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South African (JSE) Materials Sector Analysis

UpdatedFeb 08, 2026
DataAggregated Company Financials
Companies29
  • 7D-4.4%
  • 3M28.3%
  • 1Y106.9%
  • YTD8.0%

Over the last 7 days, the Materials industry has dropped 4.4%, driven by Impala Platinum Holdings declining 13%. Over the past 12 months, the industry was up 107%. Earnings are forecast to grow by 35% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 08 Feb 2026R2.2tR1.1tR66.1b11.7x33.9x2.1x
Tue, 06 Jan 2026R2.1tR1.1tR62.8b12.8x33.9x1.9x
Thu, 04 Dec 2025R1.9tR1.1tR63.0b12.4x30.2x1.7x
Sat, 01 Nov 2025R1.8tR1.1tR68.2b10.9x25.9x1.6x
Mon, 29 Sep 2025R1.9tR1.1tR68.1b10.6x27.6x1.7x
Wed, 27 Aug 2025R1.5tR1.1tR47.8b10.4x31.9x1.4x
Fri, 25 Jul 2025R1.5tR1.1t-R12,144,402,125.777.4x-120x1.3x
Sun, 22 Jun 2025R1.3tR1.1t-R11,552,717,344.327.7x-111.6x1.1x
Tue, 20 May 2025R1.1tR1.1t-R11,176,563,265.377.2x-102.1x1x
Thu, 17 Apr 2025R1.3tR1.1t-R8,507,167,247.857.6x-155.4x1.2x
Sat, 15 Mar 2025R1.1tR1.1t-R8,438,163,688.178.1x-133.1x1x
Mon, 10 Feb 2025R1.1tR1.1t-R49,777,676,329.318.4x-21.8x0.9x
Wed, 08 Jan 2025R946.8bR1.1t-R52,116,508,890.709.5x-18.2x0.8x
Fri, 06 Dec 2024R966.6bR1.1t-R52,624,061,262.239.7x-18.4x0.8x
Sun, 03 Nov 2024R1.1tR1.1t-R58,638,025,663.279.6x-18.5x1x
Tue, 01 Oct 2024R1.0tR1.1t-R60,417,206,418.9411x-17.1x0.9x
Thu, 29 Aug 2024R1.0tR1.2t-R38,141,139,803.3310.3x-26.9x0.9x
Sat, 27 Jul 2024R1.1tR1.2tR12.9b8.9x86x1x
Mon, 24 Jun 2024R1.1tR1.2tR15.3b9x69.3x0.9x
Wed, 22 May 2024R1.2tR1.2tR15.6b8.7x77.4x1x
Fri, 19 Apr 2024R1.2tR1.2tR17.1b8.2x71.2x1x
Sun, 17 Mar 2024R1.0tR1.2tR16.2b8.3x63.9x0.9x
Tue, 13 Feb 2024R1.0tR1.2tR96.6b9.4x10.7x0.8x
Thu, 11 Jan 2024R1.1tR1.2tR106.2b9.6x10.6x0.9x
Sat, 09 Dec 2023R1.1tR1.2tR107.1b9.6x10.7x0.9x
Mon, 06 Nov 2023R1.1tR1.3tR108.4b8.4x10.2x0.9x
Wed, 04 Oct 2023R1.1tR1.3tR109.4b8.6x9.7x0.8x
Fri, 01 Sep 2023R1.2tR1.4tR143.8b7.6x8.6x0.9x
Sun, 30 Jul 2023R1.4tR1.4tR189.7b5.5x7.5x1x
Tue, 27 Jun 2023R1.4tR1.4tR215.6b4.7x6.5x1x
Thu, 25 May 2023R1.6tR1.4tR233.0b5.1x6.7x1.1x
Sat, 22 Apr 2023R1.6tR1.4tR233.9b5.5x6.8x1.1x
Mon, 20 Mar 2023R1.4tR1.4tR220.4b5.6x6.4x1x
Wed, 15 Feb 2023R1.7tR1.4tR246.5b6.1x7x1.2x
Price to Earnings Ratio

7x


Total Market Cap: R1.7tTotal Earnings: R246.5bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -5.3x202420252026
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 33.9x which is higher than its 3-year average PE of -5.3x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 2.1x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 36% per year over the last three years,
  • Revenues have also declined 8.8% 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-0.47%
Materials-4.43%
Paper and Forestry Products4.37%
Chemicals-0.019%
Basic Materials-0.24%
Packaging-3.13%
Metals and Mining-4.71%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry, which is trading close to its 3-year average PE ratio of 38.5x.
    • Analysts are expecting annual earnings growth of 35.0%, 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 84% 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
GFI Gold FieldsR865.601.9%
+R14.2b		147.9%PE25.7x
KIO Kumba Iron OreR373.593.8%
+R4.4b		7.7%PE8.2x
SAP SappiR18.664.0%
+R435.3m		-57.7%PS0.1x
OMN Omnia HoldingsR86.202.0%
+R261.1m		30.5%PE11.7x
YRK York Timber HoldingsR2.398.1%
+R83.6m		6.2%PE3.5x

Latest News

SOL
R113.73
Sasol
7D
-0.5%
1Y
44.6%
THA
R29.75
Tharisa
7D
0.2%
1Y
116.5%
SAP
R18.66
Sappi
7D
4.0%
1Y
-57.7%
IMP
R275.25
Impala Platinum Holdings
7D
-12.9%
1Y
183.2%
GFI
R865.60
Gold Fields
7D
1.9%
1Y
147.9%

GFI: Higher Gold Price Framework And Capital Returns Will Support Re Rating

Analysts have nudged their price targets on Gold Fields higher, with recent changes such as Citi moving to $57 from $50 and Scotiabank adding $14. These adjustments reflect updated views on gold price assumptions, reinvestment plans and capital returns.
ARI
R228.16
African Rainbow Minerals
7D
-4.9%
1Y
44.8%

Long Life Ferrous Assets And Copper Expansion Will Reshape This Miner’s Future Profile

Catalysts About African Rainbow Minerals African Rainbow Minerals is a diversified mining group with operations in iron ore, manganese, PGMs, coal and base metals, alongside equity interests in other mining companies. What are the underlying business or industry changes driving this perspective?
MPT
R20.91
Mpact
7D
-5.8%
1Y
-25.3%
HAR
R330.60
Harmony Gold Mining
7D
-9.1%
1Y
48.1%

HAR: Eva Copper Project Approval Will Underpin A More Optimistic Outlook

Analysts have adjusted their fair value estimate for Harmony Gold Mining from $320 to $515, citing updated assumptions for revenue growth, profit margins, and future P/E levels as key drivers of the new price target. What's in the News Harmony Gold Mining approved the high margin, long life Eva Copper Project after completing a three year feasibility study update and FEED phase with Tier 1 contractors.
VAL
R1,423.39
Valterra Platinum
7D
-6.4%
1Y
124.4%
SSW
R65.74
Sibanye Stillwater
7D
-10.9%
1Y
259.2%

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.
PPC
R6.14
PPC
7D
0.2%
1Y
41.1%

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
R357.74
Northam Platinum Holdings
7D
-9.8%
1Y
197.1%

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.
KIO
R373.59
Kumba Iron Ore
7D
3.8%
1Y
7.7%

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
YRK
R2.39
York Timber Holdings
7D
8.1%
1Y
6.2%
AFE
R95.73
AECI
7D
0.7%
1Y
15.9%
OMN
R86.20
Omnia Holdings
7D
2.0%
1Y
30.5%