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South African (JSE) Market Analysis & Valuation

UpdatedMay 19, 2026
DataAggregated Company Financials
Companies201
  • 7D-1.4%
  • 3M-7.5%
  • 1Y20.4%
  • YTD-2.7%

Over the last 7 days, the market has dropped 2.5%, driven by a decline of 6.4% in the Materials sector. In contrast to the last week, the market is actually up 20% over the past year. As for the next few years, earnings are expected to grow by 16% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 19 May 2026R7.9tR5.5tR617.2b8.3x12.8x1.4x
Thu, 16 Apr 2026R8.2tR5.5tR614.2b9.3x13.4x1.5x
Sat, 14 Mar 2026R8.0tR5.5tR610.8b9.6x13x1.5x
Mon, 09 Feb 2026R8.4tR5.3tR557.7b9.7x15.1x1.6x
Wed, 07 Jan 2026R8.4tR5.4tR558.3b9.7x15x1.6x
Fri, 05 Dec 2025R7.8tR5.4tR566.5b9.4x13.8x1.4x
Sun, 02 Nov 2025R7.7tR5.5tR575.7b9.2x13.4x1.4x
Tue, 30 Sep 2025R7.6tR5.5tR570.8b8.9x13.2x1.4x
Thu, 28 Aug 2025R7.3tR5.5tR552.7b9x13.2x1.3x
Sat, 26 Jul 2025R7.1tR5.5tR473.8b8.2x14.9x1.3x
Mon, 23 Jun 2025R6.8tR5.5tR440.3b8.4x15.4x1.2x
Wed, 21 May 2025R6.7tR5.3tR421.6b8.8x15.8x1.2x
Fri, 18 Apr 2025R6.5tR5.4tR425.8b8.4x15.2x1.2x
Sun, 16 Mar 2025R6.4tR5.3tR418.2b8.9x15.2x1.2x
Tue, 11 Feb 2025R6.4tR5.3tR369.9b9.8x17.3x1.2x
Thu, 09 Jan 2025R6.1tR5.3tR370.2b9.8x16.6x1.2x
Sat, 07 Dec 2024R6.4tR5.3tR362.6b10x17.7x1.2x
Mon, 04 Nov 2024R6.4tR5.3tR335.9b10.4x18.9x1.2x
Wed, 02 Oct 2024R6.4tR5.1tR336.8b10.3x18.9x1.2x
Fri, 30 Aug 2024R6.2tR5.2tR349.7b10x17.8x1.2x
Sun, 28 Jul 2024R5.9tR5.2tR418.1b9.4x14.2x1.1x
Tue, 25 Jun 2024R5.9tR5.2tR444.2b9x13.2x1.1x
Thu, 23 May 2024R5.8tR5.3tR432.6b8.6x13.3x1.1x
Sat, 20 Apr 2024R5.3tR5.3tR436.1b8.5x12.2x1x
Mon, 18 Mar 2024R5.4tR5.4tR456.0b8.5x11.7x1x
Wed, 14 Feb 2024R5.5tR5.3tR527.7b9.1x10.3x1x
Fri, 12 Jan 2024R5.7tR5.4tR540.9b9.4x10.5x1x
Sun, 10 Dec 2023R5.6tR5.5tR544.0b9.1x10.3x1x
Tue, 07 Nov 2023R5.6tR5.4tR542.2b9.1x10.2x1x
Thu, 05 Oct 2023R5.3tR5.5tR549.9b9.2x9.6x1x
Sat, 02 Sep 2023R5.8tR5.4tR586.9b8.7x9.9x1.1x
Mon, 31 Jul 2023R6.1tR5.3tR627.5b8.5x9.8x1.2x
Wed, 28 Jun 2023R5.8tR5.4tR628.0b8.4x9.2x1.1x
Fri, 26 May 2023R5.8tR5.4tR666.5b8.1x8.7x1.1x
Price to Earnings Ratio

