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South African (JSE) Materials Sector Analysis

UpdatedFeb 09, 2026
DataAggregated Company Financials
Companies29
  • 7D2.2%
  • 3M22.4%
  • 1Y103.0%
  • YTD8.0%

Over the last 7 days, the Materials industry has dropped 4.4%, driven by a pullback from Impala Platinum Holdings of 13%. This takes the industry's 12 month performance to a gain of 107%. Looking forward, earnings are forecast to grow by 33% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 09 Feb 2026R2.2tR1.1tR66.1b11.7x33.9x2.1x
Wed, 07 Jan 2026R2.2tR1.1tR62.8b12.8x34.8x2x
Fri, 05 Dec 2025R1.9tR1.1tR63.4b12.3x29.7x1.7x
Sun, 02 Nov 2025R1.8tR1.1tR68.2b10.9x25.9x1.6x
Tue, 30 Sep 2025R1.9tR1.1tR68.0b10.5x27.9x1.7x
Thu, 28 Aug 2025R1.5tR1.1tR47.9b10.3x31.4x1.3x
Sat, 26 Jul 2025R1.4tR1.1t-R11,968,025,808.057.5x-118.7x1.3x
Mon, 23 Jun 2025R1.3tR1.1t-R11,552,717,344.327.7x-111.6x1.1x
Wed, 21 May 2025R1.2tR1.1t-R11,422,479,306.257.2x-104.5x1.1x
Fri, 18 Apr 2025R1.3tR1.1t-R8,531,340,389.767.6x-151.7x1.1x
Sun, 16 Mar 2025R1.1tR1.1t-R8,438,163,688.178.1x-133.1x1x
Tue, 11 Feb 2025R1.1tR1.1t-R49,734,097,778.578.5x-22.2x1x
Thu, 09 Jan 2025R951.0bR1.1t-R51,963,845,031.409.5x-18.3x0.8x
Sat, 07 Dec 2024R957.2bR1.1t-R52,652,046,502.829.7x-18.2x0.8x
Mon, 04 Nov 2024R1.1tR1.1t-R58,638,025,663.279.6x-18.5x1x
Wed, 02 Oct 2024R1.1tR1.1t-R59,877,239,928.699.9x-17.7x0.9x
Fri, 30 Aug 2024R1.0tR1.1t-R38,191,642,705.4210.5x-26.9x0.9x
Sun, 28 Jul 2024R1.1tR1.2tR12.9b8.9x86x1x
Tue, 25 Jun 2024R1.1tR1.2tR15.5b9x70.2x0.9x
Thu, 23 May 2024R1.2tR1.2tR15.8b8.7x75.6x1x
Sat, 20 Apr 2024R1.2tR1.2tR17.1b8.2x71.2x1x
Mon, 18 Mar 2024R1.0tR1.2tR16.2b8.3x63.9x0.9x
Wed, 14 Feb 2024R1.0tR1.2tR96.7b9.3x10.6x0.8x
Fri, 12 Jan 2024R1.1tR1.2tR106.1b9.6x10.7x0.9x
Sun, 10 Dec 2023R1.1tR1.2tR107.1b9.6x10.7x0.9x
Tue, 07 Nov 2023R1.1tR1.3tR108.4b8.4x10.5x0.9x
Thu, 05 Oct 2023R1.1tR1.3tR109.5b8.5x9.7x0.8x
Sat, 02 Sep 2023R1.2tR1.4tR143.7b7.8x8.5x0.9x
Mon, 31 Jul 2023R1.4tR1.4tR189.7b5.5x7.5x1x
Wed, 28 Jun 2023R1.4tR1.4tR215.2b4.7x6.5x1x
Fri, 26 May 2023R1.6tR1.4tR233.0b5.1x6.7x1.1x
Sun, 23 Apr 2023R1.6tR1.4tR233.9b5.5x6.8x1.1x
Tue, 21 Mar 2023R1.5tR1.4tR220.0b5.6x6.6x1x
Thu, 16 Feb 2023R1.6tR1.4tR246.6b5.8x6.4x1.1x
Price to Earnings Ratio

6.4x


Total Market Cap: R1.6tTotal Earnings: R246.6bTotal 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 Market0.35%
Materials2.22%
Chemicals2.66%
Metals and Mining2.26%
Paper and Forestry Products0.33%
Basic Materials-0.56%
Packaging-3.20%
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 32.8%, 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 FieldsR865.608.4%
+R60.3b		141.3%PE25.7x
KIO Kumba Iron OreR373.595.3%
+R6.0b		7.4%PE8.2x
VAL Valterra PlatinumR1.42k1.5%
+R5.6b		118.7%PE282.5x
SOL SasolR113.733.5%
+R2.5b		42.3%PE10.8x
THA TharisaR29.752.6%
+R219.8m		120.4%PE6.9x

Latest News

IMP
R275.25
Impala Platinum Holdings
7D
-4.8%
1Y
177.4%
SOL
R113.73
Sasol
7D
3.5%
1Y
42.3%
THA
R29.75
Tharisa
7D
2.6%
1Y
120.4%
GFI
R865.60
Gold Fields
7D
8.4%
1Y
141.3%

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
-1.1%
1Y
36.0%

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?
HAR
R330.60
Harmony Gold Mining
7D
-2.3%
1Y
45.1%

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
1.5%
1Y
118.7%
MDI
R17.50
Master Drilling Group
7D
-8.9%
1Y
32.5%

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
SSW
R65.74
Sibanye Stillwater
7D
-2.4%
1Y
254.4%

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
1.8%
1Y
37.1%

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
-2.3%
1Y
196.9%

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.
KIO
R373.59
Kumba Iron Ore
7D
5.3%
1Y
7.4%

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
R42.19
Afrimat
7D
-4.4%
1Y
-32.9%
YRK
R2.39
York Timber Holdings
7D
8.1%
1Y
3.9%
NPK
R510.00
Nampak
7D
-4.3%
1Y
12.9%
OMN
R86.20
Omnia Holdings
7D
0.9%
1Y
31.3%