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South African (JSE) Industrials Sector Analysis

UpdatedOct 10, 2025
DataAggregated Company Financials
Companies27
  • 7D1.2%
  • 3M-1.8%
  • 1Y-15.7%
  • YTD-13.5%

The Industrials industry is up 1.5% in the last week, with Bidvest Group up 2.6%. During this same period, the KAP underperformed, falling 6.8%. In the past year, the industry is down 15%. Earnings are forecast to grow by 11% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 11 Oct 2025R173.0bR503.7bR32.3b6.4x5.3x0.3x
Mon, 08 Sep 2025R171.8bR507.3bR32.4b7x5.3x0.3x
Wed, 06 Aug 2025R175.0bR512.9bR34.2b6.3x5.1x0.3x
Fri, 04 Jul 2025R179.8bR510.2bR33.9b6.9x5.3x0.4x
Sun, 01 Jun 2025R183.4bR428.4bR26.9b6.8x6.8x0.4x
Tue, 29 Apr 2025R178.9bR424.3bR21.4b6.9x8.3x0.4x
Thu, 27 Mar 2025R183.9bR424.6bR21.6b7x8.5x0.4x
Sat, 22 Feb 2025R190.8bR419.8bR22.5b6.7x8.5x0.5x
Mon, 20 Jan 2025R199.7bR459.6bR22.5b6.6x8.9x0.4x
Wed, 18 Dec 2024R204.0bR458.6bR22.3b6.7x9.1x0.4x
Fri, 15 Nov 2024R206.9bR460.4bR22.0b7x9.4x0.4x
Sun, 13 Oct 2024R208.9bR456.8bR21.8b7.2x9.6x0.5x
Tue, 10 Sep 2024R207.9bR456.3bR21.7b6.6x9.6x0.5x
Thu, 08 Aug 2024R199.4bR452.6bR19.1b7.5x10.4x0.4x
Sat, 06 Jul 2024R202.6bR452.3bR19.0b7x10.6x0.4x
Mon, 03 Jun 2024R179.9bR440.4bR17.6b7.5x10.2x0.4x
Wed, 01 May 2024R177.4bR440.4bR19.8b5.6x9x0.4x
Fri, 29 Mar 2024R168.5bR417.7bR20.7b5.6x8.1x0.4x
Sun, 25 Feb 2024R167.7bR410.5bR20.7b5.4x8.1x0.4x
Tue, 23 Jan 2024R175.0bR423.4bR28.1b6.5x6.2x0.4x
Thu, 21 Dec 2023R179.0bR422.8bR27.9b6x6.4x0.4x
Sat, 18 Nov 2023R192.4bR409.0bR25.5b6.1x7.6x0.5x
Mon, 16 Oct 2023R186.7bR409.0bR25.5b5.5x7.3x0.5x
Wed, 13 Sep 2023R187.5bR402.0bR25.3b5.5x7.4x0.5x
Fri, 11 Aug 2023R192.0bR411.1bR27.6b5.5x7x0.5x
Sun, 09 Jul 2023R185.9bR410.9bR27.5b5.8x6.8x0.5x
Tue, 06 Jun 2023R179.4bR409.3bR27.4b5.8x6.5x0.4x
Thu, 04 May 2023R178.9bR401.0bR25.5b5.7x7x0.4x
Sat, 01 Apr 2023R183.5bR398.6bR25.3b5.7x7.3x0.5x
Mon, 27 Feb 2023R180.6bR392.9bR25.1b5.4x7.2x0.5x
Wed, 25 Jan 2023R175.4bR389.1bR25.2b5.5x6.9x0.5x
Fri, 23 Dec 2022R171.9bR388.9bR25.2b5.6x6.8x0.4x
Sun, 20 Nov 2022R174.4bR374.4bR25.0b6.6x7x0.5x
Tue, 18 Oct 2022R162.3bR372.2bR24.8b6x6.5x0.4x
Price to Earnings Ratio

6.5x


Total Market Cap: R162.3bTotal Earnings: R24.8bTotal Revenue: R372.2bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Industrials Sector Price to Earnings3Y Average 7.7x202320242025
Current Industry PE
  • Investors are pessimistic on the South African Industrials industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 5.3x which is lower than its 3-year average PE of 7.7x.
  • 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 grown 9.2% per year over the last three years.
  • Revenues for these companies have grown 11% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

