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JSE Limited (JSEJF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of JSE Limited $10.51, price $9.43, upside +11.5%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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JL
Broad data
Sep 24, 2026
Broad data
Sep 24, 2026
JSE Limited
JSEJF · USUndervaluedThe stock appears undervalued with acceptable quality.
✓Fair value $10.51 · Undervalued (+11.5%)
✓Quality 66/100
✓Healthy Growth (revenue 5y +6.8 %/yr)
✓Highly profitable · 31.2% net margin (TTM)
✓Low debt · generates free cash flow
✓6.2% dividend yield · Sustainable
✓Wide moat 84/100
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
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 $2.72 – $11.10 · fair‑value band $7.88 – $15.23 · the $9.43 price screens below the $10.51 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Company profile
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 (JSEJF) currently trades at $9.43, while our model-based Fair Value estimate is $10.51, implying the stock looks roughly 10.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $14.28 per share, and 7 of the 13 models we run sit above the $9.43 price.
Bear case: the Asset-Based group reads lowest at $2.50, and 6 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: $7.88 (bear) to $15.23 (bull), the price of $9.43 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 66/100 (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 +7.8%/yr. Reported net income was 1.1B ZAR in FY2025, compounding +10.1%/yr from FY2021.
Key figures
Market cap $762M · P/E ratio 11.8 · P/S ratio 3.68 · EPS (TTM) $0.8000 · Dividend yield 6.2% · 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 66 out of 100 (medium confidence).
What moves the price
The share trades about 15% below its 52-week high and 20% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −25% fair-value upside, at 11%, JSEJF screens cheaper than that median.
Fair Value models
Bear $7.88
Fair Value $10.51
Bull $15.23
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.
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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
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.
Highest evidence
Growth DCF
$11.40
$15.18
$20.01
80
Owner Earnings
$11.30
$15.70
$21.74
77
Residual Income
$4.30
$5.39
$7.79
75
All 13 models by family
DCF Models
Owner Earnings
$11.30
$15.70
$21.74
77
5Y P/E Exit
$10.05
$14.28
$18.74
71
10Y P/E Exit
$10.48
$14.11
$18.58
65
Earnings-Based
Graham-Dodd
$5.36
$18.45
$24.77
64
Lynch FV
$4.26
$6.08
$7.91
61
Dividend Discount
Gordon GGM
$3.97
$7.15
$9.85
68
DDM Multi-Stage
$3.97
$6.46
$7.64
67
Multiples
P/E Multiple
$7.69
$10.25
$12.82
63
P/B Multiple
$3.92
$5.22
$6.53
55
Asset-Based
NCAV (Graham)
$1.87
$2.50
$3.73
54
Growth DCF
Growth DCF
$11.40
$15.18
$20.01
80
Rev-Margin DCF
$7.94
$10.38
$13.31
74
Economic Profit
Residual Income
$4.30
$5.39
$7.79
75
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Set up alert →Quality Score breakdown
Overall quality
66/100
Of which business quality 57 · Market factors (momentum, volatility) 63
Profitability
41
Margins and returns on capital today
Quality Growth
33
Are margins and returns improving?
Cashflow
86
Earnings quality: real cash, not paper profit
Fin. Strength
16
Balance sheet, leverage, solvency risk
Investment
84
Disciplined investing over empire-building
Low Volatility
50
Calm price path (market factor)
Momentum
58
Price trend over the last 3–12 months (market factor)
52W Momentum
89
Distance to the 52-week high (market factor)
Net Issuance
100
Share count: buybacks or dilution?
Revenue & earnings trend
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.
83/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+14.5%
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.
+8.7%
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.
