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South African (JSE) Industrials Sector Analysis

UpdatedJul 15, 2026
DataAggregated Company Financials
Companies27
  • 7D1.1%
  • 3M2.7%
  • 1Y12.3%
  • YTD6.9%

The Industrials industry has been flat over the last week, but Bell Equipment has lost 3.9%. As for the the longer term, the industry is up 11% over the past 12 months. Earnings are forecast to grow by 9.8% annually.

Sector Valuation and Performance

Has the South African Industrials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 15 Jul 2026R172.7bR368.5bR17.9b7.3x9.7x0.5x
Fri, 12 Jun 2026R170.5bR368.9bR17.6b7.3x9.7x0.5x
Sun, 10 May 2026R170.4bR355.1bR15.8b7.8x10.8x0.5x
Tue, 07 Apr 2026R159.8bR354.7bR15.7b7x10.2x0.5x
Thu, 05 Mar 2026R167.6bR355.5bR15.1b7.4x11.1x0.5x
Sat, 31 Jan 2026R163.1bR353.5bR14.6b7.4x11.2x0.5x
Mon, 29 Dec 2025R183.0bR391.2bR16.1b7.7x11.4x0.5x
Wed, 26 Nov 2025R179.1bR390.0bR21.2b6.6x8.4x0.5x
Fri, 24 Oct 2025R176.9bR504.6bR32.4b6.6x5.5x0.4x
Sun, 21 Sep 2025R171.6bR505.1bR32.4b6.6x5.3x0.3x
Tue, 19 Aug 2025R176.8bR510.9bR34.0b5.7x5.2x0.3x
Thu, 17 Jul 2025R176.0bR512.6bR34.1b7.1x5.2x0.3x
Sat, 14 Jun 2025R176.2bR513.0bR33.9b7.3x5.2x0.3x
Mon, 12 May 2025R178.6bR423.0bR21.3b6.8x8.4x0.4x
Wed, 09 Apr 2025R169.6bR425.0bR21.7b7.1x7.8x0.4x
Fri, 07 Mar 2025R179.1bR424.4bR21.7b7.1x8.2x0.4x
Sun, 02 Feb 2025R194.4bR459.5bR22.5b6.3x8.6x0.4x
Tue, 31 Dec 2024R203.2bR460.0bR22.5b6.7x9x0.4x
Thu, 28 Nov 2024R203.6bR459.5bR22.2b7x9.2x0.4x
Sat, 26 Oct 2024R210.2bR456.7bR21.8b6.9x9.7x0.5x
Mon, 23 Sep 2024R210.2bR457.3bR21.7b7.5x9.7x0.5x
Wed, 21 Aug 2024R211.5bR458.8bR18.8b7.3x11.3x0.5x
Fri, 19 Jul 2024R200.0bR452.4bR19.1b7.5x10.5x0.4x
Sun, 16 Jun 2024R185.2bR453.2bR19.2b7.2x9.7x0.4x
Tue, 14 May 2024R182.9bR441.2bR19.8b5.5x9.2x0.4x
Thu, 11 Apr 2024R170.7bR419.1bR20.7b5.1x8.2x0.4x
Sat, 09 Mar 2024R173.5bR418.6bR20.6b5.2x8.4x0.4x
Mon, 05 Feb 2024R176.7bR423.5bR28.0b6.7x6.3x0.4x
Wed, 03 Jan 2024R182.3bR423.0bR28.0b6x6.5x0.4x
Fri, 01 Dec 2023R174.6bR423.4bR28.0b5.8x6.2x0.4x
Sun, 29 Oct 2023R179.1bR408.8bR25.4b5.7x7x0.4x
Tue, 26 Sep 2023R190.3bR408.9bR25.5b5.5x7.5x0.5x
Thu, 24 Aug 2023R191.1bR412.6bR26.3b5.6x7.3x0.5x
Sat, 22 Jul 2023R187.0bR410.7bR27.5b5.7x6.8x0.5x
Price to Earnings Ratio

6.8x


Total Market Cap: R187.0bTotal Earnings: R27.5bTotal Revenue: R410.7bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Industrials Sector Price to Earnings3Y Average 8.4x202420252026
Current Industry PE
  • Investors are optimistic on the South African Industrials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 9.6x which is higher than its 3-year average PE of 8.4x.
  • The industry is trading close to its 3-year average PS ratio of 0.43x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have declined 13% per year over the last three years,
  • Revenues have also declined 3.6% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the South African Industrials sector?

