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South African (JSE) Materials Sector Analysis

UpdatedMar 18, 2026
DataAggregated Company Financials
Companies30
  • 7D-4.8%
  • 3M7.0%
  • 1Y88.4%
  • YTD5.0%

Over the last 7 days, the Materials industry has dropped 4.8%, driven by a pullback from Gold Fields of 7.3%. In contrast, Sasol has gained 32%. In the past year, the industry has gained 88%. 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
Wed, 18 Mar 2026R2.2tR1.2tR122.1b11.1x17.9x1.8x
Fri, 13 Feb 2026R2.3tR1.1tR66.0b12x35.2x2.2x
Sun, 11 Jan 2026R2.1tR1.1tR63.0b12.9x33.9x1.9x
Tue, 09 Dec 2025R1.9tR1.1tR63.5b12.3x30.1x1.7x
Thu, 06 Nov 2025R1.7tR1.1tR68.4b10.8x25.1x1.5x
Sat, 04 Oct 2025R1.9tR1.1tR68.0b10.6x27.8x1.7x
Mon, 01 Sep 2025R1.5tR1.1tR72.1b10.5x20.6x1.3x
Wed, 30 Jul 2025R1.4tR1.1t-R17,581,713,383.757.6x-81.2x1.3x
Fri, 27 Jun 2025R1.3tR1.1t-R11,754,653,400.647.7x-112.9x1.2x
Sun, 25 May 2025R1.3tR1.1t-R12,033,775,054.547.2x-106.1x1.1x
Tue, 22 Apr 2025R1.3tR1.1t-R8,489,827,432.037.6x-152.5x1.1x
Thu, 20 Mar 2025R1.2tR1.1t-R8,534,092,061.468.5x-139.3x1.1x
Sat, 15 Feb 2025R1.1tR1.1t-R49,837,609,077.748.6x-22.1x1x
Mon, 13 Jan 2025R1.0tR1.1t-R51,792,147,145.529.6x-19.5x0.9x
Wed, 11 Dec 2024R986.7bR1.1t-R52,778,548,366.739.8x-18.7x0.9x
Fri, 08 Nov 2024R1.1tR1.1t-R58,865,390,862.269.5x-18.4x1x
Sun, 06 Oct 2024R1.1tR1.1t-R59,822,641,081.599.8x-17.8x0.9x
Tue, 03 Sep 2024R984.6bR1.1t-R43,073,766,797.1510.9x-22.9x0.9x
Thu, 01 Aug 2024R1.1tR1.2tR12.8b8.9x89.2x1x
Sat, 29 Jun 2024R1.1tR1.2tR15.4b9x69.2x0.9x
Mon, 27 May 2024R1.2tR1.2tR15.6b8.8x75.1x1x
Wed, 24 Apr 2024R1.1tR1.2tR17.1b8.1x65.7x0.9x
Fri, 22 Mar 2024R1.1tR1.2tR16.5b8.3x64x0.9x
Sun, 18 Feb 2024R1.0tR1.2tR96.5b9x10.9x0.9x
Tue, 16 Jan 2024R1.2tR1.2tR106.2b9.6x10.9x0.9x
Thu, 14 Dec 2023R1.1tR1.2tR107.2b9x10.3x0.9x
Sat, 11 Nov 2023R1.1tR1.2tR107.7b8.2x9.8x0.8x
Mon, 09 Oct 2023R1.0tR1.3tR109.5b8.5x9.5x0.8x
Wed, 06 Sep 2023R1.2tR1.4tR112.1b7.9x10.8x0.9x
Fri, 04 Aug 2023R1.3tR1.4tR191.4b5.4x7x1x
Sun, 02 Jul 2023R1.4tR1.4tR215.8b4.7x6.3x1x
Tue, 30 May 2023R1.6tR1.4tR231.0b5x6.7x1.1x
Thu, 27 Apr 2023R1.6tR1.4tR234.4b5.4x6.8x1.1x
Sat, 25 Mar 2023R1.4tR1.4tR221.7b5.3x6.5x1x
Price to Earnings Ratio

6.5x


Total Market Cap: R1.4tTotal Earnings: R221.7bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -4.6x202420252026
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 17.9x which is higher than its 3-year average PE of -4.6x.
  • 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 5.7% 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 Market-1.68%
Materials-4.78%
Chemicals26.05%
Paper and Forestry Products0.078%
Packaging-1.81%
Basic Materials-2.93%
Metals and Mining-6.66%
Industry PE
  • Investors are most optimistic about the Chemicals industry which is trading above its 3-year average PE ratio of 7.8x.
    • Analysts are expecting annual earnings growth of 51.9%, 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.
  • 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 7.7% 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
SOL SasolR205.6932.5%
+R32.5b		163.9%PE55.1x
ARI African Rainbow MineralsR228.923.4%
+R1.5b		59.0%PE23.3x
OMN Omnia HoldingsR89.821.8%
+R251.7m		38.8%PE12.2x
AFE AECIR111.591.7%
+R193.1m		12.5%PE31.2x
MDI Master Drilling GroupR17.945.5%
+R141.5m		28.1%PE5.1x

