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South African (JSE) Market Analysis & Valuation

UpdatedMay 24, 2025
DataAggregated Company Financials
Companies212
  • 7D1.0%
  • 3M4.6%
  • 1Y18.3%
  • YTD8.1%

The market has climbed 1.0% in the last 7 days, lead by the Materials sector with a gain of 14%. The market is up 18% over the last 12 months. Earnings are forecast to grow by 20% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 24 May 2025R6.7tR5.3tR418.2b8.7x16.1x1.3x
Mon, 21 Apr 2025R6.5tR5.4tR426.0b8.4x15.2x1.2x
Wed, 19 Mar 2025R6.4tR5.3tR414.2b8.6x15.5x1.2x
Fri, 14 Feb 2025R6.4tR5.3tR370.4b9.6x17.2x1.2x
Sun, 12 Jan 2025R6.2tR5.3tR371.3b10x16.6x1.2x
Tue, 10 Dec 2024R6.5tR5.3tR361.1b10.2x17.9x1.2x
Thu, 07 Nov 2024R6.3tR5.3tR335.7b10.4x18.8x1.2x
Sat, 05 Oct 2024R6.3tR5.3tR338.8b10.3x18.7x1.2x
Mon, 02 Sep 2024R6.2tR5.2tR344.6b9.9x17.9x1.2x
Wed, 31 Jul 2024R5.9tR5.2tR418.0b9.6x14.2x1.1x
Fri, 28 Jun 2024R5.7tR5.2tR423.0b8.9x13.5x1.1x
Sun, 26 May 2024R5.7tR5.3tR431.2b8.7x13.3x1.1x
Tue, 23 Apr 2024R5.3tR5.3tR435.6b8.5x12.2x1x
Thu, 21 Mar 2024R5.3tR5.4tR448.8b8.5x11.9x1x
Sat, 17 Feb 2024R5.5tR5.3tR526.0b9x10.4x1x
Mon, 15 Jan 2024R5.7tR5.4tR541.0b9.4x10.5x1x
Wed, 13 Dec 2023R5.5tR5.5tR544.3b9.1x10.2x1x
Fri, 10 Nov 2023R5.5tR5.5tR537.8b9x10.2x1x
Sun, 08 Oct 2023R5.3tR5.5tR549.9b9.1x9.6x1x
Tue, 05 Sep 2023R5.8tR5.4tR560.4b8.8x10.4x1.1x
Thu, 03 Aug 2023R5.9tR5.4tR633.9b8.5x9.4x1.1x
Sat, 01 Jul 2023R5.8tR5.4tR660.8b8.6x8.9x1.1x
Mon, 29 May 2023R5.7tR5.4tR663.3b8.2x8.6x1.1x
Wed, 26 Apr 2023R6.1tR5.4tR671.2b8.1x9.1x1.1x
Fri, 24 Mar 2023R5.9tR5.3tR642.4b8.3x9.2x1.1x
Sun, 19 Feb 2023R6.3tR5.3tR659.8b8.5x9.5x1.2x
Tue, 17 Jan 2023R6.3tR5.2tR657.1b8.3x9.7x1.2x
Thu, 15 Dec 2022R6.0tR5.2tR657.9b8.5x9.2x1.2x
Sat, 12 Nov 2022R6.2tR5.1tR834.4b8.9x7.4x1.2x
Mon, 10 Oct 2022R5.7tR5.2tR838.8b8.5x6.8x1.1x
Wed, 07 Sep 2022R5.8tR5.3tR805.4b8.5x7.2x1.1x
Fri, 05 Aug 2022R5.9tR5.2tR753.3b8.4x7.8x1.1x
Sun, 03 Jul 2022R5.8tR5.2tR780.3b8.4x7.4x1.1x
Tue, 31 May 2022R6.7tR5.2tR789.2b9.3x8.4x1.3x
Price to Earnings Ratio

8.4x


Total Market Cap: R6.7tTotal Earnings: R789.2bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 11.7x202320242025
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 16.1x which is higher than its 3-year average PE of 11.7x.
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 Market1.03%
Materials14.39%
Telecom2.12%
Energy1.58%
Tech0.31%
Utilities0%0
Consumer Staples-0.29%
Healthcare-1.37%
Industrials-1.72%
Real Estate-2.13%
Financials-2.21%
Consumer Discretionary-2.84%
Sector PE
  • Investors favour the Telecom sector the most for future growth, which is trading above its 3-year average PE ratio of 23.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 40.8%, which is higher than its past year's earnings growth of 1.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 41% over the next 5 years.
  • This is better than its past earnings growth rate of 1.9% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 7.8% 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
AMS Anglo American PlatinumR766.3225.5%
+R40.8b		6.8%PE28.5xMaterials
GFI Gold FieldsR408.7811.1%
+R36.6b		38.4%PE16.5xMaterials
IMP Impala Platinum HoldingsR145.2830.6%
+R30.5b		37.3%PS1.5xMaterials
SSW Sibanye StillwaterR27.3528.0%
+R17.0b		14.9%PS0.7xMaterials
HAR Harmony Gold MiningR281.889.5%
+R15.2b		62.7%PE16.7xMaterials
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