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South African (JSE) Market Analysis & Valuation

UpdatedSep 15, 2025
DataAggregated Company Financials
Companies210
  • 7D1.1%
  • 3M9.1%
  • 1Y21.9%
  • YTD18.3%

The market has climbed 1.1% in the last 7 days, lead by the Financials sector with a gain of 2.1%. The market is up 22% over the last 12 months. 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, 15 Sep 2025R7.4tR5.5tR569.6b8.9x13x1.3x
Wed, 13 Aug 2025R7.3tR5.5tR463.7b8.8x15.6x1.3x
Fri, 11 Jul 2025R7.0tR5.5tR473.8b8.5x14.8x1.3x
Sun, 08 Jun 2025R6.9tR5.4tR432.6b8.6x15.9x1.3x
Tue, 06 May 2025R6.6tR5.3tR423.0b8.9x15.7x1.2x
Thu, 03 Apr 2025R6.4tR5.4tR425.8b8.5x15.1x1.2x
Sat, 01 Mar 2025R6.4tR5.3tR413.2b9.3x15.4x1.2x
Mon, 27 Jan 2025R6.2tR5.3tR367.6b9.9x16.8x1.2x
Wed, 25 Dec 2024R6.3tR5.3tR365.8b10x17.2x1.2x
Fri, 22 Nov 2024R6.3tR5.3tR342.7b10.1x18.5x1.2x
Sun, 20 Oct 2024R6.4tR5.1tR338.5b10.4x19x1.3x
Tue, 17 Sep 2024R6.0tR5.2tR328.5b9.7x18.4x1.2x
Thu, 15 Aug 2024R6.0tR5.2tR415.4b9.5x14.3x1.1x
Sat, 13 Jul 2024R5.9tR5.2tR420.2b9.1x14.1x1.1x
Mon, 10 Jun 2024R5.5tR5.3tR437.7b8.7x12.5x1x
Wed, 08 May 2024R5.6tR5.3tR432.8b8.5x12.9x1x
Fri, 05 Apr 2024R5.5tR5.3tR432.9b8.7x12.8x1x
Sun, 03 Mar 2024R5.4tR5.3tR503.1b8.9x10.8x1x
Tue, 30 Jan 2024R5.6tR5.4tR541.8b9.3x10.4x1x
Thu, 28 Dec 2023R5.9tR5.4tR539.2b9.3x10.9x1.1x
Sat, 25 Nov 2023R5.7tR5.4tR540.9b9.2x10.5x1x
Mon, 23 Oct 2023R5.3tR5.5tR547.2b9.1x9.7x1x
Wed, 20 Sep 2023R5.6tR5.5tR555.5b9.2x10x1x
Fri, 18 Aug 2023R5.8tR5.4tR634.7b8.3x9.1x1.1x
Sun, 16 Jul 2023R6.0tR5.4tR656.0b8.5x9.1x1.1x
Tue, 13 Jun 2023R5.9tR5.4tR654.3b8.3x9x1.1x
Thu, 11 May 2023R6.0tR5.4tR670.0b8.1x8.9x1.1x
Sat, 08 Apr 2023R6.1tR5.3tR650.2b8.6x9.4x1.1x
Mon, 06 Mar 2023R6.2tR5.3tR638.2b8.5x9.7x1.2x
Wed, 01 Feb 2023R6.4tR5.2tR659.9b8.4x9.6x1.2x
Fri, 30 Dec 2022R6.0tR5.2tR656.0b8.4x9.2x1.2x
Sun, 27 Nov 2022R6.2tR5.2tR661.7b8.6x9.3x1.2x
Tue, 25 Oct 2022R5.6tR5.2tR841.3b8.5x6.7x1.1x
Thu, 22 Sep 2022R5.7tR5.1tR825.6b8.4x6.9x1.1x
Price to Earnings Ratio

6.9x


Total Market Cap: R5.7tTotal Earnings: R825.6bTotal Revenue: R5.1tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 12.4x202320242025
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 12.4x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 12% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.6% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

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

ZA Market1.12%
Financials2.10%
Consumer Discretionary1.89%
Consumer Staples1.69%
Healthcare1.25%
Real Estate1.13%
Materials0.32%
Utilities0%0
Industrials-1.03%
Tech-1.19%
Telecom-1.72%
Energy-1.91%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 17.9x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 41.2%, which is higher than its past year's earnings growth of 5.5% per year.
  • The Industrials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 7.7x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 41% over the next 5 years.
  • This is better than its past earnings growth rate of 5.5% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 4.9% 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 FieldsR663.765.9%
+R32.9b		159.4%PE18.2xMaterials
FSR FirstRandR79.377.1%
+R28.4b		-4.0%PE10.6xFinancials
NPN NaspersR5.89k2.7%
+R23.7b		69.4%PE9.9xConsumer Discretionary
CPI Capitec Bank HoldingsR3.56k2.7%
+R10.9b		19.3%PB8.1xFinancials
OUT OUTsurance GroupR77.567.3%
+R8.2b		51.9%PE28.5xFinancials
See more

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