed 1.9% in the last 7 days, lead by the Materials sector with a gain of 3.7%. The market is up 31% over the last 12 months. 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
Tue, 21 Apr 2026R8.3tR5.5tR614.4b9.2x13.5x1.5x
Thu, 19 Mar 2026R8.0tR5.5tR629.9b8.9x12.6x1.4x
Sat, 14 Feb 2026R8.4tR5.3tR557.4b9.7x15.1x1.6x
Mon, 12 Jan 2026R8.3tR5.4tR559.5b9.6x14.9x1.6x
Wed, 10 Dec 2025R7.9tR5.4tR566.9b9.3x13.9x1.4x
Fri, 07 Nov 2025R7.8tR5.5tR577.1b9.1x13.5x1.4x
Sun, 05 Oct 2025R7.7tR5.5tR572.1b8.9x13.5x1.4x
Tue, 02 Sep 2025R7.3tR5.5tR574.7b9.1x12.7x1.3x
Thu, 31 Jul 2025R7.1tR5.5tR469.5b8.2x15.2x1.3x
Sat, 28 Jun 2025R6.9tR5.5tR473.8b8.7x14.6x1.3x
Mon, 26 May 2025R6.7tR5.3tR418.2b8.7x16.1x1.3x
Wed, 23 Apr 2025R6.5tR5.4tR424.6b8.4x15.3x1.2x
Fri, 21 Mar 2025R6.5tR5.3tR415.1b8.7x15.7x1.2x
Sun, 16 Feb 2025R6.4tR5.3tR370.3b9.5x17.4x1.2x
Tue, 14 Jan 2025R6.1tR5.3tR371.0b9.8x16.4x1.1x
Thu, 12 Dec 2024R6.4tR5.3tR360.6b10.2x17.9x1.2x
Sat, 09 Nov 2024R6.3tR5.3tR337.7b10.2x18.7x1.2x
Mon, 07 Oct 2024R6.3tR5.3tR338.8b10.3x18.7x1.2x
Wed, 04 Sep 2024R6.0tR5.2tR346.9b9.8x17.3x1.2x
Fri, 02 Aug 2024R6.0tR5.2tR417.3b9.6x14.4x1.1x
Sun, 30 Jun 2024R5.8tR5.2tR422.7b8.9x13.8x1.1x
Tue, 28 May 2024R5.7tR5.3tR429.0b8.6x13.3x1.1x
Thu, 25 Apr 2024R5.4tR5.4tR437.2b8.4x12.2x1x
Sat, 23 Mar 2024R5.4tR5.4tR450.0b8.4x12x1x
Mon, 19 Feb 2024R5.5tR5.3tR526.0b9x10.4x1x
Wed, 17 Jan 2024R5.6tR5.5tR543.0b9.4x10.3x1x
Fri, 15 Dec 2023R5.8tR5.4tR540.3b9.1x10.7x1.1x
Sun, 12 Nov 2023R5.5tR5.4tR537.4b9x10.1x1x
Tue, 10 Oct 2023R5.3tR5.5tR550.0b9.1x9.6x1x
Thu, 07 Sep 2023R5.7tR5.4tR560.8b8.8x10.2x1.1x
Sat, 05 Aug 2023R6.0tR5.3tR630.1b8.5x9.5x1.1x
Mon, 03 Jul 2023R5.8tR5.4tR660.6b8.6x8.9x1.1x
Wed, 31 May 2023R5.6tR5.4tR663.4b7.9x8.5x1x
Fri, 28 Apr 2023R6.1tR5.4tR671.0b8.1x9.1x1.1x
Price to Earnings Ratio

9.1x


Total Market Cap: R6.1tTotal Earnings: R671.0bTotal 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 Market0.30%
Consumer Discretionary3.52%
Consumer Staples1.98%
Real Estate0.79%
Industrials0.021%
Utilities0%0
Materials-0.10%
Financials-0.19%
Tech-0.52%
Healthcare-1.32%
Telecom-1.76%
Energy-8.43%
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 NaspersR952.726.6%
+R44.4b		5.6%PE7.7xConsumer Discretionary
HAR Harmony Gold MiningR299.8010.7%
+R18.1b		-8.1%PE11.5xMaterials
IMP Impala Platinum HoldingsR265.825.8%
+R13.1b		111.0%PE29.1xMaterials
CPI Capitec Bank HoldingsR4.37k2.3%
+R11.3b		41.2%PB9.4xFinancials
FSR FirstRandR89.532.3%
+R11.1b		28.5%PE11.3xFinancials
See more

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HAR
R299.80
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10.7%
1Y
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CPI
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7D
2.3%
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41.2%

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.
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R801.37
Gold Fields
7D
-0.4%
1Y
77.0%

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
R952.72
Naspers
7D
6.6%
1Y
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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.
SOL
R205.80
Sasol
7D
-4.1%
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211.5%

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.
MTN
R199.77
MTN Group
7D
-0.9%
1Y
81.6%

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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
R265.82
Impala Platinum Holdings
7D
5.8%
1Y
111.0%

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.
SBK
R319.36
Standard Bank Group
7D
-2.3%
1Y
42.4%
DSY
R261.33
Discovery
7D
3.4%
1Y
34.5%

DSY: Interim Dividend And Higher Earnings Guidance Will Support Future Upside

Analysts now place Discovery's fair value at ZAR298.48, up from ZAR292.97. This reflects updated assumptions that include a shift to modest revenue growth expectations of 0.55%, a lower projected profit margin of 18.06% and a slightly adjusted forward P/E of 19.40.
FSR
R89.53
FirstRand
7D
2.3%
1Y
28.5%

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

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TGA
R131.83
Thungela Resources
7D
-21.5%
1Y
30.0%
SHP
R288.30
Shoprite Holdings
7D
4.8%
1Y
1.9%

SHP: Future Upside Will Be Driven By Dividend Support And Earnings Guidance

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OPA
R19.80
Channel Vas Investments
7D
-5.4%
1Y
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APN
R129.21
Aspen Pharmacare Holdings
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1Y
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