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South African (JSE) Materials Sector Analysis

UpdatedFeb 23, 2026
DataAggregated Company Financials
Companies29
  • 7D1.6%
  • 3M28.2%
  • 1Y116.6%
  • YTD10.4%

The Materials industry has gained 1.1% in the last week and Impala Platinum Holdings up 5.5%. During this same period, the Sibanye Stillwater underperformed, falling 7.0%. This takes the industry's 12 month performance to a gain of 114%. As for the next few years, earnings are expected to grow by 28% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 23 Feb 2026R2.3tR1.1tR91.4b13.4x25x2x
Wed, 21 Jan 2026R2.3tR1.1tR62.9b13.4x37.1x2.1x
Fri, 19 Dec 2025R2.0tR1.1tR63.4b12.4x32.2x1.8x
Sun, 16 Nov 2025R1.8tR1.1tR63.2b12.2x28.7x1.6x
Tue, 14 Oct 2025R1.9tR1.1tR68.1b10.7x28.4x1.7x
Thu, 11 Sep 2025R1.7tR1.1tR68.8b11.7x24.2x1.5x
Sat, 09 Aug 2025R1.5tR1.1t-R18,888,452,824.068.8x-81.2x1.4x
Mon, 07 Jul 2025R1.4tR1.1t-R12,205,971,440.847.7x-112.3x1.2x
Wed, 04 Jun 2025R1.2tR1.1t-R12,044,122,672.987.6x-103.5x1.1x
Fri, 02 May 2025R1.2tR1.1t-R8,926,765,242.077.2x-133.5x1.1x
Sun, 30 Mar 2025R1.2tR1.1t-R7,859,534,541.477.8x-154x1.1x
Tue, 25 Feb 2025R1.1tR1.1t-R9,002,085,274.818.7x-118x0.9x
Thu, 23 Jan 2025R1.0tR1.1t-R52,273,872,509.659.6x-19.6x0.9x
Sat, 21 Dec 2024R935.7bR1.1t-R52,406,405,731.789.5x-17.9x0.8x
Mon, 18 Nov 2024R977.8bR1.1t-R56,088,377,195.939.5x-17.4x0.9x
Wed, 16 Oct 2024R1.0tR1.1t-R58,613,135,597.399.4x-17.3x0.9x
Fri, 13 Sep 2024R927.9bR1.1t-R45,156,213,893.9110x-20.5x0.8x
Sun, 11 Aug 2024R1.0tR1.2tR12.6b9.4x82.9x0.9x
Tue, 09 Jul 2024R1.1tR1.1tR54.4b9.1x19.4x1x
Thu, 06 Jun 2024R1.1tR1.2tR16.0b8.7x66.9x0.9x
Sat, 04 May 2024R1.1tR1.2tR16.6b8.3x65.9x0.9x
Mon, 01 Apr 2024R1.1tR1.2tR16.9b8.7x65.7x0.9x
Wed, 28 Feb 2024R1.0tR1.2tR85.4b9.3x12x0.8x
Fri, 26 Jan 2024R1.2tR1.2tR106.4b9.7x10.9x0.9x
Sun, 24 Dec 2023R1.3tR1.2tR106.1b9.5x11.9x1x
Tue, 21 Nov 2023R1.1tR1.2tR107.3b8.8x10.5x0.9x
Thu, 19 Oct 2023R1.2tR1.3tR109.3b9x10.7x0.9x
Sat, 16 Sep 2023R1.2tR1.3tR111.8b9x11.1x0.9x
Mon, 14 Aug 2023R1.3tR1.4tR186.1b5.3x7.2x1x
Wed, 12 Jul 2023R1.3tR1.4tR215.4b4.6x6.2x1x
Fri, 09 Jun 2023R1.6tR1.4tR223.8b5.2x7.1x1.1x
Sun, 07 May 2023R1.7tR1.4tR234.5b5.4x7.1x1.2x
Tue, 04 Apr 2023R1.5tR1.4tR221.0b5.6x6.7x1.1x
Thu, 02 Mar 2023R1.4tR1.4tR221.6b5.3x6.4x1x
Price to Earnings Ratio

