Narrative Update • Jul 14
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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%
Over the last 7 days, the Industrials industry has risen 1.1%, driven by gains from Bidvest Group of 0.6%. In the last 12 months, the industry was up 12%. Looking forward, earnings are forecast to grow by 10% annually.
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 |
|---|---|---|---|---|---|---|
| Thu, 16 Jul 2026 | R172.7b | R368.5b | R17.9b | 7.3x | 9.7x | 0.5x |
| Sat, 13 Jun 2026 | R173.0b | R368.9b | R17.7b | 7.1x | 9.8x | 0.5x |
| Mon, 11 May 2026 | R170.4b | R355.1b | R15.8b | 7.8x | 10.8x | 0.5x |
| Wed, 08 Apr 2026 | R159.3b | R354.7b | R15.7b | 7.2x | 10.1x | 0.4x |
| Fri, 06 Mar 2026 | R167.6b | R355.1b | R15.1b | 6.9x | 11.1x | 0.5x |
| Sun, 01 Feb 2026 | R163.1b | R353.6b | R14.6b | 7.4x | 11.2x | 0.5x |
| Tue, 30 Dec 2025 | R184.1b | R391.1b | R16.1b | 7.7x | 11.5x | 0.5x |
| Thu, 27 Nov 2025 | R180.5b | R390.2b | R21.2b | 6.7x | 8.5x | 0.5x |
| Sat, 25 Oct 2025 | R176.6b | R503.8b | R32.4b | 6.3x | 5.5x | 0.4x |
| Mon, 22 Sep 2025 | R171.6b | R505.1b | R32.4b | 6.6x | 5.3x | 0.3x |
| Wed, 20 Aug 2025 | R179.5b | R507.6b | R33.1b | 5.7x | 5.4x | 0.4x |
| Fri, 18 Jul 2025 | R176.8b | R512.3b | R34.1b | 7.1x | 5.2x | 0.3x |
| Sun, 15 Jun 2025 | R176.2b | R513.2b | R33.9b | 7.1x | 5.2x | 0.3x |
| Tue, 13 May 2025 | R180.6b | R422.9b | R21.3b | 7x | 8.5x | 0.4x |
| Thu, 10 Apr 2025 | R162.8b | R425.0b | R21.6b | 7x | 7.5x | 0.4x |
| Sat, 08 Mar 2025 | R181.1b | R424.5b | R21.8b | 7.3x | 8.3x | 0.4x |
| Mon, 03 Feb 2025 | R194.4b | R459.5b | R22.5b | 6.3x | 8.6x | 0.4x |
| Wed, 01 Jan 2025 | R203.8b | R460.1b | R22.6b | 7x | 9x | 0.4x |
| Fri, 29 Nov 2024 | R204.3b | R459.7b | R22.1b | 6.9x | 9.3x | 0.4x |
| Sun, 27 Oct 2024 | R210.2b | R456.6b | R21.8b | 6.9x | 9.7x | 0.5x |
| Tue, 24 Sep 2024 | R210.2b | R457.3b | R21.7b | 7.5x | 9.7x | 0.5x |
| Thu, 22 Aug 2024 | R211.8b | R461.0b | R20.2b | 6.8x | 10.5x | 0.5x |
| Sat, 20 Jul 2024 | R199.3b | R452.4b | R19.1b | 7.5x | 10.5x | 0.4x |
| Mon, 17 Jun 2024 | R185.2b | R453.2b | R19.2b | 7.2x | 9.7x | 0.4x |
| Wed, 15 May 2024 | R184.1b | R441.2b | R19.8b | 5.3x | 9.3x | 0.4x |
| Fri, 12 Apr 2024 | R170.5b | R419.1b | R20.7b | 5.1x | 8.2x | 0.4x |
| Sun, 10 Mar 2024 | R173.5b | R418.6b | R20.6b | 5.2x | 8.4x | 0.4x |
| Tue, 06 Feb 2024 | R168.1b | R404.6b | R20.7b | 6.2x | 8.1x | 0.4x |
| Thu, 04 Jan 2024 | R179.8b | R423.1b | R28.0b | 6.1x | 6.4x | 0.4x |
| Sat, 02 Dec 2023 | R175.8b | R423.3b | R27.9b | 6x | 6.3x | 0.4x |
| Mon, 30 Oct 2023 | R179.1b | R408.8b | R25.4b | 5.7x | 7x | 0.4x |
| Wed, 27 Sep 2023 | R191.3b | R409.0b | R25.5b | 5.5x | 7.5x | 0.5x |
| Fri, 25 Aug 2023 | R191.8b | R412.7b | R26.3b | 5.6x | 7.3x | 0.5x |
| Sun, 23 Jul 2023 | R187.0b | R410.7b | R27.5b | 5.7x | 6.8x | 0.5x |
Price to Earnings Ratio
6.8x
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 9.7x 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 3.5% 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 | 2.05% | |
| Industrials | 1.11% | |
| Commercial Services | 12.58% | |
| Logistics | 3.75% | |
| Transportation | 2.50% | |
| Construction | 1.53% | |
| Trade Distributors | 1.06% | |
| Industrials | 1.05% | |
| Infrastructure | 0.93% | |
| Aerospace & Defense | 0% | 0 |
| Electrical | 0% | 0 |
| Marine and Shipping | 0% | 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 Trade Distributors industry, expecting annual earnings growth of 13% over the next 5 years.
- In contrast, the Infrastructure industry is expected to see its earnings decline by 5.5% 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 | |
|---|---|---|---|---|---|
| BVT Bidvest Group | R234.62 | 0.7% +R550.6m | 1.6% | PE13.3x | |
| WBO Wilson Bayly Holmes-Ovcon | R168.98 | 0.9% +R77.4m | -2.1% | PE7.3x | |
| HCI Hosken Consolidated Investments | R161.00 | 0.7% +R76.4m | 18.1% | PE4.6x | |
| FTH Frontier Transport Holdings | R5.99 | 4.2% +R71.1m | -3.4% | PE4.6x | |
| ZZD Zeda | R14.40 | 1.9% +R49.8m | 14.7% | PE3.8x |