South African (JSE) Industrials Sector Analysis

Sector Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 31 May 2026	R172.9b	R369.7b	R17.5b	7.1x	9.9x	0.5x
Tue, 28 Apr 2026	R165.4b	R355.0b	R15.8b	7.3x	10.5x	0.5x
Thu, 26 Mar 2026	R158.3b	R355.2b	R15.7b	6.8x	10.1x	0.4x
Sat, 21 Feb 2026	R170.2b	R354.3b	R14.6b	7.1x	11.6x	0.5x
Mon, 19 Jan 2026	R187.6b	R390.6b	R16.1b	7.2x	11.7x	0.5x
Wed, 17 Dec 2025	R179.8b	R391.0b	R16.1b	7.7x	11.2x	0.5x
Fri, 14 Nov 2025	R180.9b	R498.3b	R32.0b	6.6x	5.6x	0.4x
Sun, 12 Oct 2025	R174.3b	R505.6b	R32.5b	6.7x	5.4x	0.3x
Tue, 09 Sep 2025	R173.4b	R506.6b	R32.3b	7x	5.4x	0.3x
Thu, 07 Aug 2025	R174.6b	R512.0b	R34.1b	5.7x	5.1x	0.3x
Sat, 05 Jul 2025	R179.9b	R510.8b	R34.0b	7x	5.3x	0.4x
Mon, 02 Jun 2025	R183.4b	R428.5b	R27.2b	6.8x	6.7x	0.4x
Wed, 30 Apr 2025	R179.7b	R423.8b	R21.4b	7x	8.4x	0.4x
Fri, 28 Mar 2025	R183.8b	R424.6b	R21.6b	7x	8.5x	0.4x
Sun, 23 Feb 2025	R190.8b	R419.9b	R22.5b	6.7x	8.5x	0.5x
Tue, 21 Jan 2025	R198.9b	R459.4b	R22.5b	6.6x	8.9x	0.4x
Thu, 19 Dec 2024	R205.5b	R458.2b	R22.3b	6.8x	9.2x	0.4x
Sat, 16 Nov 2024	R206.5b	R460.2b	R22.0b	7.1x	9.4x	0.4x
Mon, 14 Oct 2024	R208.9b	R456.8b	R21.8b	7.2x	9.6x	0.5x
Wed, 11 Sep 2024	R208.3b	R456.5b	R21.7b	6.7x	9.6x	0.5x
Fri, 09 Aug 2024	R200.0b	R452.5b	R19.1b	7.4x	10.5x	0.4x
Sun, 07 Jul 2024	R202.6b	R452.3b	R19.0b	7x	10.6x	0.4x
Tue, 04 Jun 2024	R183.9b	R440.3b	R17.6b	7.5x	10.5x	0.4x
Thu, 02 May 2024	R177.4b	R440.4b	R19.8b	5.6x	9x	0.4x
Sat, 30 Mar 2024	R168.5b	R417.7b	R20.7b	5.6x	8.1x	0.4x
Mon, 26 Feb 2024	R167.7b	R410.5b	R20.7b	5.4x	8.1x	0.4x
Wed, 24 Jan 2024	R177.5b	R423.3b	R28.0b	6.6x	6.3x	0.4x
Fri, 22 Dec 2023	R179.3b	R422.9b	R27.9b	6x	6.4x	0.4x
Sun, 19 Nov 2023	R192.4b	R416.6b	R28.1b	6.1x	6.8x	0.5x
Tue, 17 Oct 2023	R185.7b	R408.9b	R25.5b	5.5x	7.3x	0.5x
Thu, 14 Sep 2023	R186.6b	R408.9b	R25.5b	5.6x	7.3x	0.5x
Sat, 12 Aug 2023	R190.9b	R411.2b	R27.6b	5.5x	6.9x	0.5x
Mon, 10 Jul 2023	R185.9b	R410.9b	R27.5b	5.8x	6.8x	0.5x
Wed, 07 Jun 2023	R180.9b	R409.3b	R27.4b	5.8x	6.6x	0.4x

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 9.9x which is higher than its 3-year average PE of 8.3x.

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 14% per year over the last three years,
Revenues have also declined 3.3% 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 Market	1.19%
Industrials	0.32%
Infrastructure	3.58%
Transportation	1.72%
Trade Distributors	1.20%
Professional Services	0.83%
Electrical	0.51%
Construction	0.41%
Machinery	0.36%
Aerospace & Defense	0%	0
Commercial Services	0%	0
Marine and Shipping	0%	0
Logistics	-0.13%
Industrials	-0.27%
Building	-3.30%

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 12% over the next 5 years.
This is better than its past earnings decline of 32% 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?

Company	Last Price	7D	1Y	Valuation
GND Grindrod	R26.05	3.6% +R600.5m	96.5%	PE8.4x
HCI Hosken Consolidated Investments	R175.00	3.8% +R469.2m	25.4%	PE5x
RBX Raubex Group	R51.62	2.2% +R202.0m	26.2%	PE8.5x
KAP KAP	R2.77	3.0% +R200.6m	9.5%	PE55.1x
ZZD Zeda	R15.00	5.6% +R148.6m	26.6%	PE4x

Aveng Limited Announces Board and Committee Changes, Effective March 30, 2026

Aveng Limited announced the appointment of Ms Naidene Ford-Hoon as an Independent Non-executive Director and Mr. Graeme Francis Bevans as an Independent Non-executive Director and Chairman Designate with effect from March 30, 2026. Naidene is a distinguished leader and qualified CA with over 25 years of business experience, including 16 years in the Financial Services Sector at an executive management level. She has worked for Alexander Forbes Group Holdings as the Group Chief Financial Officer, the South African Reserve Bank as the Group Chief Financial Officer, and KPMG Johannesburg, amongst others. She currently serves on the board of SA Corporate Real Estate Limited, Capitec Bank Holdings Limited and the Independent Regulatory Board for Auditors (IRBA). She previously served on the Telkom SA SOC board and the board of its subsidiary, Swiftnet. Her governance experience includes service on key board committees, including Chair of Audit and Risk committees. Graeme is a highly experienced business leader, investor and company director who has worked at the forefront of investment, funds management and infrastructure industries globally for the past 20 years, most recently as Chief Executive Officer of Atlas Arteria, a AUD 6.6 billion group listed on the Australian Stock Exchange (ASX). He has served on a broad range of infrastructure boards over the course of his executive career, both as an Executive Director on behalf of the investor and as an Independent Non-Executive Director. On several of these boards, he has chaired committees with specific experience in the remuneration function. His experience spans infrastructure assets in renewable energy, roads, water, emergency services systems and complex urban utilities. He currently serves on the Tasmanian Development Board and previously served on boards including the Anglian Water Group, APRR Group, Arqiva Group, Atlas Arteria, Broadcast Australia (Chair, Remuneration), Puget Energy (Chair, Remuneration), Transalec, Airwave, Wales and West Utilities, Pacific Hydro Ltd, Ecogen and Interlink Roads. Shareholders are further advised that Graeme has been appointed as a member of the Risk Committee, Remuneration and Nominations Committee, Investment Committee, and the Tender Risk Committee. In addition, Naidene has been appointed as Chair of the Audit Committee, a member of the Risk Committee, Investment Committee and the Social, Ethics and Transformation Committee.

South African (JSE) Industrials Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

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Executive Director recently bought R2.9m worth of stock

CEO & Executive Director recently bought R22m worth of stock

New minor risk - Market cap size

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