ZA Market0.83%
Industrials1.18%
Construction5.11%
Machinery4.09%
Commercial Services3.31%
Transportation2.90%
Infrastructure1.56%
Industrials0.68%
Trade Distributors0.38%
Professional Services0.14%
Aerospace & Defense0%0
Marine and Shipping0%0
Logistics-1.62%
Building-3.35%
Electrical-5.32%
Industry PE
  • Investors are most optimistic about the Construction industry even though it's trading below its 3-year average PE ratio of 23.0x.
    • Analysts are expecting annual earnings growth of 14.0%, which is lower than the prior year's growth of 26.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Transportation industry, expecting annual earnings growth of 14% over the next 5 years.
  • This is better than its past earnings decline of 4.0% per year.
  • In contrast, the Infrastructure industry is expected to see its earnings decline by 2.0% 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 GroupR220.891.3%
+R931.3m		-20.8%PE12.8x
RBX Raubex GroupR45.207.2%
+R548.8m		-15.5%PE7.5x
WBO Wilson Bayly Holmes-OvconR155.183.4%
+R261.9m		-27.8%PE6.7x
BEL Bell EquipmentR43.984.1%
+R165.4m		4.7%PE12.1x
GND GrindrodR15.621.6%
+R160.1m		2.4%PE8x

Latest News

FTH
R7.18
Frontier Transport Holdings
7D
7.2%
1Y
-14.0%
BVT
R220.89
Bidvest Group
7D
1.3%
1Y
-20.8%

Digital Integration, Hygiene Expansion And Logistics Will Drive Lasting Momentum

Despite an improvement in net profit margin, a lower future P/E suggests tempered earnings growth expectations, contributing to a reduction in Bidvest Group’s consensus analyst price target from ZAR303.05 to ZAR293.62. What's in the News Bidvest Group declared a final gross cash dividend of 453 cents (362.4 cents net of withholding tax) per ordinary share for the year ended 30 June 2025.
ART
R28.31
Argent Industrial
7D
-3.1%
1Y
5.0%
WBO
R155.18
Wilson Bayly Holmes-Ovcon
7D
3.4%
1Y
-27.8%
NVS
R6.73
Novus Holdings
7D
3.5%
1Y
-8.6%
KAP
R1.52
KAP
7D
-6.2%
1Y
-55.0%

Capital Investments At PG Bison And Safripol Will Increase Efficiency

KAP’s consensus price target has been revised down from ZAR2.60 to ZAR2.15, primarily reflecting weaker profit margins and slower forecast revenue growth. What's in the News KAP Limited revised earnings guidance for FY2025, expecting a >30% decrease in EPS and HEPS compared to FY2024.
TRL
R1.90
Trellidor Holdings
7D
-5.0%
1Y
2.7%
GND
R15.62
Grindrod
7D
1.6%
1Y
2.4%
BEL
R43.98
Bell Equipment
7D
4.1%
1Y
4.7%

These 4 Measures Indicate That Bell Equipment (JSE:BEL) Is Using Debt Reasonably Well

Sep 09
These 4 Measures Indicate That Bell Equipment (JSE:BEL) Is Using Debt Reasonably Well
SOH
R1.15
South Ocean Holdings
7D
-8.0%
1Y
-47.5%
BAW
R119.45
Barloworld
7D
-0.2%
1Y
42.1%

Expanding Infrastructure And Green Investments Will Drive Opportunity

The upward revision in Barloworld’s consensus price target to ZAR111.50 primarily reflects a higher future P/E multiple, signaling increased optimism on earnings prospects, while the discount rate remained largely unchanged. What's in the News Barloworld received an extended deadline from the U.S. Department of Commerce to submit a final report on voluntary disclosure of apparent export control violations, with the investigation ongoing.
HCI
R129.00
Hosken Consolidated Investments
7D
-0.7%
1Y
-27.9%
RBX
R45.20
Raubex Group
7D
7.2%
1Y
-15.5%
SNV
R8.51
Santova
7D
-1.6%
1Y
15.0%

Santova (JSE:SNV) Seems To Use Debt Rather Sparingly

Aug 02
Santova (JSE:SNV) Seems To Use Debt Rather Sparingly
HDC
R194.50
Hudaco Industries
7D
2.4%
1Y
1.3%
ZZD
R12.67
Zeda
7D
-0.6%
1Y
-10.8%