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South African (JSE) Materials Sector Analysis

UpdatedApr 07, 2026
DataAggregated Company Financials
Companies30
  • 7D5.7%
  • 3M-2.3%
  • 1Y96.3%
  • YTD2.9%

In the last week, the Materials industry is up 5.7%, with Gold Fields up 5.3%. Meanwhile, Sasol actually underperformed within the industry, shrinking 7.7% in the last week. This takes the industry's 12 month performance to a gain of 96%. Looking forward, earnings are forecast to grow by 20% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 07 Apr 2026R2.1tR1.2tR123.5b11.2x17.3x1.8x
Thu, 05 Mar 2026R2.3tR1.2tR109.8b12.7x21.1x2x
Sat, 31 Jan 2026R2.3tR1.1tR62.2b13.6x37.7x2.1x
Mon, 29 Dec 2025R2.2tR1.1tR63.3b12.9x34.2x1.9x
Wed, 26 Nov 2025R1.8tR1.1tR63.4b12x28.4x1.6x
Fri, 24 Oct 2025R1.8tR1.1tR68.2b11x26.8x1.6x
Sun, 21 Sep 2025R1.7tR1.1tR68.6b11.2x25.3x1.6x
Tue, 19 Aug 2025R1.5tR1.1t-R19,520,076,739.809.8x-75.8x1.3x
Thu, 17 Jul 2025R1.4tR1.1t-R11,871,152,986.627.5x-116x1.2x
Sat, 14 Jun 2025R1.3tR1.1t-R11,665,671,568.297.5x-113.7x1.2x
Mon, 12 May 2025R1.2tR1.1t-R10,301,595,243.417.1x-114.3x1x
Wed, 09 Apr 2025R1.1tR1.1t-R5,806,828,871.347.7x-191.9x1x
Fri, 07 Mar 2025R1.1tR1.1t-R7,956,000,358.008.6x-137.1x1x
Sun, 02 Feb 2025R1.1tR1.1t-R52,124,811,799.429.3x-20.9x1x
Tue, 31 Dec 2024R903.7bR1.1t-R52,017,265,632.769.6x-17.4x0.8x
Thu, 28 Nov 2024R983.6bR1.1t-R55,976,296,801.0410.1x-17.6x0.9x
Sat, 26 Oct 2024R1.1tR1.1t-R58,626,975,896.599.5x-19.5x1x
Mon, 23 Sep 2024R1.0tR1.1t-R60,254,046,674.2310.6x-16.6x0.9x
Wed, 21 Aug 2024R1.1tR1.2tR11.1b9.3x99.9x1x
Fri, 19 Jul 2024R1.1tR1.2tR16.8b8.9x65.9x0.9x
Sun, 16 Jun 2024R993.0bR1.2tR15.6b8.7x63.5x0.8x
Tue, 14 May 2024R1.2tR1.2tR15.7b8.6x75.4x1x
Thu, 11 Apr 2024R1.2tR1.2tR16.8b8.7x71.9x1x
Sat, 09 Mar 2024R1.1tR1.2tR19.6b8.5x55.5x0.9x
Mon, 05 Feb 2024R1.2tR1.2tR106.4b10.2x10.8x0.9x
Wed, 03 Jan 2024R1.2tR1.2tR106.0b9.6x11.7x1x
Fri, 01 Dec 2023R1.2tR1.2tR108.2b9.1x11x1x
Sun, 29 Oct 2023R1.1tR1.3tR109.0b8.5x10x0.9x
Tue, 26 Sep 2023R1.3tR1.3tR110.9b9.8x11.4x0.9x
Thu, 24 Aug 2023R1.2tR1.4tR152.5b6x8.1x0.9x
Sat, 22 Jul 2023R1.4tR1.4tR214.4b5x6.6x1x
Mon, 19 Jun 2023R1.6tR1.4tR222.7b5x7x1.1x
Wed, 17 May 2023R1.6tR1.4tR233.5b5.4x6.9x1.1x
Fri, 14 Apr 2023R1.6tR1.4tR221.7b5.5x7.3x1.1x
Price to Earnings Ratio

7.3x


Total Market Cap: R1.6tTotal Earnings: R221.7bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -4.5x202420252026
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 17.3x which is higher than its 3-year average PE of -4.5x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.8x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 18% per year over the last three years,
  • Revenues have also declined 5.5% 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 Materials sector?

