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JSE

JSEJSE:JSE Stock Report

Market Cap

R8.9b

7D

-3.8%

1Y

-9.2%

Updated

21 Oct, 2021

Data

Company Financials +
JSE fundamental analysis
Snowflake Score
Valuation0/6
Future Growth1/6
Past Performance1/6
Financial Health6/6
Dividends2/6

JSE Overview

JSE Limited operates as a securities exchange in South Africa.

JSE Competitors

Hong Kong Exchanges and Clearing

SEHK:388

HK$609.1b

CME Group

NasdaqGS:CME

US$77.1b

Intercontinental Exchange

NYSE:ICE

US$73.0b

Nasdaq

NasdaqGS:NDAQ

US$33.3b

Price History & Performance

Summary of all time highs, changes and price drops for JSE
Historical stock prices
Current Share PriceR104.57
52 Week HighR98.41
52 Week LowR129.36
Beta0.30
1 Month Change-0.41%
3 Month Change0.067%
1 Year Change-9.23%
3 Year Change-34.83%
5 Year Change-32.95%
Change since IPO331.22%

Recent News & Updates

Shareholder Returns

JSEZA Capital MarketsZA Market
7D-3.8%1.1%-0.7%
1Y-9.2%54.9%19.0%

Return vs Industry: JSE underperformed the ZA Capital Markets industry which returned 56% over the past year.

Return vs Market: JSE underperformed the ZA Market which returned 19.9% over the past year.

Price Volatility

Is JSE's price volatile compared to industry and market?
JSE volatility
JSE Beta0.30
Industry Beta0.89
Market Beta1

Stable Share Price: JSE is less volatile than 75% of ZA stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: JSE's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1887n/aLeila Fouriehttps://www.jse.co.za

JSE Limited operates as a securities exchange in South Africa. It offers capital markets, post-trade, and information services. The company also provides trading services for equities and indices; debt, including corporate, green, and government bonds; and derivative markets, such as equity, bond, interest rate, commodity, and currency derivatives; and repo market, as well as offers equity market data.

JSE Fundamentals Summary

How do JSE's earnings and revenue compare to its market cap?
JSE fundamental statistics
Market CapR8.94b
Earnings (TTM)R642.48m
Revenue (TTM)R2.41b

13.9x

P/E Ratio

3.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
JSE income statement (TTM)
RevenueR2.41b
Cost of RevenueR4.35m
Gross ProfitR2.41b
ExpensesR1.76b
EarningsR642.48m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)7.51
Gross Margin99.82%
Net Profit Margin26.66%
Debt/Equity Ratio0%

How did JSE perform over the long term?

See historical performance and comparison

Dividends

6.9%

Current Dividend Yield

92%

Payout Ratio

Valuation

Is JSE undervalued compared to its fair value and its price relative to the market?

13.92x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: JSE (ZAR104.57) is trading above our estimate of fair value (ZAR76.85)

Significantly Below Fair Value: JSE is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: JSE is poor value based on its PE Ratio (13.9x) compared to the ZA Capital Markets industry average (11.5x).

PE vs Market: JSE is poor value based on its PE Ratio (13.9x) compared to the ZA market (11.4x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate JSE's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: JSE is overvalued based on its PB Ratio (2.4x) compared to the ZA Capital Markets industry average (0.7x).


Future Growth

How is JSE forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

9.6%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if JSE's forecast earnings growth is above the savings rate (8.8%).

Earnings vs Market: Insufficient data to determine if JSE's earnings are forecast to grow faster than the ZA market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: JSE's revenue (9.6% per year) is forecast to grow faster than the ZA market (6.3% per year).

High Growth Revenue: JSE's revenue (9.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if JSE's Return on Equity is forecast to be high in 3 years time


Past Performance

How has JSE performed over the past 5 years?

-6.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: JSE has high quality earnings.

Growing Profit Margin: JSE's current net profit margins (26.7%) are lower than last year (33%).


Past Earnings Growth Analysis

Earnings Trend: JSE's earnings have declined by 6.3% per year over the past 5 years.

Accelerating Growth: JSE's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: JSE had negative earnings growth (-18.5%) over the past year, making it difficult to compare to the Capital Markets industry average (35.2%).


Return on Equity

High ROE: JSE's Return on Equity (17%) is considered low.


Financial Health

How is JSE's financial position?


Financial Position Analysis

Short Term Liabilities: JSE's short term assets (ZAR49.0B) exceed its short term liabilities (ZAR46.9B).

Long Term Liabilities: JSE's short term assets (ZAR49.0B) exceed its long term liabilities (ZAR246.6M).


Debt to Equity History and Analysis

Debt Level: JSE is debt free.

Reducing Debt: JSE had no debt 5 years ago.

Debt Coverage: JSE has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: JSE has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Dividend

What is JSE current dividend yield, its reliability and sustainability?

6.93%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: JSE's dividend (6.93%) is higher than the bottom 25% of dividend payers in the ZA market (3.08%).

High Dividend: JSE's dividend (6.93%) is low compared to the top 25% of dividend payers in the ZA market (8.02%).


Stability and Growth of Payments

Stable Dividend: JSE's dividend payments have been volatile in the past 10 years.

Growing Dividend: JSE's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (92.3%), JSE's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.9yrs

Average management tenure


CEO

Leila Fourie (52 yo)

2yrs

Tenure

R16,500,000

Compensation

Dr. Leila Fourie, M.Com., Ph.D. has been Chief Executive Officer of JSE Ltd. since October 1, 2019 and also serves as its Executive Director since October 1, 2019. Dr. Fourie served as Director of Post-Tra...


CEO Compensation Analysis

Compensation vs Market: Leila's total compensation ($USD1.13M) is about average for companies of similar size in the ZA market ($USD906.57K).

Compensation vs Earnings: Leila's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

Experienced Management: JSE's management team is considered experienced (4.9 years average tenure).


Board Members

Experienced Board: JSE's board of directors are not considered experienced ( 2.9 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

JSE Limited's employee growth, exchange listings and data sources


Key Information

  • Name: JSE Limited
  • Ticker: JSE
  • Exchange: JSE
  • Founded: 1887
  • Industry: Financial Exchanges and Data
  • Sector: Diversified Financials
  • Market Cap: R8.943b
  • Shares outstanding: 85.52m
  • Website: https://www.jse.co.za

Number of Employees


Location

  • JSE Limited
  • One Exchange Square
  • 2 Gwen Lane
  • Johannesburg
  • Gauteng
  • 2196
  • South Africa

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/21 20:58
End of Day Share Price2021/10/21 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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 here.