+6.8%
Start year 2020 (pandemic). Over 10 years: +4.8% 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%
’14
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’25
What shareholders gained per year (last 5 years), in ZAR (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+16.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.5%
Dividend (yield on the price)6.2%
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.89.8% vs 35.3%, 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%
2025 sits 2,031% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
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Compare JSE Limited with another stock
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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 · 51 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation Multiplesvs Financial Data & Stock Exchanges median · lower = cheaper
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Financial Data & Stock Exchanges stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| S&P Global Inc SPGI | $394.47 | $216.54 | −45% |
| CME Group CME | $265.10 | $199.88 | −25% |
| Intercontinental Exchange, Inc ICE | $152.03 | $138.87 | −9% |
| Moody's Corporation MCO | $460.08 | $198.41 | −57% |
| Deutsche Börse AG DB1 | €287.30 | €226.86 | −21% |
| Coinbase Global, Inc COIN | $189.29 | $185.08 | −2% |
| Nasdaq, Inc NDAQ | $91.85 | $41.61 | −55% |
| MSCI Inc MSCI | $539.76 | $262.25 | −51% |
| Cboe Global Markets, Inc CBOE | $253.26 | $247.55 | −2% |
| Hithink RoyalFlush Information Network Co 300033 | ¥204.10 | ¥135.82 | −33% |
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Frequently asked questions
Is JSE Limited (JSEJF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $10.51 versus a price of $9.43, about +11% upside (undervalued).
What is the fair value of JSEJF?
Our model-based fair value for JSE Limited is $10.51 (as of Sep 24, 2026), built from audited fundamentals. The current price: $9.43.
What is the quality score of JSEJF?
JSE Limited has a Quality Score of 66/100. 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 (JSEJF)?
Our model-based price target is the fair value of $10.51 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario $7.88, optimistic scenario $15.23. 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 $10.51, about +11% upside versus a price of $9.43 (undervalued). Cautious scenario $7.88, optimistic scenario $15.23. The calculation is refreshed regularly with new filings.
What is the revenue of JSE Limited (JSEJF)?
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 6.22% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of JSE Limited (JSEJF)?
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 $10.51 per share (as of Sep 24, 2026), against a price of $9.43. 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, JSEJF trades below its calculated fair value: price $9.43, fair value $10.51, a gap of about +11% (undervalued). 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 JSEJF?
No. The price is what the market pays today ($9.43); the fair value is what the company's own numbers justify ($10.51). For JSE Limited the two are $1.08 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 $762M (market capitalisation, as of Sep 24, 2026). Per share that is $9.43; our models calculate a fair value of $10.51 per share.
What do the bullish and bearish scenarios say about JSEJF?
Our models span a range for JSE Limited: cautious scenario $7.88, base $10.51, optimistic $15.23 per share (as of Sep 24, 2026, price $9.43). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of JSEJF?
JSE Limited trades at a price-to-earnings ratio of 11.8 (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 $10.51 is built from several models across several years. Other multiples: P/B 2.4, P/S 3.5, EV/EBITDA 7.7.
How solid is the balance sheet of JSE Limited (JSEJF)?
Balance-sheet figures for JSE Limited (as of Sep 24, 2026): return on equity 22.0%. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is JSEJF from its 52-week high?
JSE Limited trades at $9.43, about 15% below its 52-week high of $11.10 and 20% above the low of $7.89 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $10.51 is for.
Which stocks are comparable to JSE Limited?
From the same area (Financial Services) we also value S&P Global Inc, CME Group, Intercontinental Exchange, Inc, Moody's Corporation, 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 $9.43, calculated fair value $10.51 (+11%), Quality Score 66/100, 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 JSEJF 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 $10.51, 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 14.5 % above its aggregate fair value. JSE Limited currently trades 10 % 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 (JSEJF)?
The closing price on Oct 2, 2026 was $9.43. Our model-based fair value is $10.51, about +11% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with JSE Limited right now?
A fairly wide model range ($7.88 to $15.23) leaves room in how you read the outcome. 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 (JSEJF) come from?
Earnings per share at JSE Limited grew +1.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.5 %, 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 (JSEJF)?
The market capitalisation of JSE Limited is $762M. 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 (JSEJF)?
The price-to-sales ratio of JSE Limited is 3.68 (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 (JSEJF)?
Earnings per share at JSE Limited are $0.8000 (price ÷ EPS = P/E 11.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of JSE Limited (JSEJF)?
The dividend yield of JSE Limited is 6.2% (payout 73.3%). 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 (JSEJF)?
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 (JSEJF)?
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 (JSEJF)?
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 (JSEJF)?
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 (JSEJF)?
Revenue at JSE Limited is growing +17.4% versus a year earlier (3y avg +8.7%). 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 (JSEJF)?
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 free cash flow does JSE Limited (JSEJF) generate?
The free cash flow of JSE Limited is 1.2B ZAR (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does JSE Limited (JSEJF) hold?
JSE Limited holds more cash than debt, 3.0B ZAR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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