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South African (JSE) Market Analysis & Valuation

UpdatedMay 09, 2026
DataAggregated Company Financials
Companies200
  • 7D1.6%
  • 3M-3.5%
  • 1Y24.0%
  • YTD-0.5%

The market has climbed 1.6% in the last 7 days, lead by the Materials sector with a gain of 6.4%. As for the past 12 months, the market is up 24%. Earnings are forecast to grow by 16% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 09 May 2026R8.1tR5.5tR610.1b9.1x13.3x1.5x
Mon, 06 Apr 2026R8.0tR5.5tR620.2b9.3x12.9x1.5x
Wed, 04 Mar 2026R8.3tR5.4tR603.5b9.6x13.8x1.5x
Fri, 30 Jan 2026R8.8tR5.3tR552.4b9.6x15.9x1.7x
Sun, 28 Dec 2025R8.3tR5.4tR561.0b9.5x14.7x1.5x
Tue, 25 Nov 2025R7.8tR5.4tR563.0b9.3x13.8x1.4x
Thu, 23 Oct 2025R7.7tR5.5tR574.8b9.2x13.4x1.4x
Sat, 20 Sep 2025R7.5tR5.5tR572.7b8.9x13.1x1.4x
Mon, 18 Aug 2025R7.3tR5.5tR465.1b8.9x15.7x1.3x
Wed, 16 Jul 2025R6.9tR5.5tR475.0b8.4x14.6x1.3x
Fri, 13 Jun 2025R7.0tR5.5tR435.4b8.7x16x1.3x
Sun, 11 May 2025R6.6tR5.3tR421.8b8.8x15.7x1.2x
Tue, 08 Apr 2025R5.9tR5.4tR430.4b8.1x13.8x1.1x
Thu, 06 Mar 2025R6.3tR5.3tR413.6b9x15.3x1.2x
Sat, 01 Feb 2025R6.3tR5.3tR368.9b10x17x1.2x
Mon, 30 Dec 2024R6.3tR5.3tR366.5b9.9x17.1x1.2x
Wed, 27 Nov 2024R6.3tR5.3tR345.4b9.8x18.2x1.2x
Fri, 25 Oct 2024R6.4tR5.1tR338.8b10.3x18.8x1.2x
Sun, 22 Sep 2024R6.2tR5.2tR335.1b10x18.5x1.2x
Tue, 20 Aug 2024R6.2tR5.2tR410.4b9.6x15x1.2x
Thu, 18 Jul 2024R5.8tR5.2tR421.5b9.2x13.9x1.1x
Sat, 15 Jun 2024R5.6tR5.2tR434.4b8.7x12.8x1.1x
Mon, 13 May 2024R5.7tR5.3tR431.5b8.6x13.2x1.1x
Wed, 10 Apr 2024R5.6tR5.3tR430.7b8.6x12.9x1x
Fri, 08 Mar 2024R5.5tR5.3tR449.5b8.8x12.2x1x
Sun, 04 Feb 2024R5.7tR5.5tR542.4b9.4x10.4x1x
Tue, 02 Jan 2024R5.9tR5.4tR538.9b9.4x10.9x1.1x
Thu, 30 Nov 2023R5.7tR5.4tR542.2b9x10.4x1x
Sat, 28 Oct 2023R5.3tR5.5tR545.2b8.9x9.6x1x
Mon, 25 Sep 2023R5.6tR5.5tR549.5b9.2x10.1x1x
Wed, 23 Aug 2023R5.7tR5.4tR626.4b8.2x9.1x1.1x
Fri, 21 Jul 2023R6.0tR5.4tR654.3b8.5x9.1x1.1x
Sun, 18 Jun 2023R6.1tR5.4tR637.4b8.4x9.6x1.1x
Tue, 16 May 2023R5.9tR5.4tR668.4b8.2x8.8x1.1x
Price to Earnings Ratio

