JSE Limited

JSE.JO

Financial - Data & Stock Exchanges · Financial Services

Price

15681.00 ZAc

+203.00 (+1.31%)

Market Cap

12.53B ZAc

Exchange

Johannesburg Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 27, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Exceptional

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Winston Score History

The full picture

As South Africa's premier securities exchange, JSE Limited provides an extensive array of financial services. These encompass capital market facilitation, comprehensive post-trade solutions, information offerings, and support for listings, trading activities, and issuers. The exchange enables trading across a broad spectrum of assets, including equities, their associated indices, and a variety of debt instruments such as corporate, green, and government bonds. Moreover, it manages diverse derivative markets—covering equity, bond, interest rate, commodity, and currency derivatives—alongside the repo market, and also furnishes equity market data. Its crucial post-trade functions include clearing, robust risk management, and efficient settlement processes for equity, bond, and derivative transactions. Founded in 1887, JSE Limited is based in Johannesburg, South Africa.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+18.8% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

R0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Cash Position

Cash flow positive

R4.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

JSE Limited is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.4% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 83.4M (2021) → 83.0M (2025)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

98.0%

Premium pricing power — 98.0% gross margin

Profit after running costs

Operating Margin

19.4%

Healthy — 19.4% operating margin

Return on the money invested

ROCE

30.2%

Exceptional — 30.2% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+190.8%

Fast-growing sales (+190.8% YoY)

Profit growth

EPS YoY

+19.8%

Earnings growing fast (+19.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

117%

Turns 117% of profit into real cash

Spare cash per sale

FCF Margin

15.7%

Converts sales into free cash efficiently (15.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

15.03x

Comfortably covers interest (15.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

10.8x

Attractive valuation — P/E 10.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-0.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

5.28%

Healthy income — 5.28% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+32.2%

Dividend growing fast (32.2% YoY)

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