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South African (JSE) Materials Sector Analysis

UpdatedFeb 04, 2026
DataAggregated Company Financials
Companies30
  • 7D-8.7%
  • 3M32.5%
  • 1Y107.7%
  • YTD9.7%

Over the last 7 days, the Materials industry has dropped 15%, driven by Valterra Platinum declining 16%. In the past year, the industry has gained 101%. Looking forward, earnings are forecast to grow by 39% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 04 Feb 2026R2.3tR1.1tR62.1b11.7x36.7x2.1x
Fri, 02 Jan 2026R2.1tR1.1tR63.0b12.7x32.7x1.9x
Sun, 30 Nov 2025R1.9tR1.1tR63.2b12.5x30.4x1.7x
Tue, 28 Oct 2025R1.7tR1.1tR68.0b10.8x24.7x1.5x
Thu, 25 Sep 2025R1.8tR1.1tR68.6b10.6x26.8x1.6x
Sat, 23 Aug 2025R1.5tR1.1t-R19,786,103,232.6710x-75.5x1.4x
Mon, 21 Jul 2025R1.4tR1.1t-R12,045,975,950.077.4x-117.3x1.3x
Wed, 18 Jun 2025R1.3tR1.1t-R11,522,904,188.617.7x-112.4x1.2x
Fri, 16 May 2025R1.1tR1.1t-R11,270,802,217.657.2x-99.8x1x
Sun, 13 Apr 2025R1.3tR1.1t-R6,800,080,408.887.6x-186.5x1.1x
Tue, 11 Mar 2025R1.1tR1.1t-R8,184,927,984.358.4x-137.6x1x
Thu, 06 Feb 2025R1.1tR1.1t-R52,245,047,317.139.3x-21x1x
Sat, 04 Jan 2025R938.6bR1.1t-R52,038,727,868.499.4x-18x0.8x
Mon, 02 Dec 2024R964.9bR1.1t-R55,938,945,013.299.9x-17.2x0.8x
Wed, 30 Oct 2024R1.2tR1.1t-R58,638,285,657.789.6x-19.7x1x
Fri, 27 Sep 2024R1.1tR1.1t-R60,434,134,542.1310.7x-17.5x0.9x
Sun, 25 Aug 2024R1.1tR1.1t-R38,022,608,239.769.1x-27.9x0.9x
Tue, 23 Jul 2024R1.1tR1.2tR16.8b8.9x64.7x0.9x
Thu, 20 Jun 2024R1.0tR1.2tR15.3b8.9x68.4x0.9x
Sat, 18 May 2024R1.2tR1.2tR15.7b8.6x76.5x1x
Mon, 15 Apr 2024R1.3tR1.2tR16.9b8.6x76.3x1.1x
Wed, 13 Mar 2024R1.1tR1.2tR16.2b8.3x65.7x0.9x
Fri, 09 Feb 2024R1.1tR1.2tR105.7b8.8x9.9x0.9x
Sun, 07 Jan 2024R1.2tR1.2tR106.2b9.7x11.1x0.9x
Tue, 05 Dec 2023R1.2tR1.2tR108.2b9.3x10.7x0.9x
Thu, 02 Nov 2023R1.1tR1.3tR108.8b8.5x9.8x0.8x
Sat, 30 Sep 2023R1.2tR1.3tR111.0b9.1x11.2x0.9x
Mon, 28 Aug 2023R1.2tR1.4tR142.6b6.8x8.7x0.9x
Wed, 26 Jul 2023R1.4tR1.4tR195.0b4.9x7.4x1x
Fri, 23 Jun 2023R1.4tR1.4tR216.8b4.8x6.5x1x
Sun, 21 May 2023R1.6tR1.4tR233.4b5.1x6.9x1.1x
Tue, 18 Apr 2023R1.6tR1.4tR222.1b5.4x7.1x1.1x
Thu, 16 Mar 2023R1.4tR1.4tR220.4b5.4x6.3x1x
Sat, 11 Feb 2023R1.6tR1.4tR251.4b6x6.3x1.1x
Price to Earnings Ratio