8.8x


Total Market Cap: R5.9tTotal Earnings: R668.4bTotal Revenue: R5.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 13.6x202420252026
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 13.6x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 3.0% 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 Market1.58%
Materials6.39%
Tech2.35%
Telecom1.60%
Healthcare1.46%
Industrials0.89%
Consumer Staples0.28%
Real Estate0.068%
Utilities0%0
Consumer Discretionary-0.13%
Financials-0.53%
Energy-2.99%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 9.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 25.1% which is higher than its past year's earnings decline of 2.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 47% over the next 5 years.
  • This is better than its past earnings growth rate of 17% per year.
  • In contrast, the Consumer Discretionary sector is expected to see its earnings grow by 3.4% 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
IMP Impala Platinum HoldingsR268.4715.6%
+R32.5b		135.1%PE29.4xMaterials
VAL Valterra PlatinumR1.46k9.2%
+R32.3b		127.0%PE24.8xMaterials
GFI Gold FieldsR734.913.2%
+R20.5b		80.6%PE11.2xMaterials
HAR Harmony Gold MiningR292.2711.0%
+R18.0b		2.9%PE11.2xMaterials
NPH Northam Platinum HoldingsR356.9311.5%
+R14.5b		173.3%PE15.3xMaterials
See more

Market Insights

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Latest News

VAL
R1,458.25
Valterra Platinum
7D
9.2%
1Y
127.0%
IMP
R268.47
Impala Platinum Holdings
7D
15.6%
1Y
135.1%
GFI
R734.91
Gold Fields
7D
3.2%
1Y
80.6%
Narrative Update • May 03

GFI: Higher Gold Price Assumptions And Dividend Payouts Will Support Re Rating

Gold Fields' analyst fair value estimate has shifted from ZAR1,100.00 to ZAR1,263.00 as analysts factor in updated gold price assumptions, changes in long term growth and profitability forecasts, and refreshed P/E expectations reflected in recent research updates. Analyst Commentary Recent research points to a constructive tone around Gold Fields, with several bullish analysts revisiting their assumptions on gold prices, long term profitability, and valuation multiples.
NPN
R893.00
Naspers
7D
-0.5%
1Y
-12.2%
Narrative Update • May 03

NPN: Future Upside Will Rely On Execution Against Refined P/E Assumptions

Naspers' analyst price target has been adjusted slightly from ZAR1,085.72 to ZAR1,076.13 as analysts refine their views on discount rates, revenue growth, profit margins, and future P/E assumptions following recent research updates. Analyst Commentary Recent research updates around the ZAR1,076.13 price target highlight a more cautious tone, with several Bearish analysts focusing on execution risks, valuation assumptions, and the sensitivity of Naspers' earnings to changes in discount rates and profit margin expectations.
NED
R260.57
Nedbank Group
7D
-2.5%
1Y
4.2%
Narrative Update • May 02

NED: Neutral Reinstatement And Earnings Guidance Will Shape A More Cautious Outlook

Analysts have maintained their ZAR 275.00 price target for Nedbank Group, reflecting updated assumptions around discount rate, revenue growth, profit margin and future P/E that are broadly in line with recent Street research, including the latest neutral stance. Analyst Commentary Recent Street research, including the Neutral initiation at Goldman Sachs, points to a more measured outlook for Nedbank Group.
LHC
R11.01
Life Healthcare Group Holdings
7D
-11.1%
1Y
-26.5%
Narrative Update • May 01

LHC: Stable Assumptions And Growing Minority Stakes Will Shape Future Returns

Analysts have kept their ZAR 12.86 price target on Life Healthcare Group Holdings unchanged, citing stable assumptions for the discount rate, revenue growth, profit margin and future P/E as the basis for maintaining their view. What's in the News Clients of Ninety One SA (Pty) Ltd.
SOL
R212.98
Sasol
7D
-7.4%
1Y
232.9%
Narrative Update • Apr 30

SOL: Severe EPS Collapse Will Undermine Higher Margin Outlook And Future P/E Assumptions

