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South African (JSE) Materials Sector Analysis

UpdatedJan 20, 2026
DataAggregated Company Financials
Companies29
  • 7D2.0%
  • 3M30.8%
  • 1Y124.9%
  • YTD11.0%

The Materials industry is up 2.0% in the last week, with Gold Fields up 5.3%. In the same time, Sasol was down 12%. This means that the industry has gained 125% over the past year. Earnings are forecast to grow by 37% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 21 Jan 2026R2.3tR1.1tR62.8b13.5x36.7x2.1x
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
Sat, 28 Jan 2023R1.7tR1.4tR248.5b5.8x6.7x1.2x
Price to Earnings Ratio

6.7x


Total Market Cap: R1.7tTotal Earnings: R248.5bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -5.8x202420252026
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 36.7x which is higher than its 3-year average PE of -5.9x.
  • 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 37% per year over the last three years,
  • Revenues have also declined 7.4% 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-0.096%
Materials1.96%
Metals and Mining2.46%
Packaging0.23%
Paper and Forestry Products-2.50%
Basic Materials-2.63%
Chemicals-7.52%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry, which is trading close to its 3-year average PE ratio of 38.0x.
    • Analysts are expecting annual earnings growth of 36.5%, 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 85% 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 8.3% 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 FieldsR862.535.3%
+R38.8b		189.4%PE25x
IMP Impala Platinum HoldingsR306.571.4%
+R3.7b		212.2%PE361.4x
ARI African Rainbow MineralsR218.942.9%
+R1.2b		41.0%PE130.1x
NPH Northam Platinum HoldingsR384.150.4%
+R610.4m		233.5%PE95.6x
OMN Omnia HoldingsR84.031.2%
+R161.0m		21.8%PE11.5x

Latest News

SOL
R101.76
Sasol
7D
-11.9%
1Y
6.5%
IMP
R306.57
Impala Platinum Holdings
7D
1.4%
1Y
212.2%

IMP: Higher Production Assumptions Will Likely Leave Shares Vulnerable To Future Compression

Analysts have lifted their price target for Impala Platinum Holdings from R130.00 to R180.00, citing updated assumptions for revenue growth, profit margins and future P/E that they state support a higher fair value under a slightly higher discount rate. What's in the News Reported 6E Group production of 882,000 oz for the first quarter ended 30 September 2025, compared with 928,000 oz for the same quarter a year earlier (Key Developments).
SSW
R70.80
Sibanye Stillwater
7D
-1.6%
1Y
318.9%

SSW: Wage Deal And Settlement Payments Will Weigh On Future Earnings

Analysts have kept their fair value estimate for Sibanye Stillwater steady at $38.00, while fine tuning inputs such as a slightly lower discount rate, modestly higher revenue growth assumptions, a small change in profit margin expectations, and a marginally lower future P/E to reflect a more balanced view of the company’s risk and earnings profile. What's in the News Sibanye Stillwater concluded a three year wage agreement for its South African gold operations with AMCU, NUM, UASA and Solidarity.
SAP
R23.27
Sappi
7D
-7.8%
1Y
-51.0%

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

Jan 17
Many Still Looking Away From Sappi Limited (JSE:SAP)
ARI
R218.94
African Rainbow Minerals
7D
2.9%
1Y
41.0%

ARI: Higher Margin Assumptions Will Shape A More Balanced Outlook

Analysts have nudged their price target for African Rainbow Minerals higher to R202.50 from about R197.33, citing updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples as key inputs in their revised models. Valuation Changes Consensus Analyst Price Target: The fair value estimate has risen slightly from ZAR197.33 to ZAR202.50.
THA
R26.80
Tharisa
7D
-4.2%
1Y
86.9%
AFT
R39.21
Afrimat
7D
-10.3%
1Y
-40.2%
YRK
R2.30
York Timber Holdings
7D
15.0%
1Y
-0.9%
VAL
R1,540.22
Valterra Platinum
7D
-1.7%
1Y
152.7%
GFI
R862.53
Gold Fields
7D
5.3%
1Y
189.4%
PPC
R5.69
PPC
7D
1.8%
1Y
23.7%

PPC: Tariff Cuts And Rising EPS Guidance Will Support Bullish Outlook

Analysts have raised their price target on PPC slightly, citing relatively unchanged assumptions for fair value, discount rate, revenue growth, profit margin, and forward P/E as the basis for this modest adjustment. What's in the News President Donald Trump is expected to sign an order to reduce tariffs on beef, tomatoes, coffee and bananas, which could affect input costs and demand across the protein and grocery supply chain, including Pilgrim's Pride, Walmart, Costco and other listed food and retail names (Bloomberg).
NPH
R384.15
Northam Platinum Holdings
7D
0.4%
1Y
233.5%

NPH: Higher P/E Assumptions Will Limit Future Upside Despite Firm Margins

Analysts have nudged their price target for Northam Platinum Holdings higher to R290.06 from R283.06, reflecting updated assumptions around discount rates, margins, and future P/E expectations. Valuation Changes Fair Value: Updated slightly higher from R283.06 to R290.06 per share.
HAR
R374.91
Harmony Gold Mining
7D
-0.4%
1Y
95.7%

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

Analysts have nudged their price target for Harmony Gold Mining up slightly, with fair value moving from $365.00 to $370.00 as they factor in updated assumptions around the discount rate, long term revenue growth, profit margins, and a future P/E of 12.46x. What's in the News Approved high margin, long life EVA COPPER PRO project after a three year feasibility study and FEED phase using Tier 1 contractors.
KIO
R353.83
Kumba Iron Ore
7D
-1.4%
1Y
-2.7%
AFE
R94.97
AECI
7D
1.4%
1Y
12.7%
OMN
R84.03
Omnia Holdings
7D
1.2%
1Y
21.8%