6.3x


Total Market Cap: R1.6tTotal Earnings: R251.4bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -5.4x202420252026
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 35.2x which is higher than its 3-year average PE of -5.4x.
  • 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 7.8% 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-2.07%
Materials-8.73%
Basic Materials3.61%
Packaging-0.94%
Chemicals-3.76%
Metals and Mining-9.02%
Paper and Forestry Products-13.06%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry, which is trading close to its 3-year average PE ratio of 38.4x.
    • Analysts are expecting annual earnings growth of 38.7%, 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 66% 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 8.2% 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
KIO Kumba Iron OreR378.873.1%
+R3.6b		2.2%PE8.3x
PPC PPCR6.143.0%
+R275.8m		43.5%PE18.2x
AFT AfrimatR45.003.9%
+R258.6m		-28.3%PE41.8x
MDI Master Drilling GroupR18.0610.5%
+R257.4m		35.3%PE5.3x
MRF Merafe ResourcesR1.174.5%
+R125.0m		1.7%PE16.2x

Latest News

THA
R29.98
Tharisa
7D
1.3%
1Y
116.5%
VAL
R1,472.80
Valterra Platinum
7D
-16.0%
1Y
121.0%
MDI
R18.06
Master Drilling Group
7D
10.5%
1Y
35.3%

Returns At Master Drilling Group (JSE:MDI) Are On The Way Up

Feb 03
Returns At Master Drilling Group (JSE:MDI) Are On The Way Up
IMP
R303.64
Impala Platinum Holdings
7D
-15.4%
1Y
200.6%

IMP: Upbeat Broker Upgrades Will Likely Leave Shares Exposed To Execution Setbacks

Analysts have raised their price target for Impala Platinum Holdings from R180.00 to approximately R246.17. They cite updated assumptions for revenue growth, higher profit margins, and a lower future P/E ratio, supported by recent upgrades from major research houses.
SSW
R69.35
Sibanye Stillwater
7D
-10.8%
1Y
267.3%

SSW: Recent Bank Upgrades And Project Progress Will Support Repricing

Analysts have roughly doubled their price target for Sibanye Stillwater to US$103.00 from US$50.00, citing updated assumptions for faster revenue growth, higher profit margins, and a lower future P/E multiple following recent upgrades from major banks. Analyst Commentary Recent upgrades from major banks have reinforced the view that Sibanye Stillwater could offer investors a more attractive balance between growth potential and valuation than previously assumed.
SEP
R2.20
Sephaku Holdings
7D
10.0%
1Y
36.6%
ARI
R236.67
African Rainbow Minerals
7D
-6.1%
1Y
49.6%

ARI: Updated Revenue And Margin Assumptions Will Shape A More Balanced Outlook

Analysts have lifted their price target for African Rainbow Minerals from R202.50 to about R224.17, reflecting updated views on revenue growth, profit margins and future P/E assumptions. Valuation Changes The fair value estimate has been adjusted from ZAR202.50 to about ZAR224.17 per share, implying a higher central valuation range.
HAR
R344.39
Harmony Gold Mining
7D
-7.7%
1Y
55.3%
PPC
R6.14
PPC
7D
3.0%
1Y
43.5%

PPC: Tariff Relief And Higher EPS Guidance Will Support Bullish Case

Analysts have modestly adjusted their price target on PPC, bringing the new figure closer to their fair value view as small refinements in the discount rate and forward P/E assumptions feed through their models. What's in the News President Donald Trump is expected to sign an order reducing tariffs on beef, tomatoes, coffee and bananas in an effort to ease grocery costs, with Pilgrim's Pride listed among the publicly traded companies that could be affected (Bloomberg).
NPH
R380.40
Northam Platinum Holdings
7D
-12.4%
1Y
195.4%

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.
SOL
R108.28
Sasol
7D
-5.0%
1Y
24.3%

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
GFI
R831.58
Gold Fields
7D
-3.6%
1Y
153.5%

GFI: Higher Gold Price Assumptions And Capital Returns Will Drive Re Rating

Analysts have raised their fair value estimate for Gold Fields from $640.00 to $1,100.00, citing recent price target changes that reference the company's Q3 report, updated gold price assumptions, and new five-year guidance featuring higher reinvestment and a competitive capital returns program. Analyst Commentary Bullish analysts are pointing to recent research as a sign that sentiment around Gold Fields is improving, especially after the latest Q3 report and updated guidance.
KIO
R378.87
Kumba Iron Ore
7D
3.1%
1Y
2.2%

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
AFT
R45.00
Afrimat
7D
3.9%
1Y
-28.3%
MRF
R1.17
Merafe Resources
7D
4.5%
1Y
1.7%
BIK
R0.15
Brikor
7D
7.1%
1Y
7.1%

Brikor Limited's (JSE:BIK) 29% Dip In Price Shows Sentiment Is Matching Revenues

Dec 20
Brikor Limited's (JSE:BIK) 29% Dip In Price Shows Sentiment Is Matching Revenues