Latest News

VAL
R1,533.60
Valterra Platinum
7D
-6.8%
1Y
114.8%
ARI
R228.92
African Rainbow Minerals
7D
3.4%
1Y
59.0%
IMP
R267.65
Impala Platinum Holdings
7D
-3.7%
1Y
120.7%

IMP: Future Returns Will Reflect Upgraded Outlook After Recent Broker Upgrades

Narrative Update: Impala Platinum Holdings Analysts have lifted their ZAR price target on Impala Platinum Holdings to ZAR372.02, citing recent broker upgrades and updated assumptions that include slightly higher revenue growth expectations, a modestly higher discount rate, a small adjustment to profit margin forecasts, and a lower future P/E multiple. Analyst Commentary Recent Street research on Impala Platinum Holdings has focused on the implications of the revised assumptions behind the ZAR372.02 price target, particularly around revenue growth, discount rates, profit margins, and the future P/E multiple.
SSW
R56.61
Sibanye Stillwater
7D
-4.5%
1Y
199.5%

SSW: Recent Bank Upgrades And Higher P E Assumptions May Support Repricing

Narrative Update The analyst price target for Sibanye Stillwater has been raised by ZAR4. Analysts cite updated assumptions for revenue growth, profit margins and a higher future P/E multiple as key factors behind the change.
MDI
R17.94
Master Drilling Group
7D
5.5%
1Y
28.1%
HAR
R269.15
Harmony Gold Mining
7D
-13.9%
1Y
19.4%
SOL
R205.69
Sasol
7D
32.5%
1Y
163.9%
PPC
R5.71
PPC
7D
-4.0%
1Y
40.3%

PPC: Stable Assumptions And Regulatory Overhang Will Shape Future Upside Potential

Analysts have lifted their PPC price target by ZAR2, citing updated assumptions around the discount rate, revenue growth, profit margins and future P/E that are broadly consistent with prior estimates. Analyst Commentary Recent price target revisions for PPC reflect updated inputs on discount rates, revenue assumptions, profit margins and the future P/E that still align with earlier broad expectations.
KIO
R325.57
Kumba Iron Ore
7D
-4.2%
1Y
-2.5%

KIO: Fair Value Will Persist As Dividends Balance Logistics Production Risks

Analysts have trimmed their ZAR340 fair value estimate for Kumba Iron Ore to about ZAR320.70, reflecting updated assumptions for revenue growth, margins, discount rate, and future P/E levels. What's in the News Kumba Iron Ore declared a gross final cash dividend of ZAR15.43 per share for the year ended 31 December 2025.
OMN
R89.82
Omnia Holdings
7D
1.8%
1Y
38.8%
NPH
R375.40
Northam Platinum Holdings
7D
-6.2%
1Y
189.6%

NPH: Constructive HSBC Upgrade Will Support Higher Margins And Earnings Quality

Narrative Update Analysts have lifted their price target for Northam Platinum Holdings from ZAR396.94 to ZAR434.94, citing updated assumptions around discount rates, revenue growth, profit margins and a revised future P/E, along with a more constructive stance in recent research such as the HSBC upgrade. Analyst Commentary Recent research has focused on how revised assumptions around discount rates, revenue growth, profit margins and future P/E feed into the updated valuation for Northam Platinum Holdings.
GFI
R788.26
Gold Fields
7D
-7.3%
1Y
104.6%

GFI: Execution And Cost Risks Will Likely Restrain Elevated Expectations

The analyst fair value estimate for Gold Fields has been adjusted from ZAR630.00 to ZAR680.00, with analysts pointing to higher price targets from recent Street research and updated expectations for margins and risk as key drivers of the change. Analyst Commentary Recent Street research around Gold Fields has been mixed, with some higher price targets being balanced by more cautious views on execution and valuation risk.
AFE
R111.59
AECI
7D
1.7%
1Y
12.5%
TPC
R40.00
Transpaco
7D
1.0%
1Y
8.1%
SAP
R17.40
Sappi
7D
0.8%
1Y
-58.0%
GML
R1.15
Gemfields Group
7D
5.5%
1Y
-20.7%