JSE Limited (JSE) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of JSE Limited ZAR 167, price ZAR 154, upside +9.1%, quality 63 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range R83.15 – R177.68 · fair‑value band R125.61 – R209.35 · the R153.53 price screens below the R167.48 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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JSE Limited operates as a stock exchange in South Africa. It offers international securities identification number (ISIN) and national numbering agency (NNA) related services, regulatory compliance services in post-trade activities, capital market, and colocation and connectivity services; and operates training academy.
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JSE Limited operates as a stock exchange in South Africa. It offers international securities identification number (ISIN) and national numbering agency (NNA) related services, regulatory compliance services in post-trade activities, capital market, and colocation and connectivity services; and operates training academy. The company was founded in 1887 and is based in Johannesburg, South Africa.
Stock analysis
JSE Limited (JSE) currently trades at R153.53, while our model-based Fair Value estimate is R167.48, implying the stock looks roughly 8.3% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of R234.70 per share, and 7 of the 13 models we run sit above the R153.53 price.
Bear case: the Asset-Based group reads lowest at R40.82, and 6 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: R125.61 (bear) to R209.35 (bull), the price of R153.53 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
JSE Limited reported revenue of 3.4B ZAR in FY2025 versus 2.5B ZAR in FY2021, a compound +8.0%/yr. Reported net income was 1.1B ZAR in FY2025, compounding +10.3%/yr from FY2021.
Key figures
Market cap 12.7B ZAC · P/E ratio 11.9 · P/S ratio 3.72 · EPS (TTM) R12.90 · Dividend yield 6.3% · Net margin 31.2% · Return on equity 22.0% · Return on assets (EBIT) 0.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (medium confidence).
What moves the price
The share trades about 14% below its 52-week high and 21% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −27% fair-value upside, at 9%, JSE screens cheaper than that median.
Fair Value models
Bear R125.61Fair Value R167.48Bull R209.35
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (2.42 ZAR per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+15.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.0%
Start year 2020 (pandemic). Over 10 years: +4.9% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.4%
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What shareholders gained per year (last 5 years), in ZAR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in ZAR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+14.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.3%
Dividend (yield on the price)6.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8% vs 2%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.33% → −91%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−0.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Africa: IMF forecast 3.3% a year to 2030, 4.9% from 2016 to 2025) that is about −3.6% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Financial Data & Stock Exchanges · 55 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Below median
Fair Value upside+9% · Top 25%
Profitability
Return on equity (TTM)22% · Above median
Return on assets1% · Bottom 25%
Net margin (TTM)31% · Above median
Operating margin (TTM)30% · Below median
Growth and dividend
Revenue growth17% · Above median
Dividend yield (TTM)6.3% · Top 25%
Balance sheet
Debt / equity0.00× · Below median
Valuation Multiplesvs Financial Data & Stock Exchanges median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "JSE Limited Fair Value". https://www.fairvalue-calculator.com/stock/JSE
Frequently asked questions
Is JSE Limited (JSE) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of R167.48 versus a price of R153.53, about +9% upside (fairly valued).
What is the fair value of JSE?
Our model-based fair value for JSE Limited is R167.48 (as of Sep 24, 2026), built from audited fundamentals. The current price: R153.53.
What is the quality score of JSE?
JSE Limited has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for JSE Limited (JSE)?
Our model-based price target is the fair value of R167.48 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario R125.61, optimistic scenario R209.35. It is a calculation from audited fundamentals, not an analyst target.
What is the JSE Limited stock forecast for 2026?
Our models put fair value at R167.48, about +9% upside versus a price of R153.53 (fairly valued). Cautious scenario R125.61, optimistic scenario R209.35. The calculation is refreshed regularly with new filings.
What is the revenue of JSE Limited (JSE)?
JSE Limited reported trailing-twelve-month revenue of about 3.4B ZAR (latest available figure, as of Sep 24, 2026).
Does JSE Limited pay a dividend?
JSE Limited currently shows a dividend yield of about 6.26% relative to its recent price (as of Sep 24, 2026).
What growth is priced into JSE Limited (JSE)?