8.7x


Total Market Cap: R5.8tTotal Earnings: R666.5bTotal 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 2.5% 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 Market-1.35%
Tech4.41%
Consumer Discretionary1.80%
Consumer Staples1.60%
Real Estate1.29%
Financials0.57%
Industrials0.35%
Utilities0%0
Healthcare-0.54%
Telecom-2.87%
Energy-4.14%
Materials-6.35%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 10.6x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 24.4% 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 3.8% 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
NPN NaspersR865.902.1%
+R13.6b		-17.0%PE6.9xConsumer Discretionary
SBK Standard Bank GroupR308.042.3%
+R11.2b		35.7%PB1.7xFinancials
BID BidR418.573.5%
+R4.8b		-11.9%PE16xConsumer Staples
FSR FirstRandR88.560.7%
+R3.4b		20.4%PE11.2xFinancials
SHP Shoprite HoldingsR292.352.2%
+R3.4b		5.2%PE21xConsumer Staples
See more

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Latest News

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R151.28
Vodacom Group
7D
-3.0%
1Y
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Narrative Update • May 16

VOD: Neutral UBS View Will Support Margin Strength And Future Upside

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Impala Platinum Holdings
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88.1%
BVT
R236.25
Bidvest Group
7D
3.0%
1Y
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Narrative Update • May 13

BVT: Dividend Policy And Mobility Partnership Will Support Future Upside

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MTN
R207.23
MTN Group
7D
-2.8%
1Y
69.0%
Narrative Update • May 13

MTN: Weaker Margin Outlook And Execution Risks Will Limit Future Upside

Narrative Update: MTN Group Analyst Price Target Shift Analysts have lifted their price target on MTN Group to ZAR95.48 from ZAR82.69, reflecting an updated view that incorporates a slightly lower discount rate, modest adjustments to revenue growth and profit margin assumptions, and a higher future P/E multiple. Analyst Commentary Recent Street research on MTN Group points to a split in sentiment, with some institutions introducing the stock with a constructive outlook while other, more cautious voices highlight execution and valuation risks that investors should factor into expectations.
SSW
R50.55
Sibanye Stillwater
7D
-7.8%
1Y
110.3%
Narrative Update • May 13

SSW: Stronger Margin Outlook And Kloof Shaft Resolution May Support Repricing

Analysts have trimmed their ZAR price target for Sibanye Stillwater from ZAR100.00 to about ZAR97.55, reflecting updated assumptions around slightly lower revenue, a small change in discount rate, an adjusted future P/E and a modestly higher profit margin outlook. What's in the News Operations at the Kloof 8 shaft near Glenharvie in South Africa are halted while Sibanye Stillwater investigates a fatal incident on May 3, 2026.
OUT
R71.19
OUTsurance Group
7D
1.9%
1Y
-4.8%
Narrative Update • May 12

OUT: Dividends And CFO Transition Will Support A Stronger Future Earnings Profile

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NPH
R333.50
Northam Platinum Holdings
7D
-3.9%
1Y
133.0%
Narrative Update • May 08

NPH: Maintained Fair Value And Adjusted Assumptions Will Support Bullish Repricing

Analysts have kept the ZAR 490.00 price target unchanged for Northam Platinum Holdings, citing slightly adjusted assumptions around discount rates, revenue growth, profit margins and future P/E as the main factors supporting their maintained view. Valuation Changes Fair Value: ZAR 490.00 remains unchanged, indicating no shift in the central valuation anchor used.
FSR
R88.56
FirstRand
7D
0.7%
1Y
20.4%
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Valterra Platinum
7D
-7.2%
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103.5%
MRP
R156.22
Mr Price Group
7D
4.5%
1Y
-35.3%
Narrative Update • May 05

MRP: Higher Growth And Margin Assumptions Will Support Stronger Future Returns

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GFI
R679.23
Gold Fields
7D
-7.2%
1Y
74.0%
Narrative Update • May 03

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

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NPN
R865.90
Naspers
7D
2.1%
1Y
-17.0%
Narrative Update • May 03

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

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BID
R418.57
Bid
7D
3.5%
1Y
-11.9%
Narrative Update • Apr 30

BID: JPMorgan Upgrade And Cash Dividend Timeline Will Support Future Upside

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HAR
R274.50
Harmony Gold Mining
7D
-5.9%
1Y
0.6%
Narrative Update • Apr 29

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

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SBK
R308.04
Standard Bank Group
7D
2.3%
1Y
35.7%
Narrative Update • Apr 22

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

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SHP
R292.35
Shoprite Holdings
7D
2.2%
1Y
5.2%
Narrative Update • Mar 25

SHP: Future Upside Will Be Driven By Dividend Support And Earnings Guidance

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