Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

South African (JSE) Materials Sector Analysis

UpdatedJan 17, 2026
DataAggregated Company Financials
Companies29
  • 7D6.0%
  • 3M18.2%
  • 1Y122.1%
  • YTD9.2%

In the last week, the Materials industry is up 6.0%, with Gold Fields up 9.3%. During this same period, the Sasol underperformed, falling 8.3%. In the last 12 months, the industry was up 122%. Earnings are forecast to grow by 36% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 18 Jan 2026R2.3tR1.1tR62.9b13.5x36.1x2x
Tue, 16 Dec 2025R2.0tR1.1tR63.5b12.3x31.3x1.8x
Thu, 13 Nov 2025R1.9tR1.1tR63.2b12.6x29.4x1.7x
Sat, 11 Oct 2025R1.9tR1.1tR68.5b10.7x27.1x1.7x
Mon, 08 Sep 2025R1.6tR1.1tR69.1b10.8x23.2x1.4x
Wed, 06 Aug 2025R1.5tR1.1t-R17,183,557,161.557.8x-86.6x1.3x
Fri, 04 Jul 2025R1.3tR1.1t-R12,327,415,502.697.7x-107.9x1.2x
Sun, 01 Jun 2025R1.2tR1.1t-R11,890,199,385.297.5x-102.7x1.1x
Tue, 29 Apr 2025R1.2tR1.1t-R8,750,720,615.237.2x-133.6x1x
Thu, 27 Mar 2025R1.2tR1.1t-R8,129,764,558.657.7x-144x1x
Sat, 22 Feb 2025R1.1tR1.1t-R49,456,288,019.598.8x-21.6x0.9x
Mon, 20 Jan 2025R1.0tR1.1t-R52,074,367,712.519.7x-19.6x0.9x
Wed, 18 Dec 2024R936.9bR1.1t-R52,552,959,903.539.6x-17.8x0.8x
Fri, 15 Nov 2024R969.4bR1.1t-R56,015,778,534.729.5x-17.3x0.8x
Sun, 13 Oct 2024R1.0tR1.1t-R59,877,304,927.329.8x-17.3x0.9x
Tue, 10 Sep 2024R914.8bR1.1t-R45,122,583,302.8510.4x-20.3x0.8x
Thu, 08 Aug 2024R1.1tR1.2tR12.5b9.4x85x0.9x
Sat, 06 Jul 2024R1.1tR1.2tR16.7b9.2x67.7x1x
Mon, 03 Jun 2024R1.1tR1.2tR15.9b8.7x69.7x0.9x
Wed, 01 May 2024R1.1tR1.2tR16.8b8.4x65.5x0.9x
Fri, 29 Mar 2024R1.1tR1.2tR15.9b8.7x69.6x0.9x
Sun, 25 Feb 2024R1.0tR1.2tR90.5b9.4x11.4x0.8x
Tue, 23 Jan 2024R1.1tR1.3tR106.7b9.5x10.3x0.9x
Thu, 21 Dec 2023R1.2tR1.2tR105.7b9.5x11.7x1x
Sat, 18 Nov 2023R1.1tR1.2tR107.3b8.4x10.5x0.9x
Mon, 16 Oct 2023R1.2tR1.3tR109.2b8.8x10.8x0.9x
Wed, 13 Sep 2023R1.2tR1.3tR111.7b8.8x10.8x0.9x
Fri, 11 Aug 2023R1.3tR1.4tR185.8b5.3x7.2x1x
Sun, 09 Jul 2023R1.3tR1.4tR215.9b4.5x6.2x0.9x
Tue, 06 Jun 2023R1.6tR1.4tR224.6b5.2x7.1x1.1x
Thu, 04 May 2023R1.6tR1.4tR234.2b5.5x7x1.1x
Sat, 01 Apr 2023R1.5tR1.4tR221.0b5.6x6.6x1x
Mon, 27 Feb 2023R1.4tR1.4tR222.2b5.7x6.4x1x
Wed, 25 Jan 2023R1.7tR1.4tR248.5b5.8x6.8x1.2x
Price to Earnings Ratio

