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South African (JSE) Market Analysis & Valuation

UpdatedJun 08, 2026
DataAggregated Company Financials
Companies202
  • 7D-2.7%
  • 3M-5.0%
  • 1Y12.7%
  • YTD-5.2%

Over the last 7 days, the market has dropped 2.7%, driven by a loss of 7.9% in the Materials sector. In contrast to the last week, the market is actually up 13% over the past year. As for the next few years, earnings are expected to grow by 15% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 08 Jun 2026R7.7tR5.5tR623.3b8.7x12.4x1.4x
Wed, 06 May 2026R8.0tR5.5tR619.6b9.2x12.9x1.4x
Fri, 03 Apr 2026R8.0tR5.5tR619.7b9.3x13x1.5x
Sun, 01 Mar 2026R8.9tR5.4tR596.7b9.8x15x1.7x
Tue, 27 Jan 2026R8.7tR5.3tR555.1b9.7x15.7x1.6x
Thu, 25 Dec 2025R8.3tR5.4tR561.3b9.4x14.7x1.5x
Sat, 22 Nov 2025R7.7tR5.5tR574.5b9.4x13.5x1.4x
Mon, 20 Oct 2025R7.8tR5.5tR574.3b9.2x13.6x1.4x
Wed, 17 Sep 2025R7.4tR5.5tR569.2b9.1x13x1.3x
Fri, 15 Aug 2025R7.3tR5.5tR466.1b8.9x15.7x1.3x
Sun, 13 Jul 2025R7.0tR5.5tR475.5b8.4x14.7x1.3x
Tue, 10 Jun 2025R6.9tR5.4tR432.0b8.7x15.9x1.3x
Thu, 08 May 2025R6.6tR5.3tR423.1b8.8x15.6x1.2x
Sat, 05 Apr 2025R5.9tR5.4tR427.7b8.1x13.7x1.1x
Mon, 03 Mar 2025R6.3tR5.3tR411.9b9.3x15.2x1.2x
Wed, 29 Jan 2025R6.1tR5.3tR369.3b9.7x16.6x1.2x
Fri, 27 Dec 2024R6.3tR5.3tR367.7b10x17.1x1.2x
Sun, 24 Nov 2024R6.3tR5.3tR346.1b10.1x18.3x1.2x
Tue, 22 Oct 2024R6.4tR5.1tR338.4b10.4x18.9x1.3x
Thu, 19 Sep 2024R6.1tR5.2tR332.1b9.7x18.4x1.2x
Sat, 17 Aug 2024R6.1tR5.2tR411.3b9.6x14.8x1.2x
Mon, 15 Jul 2024R5.9tR5.2tR420.0b9.1x14.1x1.1x
Wed, 12 Jun 2024R5.4tR5.2tR435.6b8.6x12.5x1x
Fri, 10 May 2024R5.6tR5.3tR431.8b8.4x13x1x
Sun, 07 Apr 2024R5.5tR5.3tR432.2b8.7x12.7x1x
Tue, 05 Mar 2024R5.4tR5.3tR502.5b8.7x10.8x1x
Thu, 01 Feb 2024R5.6tR5.4tR541.2b9.3x10.4x1x
Sat, 30 Dec 2023R5.9tR5.4tR539.7b9.4x10.9x1.1x
Mon, 27 Nov 2023R5.7tR5.4tR540.6b9.2x10.5x1x
Wed, 25 Oct 2023R5.3tR5.5tR548.1b9.1x9.7x1x
Fri, 22 Sep 2023R5.6tR5.5tR550.9b9.2x10.1x1x
Sun, 20 Aug 2023R5.7tR5.4tR633.5b8.3x9x1.1x
Tue, 18 Jul 2023R6.0tR5.4tR655.6b8.5x9.1x1.1x
Thu, 15 Jun 2023R6.0tR5.4tR638.1b8.4x9.5x1.1x
Price to Earnings Ratio

9.5x


Total Market Cap: R6.0tTotal Earnings: R638.1bTotal 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 Market-2.67%
Energy4.53%
Consumer Discretionary2.69%
Consumer Staples0.11%
Utilities0%0
Industrials-1.35%
Healthcare-1.61%
Tech-1.84%
Telecom-2.02%
Financials-2.07%
Real Estate-2.35%
Materials-7.86%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 13.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 26.2% which is higher than its past year's earnings decline of 2.1% per year.
  • The Real Estate sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 8.1x.
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 16% per year.
  • In contrast, the Consumer Discretionary sector is expected to see its earnings grow by 3.7% 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 NaspersR883.005.3%
+R33.6b		-18.7%PE7xConsumer Discretionary
SOL SasolR228.058.5%
+R11.5b		170.5%PE61.1xMaterials
MRP Mr Price GroupR172.0014.4%
+R5.6b		-25.6%PE11.9xConsumer Discretionary
BID BidR412.503.1%
+R4.2b		-10.5%PE15.7xConsumer Staples
ABG Absa GroupR233.201.6%
+R3.1b		30.6%PB1.1xFinancials
See more

Market Insights

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Latest News

MRP
R172.00
Mr Price Group
7D
14.4%
1Y
-25.6%
SOL
R228.05
Sasol
7D
8.5%
1Y
170.5%
BID
R412.50
Bid
7D
3.1%
1Y
-10.5%
Narrative Update • Jun 04

BID: JPMorgan Upgrade And Analyst Day Insights Will Support Future Upside

Narrative Update on Bid Price Target Analysts have kept their ZAR price target for Bid broadly in line with prior levels, reflecting only fine tuning to inputs such as discount rate, revenue growth, profit margin and future P/E assumptions following the recent research upgrade. What's in the News Bid Corporation Limited held an Analyst/Investor Day, giving the market an updated view on its operations and capital allocation plans.
VAL
R1,183.66
Valterra Platinum
7D
-9.2%
1Y
48.0%
Narrative Update • Jun 03