Analysts have raised their price target for Sasol from ZAR117.00 to approximately ZAR151.63, reflecting updated assumptions that include a slightly lower discount rate, revised revenue expectations, higher profit margin forecasts, and a higher future P/E multiple. What's in the News Updated fiscal year 2026 guidance keeps most targets unchanged.
HAR
R292.27
Harmony Gold Mining
7D
11.0%
1Y
2.9%
Narrative Update • Apr 29

HAR: Dividend Strength And Steady Guidance Will Support Further Share Upside

Analysts have reiterated their ZAR fair value estimate for Harmony Gold Mining while fine tuning their inputs, including a slightly higher discount rate, modestly stronger revenue growth and profit margin assumptions, and a marginally lower future P/E. Together, these adjustments leave the overall price target in ZAR terms unchanged.
VOD
R146.16
Vodacom Group
7D
3.4%
1Y
10.6%
Narrative Update • Apr 29

VOD: Neutral UBS Initiation And Margin Risks Will Likely Cap Upside

Analysts keep their ZAR fair value estimate steady at ZAR130.00 for Vodacom Group, pointing to slightly lower revenue growth expectations, a modestly higher profit margin outlook, and a marginally lower future P/E assumption, supported by recent neutral initiation commentary from UBS and peers. Analyst Commentary Recent neutral commentary highlights a mixed setup for Vodacom Group, with the ZAR130.00 fair value estimate held steady but framed by a cautious tone on revenue growth, margins, and the future P/E assumption.
ABG
R230.44
Absa Group
7D
-1.1%
1Y
38.8%
Narrative Update • Apr 28

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

Analysts have kept Absa Group's fair value estimate broadly unchanged at about ZAR273.25 per share, reflecting only marginal tweaks to assumptions such as the discount rate, revenue growth, profit margin and future P/E. What's in the News 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 date on 22 April 2026, record date on 24 April 2026, and payment on 28 April 2026 (Key Developments).
SSW
R54.80
Sibanye Stillwater
7D
10.3%
1Y
139.8%
Narrative Update • Apr 28

SSW: Higher Discount Rates And Margin Assumptions Will Shape Future Returns

Analysts have trimmed their Sibanye Stillwater price target by ZAR2, reflecting slightly higher discount rate assumptions and more cautious revenue growth expectations. This is partly offset by a modestly stronger profit margin outlook and a marginally lower future P/E multiple.
DSY
R273.50
Discovery
7D
5.8%
1Y
32.3%
Narrative Update • Apr 26

DSY: Interim Dividend And Strong Earnings Guidance Will Support Future Upside

Analysts have adjusted the price target for Discovery slightly higher to about ZAR299.05 from ZAR298.48. This reflects updated assumptions around fair value, profit margins and the future P/E multiple.
SBK
R306.48
Standard Bank Group
7D
-4.4%
1Y
36.0%
Narrative Update • Apr 22

SBK: Future Dividend And Stable Earnings Will Underpin Fairly Valued Outlook

Analysts have adjusted their price target for Standard Bank Group slightly higher to ZAR337.10 from ZAR333.77, reflecting small refinements to fair value estimates, discount rate assumptions and the expected future P/E multiple. What's in the News The board has declared final gross cash dividend No. 112 of 878.00 cents per ordinary share to shareholders on the register at close of business on 17 April 2026 (company announcement).
NPH
R356.93
Northam Platinum Holdings
7D
11.5%
1Y
173.3%
Narrative Update • Apr 20

NPH: Higher Required Returns Will Pressure Optimistic Margin And P/E Assumptions

Analysts have raised their price target on Northam Platinum Holdings from ZAR131.11 to ZAR270.00, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples, along with a more positive stance in recent Street research. Analyst Commentary Even with a higher price target framework on Northam Platinum Holdings, not all research has been uniformly positive.
REM
R188.00
Remgro
7D
-3.4%
1Y
17.2%
INL
R132.77
Investec Group
7D
-4.2%
1Y
16.5%