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South African (JSE) Materials Sector Analysis

UpdatedJan 27, 2026
DataAggregated Company Financials
Companies29
  • 7D12.1%
  • 3M50.1%
  • 1Y154.9%
  • YTD24.5%

Over the last 7 days, the Materials industry has risen 12%, driven by gains from Gold Fields of 10%. In the same time, Sappi was down 8.0%. This takes the industry's 12 month performance to a gain of 155%. Looking forward, earnings are forecast to grow by 38% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 28 Jan 2026R2.6tR1.1tR62.1b13.7x41.6x2.3x
Fri, 26 Dec 2025R2.2tR1.1tR63.3b12.9x34.2x1.9x
Sun, 23 Nov 2025R1.7tR1.1tR63.6b11.9x27.5x1.6x
Tue, 21 Oct 2025R1.9tR1.1tR68.2b10.5x28x1.7x
Thu, 18 Sep 2025R1.7tR1.1tR68.7b11.3x24.3x1.5x
Sat, 16 Aug 2025R1.5tR1.1t-R19,577,452,398.779.7x-75.8x1.3x
Mon, 14 Jul 2025R1.4tR1.1t-R11,714,405,418.437.6x-118.6x1.2x
Wed, 11 Jun 2025R1.3tR1.1t-R11,905,370,545.317.1x-110.7x1.2x
Fri, 09 May 2025R1.2tR1.1t-R9,426,343,508.317.2x-124x1x
Sun, 06 Apr 2025R1.1tR1.1t-R6,763,380,076.917.6x-155.3x0.9x
Tue, 04 Mar 2025R1.0tR1.1t-R9,204,913,896.518.4x-112.9x0.9x
Thu, 30 Jan 2025R1.0tR1.1t-R52,196,326,475.429.3x-19.8x0.9x
Sat, 28 Dec 2024R920.0bR1.1t-R52,147,057,328.439.6x-17.6x0.8x
Mon, 25 Nov 2024R1.0tR1.1t-R56,038,584,689.3110.3x-18.2x0.9x
Wed, 23 Oct 2024R1.1tR1.1t-R58,692,433,922.949.7x-19.1x1x
Fri, 20 Sep 2024R998.7bR1.1t-R60,214,179,396.2210.5x-16.6x0.9x
Sun, 18 Aug 2024R1.1tR1.2tR11.1b9.2x95.4x0.9x
Tue, 16 Jul 2024R1.1tR1.2tR16.7b9x66.3x0.9x
Thu, 13 Jun 2024R1.0tR1.2tR15.7b8.7x65.4x0.9x
Sat, 11 May 2024R1.2tR1.2tR15.8b8.6x74.4x1x
Mon, 08 Apr 2024R1.1tR1.2tR16.7b8.7x68.6x1x
Wed, 06 Mar 2024R1.0tR1.2tR19.8b8.8x52.4x0.9x
Fri, 02 Feb 2024R1.2tR1.2tR106.1b10.2x11x0.9x
Sun, 31 Dec 2023R1.3tR1.2tR105.8b9.7x12x1x
Tue, 28 Nov 2023R1.2tR1.2tR108.0b9.5x10.9x0.9x
Thu, 26 Oct 2023R1.1tR1.3tR109.3b8.4x10x0.9x
Sat, 23 Sep 2023R1.3tR1.3tR111.5b9.8x11.3x0.9x
Mon, 21 Aug 2023R1.2tR1.4tR182.8b5.7x6.5x0.9x
Wed, 19 Jul 2023R1.4tR1.4tR214.3b5x6.7x1x
Fri, 16 Jun 2023R1.6tR1.4tR222.8b5x7x1.1x
Sun, 14 May 2023R1.6tR1.4tR233.9b5.1x7x1.1x
Tue, 11 Apr 2023R1.5tR1.4tR221.9b5.1x6.8x1.1x
Thu, 09 Mar 2023R1.4tR1.4tR221.1b5.5x6.3x1x
Sat, 04 Feb 2023R1.7tR1.4tR249.1b6x6.7x1.2x
Price to Earnings Ratio

