FirstRand Limited

JSE:FSR Stock Report

Market Cap: R498.8b

FirstRand Future Growth

Future criteria checks 4/6

FirstRand is forecast to grow earnings and revenue by 15.9% and 10.4% per annum respectively. EPS is expected to grow by 14.1% per annum. Return on equity is forecast to be 21.7% in 3 years.

Key information

15.9%

Earnings growth rate

14.10%

EPS growth rate

Diversified Financial earnings growth16.6%
Revenue growth rate10.4%
Future return on equity21.68%
Analyst coverage

Good

Last updated03 May 2026

Recent future growth updates

Recent updates

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.
Analysis Article • May 07

If EPS Growth Is Important To You, FirstRand (JSE:FSR) Presents An Opportunity

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
Narrative Update • May 02

FSR: Higher Discount Rate Will Support More Resilient Future Returns

Analysts have maintained the fair value for FirstRand at ZAR104.45 per share, incorporating a slightly higher discount rate and modest adjustments to revenue growth, profit margin and future P/E inputs, as some have turned more cautious on the stock following a recent downgrade at Citi. Analyst Commentary Recent research around FirstRand has focused on how the current share price compares with the updated fair value of ZAR104.45, especially after the recent downgrade at Citi and the decision to apply a slightly higher discount rate.
Narrative Update • Apr 11

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

Analysts have nudged their FirstRand fair value estimate slightly higher to around ZAR104.45 from about ZAR104.14, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E after recent research including Citi's downgrade. Analyst Commentary Recent research has prompted a modest reassessment of FirstRand, with analysts refining their assumptions on discount rate, revenue growth, profit margin and future P/E.
Narrative Update • Mar 27

FSR: Governance Amendments Will Support Richer Margins And A Stronger Outlook

Analysts have nudged their price target on FirstRand slightly higher to around ZAR104 per share from about ZAR104 previously, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E that together point to a modestly refined valuation rather than a major shift in view. What's in the News FirstRand has scheduled a Special or Extraordinary Shareholders Meeting for February 11, 2026, at 09:00 South Africa Standard Time.
Narrative Update • Mar 11

FSR: Governance Rewrite And Richer Margins Will Support A Stronger Outlook

Analysts have adjusted their price target on FirstRand slightly higher to ZAR103.81 from ZAR102.88, pointing to updated assumptions around revenue growth, profit margins, and a lower forward P/E multiple as the key drivers of the change. What's in the News FirstRand has scheduled a Special or Extraordinary Shareholders Meeting for February 11, 2026, at 09:00 South Africa Standard Time.
Narrative Update • Feb 24

FSR: Stable Outlook With Governance Changes And Audit Switch Shaping Future Risk Profile

Analysts have nudged their fair value estimate for FirstRand higher by ZAR1.00 to ZAR102.88, citing updated assumptions around the discount rate and future P/E that slightly adjust their long term outlook on the stock. What's in the News A special or extraordinary shareholders meeting is scheduled for February 11, 2026, at 09:00 South Africa Standard Time to discuss proposed amendments to FirstRand's Memorandum of Incorporation, which could affect governance and capital structure flexibility (Key Developments).
Narrative Update • Feb 10

FSR: Stable Fair Value And Governance Changes Will Shape Future Risk Profile

Analysts have nudged their fair value estimate for FirstRand higher from R101.33 to R101.88, citing updated assumptions around the discount rate and future P/E as the key drivers of the target price change. What's in the News FirstRand has scheduled a special or extraordinary shareholders meeting for 11 February 2026 at 09:00 South Africa Standard Time to discuss proposed amendments to the group’s Memorandum of Incorporation, or MOI (Key Developments).
Narrative Update • Jan 24

FSR: Stable Fair Value And Governance Changes Will Shape Future Risk Profile

Analysts have nudged their price target for FirstRand higher to R101.33 from R99.22, pointing to slightly refined assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What's in the News FirstRand has scheduled a special or extraordinary shareholders meeting for February 11, 2026, giving investors a date to watch for potential company resolutions or structural decisions (Key Developments).
Narrative Update • Jan 08

FSR: Stable Fair Value And Auditor Transition Will Shape Future Risk Profile

Analysts have raised their price target for FirstRand to R99.22, unchanged from the previous R99.22, reflecting updated model inputs on discount rates, revenue growth, profit margin and a slightly higher assumed future P/E of 15.00x. What's in the News Shareholders approved the appointment of KPMG Inc.
Narrative Update • Dec 16

FSR: Improved Profitability And Lower Risk Will Support Further Share Upside

Analysts have nudged their price target for FirstRand higher by approximately R2.20 to around R99.20, citing slightly faster expected revenue growth, a modestly improved profit margin, and a marginally lower discount rate that supports a richer, but still reasonable, future P E multiple. What's in the News Shareholders approved the appointment of KPMG Inc.
Narrative Update • Dec 01

FSR: Projected Revenue Gains And Higher Fair Value Will Support Upside Potential

Analysts have slightly raised their price target for FirstRand from R94.57 to R97.02, citing marginal improvements to forecasts for fair value and revenue growth, even though there have been only minor adjustments to key assumptions. Valuation Changes Fair Value has risen slightly from ZAR94.57 to ZAR97.02.
Narrative Update • Nov 17

FSR: Reduced Discount Rate And Rising Margins Will Drive Future Upside

Analysts have raised their fair value estimate for FirstRand from R93.89 to R94.57 per share, citing improved profit margins and a lower discount rate as key drivers behind the upward revision. Valuation Changes Fair Value Estimate: Increased slightly from ZAR 93.89 to ZAR 94.57 per share.
Analysis Article • Nov 10