For today's price to be fair in a discounted-cash-flow model, JSE Limited would have to grow free cash flow by -0.5 % per year for five years (discount rate 13.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of JSE use?
Our models discount JSE Limited at 13.4 %: a base by market capitalisation (small), damped by beta 0.37, country premium for South Africa. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For JSE Limited that is -0.5 % per year a year over ten years, using the same discount rate (13.4 %) and the same formula as our fair value.
How much growth has JSE Limited (JSE) delivered so far?
Over the past 5 years revenue at JSE Limited grew +7.0 % a year. The price currently implies -0.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of JSE Limited (JSE) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into JSE Limited (-0.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of JSE Limited (JSE)?
The free-cash-flow yield on the price is 9.56 %: that much free cash flow JSE Limited produces per unit of market value. When it exceeds the discount rate of our models (13.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of JSE Limited (JSE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For JSE Limited it is R167.48 per share (as of Sep 24, 2026), against a price of R153.53. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is JSE Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, JSE trades below its calculated fair value: price R153.53, fair value R167.48, a gap of about +9% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of JSE?
No. The price is what the market pays today (R153.53); the fair value is what the company's own numbers justify (R167.48). For JSE Limited the two are R13.95 per share apart. That gap is exactly why we show both numbers side by side.
How much is JSE Limited worth?
The market values JSE Limited at about 12.7B ZAC (market capitalisation, as of Sep 24, 2026). Per share that is R153.53; our models calculate a fair value of R167.48 per share.
What do the bullish and bearish scenarios say about JSE?
Our models span a range for JSE Limited: cautious scenario R125.61, base R167.48, optimistic R209.35 per share (as of Sep 24, 2026, price R153.53). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of JSE?
JSE Limited trades at a price-to-earnings ratio of 11.9 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R167.48 is built from several models across several years. Other multiples: P/B 2.5, P/S 3.7, EV/EBITDA 8.2.
How solid is the balance sheet of JSE Limited (JSE)?
Balance-sheet figures for JSE Limited (as of Sep 24, 2026): return on equity 22.0%, debt of 0.00 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is JSE from its 52-week high?
JSE Limited trades at R153.53, about 14% below its 52-week high of R177.68 and 21% above the low of R126.93 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of R167.48 is for.
Which stocks are comparable to JSE Limited?
From the same area (Financial Services) we also value S&P Global Inc, CME Group, Moody's Corporation, Intercontinental Exchange, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is JSE Limited stock attractive at the current price?
The data as of Sep 24, 2026: price R153.53, calculated fair value R167.48 (+9%), Quality Score 63/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of JSE calculated?
We run JSE Limited through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R167.48, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. JSE Limited currently trades 9 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of JSE Limited (JSE)?
The closing price on Sep 23, 2026 was R153.53. Our model-based fair value is R167.48, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with JSE Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of JSE Limited (JSE) come from?
Earnings per share at JSE Limited grew +1.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.4 %, EBIT margin −3.0 %, tax rate +0.0 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of JSE Limited
How large is the market capitalisation of JSE Limited (JSE)?
The market capitalisation of JSE Limited is 12.7B ZAC. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of JSE Limited (JSE)?
The price-to-sales ratio of JSE Limited is 3.72 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of JSE Limited (JSE)?
Earnings per share at JSE Limited are R12.90 (price ÷ EPS = P/E 11.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of JSE Limited (JSE)?
The dividend yield of JSE Limited is 6.3% (payout 74.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of JSE Limited (JSE)?
The net margin of JSE Limited is 31.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of JSE Limited (JSE)?
The return on equity (ROE) of JSE Limited is 22.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of JSE Limited (JSE)?
On an EBIT basis the return on assets of JSE Limited is 0.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of JSE Limited (JSE)?
The operating margin of JSE Limited is 29.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at JSE Limited (JSE)?
Revenue at JSE Limited is growing +17.4% versus a year earlier (3y avg +8.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at JSE Limited (JSE)?
Earnings per share at JSE Limited are growing +21.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does JSE Limited (JSE) hold?
JSE Limited holds more cash than debt, 3.0B ZAC net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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