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South African (JSE) Market Analysis & Valuation

UpdatedJan 18, 2026
DataAggregated Company Financials
Companies203
  • 7D1.3%
  • 3M8.6%
  • 1Y36.2%
  • YTD3.0%

The market has climbed 1.3% in the last 7 days, lead by the Materials sector with a gain of 6.0%. In the last year, the market has climbed 36%. Earnings are forecast to grow by 19% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 18 Jan 2026R8.4tR5.3tR558.6b9.6x15.1x1.6x
Tue, 16 Dec 2025R7.9tR5.4tR562.3b9.3x14.1x1.5x
Thu, 13 Nov 2025R7.9tR5.5tR571.4b9.6x13.9x1.4x
Sat, 11 Oct 2025R7.8tR5.5tR574.8b9.2x13.5x1.4x
Mon, 08 Sep 2025R7.2tR5.5tR566.9b8.9x12.8x1.3x
Wed, 06 Aug 2025R7.1tR5.5tR468.7b8.3x15.2x1.3x
Fri, 04 Jul 2025R7.0tR5.5tR471.7b8.6x14.8x1.3x
Sun, 01 Jun 2025R6.8tR5.3tR426.5b8.6x15.9x1.3x
Tue, 29 Apr 2025R6.5tR5.4tR426.1b8.6x15.3x1.2x
Thu, 27 Mar 2025R6.6tR5.3tR422.2b8.6x15.5x1.2x
Sat, 22 Feb 2025R6.5tR5.3tR370.0b9.6x17.4x1.2x
Mon, 20 Jan 2025R6.2tR5.3tR369.0b9.7x16.9x1.2x
Wed, 18 Dec 2024R6.3tR5.3tR363.3b10.1x17.4x1.2x
Fri, 15 Nov 2024R6.2tR5.3tR343.3b10.1x18.1x1.2x
Sun, 13 Oct 2024R6.3tR5.1tR336.3b10.4x18.9x1.2x
Tue, 10 Sep 2024R6.0tR5.2tR347.5b9.8x17.2x1.1x
Thu, 08 Aug 2024R5.9tR5.2tR418.7b9.5x14x1.1x
Sat, 06 Jul 2024R5.9tR5.2tR421.2b9.3x14x1.1x
Mon, 03 Jun 2024R5.5tR5.2tR433.6b8.7x12.6x1x
Wed, 01 May 2024R5.5tR5.3tR434.6b8.5x12.6x1x
Fri, 29 Mar 2024R5.5tR5.3tR433.3b8.7x12.6x1x
Sun, 25 Feb 2024R5.5tR5.3tR522.1b9.1x10.6x1x
Tue, 23 Jan 2024R5.5tR5.5tR544.7b9.4x10.2x1x
Thu, 21 Dec 2023R5.7tR5.4tR538.0b9.2x10.6x1.1x
Sat, 18 Nov 2023R5.6tR5.4tR535.9b9.1x10.4x1x
Mon, 16 Oct 2023R5.5tR5.4tR547.3b9x10x1x
Wed, 13 Sep 2023R5.7tR5.5tR558.3b8.8x10.3x1.1x
Fri, 11 Aug 2023R6.0tR5.4tR630.0b8.4x9.6x1.1x
Sun, 09 Jul 2023R5.8tR5.4tR660.7b8.5x8.7x1.1x
Tue, 06 Jun 2023R5.9tR5.4tR656.1b8.1x8.9x1.1x
Thu, 04 May 2023R6.1tR5.3tR668.6b8.3x9.1x1.1x
Sat, 01 Apr 2023R6.0tR5.3tR646.4b8.2x9.3x1.1x
Mon, 27 Feb 2023R6.1tR5.3tR640.1b8.6x9.6x1.2x
Wed, 25 Jan 2023R6.4tR5.2tR658.5b8.5x9.8x1.2x
Price to Earnings Ratio

9.8x


Total Market Cap: R6.4tTotal Earnings: R658.5bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.1x202420252026
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 15.1x which is higher than its 3-year average PE of 13.1x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 5.3% 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 Market1.34%
Materials6.01%
Healthcare2.58%
Telecom0.59%
Financials0.038%
Utilities0%0
Consumer Staples-0.38%
Real Estate-0.83%
Consumer Discretionary-1.10%
Industrials-1.40%
Tech-1.51%
Energy-2.39%
Sector PE
  • Investors favour the Materials sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 36.5% which is higher than its past year's earnings decline of 3.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 46% over the next 5 years.
  • This is better than its past earnings growth rate of 17% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 6.2% 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 FieldsR818.509.3%
+R62.6b		184.8%PE23.7xMaterials
IMP Impala Platinum HoldingsR297.607.6%
+R18.9b		201.3%PE350.8xMaterials
VAL Valterra PlatinumR1.51k4.3%
+R16.4b		143.6%PE299.5xMaterials
HAR Harmony Gold MiningR366.167.7%
+R16.4b		98.7%PE15.8xMaterials
CPI Capitec Bank HoldingsR4.31k3.0%
+R14.7b		42.7%PB9.3xFinancials
See more