VAL: Trimmed Growth And Margin Assumptions Will Pressure Future Earnings Multiple

Analysts have trimmed their price target on Valterra Platinum from ZAR 8,000 to ZAR 7,890, citing updated assumptions for revenue growth, profit margins, discount rate, and future P/E following recent mixed research commentary. Analyst Commentary Recent research has highlighted a more cautious tone around Valterra Platinum, with the latest price target revisions reflecting updated assumptions on growth, profitability, and valuation multiples.
NPH
R277.91
Northam Platinum Holdings
7D
-8.4%
1Y
58.5%
HAR
R263.00
Harmony Gold Mining
7D
-6.1%
1Y
0.3%
Narrative Update • Jun 03

HAR: Higher Margins And Payouts Will Support A Stronger Medium Term Outlook

Analysts have lifted their Harmony Gold Mining price target slightly from ZAR385 to ZAR390, reflecting updated assumptions for revenue growth, profit margins and a lower future P/E multiple in their models. What's in the News Ninety One SA (Pty) Ltd increased its minority holding in Harmony Gold Mining Company to 5.2017% of total issued shares, following the completion of an additional stake acquisition on April 20, 2026.
KIO
R300.00
Kumba Iron Ore
7D
-4.2%
1Y
2.5%
Narrative Update • Jun 03

KIO: Future Returns Will Rely On Rail Delivery And Stable Payouts

Analysts have raised their price target for Kumba Iron Ore from ZAR306 to about ZAR314, citing updated assumptions that reflect slightly slower expected revenue declines, a modestly higher projected profit margin, and a small adjustment to the forecast future P/E multiple and discount rate. What's in the News Kumba Iron Ore reported first quarter 2026 production of 8.8 Mt, compared with 9.0 Mt in Q1 2025, with lower output at Kolomela partly offset by higher production at Sishen.
ABG
R233.20
Absa Group
7D
1.6%
1Y
30.6%
Narrative Update • Jun 03

ABG: Dividend Payout And Digital Remittances Will Support Future Upside Potential

Analysts have adjusted their price target on Absa Group slightly lower to reflect an updated fair value of about ZAR269.19, with modest tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Absa Group declared a final ordinary dividend of ZAR8.50 per share for the financial period ended 31 December 2025, with the last day to trade cum dividend on 21 April 2026, ex dividend on 22 April 2026, a record date of 24 April 2026, and payment on 28 April 2026.
IMP
R200.68
Impala Platinum Holdings
7D
-9.9%
1Y
33.6%
Narrative Update • Jun 02

IMP: Strong Production Volumes And Firm Margins Will Support Future Share Price

Analysts have slightly revised their valuation model for Impala Platinum Holdings, trimming the ZAR fair value estimate from about ZAR529.29 to ZAR522.52. Updated assumptions on revenue growth, profit margins, the discount rate and the future P/E have resulted in a lower price target.
DSY
R266.26
Discovery
7D
-2.3%
1Y
22.5%
Narrative Update • Jun 02

DSY: Stable Assumptions And Slight Model Tweaks Will Shape Future Upside Potential

Analysts have nudged their ZAR price target for Discovery slightly higher, from about ZAR299 to roughly ZAR301. This reflects updated views on fair value, the discount rate, and longer term P/E assumptions.
SBK
R306.98
Standard Bank Group
7D
0.3%
1Y
30.9%
Analysis Article • Jun 01

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CPI
R4,352.08
Capitec Bank Holdings
7D
-1.0%
1Y
25.3%
Narrative Update • Jun 01

CPI: Higher Profit Margins And Richer P/E Will Support Future Share Repricing

Analysts have lifted their price target for Capitec Bank Holdings from ZAR4,990 to ZAR5,686, citing updated assumptions that include a slightly lower discount rate, adjustments to revenue growth expectations, a higher profit margin, and a modestly higher future P/E multiple. Valuation Changes Fair Value: Updated from ZAR4,990 to ZAR5,686, indicating a higher central estimate for the stock.
NPN
R883.00
Naspers
7D
5.3%
1Y
-18.7%
Analysis Article • May 31

Does Naspers (JSE:NPN) Deserve A Spot On Your Watchlist?

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
SSW
R42.52
Sibanye Stillwater
7D
-9.0%
1Y
38.4%
Narrative Update • May 28

SSW: Future Returns Will Rely On Executing Higher Margin And P E Assumptions

Analysts have reset their ZAR price expectations for Sibanye Stillwater lower, with a new fair value estimate of about ZAR65.41 compared with roughly ZAR82.53 previously, reflecting updated views on revenue growth, profit margins and a reduced future P/E assumption. What's in the News First quarter 2026 update: SA PGM operations 4E production, excluding third party concentrate, was 2% higher year on year, with AISC of ZAR 24,629/4Eoz (US$1,507/4Eoz) in line with the first quarter of 2025.
SLM
R84.30
Sanlam
7D
1.0%
1Y
-5.4%
FSR
R90.99
FirstRand
7D
0.5%
1Y
20.5%
Narrative Update • May 22

FSR: Earnings Quality And Resilient Positioning Will Support Future Upside

Analysts have trimmed their ZAR fair value estimate for FirstRand slightly to ZAR104.33 from ZAR104.45, reflecting updated assumptions around discount rates and earnings quality following recent research, including a downgrade highlighted by Citi. Analyst Commentary Recent commentary around FirstRand reflects a mix of confidence in the group’s long term positioning and a more cautious stance on how much of that quality is already captured in the share price, especially following the recent downgrade referenced in street research.