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South African (JSE) Market Analysis & Valuation

UpdatedNov 15, 2025
DataAggregated Company Financials
Companies208
  • 7D1.3%
  • 3M8.6%
  • 1Y25.5%
  • YTD26.1%

The market has climbed 2.3% over the last week, with theFinancials and Energy sectors leading the way. The market is up 26% over the last 12 months. Earnings are forecast to grow by 18% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 17 Nov 2025R7.9tR5.5tR570.7b9.6x13.8x1.4x
Wed, 15 Oct 2025R7.8tR5.5tR573.8b9.3x13.6x1.4x
Fri, 12 Sep 2025R7.4tR5.5tR564.7b9x13x1.3x
Sun, 10 Aug 2025R7.2tR5.5tR465.6b8.8x15.5x1.3x
Tue, 08 Jul 2025R7.0tR5.5tR474.7b8.4x14.8x1.3x
Thu, 05 Jun 2025R6.8tR5.4tR432.4b8.5x15.7x1.3x
Sat, 03 May 2025R6.7tR5.3tR424.0b9x15.7x1.2x
Mon, 31 Mar 2025R6.5tR5.3tR422.7b8.6x15.4x1.2x
Wed, 26 Feb 2025R6.4tR5.3tR411.4b9.4x15.5x1.2x
Fri, 24 Jan 2025R6.2tR5.3tR367.9b9.9x16.7x1.2x
Sun, 22 Dec 2024R6.3tR5.3tR364.2b10x17.2x1.2x
Tue, 19 Nov 2024R6.3tR5.3tR343.1b10x18.2x1.2x
Thu, 17 Oct 2024R6.4tR5.1tR338.6b10.3x18.8x1.2x
Sat, 14 Sep 2024R6.0tR5.2tR334.1b9.7x18.1x1.2x
Mon, 12 Aug 2024R5.9tR5.2tR417.7b9.6x14.1x1.1x
Wed, 10 Jul 2024R5.8tR5.1tR458.7b9.2x12.7x1.1x
Fri, 07 Jun 2024R5.5tR5.3tR437.9b8.7x12.5x1x
Sun, 05 May 2024R5.5tR5.3tR432.5b8.6x12.8x1x
Tue, 02 Apr 2024R5.5tR5.3tR433.8b8.7x12.6x1x
Thu, 29 Feb 2024R5.4tR5.3tR517.0b9x10.4x1x
Sat, 27 Jan 2024R5.7tR5.4tR541.7b9.4x10.5x1x
Mon, 25 Dec 2023R5.7tR5.4tR540.1b9.3x10.6x1.1x
Wed, 22 Nov 2023R5.6tR5.4tR538.3b9.1x10.4x1x
Fri, 20 Oct 2023R5.4tR5.5tR547.4b9x9.8x1x
Sun, 17 Sep 2023R5.6tR5.5tR556.5b9x10.1x1x
Tue, 15 Aug 2023R5.9tR5.4tR632.0b8.4x9.4x1.1x
Thu, 13 Jul 2023R5.9tR5.4tR656.0b8.5x9x1.1x
Sat, 10 Jun 2023R7.5tR5.4tR655.0b8.3x11.4x1.4x
Mon, 08 May 2023R6.1tR5.3tR669.3b8.3x9.1x1.1x
Wed, 05 Apr 2023R6.1tR5.3tR647.6b8.5x9.5x1.2x
Fri, 03 Mar 2023R6.1tR5.3tR638.7b8.6x9.6x1.2x
Sun, 29 Jan 2023R6.5tR5.2tR658.7b8.3x9.8x1.2x
Tue, 27 Dec 2022R6.0tR5.2tR656.5b8.4x9.2x1.2x
Thu, 24 Nov 2022R6.1tR5.2tR833.1b8.8x7.4x1.2x
Price to Earnings Ratio

7.4x


Total Market Cap: R6.1tTotal Earnings: R833.1bTotal Revenue: R5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Market Price to Earnings3Y Average 12.8x202320242025
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 12.8x.
Past Earnings Growth
  • The earnings for South African listed companies have declined 12% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.3% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the South African Market?

ZA Market1.28%
Financials2.89%
Tech2.74%
Industrials1.75%
Real Estate1.51%
Materials1.22%
Telecom0.89%
Healthcare0.55%
Consumer Staples0.09%
Utilities0%0
Consumer Discretionary-0.89%
Energy-2.48%
Sector PE
  • Investors favour the Materials sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 33.4% which is higher than its past year's earnings decline of 19.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 43% over the next 5 years.
  • This is better than its past earnings decline of 27% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 11% 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
FSR FirstRandR83.473.2%
+R14.3b		9.4%PE11.1xFinancials
SBK Standard Bank GroupR271.002.6%
+R11.2b		13.0%PB1.6xFinancials
SLM SanlamR94.833.3%
+R6.3b		7.1%PE10.1xFinancials
ABG Absa GroupR207.163.6%
+R6.0b		24.5%PB1xFinancials
VOD Vodacom GroupR139.392.2%
+R5.9b		34.6%PE14.3xTelecom
See more

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