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South African (JSE) Materials Sector Analysis

UpdatedJan 19, 2026
DataAggregated Company Financials
Companies29
  • 7D1.1%
  • 3M27.3%
  • 1Y121.6%
  • YTD9.2%

In the last week, the Materials industry is up 1.1%, with Gold Fields up 3.6%. This takes the industry's 12 month performance to a gain of 122%. As for the next few years, earnings are expected to grow by 36% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 19 Jan 2026R2.3tR1.1tR62.9b13.5x36.1x2x
Wed, 17 Dec 2025R2.0tR1.1tR63.5b12.3x31.3x1.8x
Fri, 14 Nov 2025R1.9tR1.1tR63.0b12.5x29.5x1.7x
Sun, 12 Oct 2025R1.9tR1.1tR68.5b10.7x27.1x1.7x
Tue, 09 Sep 2025R1.7tR1.1tR68.8b11.1x24x1.5x
Thu, 07 Aug 2025R1.5tR1.1t-R17,371,936,671.447.8x-86.4x1.4x
Sat, 05 Jul 2025R1.4tR1.1t-R12,205,971,440.847.7x-112.3x1.2x
Mon, 02 Jun 2025R1.2tR1.1t-R11,890,199,385.297.5x-102.7x1.1x
Wed, 30 Apr 2025R1.2tR1.1t-R8,925,571,506.677.2x-132.1x1x
Fri, 28 Mar 2025R1.2tR1.1t-R8,170,369,181.257.8x-143.2x1x
Sun, 23 Feb 2025R1.1tR1.1t-R4,017,619,196.838.8x-266x0.9x
Tue, 21 Jan 2025R1.0tR1.1t-R52,218,493,675.119.6x-19.6x0.9x
Thu, 19 Dec 2024R943.8bR1.1t-R52,584,839,939.829.5x-17.9x0.8x
Sat, 16 Nov 2024R977.8bR1.1t-R56,088,377,195.939.5x-17.4x0.9x
Mon, 14 Oct 2024R1.0tR1.1t-R59,877,304,927.329.8x-17.3x0.9x
Wed, 11 Sep 2024R912.2bR1.1t-R45,075,930,105.1910.6x-20.2x0.8x
Fri, 09 Aug 2024R1.0tR1.2tR12.5b9.4x84x0.9x
Sun, 07 Jul 2024R1.1tR1.1tR54.5b9.2x19.7x1x
Tue, 04 Jun 2024R1.1tR1.2tR15.7b8.7x69.4x0.9x
Thu, 02 May 2024R1.1tR1.2tR16.7b8.4x65.9x0.9x
Sat, 30 Mar 2024R1.1tR1.2tR15.9b8.7x69.7x0.9x
Mon, 26 Feb 2024R1.0tR1.2tR90.5b9.4x11.4x0.8x
Wed, 24 Jan 2024R1.1tR1.2tR106.5b10.2x10.5x0.9x
Fri, 22 Dec 2023R1.3tR1.2tR105.9b9.5x11.9x1x
Sun, 19 Nov 2023R1.1tR1.2tR107.3b8.4x10.5x0.9x
Tue, 17 Oct 2023R1.2tR1.3tR108.9b8.9x10.9x0.9x
Thu, 14 Sep 2023R1.2tR1.3tR111.6b8.8x10.7x0.9x
Sat, 12 Aug 2023R1.3tR1.4tR186.0b5.3x7.2x1x
Mon, 10 Jul 2023R1.3tR1.4tR215.9b4.5x6.2x0.9x
Wed, 07 Jun 2023R1.6tR1.4tR224.5b5.2x7.1x1.1x
Fri, 05 May 2023R1.7tR1.4tR234.3b5.5x7.1x1.2x
Sun, 02 Apr 2023R1.5tR1.4tR221.0b5.6x6.6x1x
Tue, 28 Feb 2023R1.4tR1.4tR222.2b5.6x6.4x1x
Thu, 26 Jan 2023R1.7tR1.4tR248.4b5.8x6.7x1.2x
Price to Earnings Ratio

6.7x


Total Market Cap: R1.7tTotal Earnings: R248.4bTotal 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 Market0.12%
Materials1.14%
Metals and Mining1.49%
Packaging1.38%
Basic Materials-2.10%
Paper and Forestry Products-3.18%
Chemicals-5.30%
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 36.4%, 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 FieldsR832.785.4%
+R38.3b		189.5%PE24.2x
SSW Sibanye StillwaterR71.282.9%
+R5.6b		321.5%PS1.8x
NPH Northam Platinum HoldingsR385.392.6%
+R3.7b		233.4%PE95.9x
IMP Impala Platinum HoldingsR303.001.0%
+R2.7b		204.8%PE357.1x
VAL Valterra PlatinumR1.54k0.4%
+R1.7b		145.0%PE306.1x

Latest News

SSW
R71.28
Sibanye Stillwater
7D
2.9%
1Y
321.5%
SAP
R24.00
Sappi
7D
-2.6%
1Y
-49.4%

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

Jan 17
Many Still Looking Away From Sappi Limited (JSE:SAP)
SOL
R98.78
Sasol
7D
-10.5%
1Y
0.8%
ARI
R217.86
African Rainbow Minerals
7D
2.5%
1Y
39.4%

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
R26.80
Tharisa
7D
-0.8%
1Y
79.3%
IMP
R303.00
Impala Platinum Holdings
7D
1.0%
1Y
204.8%
AFT
R39.41
Afrimat
7D
-9.9%
1Y
-42.7%
VAL
R1,542.36
Valterra Platinum
7D
0.4%
1Y
145.0%
GFI
R832.78
Gold Fields
7D
5.4%
1Y
189.5%
PPC
R5.67
PPC
7D
1.8%
1Y
24.1%

PPC: Tariff Cuts And Rising EPS Guidance Will Support Bullish Outlook

Analysts have raised their price target on PPC slightly, citing relatively unchanged assumptions for fair value, discount rate, revenue growth, profit margin, and forward P/E as the basis for this modest adjustment. What's in the News President Donald Trump is expected to sign an order to reduce tariffs on beef, tomatoes, coffee and bananas, which could affect input costs and demand across the protein and grocery supply chain, including Pilgrim's Pride, Walmart, Costco and other listed food and retail names (Bloomberg).
NPH
R385.39
Northam Platinum Holdings
7D
2.6%
1Y
233.4%

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.
HLM
R2.36
Hulamin
7D
-4.1%
1Y
-29.6%
KIO
R356.87
Kumba Iron Ore
7D
-0.8%
1Y
-2.9%
GML
R1.30
Gemfields Group
7D
-0.8%
1Y
-7.1%

Investors Aren't Entirely Convinced By Gemfields Group Limited's (JSE:GML) Revenues

Dec 13
Investors Aren't Entirely Convinced By Gemfields Group Limited's (JSE:GML) Revenues
OMN
R83.84
Omnia Holdings
7D
2.2%
1Y
20.7%
MPT
R21.81
Mpact
7D
-2.9%
1Y
-24.3%