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South African (JSE) Materials Sector Analysis

UpdatedFeb 25, 2026
DataAggregated Company Financials
Companies29
  • 7D8.3%
  • 3M26.4%
  • 1Y124.5%
  • YTD13.4%

The Materials industry is up 8.3% in the last week, with Gold Fields up 8.0%. This means that the industry has gained 125% over the past year. Looking forward, earnings are forecast to grow by 28% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Feb 2026R2.4tR1.1tR86.8b13.9x27.1x2.1x
Sat, 24 Jan 2026R2.5tR1.1tR62.4b13.8x39.4x2.2x
Mon, 22 Dec 2025R2.0tR1.1tR63.5b12.6x32.1x1.8x
Wed, 19 Nov 2025R1.8tR1.1tR63.3b12.2x27.8x1.6x
Fri, 17 Oct 2025R2.1tR1.1tR68.1b10.6x30.2x1.8x
Sun, 14 Sep 2025R1.7tR1.1tR68.6b11.4x24.2x1.5x
Tue, 12 Aug 2025R1.5tR1.1t-R18,858,835,296.398.7x-80x1.4x
Thu, 10 Jul 2025R1.4tR1.1t-R11,935,687,796.237.7x-113.1x1.2x
Sat, 07 Jun 2025R1.3tR1.1t-R12,164,083,987.567.4x-106.7x1.2x
Mon, 05 May 2025R1.2tR1.1t-R9,142,383,699.287.3x-127.3x1x
Wed, 02 Apr 2025R1.2tR1.1t-R7,745,543,429.058x-158.3x1.1x
Fri, 28 Feb 2025R1.0tR1.1t-R9,100,968,821.938.3x-112.4x0.9x
Sun, 26 Jan 2025R1.0tR1.1t-R52,333,559,457.209.7x-19.9x0.9x
Tue, 24 Dec 2024R919.2bR1.1t-R52,225,934,961.229.6x-17.6x0.8x
Thu, 21 Nov 2024R1.0tR1.1t-R56,048,658,409.5110.1x-18.3x0.9x
Sat, 19 Oct 2024R1.1tR1.1t-R58,641,345,001.729.5x-18.8x1x
Mon, 16 Sep 2024R969.8bR1.1t-R60,072,941,886.6710.3x-16.1x0.9x
Wed, 14 Aug 2024R1.0tR1.2tR11.3b9.6x91.7x0.9x
Fri, 12 Jul 2024R1.1tR1.1tR54.4b9x19.4x1x
Sun, 09 Jun 2024R1.1tR1.2tR15.9b8.7x66.5x0.9x
Tue, 07 May 2024R1.1tR1.2tR16.6b8.2x67.7x1x
Thu, 04 Apr 2024R1.1tR1.2tR16.7b8.7x67.2x1x
Sat, 02 Mar 2024R1.0tR1.2tR77.3b8.2x13.3x0.8x
Mon, 29 Jan 2024R1.2tR1.2tR106.3b9.7x11.1x0.9x
Wed, 27 Dec 2023R1.3tR1.2tR106.0b9.5x11.9x1x
Fri, 24 Nov 2023R1.2tR1.2tR108.1b9.6x10.6x0.9x
Sun, 22 Oct 2023R1.1tR1.3tR109.2b8.5x10.4x0.9x
Tue, 19 Sep 2023R1.3tR1.3tR111.8b9x11.3x0.9x
Thu, 17 Aug 2023R1.3tR1.4tR186.5b5.3x6.7x0.9x
Sat, 15 Jul 2023R1.4tR1.4tR214.7b5x6.7x1x
Mon, 12 Jun 2023R1.6tR1.4tR223.6b5.2x7x1.1x
Wed, 10 May 2023R1.7tR1.4tR234.8b5.4x7.1x1.2x
Fri, 07 Apr 2023R1.5tR1.4tR221.7b5.1x6.8x1.1x
Sun, 05 Mar 2023R1.4tR1.4tR220.3b5.5x6.5x1x
Price to Earnings Ratio

6.5x


Total Market Cap: R1.4tTotal Earnings: R220.3bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -4.9x202420252026
Current Industry PE
  • Investors are pessimistic on the South African Materials 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 27.1x which is higher than its 3-year average PE of -4.9x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 2.1x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 27% per year over the last three years,
  • Revenues have also declined 7.0% 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 Materials sector?