Here's Why We Think FirstRand (JSE:FSR) Might Deserve Your Attention Today

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
Narrative Update • Nov 01

FSR: Stable Discount Rate And Political Stability Will Drive Future Market Confidence

Narrative Update on FirstRand: Analyst Price Target Change FirstRand's analyst price target remains unchanged at R93.89. Analysts note that updated assumptions for discount rate, revenue growth, and profitability have not meaningfully impacted their overall valuation outlook.
Narrative Update • Oct 18

Lower Inflation And Political Stability Will Stimulate Credit Growth Opportunities

Narrative Update on FirstRand: Analyst Price Target Revision Analysts have raised their fair value estimate for FirstRand from R93.14 to R93.89. This change reflects modest improvements in revenue growth assumptions and a slightly higher projected discount rate.
Narrative Update • Oct 03

Lower Inflation And Political Stability Will Stimulate Credit Growth Opportunities

Analysts have raised their price target for FirstRand from R89.61 to R93.14. This reflects increased confidence in the company’s improving profit margins and consistent revenue performance.
Narrative Update • Sep 16

Lower Inflation And Political Stability Will Stimulate Credit Growth Opportunities

FirstRand’s future P/E multiple has decreased while its net profit margin has improved, supporting a marginal increase in the consensus analyst price target from ZAR88.49 to ZAR89.61. What's in the News FirstRand raised its full-year earnings guidance for FY2025, now expecting low double-digit to mid-teens earnings growth, above its long-term target of nominal GDP + 0–3%.
Analysis Article • Jul 28

Should You Be Adding FirstRand (JSE:FSR) To Your Watchlist Today?

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
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New Narrative • Mar 09

Lower Inflation And Political Stability Will Stimulate Credit Growth Opportunities

Improved affordability and economic recovery could drive increased consumer and corporate credit demand, positively impacting revenue growth.

Earnings and Revenue Growth Forecasts

JSE:FSR - Analysts future estimates and past financials data (ZAR Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
6/30/2028186,09261,959N/AN/A7
6/30/2027172,92056,475N/AN/A7
6/30/2026160,87043,802N/AN/A7
12/31/2025139,29643,926-116,154-106,978N/A
9/30/2025136,05242,901-120,666-113,149N/A
6/30/2025132,80741,876-125,178-119,320N/A
3/31/2025131,18740,818-86,533-79,202N/A
12/31/2024129,56639,759-43,064-34,260N/A
9/30/2024128,26038,975-57,244-49,310N/A
6/30/2024126,95338,191-71,424-64,360N/A
3/31/2024125,42738,055-114,309-107,859N/A
12/31/2023123,90037,919-157,194-151,358N/A
9/30/2023121,62837,125-143,912-138,399N/A
6/30/2023119,35636,331-130,630-125,440N/A
3/31/2023116,30035,599-62,967-58,220N/A
12/31/2022113,24334,8664,6968,999N/A
9/30/2022110,40333,814-25,416-21,427N/A
6/30/2022107,56232,761-55,528-51,854N/A
3/31/2022105,26932,094-55,177-51,961N/A
12/31/2021102,97631,427-54,826-52,068N/A
9/30/202198,94529,085-65,871-62,796N/A
6/30/202194,91326,743-76,916-73,525N/A
3/31/202185,91020,457-73,419-69,580N/A
12/31/202076,90614,171-69,922-65,635N/A
9/30/202078,55215,596-55,499-50,373N/A
6/30/202080,19717,021-41,076-35,112N/A
3/31/202087,63122,741-66,800-59,893N/A
12/31/201995,06428,461-92,524-84,675N/A
9/30/201995,41529,336N/A-98,810N/A
6/30/201995,76530,211N/A-112,945N/A
3/31/201993,94529,870N/A-107,881N/A
12/31/201892,12429,529N/A-102,818N/A
9/30/201888,38928,038N/A-99,907N/A
6/30/201884,65326,546N/A-96,997N/A
3/31/201882,76825,989N/A-93,940N/A
12/31/201780,88325,432N/A-90,883N/A
9/30/201779,33425,002N/A-76,625N/A
6/30/201777,78524,572N/A-62,368N/A
3/31/201776,77924,272N/A-61,280N/A
12/31/201675,77323,972N/A-60,192N/A
9/30/201673,79523,268N/A-56,306N/A
6/30/201671,81622,563N/A-52,421N/A
3/31/201670,05822,181N/A-69,068N/A
12/31/201568,29921,799N/A-85,716N/A
9/30/201568,07921,711N/A-87,730N/A
6/30/201567,85921,623N/A-89,744N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: FSR's forecast earnings growth (15.9% per year) is above the savings rate (9.8%).

Earnings vs Market: FSR's earnings (15.9% per year) are forecast to grow faster than the ZA market (15.7% per year).

High Growth Earnings: FSR's earnings are forecast to grow, but not significantly.

Revenue vs Market: FSR's revenue (10.4% per year) is forecast to grow faster than the ZA market (6.8% per year).

High Growth Revenue: FSR's revenue (10.4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: FSR's Return on Equity is forecast to be high in 3 years time (21.7%)

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/23 08:16
End of Day Share Price 2026/05/22 00:00
Earnings2025/12/31
Annual Earnings2025/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

FirstRand Limited is covered by 22 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ilan StermerAnchor Stockbrokers Proprietary Limited
Jaap MeijerArqaam Capital Research Offshore S.A.L.
Adrienne DamantAvior Capital Markets