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SOL
R101.91
Sasol
7D
-8.3%
1Y
-0.2%
IMP
R297.60
Impala Platinum Holdings
7D
7.6%
1Y
201.3%
VAL
R1,509.00
Valterra Platinum
7D
4.3%
1Y
143.6%
CPI
R4,312.89
Capitec Bank Holdings
7D
3.0%
1Y
42.7%
GFI
R818.50
Gold Fields
7D
9.3%
1Y
184.8%
SSW
R69.33
Sibanye Stillwater
7D
6.1%
1Y
317.9%
NPH
R379.78
Northam Platinum Holdings
7D
8.3%
1Y
232.9%

NPH: Higher P/E Assumptions Will Limit Future Upside Despite Firm Margins

Analysts have nudged their price target for Northam Platinum Holdings higher to R290.06 from R283.06, reflecting updated assumptions around discount rates, margins, and future P/E expectations. Valuation Changes Fair Value: Updated slightly higher from R283.06 to R290.06 per share.
TBS
R342.83
Tiger Brands
7D
-10.0%
1Y
21.0%

TBS: Future Payouts And Buybacks Will Mask Earnings Quality Risk

Analysts have revised their fair value estimate for Tiger Brands from R253.00 to R280.00, citing adjusted assumptions for revenue growth, profit margins, and a lower future P/E multiple as the key drivers of the new price target. What's in the News Tiger Brands announced a gross special dividend of 2,710.00 cents per ordinary share, with a net amount of 2,168.00 cents per ordinary share, declared on 26 November 2025, subject to South African Reserve Bank approval (Key Developments).
SBK
R288.62
Standard Bank Group
7D
-1.6%
1Y
29.5%

SBK: Easing Macro Backdrop Will Support Steady Returns With Balanced Near-Term Expectations

Analysts have kept their fair value estimate for Standard Bank Group broadly unchanged at about ZAR 292.74 per share, with a slightly lower discount rate and similar revenue growth, profit margin and forward P/E assumptions. This reflects recent coverage that highlights an easing macro backdrop and a more supportive near term growth outlook for South African banks.
PPH
R25.17
Pepkor Holdings
7D
-5.8%
1Y
-8.2%
NPN
R1,090.33
Naspers
7D
-1.3%
1Y
47.7%

NPN: Higher Revenue Outlook And Dividend Policy Will Support Future Upside

Analysts have trimmed their fair value estimate for Naspers from R1,586.07 to R1,569.02, citing updated assumptions around revenue growth, profit margins and a higher future P/E multiple. What's in the News Naspers Limited declared an annual dividend of R5.08 per share, with an ex-date on December 3, 2025, a record date on December 5, 2025, and payment scheduled for December 8, 2025 (Key Developments).
HAR
R366.16
Harmony Gold Mining
7D
7.7%
1Y
98.7%

HAR: Copper Expansion And Payout Policy Will Support Balanced Medium Term Outlook

Analysts have nudged their price target for Harmony Gold Mining up slightly, with fair value moving from $365.00 to $370.00 as they factor in updated assumptions around the discount rate, long term revenue growth, profit margins, and a future P/E of 12.46x. What's in the News Approved high margin, long life EVA COPPER PRO project after a three year feasibility study and FEED phase using Tier 1 contractors.
MTN
R179.18
MTN Group
7D
1.9%
1Y
73.9%

MTN: Lower Future P/E And Leadership Changes Will Constrain Upside Potential

Analysts have slightly reduced their fair value estimate for MTN Group to $82.69 from $83.94, citing updated assumptions for faster revenue growth, higher profit margins, and a lower future P/E multiple following recent sector and leadership changes highlighted in Street research. Analyst Commentary Bearish analysts frame the reduced fair value estimate of $82.69 as a signal that MTN Group faces a thinner margin for execution, even with updated assumptions that factor in faster revenue growth and higher profit margins.
KIO
R354.26
Kumba Iron Ore
7D
-3.2%
1Y
-3.0%
REM
R180.84
Remgro
7D
-2.5%
1Y
23.4%
SLM
R99.40
Sanlam
7D
-2.9%
1Y
15.9%

Assupol Integration And Digital Shift Will Unlock Future Potential

Analysts have raised their price target for Sanlam from R99.21 to R101.55, citing significantly improved profit margin forecasts, even though there are expectations of steeper revenue contraction. Valuation Changes Fair Value increased from ZAR 99.21 to ZAR 101.55, reflecting a modest upward revision.