ZA Market3.58%
Materials8.29%
Chemicals11.85%
Metals and Mining8.23%
Paper and Forestry Products2.84%
Packaging0.80%
Basic Materials0.63%
Industry PE
  • Investors are most optimistic about the Chemicals industry which is trading above its 3-year average PE ratio of 7.3x.
    • Analysts are expecting annual earnings growth of 44.7%, which is higher than its past year's earnings growth of 0.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Paper and Forestry Products industry, expecting annual earnings growth of 93% over the next 5 years.
  • However this is lower than its past earnings growth rate of 426% per year.
  • In contrast, the Packaging industry is expected to see its earnings grow by 8.1% 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
GFI Gold FieldsR926.009.8%
+R73.7b		171.3%PE14.7x
VAL Valterra PlatinumR1.75k17.1%
+R67.1b		192.8%PE347.6x
IMP Impala Platinum HoldingsR323.0013.2%
+R33.8b		243.3%PE380.7x
NPH Northam Platinum HoldingsR407.629.5%
+R13.3b		293.4%PE101.5x
HAR Harmony Gold MiningR343.515.6%
+R11.3b		73.1%PE14.9x

Latest News

VAL
R1,751.59
Valterra Platinum
7D
17.1%
1Y
192.8%
RNG
R0.77
Randgold & Exploration
7D
-23.0%
1Y
2.7%
SOL
R136.79
Sasol
7D
6.6%
1Y
59.5%
NPH
R407.62
Northam Platinum Holdings
7D
9.5%
1Y
293.4%

NPH: Higher P/E Outlook And Strong Output Will Support Bullish Repricing

Analysts have maintained their ZAR490.00 price target for Northam Platinum Holdings, citing a slightly lower discount rate, small increases in assumed revenue growth and profit margins, and a higher future P/E expectation following more positive recent research commentary. Analyst Commentary Recent commentary has reinforced the ZAR490.00 price target, with bullish analysts pointing to a mix of valuation support, improved assumptions and a more constructive view on the company’s earnings profile.
GFI
R926.00
Gold Fields
7D
9.8%
1Y
171.3%
SSW
R66.15
Sibanye Stillwater
7D
3.4%
1Y
335.5%
KIO
R362.59
Kumba Iron Ore
7D
-1.0%
1Y
-0.6%
AFT
R37.00
Afrimat
7D
-4.8%
1Y
-39.3%
HAR
R343.51
Harmony Gold Mining
7D
5.6%
1Y
73.1%

HAR: Eva Copper Project And Alliance Agreement Will Support Future Upside

Analysts have kept their Harmony Gold Mining fair value estimate steady at ZAR515.00, with updated assumptions reflecting a slightly lower discount rate, marginally adjusted revenue, a modestly higher profit margin, and a slightly lower future P/E multiple. What's in the News Thiess entered an alliance agreement with Harmony for multiple work packages at the greenfield Eva Copper Mine Project in Cloncurry, North West Queensland, including bulk earthworks, workshop construction and mining services over five years, with the mining scope valued at about A$700m (Key Developments).
IMP
R323.00
Impala Platinum Holdings
7D
13.2%
1Y
243.3%

IMP: Broker Upgrades Will Likely Prove Vulnerable To Execution Risks

Analysts have raised their ZAR price target on Impala Platinum Holdings to ZAR246.17, based on research that incorporates slightly firmer revenue growth and profit margin assumptions, a modestly lower future P/E, and a small adjustment to the discount rate. Analyst Commentary Even with a higher ZAR price target, not every analyst is enthusiastic.
ARI
R244.50
African Rainbow Minerals
7D
12.0%
1Y
86.1%
AFE
R103.53
AECI
7D
-1.3%
1Y
8.3%
YRK
R2.10
York Timber Holdings
7D
-6.3%
1Y
-5.0%
ACL
R1.29
ArcelorMittal South Africa
7D
-11.6%
1Y
72.0%
GML
R1.10
Gemfields Group
7D
-5.2%
1Y
-23.6%
BIK
R0.02
Brikor
7D
-84.6%
1Y
-85.7%

Brikor Limited's (JSE:BIK) 29% Dip In Price Shows Sentiment Is Matching Revenues

Dec 20
Brikor Limited's (JSE:BIK) 29% Dip In Price Shows Sentiment Is Matching Revenues