ZA Market2.05%
Industrials1.11%
Commercial Services12.58%
Logistics3.75%
Transportation2.50%
Construction1.53%
Trade Distributors1.06%
Industrials1.05%
Infrastructure0.93%
Aerospace & Defense0%0
Electrical0%0
Marine and Shipping0%0
Professional Services-1.52%
Building-1.64%
Machinery-3.95%
Industry PE
  • Investors are most optimistic about the Professional Services industry which is trading above its 3-year average PE ratio.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
  • Investors are most pessimistic about the Transportation industry, which is trading close to its 3-year average of 4.2x.
Forecasted Growth
  • Analysts are most optimistic on the Industrials industry, expecting annual earnings growth of 13% over the next 5 years.
  • This is better than its past earnings decline of 35% per year.
  • In contrast, the Infrastructure industry is expected to see its earnings decline by 6.3% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
BVT Bidvest GroupR237.580.6%
+R520.0m		4.2%PE13.5x
WBO Wilson Bayly Holmes-OvconR171.872.9%
+R249.9m		-1.8%PE7.4x
NVS Novus HoldingsR6.9812.6%
+R247.0m		-1.1%PE8.3x
HCI Hosken Consolidated InvestmentsR163.001.9%
+R218.2m		18.9%PE4.7x
KAP KAPR2.832.9%
+R200.6m		57.2%PE56.3x

Latest News

HDC
R190.78
Hudaco Industries
7D
2.0%
1Y
2.6%
GND
R27.03
Grindrod
7D
0.9%
1Y
137.7%
NVS
R6.98
Novus Holdings
7D
12.6%
1Y
-1.1%
SLG
R0.80
Salungano Group
7D
-5.9%
1Y
n/a
ART
R38.00
Argent Industrial
7D
-1.3%
1Y
38.2%
AEG
R4.27
Aveng
7D
-4.9%
1Y
-30.1%
ADR
R6.58
Adcorp Holdings
7D
-0.3%
1Y
-3.2%
BEL
R36.98
Bell Equipment
7D
-3.9%
1Y
-10.9%
KAP
R2.83
KAP
7D
2.9%
1Y
57.2%
Narrative Update • Jun 26

KAP: FY26 EPS Guidance Will Likely Mask Ongoing Valuation Risk

The analyst price target for KAP has shifted from ZAR1.95 to ZAR2.15, with analysts pointing to updated assumptions around the discount rate, revenue growth, profit margin and forward P/E to support the new valuation view. What's in the News for KAP KAP Limited has issued earnings guidance for the first 11 months of the 2026 financial year up to 31 May 2026, indicating expected earnings per share of at least 34.2 cents per share for FY26 before the effect of potential impairments.
BVT
R237.58
Bidvest Group
7D
0.6%
1Y
4.2%
Narrative Update • Jun 25

BVT: Dividend Policy Will Continue To Support Future Upside

Analysts have maintained their fair value estimate for Bidvest Group at ZAR291.76 per share, making only minor adjustments to inputs such as the discount rate, revenue growth, profit margin, and future P/E assumptions that inform the updated price target view. What's in the News for Bidvest Group No recent company specific news items for Bidvest Group were identified from the provided sources.
HCI
R163.00
Hosken Consolidated Investments
7D
1.9%
1Y
18.9%
RLO
R59.88
Reunert
7D
2.1%
1Y
8.5%
WBO
R171.87
Wilson Bayly Holmes-Ovcon
7D
2.9%
1Y
-1.8%
NTU
R0.93
Nutun
7D
-3.1%
1Y
-31.6%
TRL
R1.20
Trellidor Holdings
7D
-7.0%
1Y
-36.8%