ZA Market2.78%
Materials5.70%
Metals and Mining6.91%
Packaging1.84%
Paper and Forestry Products1.76%
Basic Materials1.58%
Chemicals-6.35%
Industry PE
  • Investors are most optimistic about the Chemicals industry which is trading above its 3-year average PE ratio of 8.4x.
    • Analysts are expecting annual earnings growth of 50.2%, which is higher than its past year's earnings growth of 12.9% 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.
  • This is better than its past earnings growth rate of 29% per year.
  • In contrast, the Basic Materials industry is expected to see its earnings decline by 4.9% 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 FieldsR771.321.4%
+R9.7b		90.3%PE11.5x
HAR Harmony Gold MiningR264.413.3%
+R5.3b		-0.4%PE10.2x
VAL Valterra PlatinumR1.41k0.8%
+R3.1b		124.2%PE24x
ARI African Rainbow MineralsR240.034.0%
+R1.8b		74.2%PE36.5x
SOL SasolR226.900.7%
+R986.7m		289.4%PE60.8x

Latest News

SOL
R226.90
Sasol
7D
0.7%
1Y
289.4%
GFI
R771.32
Gold Fields
7D
1.4%
1Y
90.3%

Additional Considerations Required While Assessing Gold Fields' (JSE:GFI) Strong Earnings

Apr 07
Additional Considerations Required While Assessing Gold Fields' (JSE:GFI) Strong Earnings
NPH
R337.03
Northam Platinum Holdings
7D
-0.9%
1Y
193.7%

NPH: Higher Discount Rate And Strong Output Will Support Bullish Repricing

Analysts have kept their ZAR 490.00 price target for Northam Platinum Holdings unchanged, while adjusting key inputs such as a higher discount rate, lower revenue growth and profit margin assumptions, and a higher future P/E. These changes reflect updated research that incorporates a more constructive stance from recent Street commentary.
HAR
R264.41
Harmony Gold Mining
7D
3.3%
1Y
-0.4%

HAR: Earnings Guidance And Dividend Payout Will Support Future Upside

Analysts have raised their ZAR price target for Harmony Gold Mining to ZAR500, citing slightly firmer long term revenue growth, profit margins, and a lower projected future P/E multiple that together support maintaining this fair value level. What's in the News Reported gold production of 724,099 oz (22,522 kg) for the six months ended 31 December 2025, compared with 797,854 oz (24,816 kg) a year earlier, with a 9% decline linked to temporary challenges in the second quarter of fiscal 2026 (Key Developments).
ARI
R240.03
African Rainbow Minerals
7D
4.0%
1Y
74.2%
IMP
R230.84
Impala Platinum Holdings
7D
-3.4%
1Y
132.7%

IMP: Recent Upgrades Will Test Execution And Profitability Assumptions Going Forward

Analysts have trimmed their ZAR fair value estimate for Impala Platinum Holdings from ZAR246.17 to ZAR225.00, reflecting updated assumptions on revenue growth, profitability and future P/E following recent upgrades from major firms that have reassessed the stock's long term risk and return profile. Analyst Commentary The recent fair value trim to ZAR225.00 comes as several major houses revisit their assumptions on revenue, margins and the sustainability of current P/E levels for Impala Platinum Holdings.
SSW
R51.14
Sibanye Stillwater
7D
0.2%
1Y
206.2%

SSW: Higher Earnings Outlook And Execution Risks Will Shape Future Returns

The analyst price target for Sibanye Stillwater has been raised from ZAR38.00 to about ZAR49.92, with analysts citing updated assumptions on fair value, discount rate, revenue growth, profit margins, and a higher future P/E multiple as the main drivers of this change. Analyst Commentary Recent research updates highlight a mix of optimism and caution around Sibanye Stillwater, with the raised ZAR49.92 price target sitting alongside more guarded views on the company’s ability to deliver on those assumptions.
VAL
R1,412.82
Valterra Platinum
7D
0.8%
1Y
124.2%
KIO
R322.15
Kumba Iron Ore
7D
0.9%
1Y
7.8%

KIO: Fair Value Will Depend On Dividends And Rail Logistics Delivery

Analysts have reduced their price target for Kumba Iron Ore from ZAR320.70 to ZAR313.14, citing revised assumptions that include flatter revenue growth, a higher profit margin, and a slightly lower future P/E multiple. What's in the News Kumba Iron Ore approved a gross final cash dividend of 1,543 cents per share for the year ended 31 December 2025, with a 20% dividend withholding tax for non exempt shareholders, resulting in a net dividend of 1,234.40 cents per share (company announcement).
HLM
R1.89
Hulamin
7D
-5.5%
1Y
-9.6%
AFE
R112.10
AECI
7D
-1.9%
1Y
20.7%
OMN
R95.00
Omnia Holdings
7D
-0.5%
1Y
46.7%
AFT
R35.08
Afrimat
7D
-4.2%
1Y
-34.8%
THA
R25.70
Tharisa
7D
2.8%
1Y
104.8%
ACL
R1.39
ArcelorMittal South Africa
7D
-2.1%
1Y
14.9%
SAP
R16.65
Sappi
7D
-1.3%
1Y
-51.2%