6.7x


Total Market Cap: R1.7tTotal Earnings: R249.1bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -5.6x202420252026
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 41.6x which is higher than its 3-year average PE of -5.7x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 2.3x.
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 7.5% 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 Market3.77%
Materials12.15%
Metals and Mining12.38%
Chemicals11.86%
Basic Materials6.33%
Packaging0.83%
Paper and Forestry Products-6.91%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry which is trading above its 3-year average PE ratio of 38.2x.
    • Analysts are expecting annual earnings growth of 37.7%, 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 67% 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 8.6% 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
VAL Valterra PlatinumR1.75k13.9%
+R56.1b		208.5%PE348.1x
IMP Impala Platinum HoldingsR359.0017.1%
+R47.0b		301.0%PE423.2x
SSW Sibanye StillwaterR77.779.8%
+R19.7b		378.6%PS2x
NPH Northam Platinum HoldingsR434.2813.0%
+R18.9b		288.9%PE108.1x
SOL SasolR113.9912.0%
+R7.9b		34.4%PE10.9x

Latest News

ARI
R252.07
African Rainbow Minerals
7D
15.1%
1Y
61.4%

African Rainbow Minerals Limited's (JSE:ARI) 28% Share Price Surge Not Quite Adding Up

Jan 27
African Rainbow Minerals Limited's (JSE:ARI) 28% Share Price Surge Not Quite Adding Up
NPH
R434.28
Northam Platinum Holdings
7D
13.0%
1Y
288.9%

NPH: Constructive Research Stance Will Support Higher P/E While Risks Remain

Narrative Update The analyst fair value estimate for Northam Platinum Holdings has shifted from R290.06 to R396.94 per share. Analysts attribute this change to updated assumptions around revenue growth, profit margin and future P/E multiples following recent research that has become more constructive on the stock.
VAL
R1,754.00
Valterra Platinum
7D
13.9%
1Y
208.5%

VAL: Higher Output Guidance Will Later Meet Softer Earnings Multiple

Analysts have nudged their price target on Valterra Platinum slightly higher to $689, reflecting tweaked assumptions around a marginally higher discount rate, stronger modeled revenue growth, a modestly softer profit margin, and a slightly lower future P/E multiple. What's in the News Valterra Platinum issued earnings guidance for the twelve months ending December 31, 2025, with basic EPS projected in a range of 5,522 cents to 6,055 cents per share, compared with 2,683 cents per share in the prior period (Corporate guidance).
SOL
R113.99
Sasol
7D
12.0%
1Y
34.4%

There's Been No Shortage Of Growth Recently For Sasol's (JSE:SOL) Returns On Capital

Jan 25
There's Been No Shortage Of Growth Recently For Sasol's (JSE:SOL) Returns On Capital
THA
R29.60
Tharisa
7D
10.4%
1Y
123.4%
SSW
R77.77
Sibanye Stillwater
7D
9.8%
1Y
378.6%
KIO
R367.63
Kumba Iron Ore
7D
3.9%
1Y
3.7%

Kumba Iron Ore's (JSE:KIO) Returns On Capital Not Reflecting Well On The Business

Jan 22
Kumba Iron Ore's (JSE:KIO) Returns On Capital Not Reflecting Well On The Business
IMP
R359.00
Impala Platinum Holdings
7D
17.1%
1Y
301.0%
HAR
R373.00
Harmony Gold Mining
7D
-0.5%
1Y
87.1%

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

Analysts have lifted their fair value estimate for Harmony Gold Mining from $370.00 to $385.00, citing updated assumptions around revenue growth, profit margins and future P/E that feed into a slightly lower discount rate in their models. What's in the News Harmony approved the high margin, long life Eva Copper Project after completing a three year feasibility study update and FEED phase with Tier 1 contractors, which the company says has further reduced project risk.
SAP
R21.64
Sappi
7D
-7.0%
1Y
-55.0%

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

Jan 17
Many Still Looking Away From Sappi Limited (JSE:SAP)
ACL
R1.30
ArcelorMittal South Africa
7D
-5.1%
1Y
1.6%
SEP
R2.00
Sephaku Holdings
7D
-12.7%
1Y
14.9%
HLM
R2.34
Hulamin
7D
-4.1%
1Y
-25.0%
NPK
R526.00
Nampak
7D
-1.5%
1Y
26.4%
GML
R1.29
Gemfields Group
7D
-4.4%
1Y
0%

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
MPT
R21.60
Mpact
7D
-1.1%
1Y
-24.7%