6.8x


Total Market Cap: R1.7tTotal Earnings: R248.5bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -5.9x202420252026
Current Industry PE
  • Investors are optimistic on the South African Materials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 36.1x which is higher than its 3-year average PE of -5.9x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 2.0x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 37% per year over the last three years,
  • Revenues have also declined 7.4% 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 Market1.34%
Materials6.01%
Metals and Mining6.78%
Packaging2.16%
Basic Materials-2.23%
Chemicals-5.75%
Paper and Forestry Products-8.66%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry, which is trading close to its 3-year average PE ratio of 37.9x.
    • Analysts are expecting annual earnings growth of 36.2%, which is higher than its past year's earnings decline of 34.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Paper and Forestry Products industry, expecting annual earnings growth of 85% 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 8.5% 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 FieldsR818.509.3%
+R62.6b		184.8%PE23.7x
IMP Impala Platinum HoldingsR297.607.6%
+R18.9b		201.3%PE350.8x
VAL Valterra PlatinumR1.51k4.3%
+R16.4b		143.6%PE299.5x
HAR Harmony Gold MiningR366.167.7%
+R16.4b		98.7%PE15.8x
SSW Sibanye StillwaterR69.336.1%
+R11.3b		317.9%PS1.8x

Latest News

SAP
R23.82
Sappi
7D
-9.2%
1Y
-50.1%

Many Still Looking Away From Sappi Limited (JSE:SAP)

Jan 17
Many Still Looking Away From Sappi Limited (JSE:SAP)
SOL
R101.91
Sasol
7D
-8.3%
1Y
-0.2%
ARI
R215.77
African Rainbow Minerals
7D
7.2%
1Y
38.2%

ARI: Higher Margin Assumptions Will Shape A More Balanced Outlook

Analysts have nudged their price target for African Rainbow Minerals higher to R202.50 from about R197.33, citing updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples as key inputs in their revised models. Valuation Changes Consensus Analyst Price Target: The fair value estimate has risen slightly from ZAR197.33 to ZAR202.50.
THA
R26.81
Tharisa
7D
-2.5%
1Y
82.9%
IMP
R297.60
Impala Platinum Holdings
7D
7.6%
1Y
201.3%
AFT
R40.16
Afrimat
7D
-8.5%
1Y
-40.9%
VAL
R1,509.00
Valterra Platinum
7D
4.3%
1Y
143.6%
MRF
R1.11
Merafe Resources
7D
-1.8%
1Y
-27.9%
GFI
R818.50
Gold Fields
7D
9.3%
1Y
184.8%
SSW
R69.33
Sibanye Stillwater
7D
6.1%
1Y
317.9%
NPH
R379.78
Northam Platinum Holdings
7D
8.3%
1Y
232.9%

NPH: Higher P/E Assumptions Will Limit Future Upside Despite Firm Margins

Analysts have nudged their price target for Northam Platinum Holdings higher to R290.06 from R283.06, reflecting updated assumptions around discount rates, margins, and future P/E expectations. Valuation Changes Fair Value: Updated slightly higher from R283.06 to R290.06 per share.
HAR
R366.16
Harmony Gold Mining
7D
7.7%
1Y
98.7%

HAR: Copper Expansion And Payout Policy Will Support Balanced Medium Term Outlook

Analysts have nudged their price target for Harmony Gold Mining up slightly, with fair value moving from $365.00 to $370.00 as they factor in updated assumptions around the discount rate, long term revenue growth, profit margins, and a future P/E of 12.46x. What's in the News Approved high margin, long life EVA COPPER PRO project after a three year feasibility study and FEED phase using Tier 1 contractors.
CPR
R0.66
Copper 360
7D
-4.3%
1Y
-67.5%
KIO
R354.26
Kumba Iron Ore
7D
-3.2%
1Y
-3.0%
AFE
R93.23
AECI
7D
-2.0%
1Y
12.5%
OMN
R84.76
Omnia Holdings
7D
5.1%
1Y
22.6%