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Top 10 biggest companies in South Africa

In this article we identify the 10 largest companies in terms of market capitalisation on the JSE in South Africa, and look at their businesses, broker ratings and share price targets.

Source: Bloomberg

The top 10 biggest companies in South Africa by market capitalisation

We identify the 10 largest companies in terms of market capitalisation in South Africa, and look at their businesses, broker ratings and share price targets. The makeup of these top 10 shares does not directly correlate to the top ten weightings of the JSE Top40 Index.

Market capitalisation values, price earnings ratios, dividend yields, analyst ratings and price targets for the companies below are as of the 13th of October.

South Africa is the most developed economy in Africa and the second largest economy on the continent, after Nigeria. The businesses listed and traded on the Johannesburg Stock Exchange (JSE), while domiciled in South Africa provide opportunities for traders to access the African continent as well as the global marketplace.

FirstRand Limited (FSR)

Market Capitalisation – R327bn

FirstRand Limited, is the holding company of FirstRand Bank, the largest financial services provider in terms of market capitalisation in South Africa.

Traders looking to trade long or short opportunities in the domestic banking sector whose fate is highly geared to the South African economy, might consider FirstRand a viable option.

The company trades on a historical P/E multiple of 9.79 and dividend yield of 4.6%.

Security Analyst Recommendation No. of Analysts Price Close Price Target (Dicount)/Premium Total Return - Year to Date

FirstRand

BUY

10

57.28

72.05

(20.50)

3.46

A Refinitiv poll of 10 brokers (as of the 13th of October 2022) arrive at an average long-term rating of ‘hold’ for FirstRand

A median target amongst these analysts for the share price of FirstRand is R72.05

Anglo American Platinum (AMS)

Market Capitalisation – R381bn

Anglo American Platinum (Amplats) is a leading miner of platinum group metals whose shares are primarily held by Anglo American Plc.

The company trades on a historical P/E multiple of 6.34 and dividend yield of 6.3%.

Traders looking for exposure to a world leading producer of PGMs might consider Amplats a viable candidate.

Security Analyst Recommendation No. of Analysts Price Close Price Target (Dicount)/Premium Total Return - Year to Date

Anglo American Platinum

HOLD

11

1428.47

1454.18

(1.77)

-11.55

A Refinitiv poll of 11 brokers (as of the 13th of October 2022) arrive at an average long-term rating of ‘hold’ for Anglo American Platinum.

A median target amongst these analysts for the share price of Amplats is R1454.18.

Anglo American Plc (AGL)

Market Capitalisation – R711bn

Anglo American Plc is a globally diversified mining company with a portfolio of world class competitive mining operations and undeveloped resources. Anglo American Plc mines copper, diamonds and platinum group metals, as well as iron ore, coal, nickel and manganese. The company is the largest platinum producer in the world through its subsidiary, Anglo-American Platinum. Other major company holdings for Anglo include De Beers (diamond mines) and Kumba Iron Ore.

Traders looking for opportunities to trade the cyclicality of a basket of commodity prices might look to Anglo American Plc as a viable option.

The company trades on a historical P/E multiple of 6.3 and dividend yield of 7.2%.

Security Analyst Recommendation No. of Analysts Price Close Price Target (Discount)/Premium Total Return - Year to Date

Anglo American Plc

BUY

14

535.81

663.94

(19.30)

-11.76

A Refinitiv poll of 14 brokers (as of the 13th of October 2022) arrive at an average long-term rating of ‘Buy’ for Anglo American Plc.

A median target amongst analysts for the share price of Anglo is R663.94 (JSE listing)

Compagnie Financiere Richemont SA (CFR)

Market Capitalisation – R733bn

Richemont is one of the world’s leading luxury goods groups with some of the most prestigious names in the luxury industry including, Cartier, Van Cleef & Arpels, Baume & Mercier, Montblanc & Alfred Dunhill, to name but a few.

Traders looking for exposure to a world leading player in the luxury goods space and/or for a rand hedge option against EUR and USD currency movements might consider Richemont a viable candidate.

The company trades on a historical P/E multiple of 27.4 and dividend yield of 2.26%.

Security Analyst Recommendation No. of Analysts Price Close Price Target (Discount) / Premium Total Return - Year to Date

CFR (SIX)

BUY

29

97.40

130.36

-25.28

-26.57

CFR (JSE)

BUY

2

177.79

255.24

-30.34

-23.96

A Refinitiv poll of 2 brokers (as of the 13th of October 2022) arrive at an average long-term rating of ‘Buy’ for the JSE listing of Richemont, with a median price target of R255.24.

As analyst coverage for the local listing is limited, we have included the Richemont Swiss Stock Exchange listing’s analyst coverage in the table above as well.

A Refinitiv poll of 29 brokers (as of the 13th of October 2022) arrive at an average long-term rating of ‘Buy’ for the SIX listing of Richemont, with a median price target of CHF130.36.

Naspers Limited (NPN)

Market Capitalisation – R965bn

Naspers is a global internet group and one of the largest technology investors in the world. Some of the company’s primary investments include: Prosus - a global consumer internet group, Takealot - South Africa's largest e-commerce retailer and Media24 – Africa’s leading media group.