6.4x


Total Market Cap: R1.4tTotal Earnings: R221.6bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -4.9x202420252026
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 25.0x which is higher than its 3-year average PE of -5.0x.
  • 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 26% per year over the last three years,
  • Revenues have also declined 7.3% 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 Market1.43%
Materials1.56%
Chemicals10.96%
Paper and Forestry Products3.98%
Packaging1.64%
Metals and Mining1.11%
Basic Materials-2.55%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry even though it's trading below its 3-year average PE ratio of 38.9x.
    • Analysts are expecting annual earnings growth of 27.0%, which is higher than its past year's earnings decline of 22.9% 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 8.1% 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
IMP Impala Platinum HoldingsR289.785.5%
+R13.4b		196.1%PE341.6x
VAL Valterra PlatinumR1.53k3.1%
+R12.0b		148.9%PE302.7x
SOL SasolR141.0013.7%
+R11.0b		62.1%PE13.4x
NPH Northam Platinum HoldingsR387.004.5%
+R6.2b		259.3%PE96.3x
HAR Harmony Gold MiningR333.000.5%
+R996.1m		61.5%PE14.4x

Latest News

GFI
R857.50
Gold Fields
7D
-0.8%
1Y
150.0%
SSW
R63.08
Sibanye Stillwater
7D
-7.0%
1Y
296.7%
KIO
R360.00
Kumba Iron Ore
7D
-1.2%
1Y
-6.0%
AFT
R38.41
Afrimat
7D
-7.4%
1Y
-37.8%
SOL
R141.00
Sasol
7D
13.7%
1Y
62.1%

SOL: Severe EPS Guidance Will Weigh On Long-Term Bio-Circular Surfactant Story

Analysts have reduced their price target for Sasol from ZAR107 to ZAR82, citing revised assumptions that include a lower revenue growth outlook, a higher projected profit margin, a reduced discount rate and a lower future P/E multiple. What's in the News Sasol issued revenue guidance for the six months ending 31 December 2025, with expected EPS in a range of ZAR0.10 to ZAR0.80 per share.
HAR
R333.00
Harmony Gold Mining
7D
0.5%
1Y
61.5%

HAR: Eva Copper Project And Alliance Agreement Will Support Future Upside

Analysts have kept their Harmony Gold Mining fair value estimate steady at ZAR515.00, with updated assumptions reflecting a slightly lower discount rate, marginally adjusted revenue, a modestly higher profit margin, and a slightly lower future P/E multiple. What's in the News Thiess entered an alliance agreement with Harmony for multiple work packages at the greenfield Eva Copper Mine Project in Cloncurry, North West Queensland, including bulk earthworks, workshop construction and mining services over five years, with the mining scope valued at about A$700m (Key Developments).
IMP
R289.78
Impala Platinum Holdings
7D
5.5%
1Y
196.1%

IMP: Broker Upgrades Will Likely Prove Vulnerable To Execution Risks

Analysts have raised their ZAR price target on Impala Platinum Holdings to ZAR246.17, based on research that incorporates slightly firmer revenue growth and profit margin assumptions, a modestly lower future P/E, and a small adjustment to the discount rate. Analyst Commentary Even with a higher ZAR price target, not every analyst is enthusiastic.
ARI
R227.00
African Rainbow Minerals
7D
2.1%
1Y
40.5%
CPR
R0.77
Copper 360
7D
-1.3%
1Y
-62.4%
AFE
R99.91
AECI
7D
3.4%
1Y
13.5%
SAP
R17.90
Sappi
7D
2.2%
1Y
-59.6%
VAL
R1,525.23
Valterra Platinum
7D
3.1%
1Y
148.9%

VAL: Higher Earnings Guidance Will Support Stronger Future Profitability

Analysts have raised their price target for Valterra Platinum from $1,050 to $2,160, citing updated assumptions regarding fair value, discount rate, revenue growth, profit margin, and future P/E expectations. What's in the News Reported fourth quarter 2025 total mining and concentrating PGM production of 880,200 ounces compared with 875,700 ounces in the prior year quarter, with total refined production of 1,296,700 ounces compared with 1,210,700 ounces (company announcement of operating results).
NPH
R387.00
Northam Platinum Holdings
7D
4.5%
1Y
259.3%

NPH: Higher Margin Outlook Will Support Repriced Bullish Thesis

Analysts have raised their fair value estimate for Northam Platinum Holdings from R230.00 to R490.00, citing updated assumptions on revenue growth, profit margin, and future P/E following recent bullish research updates. Analyst Commentary Recent bullish research updates have pushed Northam Platinum Holdings further onto the radar of investors who focus on valuation reset stories.
EUZ
R0.29
Europa Metals
7D
-38.3%
1Y
-9.4%
BIK
R0.13
Brikor
7D
-13.3%
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
RNG
R0.77
Randgold & Exploration
7D
-22.2%
1Y
2.7%