Traders looking for rand hedge exposure and inroads into the global, technology, internet, e-commerce and mobile gaming industry might look to Naspers for the opportunity.

Security Analyst Recommendation No. of Analysts Price Close Price Target (Discount)/Premium Total Return - Year to Date

Naspers

BUY

11

2202.83

3602.69

(38.86)

-10.63

A Refinitiv poll of 11 brokers (as of the 13th of October 2022) arrive at an average long-term rating of ‘Buy’ for Naspers.

A median target amongst analysts for the share price of Naspers is R3602.69.

Glencore

Market Capitalisation – R1.26trn

It is a leading integrated producer and marketer of commodities, operating around the world. The group's commodities comprise of metals and minerals, energy products and agricultural products.

The group’s key industrial commodities produced are coal, copper, zinc and nickel.

Traders looking for opportunities to trade the cyclicality of a basket of industrial commodities and/or a high yielding resource counter might look to Glencore as a viable option.

The company trades on a historical P/E multiple of 5.7 and dividend yield of 4.18%.

Security Analyst Recommendation No. of Analysts Price Close Price Target (Discount)/Premium Total Return - Year to Date

Glencore

BUY

13

97.80

131.72

(25.75)

28.49

A Refinitiv poll of 11 brokers (as of the 13th of October 2022) arrive at an average long-term rating of ‘Buy’ for Glencore.

A median target amongst analysts for the share price of Glencore is R131.72.

The South African inward listing of Glencore means that traders will need to access the UK listing offered by IG to trade this product as a CFD.

Anheuser-Busch InBev (ANH)

Market Capitalisation – R1.46trn

AB-InBev is the world’s largest beer producer and distributor. The company’s portfolio consists of well over 500 beer brands which includes Budweiser, Corona, Stella Artois, and Castle.

The company trades on a historical P/E multiple of 14.77 and dividend yield of 1%.

Security Analyst Recommendation No. of Analysts Price Close Price Target (Discount)/Premium Total Return - Year to Date

AB InBev

BUY

2

838.25

1105.00

(24.14)

-12.12

A Refinitiv poll of 2 brokers (as of the 13th of October 2022) arrive at an average long-term rating of ‘Buy’ for Glencore.

A median target amongst analysts for the share price of Glencore is R1105.

The South African secondary listing of AB-InBev means that traders will need to access the international listings offered by IG to trade this product as a CFD.

British American Tobacco Plc (BTI)

Market Capitalisation – R1.49trn

British American Tobacco is the second largest tobacco manufacturer in the world (after Phillip Morris) and one of the globe's leading consumer goods companies, with its brands sold in over 180 countries.

The group trades on a historical P/E ratio of 10.95 times whilst having a historical dividend yield of nearly 6.46%.

Traders looking for an entry into a leading global consumer business with rand hedging attributes might consider British American Tobacco as a viable option.

Security Analyst Recommendation No. of Analysts Price Close Price Target (Discount)/Premium Total Return - Year to Date

British American Tobacco

Strong BUY

12

672.70

850.00

(20.86)

20.57

A Refinitiv poll of 12 brokers (as of the 13th of October 2022) arrive at an average long-term rating of ‘Strong Buy’ for British American Tobacco.

A median target amongst analysts for the share price of British American Tobacco is R850.

The South African inward listing of British American Tobacco means that traders will need to access the UK listing offered by IG to trade this product.

Prosus NV

Market Capitalisation – R1.86trn

Prosus is a Netherlands-based global consumer internet group, unbundled from Naspers. The Company is primarily focused on six business areas which include: Classifieds, Payments & Fintech, Food delivery, Etail, Ventures and Travel. The group also maintains investments in listed Social & Internet assets i.e., Tencent Holdings.

Security Analyst Recommendation No. of Analysts Price Close Price Target (Discount)/Premium Total Return - Year to Date

Prosus

Strong BUY

4

929.38

1671.50

(44.40)

-28.86

A Refinitiv poll of 4 brokers (as of the 13th of October 2022) arrive at an average long-term rating of ‘Strong Buy’ for Prosus

A median target amongst analysts for the share price of Prosus is R1671.50.

The BHP Group Plc (BHP)

Market Capitalisation – R2.28trn

The BHP Group is a world-leading diversified resource business, extracting, processing, and selling minerals, oil and gas. BHP unbundled its non-core assets into the company South32 in 2015. The unbundling sees BHP operations mostly removed from South Africa and mostly realised in Australia and South America.

The primary commodities produced by BHP now are iron ore, petroleum, metallurgical coal and copper.

The BHP Group trades on a P/E multiple of 6.66, with a historical dividend yield offering of 11.5%.

Traders looking for opportunities to trade the cyclicality of a basket of industrial commodities and/or a strong yielding resource counter with rand hedging attributes might consider the BHP Group a viable option.

Security Analyst Recommendation No. of Analysts Price Close Price Target (Discount)/Premium Total Return - Year to Date

BHP Group

BUY

5

450.59

495.58

(9.10)

15.34

A Refinitiv poll of 5 brokers (as of the 13th of October 2022) arrive at an average long-term rating of ‘Buy’ for The BHP Group

A median target amongst analysts for the share price of the BHP Group is R495.58.

This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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