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South African (JSE) Materials Sector Analysis

UpdatedMar 05, 2026
DataAggregated Company Financials
Companies29
  • 7D-6.4%
  • 3M22.7%
  • 1Y116.6%
  • YTD11.2%

Over the last 7 days, the Materials industry has dropped 6.4%, driven by a pullback from Gold Fields of 11%. In the past year, the industry has gained 117%. As for the next few years, earnings are expected to grow by 24% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 05 Mar 2026R2.3tR1.2tR109.8b12.7x21.1x2x
Sat, 31 Jan 2026R2.3tR1.1tR62.2b13.6x37.7x2.1x
Mon, 29 Dec 2025R2.2tR1.1tR63.3b12.9x34.2x1.9x
Wed, 26 Nov 2025R1.8tR1.1tR63.4b12x28.4x1.6x
Fri, 24 Oct 2025R1.8tR1.1tR68.2b11x26.8x1.6x
Sun, 21 Sep 2025R1.7tR1.1tR68.6b11.2x25.3x1.6x
Tue, 19 Aug 2025R1.5tR1.1t-R19,520,076,739.809.8x-75.8x1.3x
Thu, 17 Jul 2025R1.4tR1.1t-R11,871,152,986.627.5x-116x1.2x
Sat, 14 Jun 2025R1.3tR1.1t-R11,665,671,568.297.5x-113.7x1.2x
Mon, 12 May 2025R1.2tR1.1t-R10,301,595,243.417.1x-114.3x1x
Wed, 09 Apr 2025R1.1tR1.1t-R5,806,828,871.347.7x-191.9x1x
Fri, 07 Mar 2025R1.1tR1.1t-R7,956,000,358.008.6x-137.1x1x
Sun, 02 Feb 2025R1.1tR1.1t-R52,124,811,799.429.3x-20.9x1x
Tue, 31 Dec 2024R903.7bR1.1t-R52,017,265,632.769.6x-17.4x0.8x
Thu, 28 Nov 2024R983.6bR1.1t-R55,976,296,801.0410.1x-17.6x0.9x
Sat, 26 Oct 2024R1.1tR1.1t-R58,626,975,896.599.5x-19.5x1x
Mon, 23 Sep 2024R1.0tR1.1t-R60,254,046,674.2310.6x-16.6x0.9x
Wed, 21 Aug 2024R1.1tR1.2tR11.1b9.3x99.9x1x
Fri, 19 Jul 2024R1.1tR1.2tR16.8b8.9x65.9x0.9x
Sun, 16 Jun 2024R993.0bR1.2tR15.6b8.7x63.5x0.8x
Tue, 14 May 2024R1.2tR1.2tR15.7b8.6x75.4x1x
Thu, 11 Apr 2024R1.2tR1.2tR16.8b8.7x71.9x1x
Sat, 09 Mar 2024R1.1tR1.2tR19.6b8.5x55.5x0.9x
Mon, 05 Feb 2024R1.2tR1.2tR106.4b10.2x10.8x0.9x
Wed, 03 Jan 2024R1.2tR1.2tR106.0b9.6x11.7x1x
Fri, 01 Dec 2023R1.2tR1.2tR108.2b9.1x11x1x
Sun, 29 Oct 2023R1.1tR1.3tR109.0b8.5x10x0.9x
Tue, 26 Sep 2023R1.3tR1.3tR110.9b9.8x11.4x0.9x
Thu, 24 Aug 2023R1.2tR1.4tR152.5b6x8.1x0.9x
Sat, 22 Jul 2023R1.4tR1.4tR214.4b5x6.6x1x
Mon, 19 Jun 2023R1.6tR1.4tR222.7b5x7x1.1x
Wed, 17 May 2023R1.6tR1.4tR233.5b5.4x6.9x1.1x
Fri, 14 Apr 2023R1.6tR1.4tR221.7b5.5x7.3x1.1x
Sun, 12 Mar 2023R1.4tR1.4tR220.2b5.4x6.4x1x
Price to Earnings Ratio

6.4x


Total Market Cap: R1.4tTotal Earnings: R220.2bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -4.8x202420252026
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 21.1x which is higher than its 3-year average PE of -4.8x.
  • 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 21% per year over the last three years,
  • Revenues have also declined 6.5% 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-4.00%
Materials-6.42%
Chemicals1.41%
Basic Materials-1.07%
Packaging-2.06%
Paper and Forestry Products-3.76%
Metals and Mining-6.87%
Industry PE
  • Investors are most optimistic about the Chemicals industry which is trading above its 3-year average PE ratio of 7.4x.
    • Analysts are expecting annual earnings growth of 51.3%, which is higher than its past year's earnings growth of 12.9% 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 5.5% 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
SOL SasolR144.6915.6%
+R12.6b		95.6%PE38.8x
AFE AECIR112.655.2%
+R585.6m		18.2%PE31.5x
YRK York Timber HoldingsR2.157.5%
+R69.7m		-2.3%PE3.2x
GML Gemfields GroupR1.132.7%
+R51.7m		-24.7%PS0.8x
RNG Randgold & ExplorationR1.0131.2%
+R17.2m		32.9%PB1.6x

Latest News

GFI
R820.49
Gold Fields
7D
-7.9%
1Y
132.6%
NPH
R388.10
Northam Platinum Holdings
7D
-9.0%
1Y
206.0%
SOL
R144.69
Sasol
7D
15.6%
1Y
95.6%

SOL: EPS Collapse Guidance Will Undermine Confidence In Higher Future Margins

Analysts have trimmed their Sasol price target slightly to ZAR122.44 from ZAR124.24, reflecting updated assumptions on discount rates, modestly higher revenue growth, stronger profit margins and a lower future P/E multiple. What's in the News Sasol issued revenue guidance for the six months ending 31 December 2025, including an earnings per share (EPS) range of ZAR0.10 to ZAR0.80 per share.
HAR
R328.72
Harmony Gold Mining
7D
-3.1%
1Y
67.3%

HAR: Higher Margin Outlook And Copper Project Will Shape Balanced Future Returns

Analysts have raised their ZAR fair value estimate for Harmony Gold Mining from about ZAR270 to ZAR330, citing updated assumptions that include higher revenue growth, a wider profit margin, and a lower future P/E multiple applied to the shares. What's in the News Thiess has entered an alliance agreement with Harmony Gold Mining for multiple work packages at the greenfield Eva Copper Mine Project in Cloncurry, North West Queensland, Australia.
ARI
R228.88
African Rainbow Minerals
7D
-4.4%
1Y
52.6%
IMP
R272.30
Impala Platinum Holdings
7D
-19.1%
1Y
139.9%

IMP: Future Returns Will Reflect Upgraded Earnings Outlook And Execution Risks

The analyst price target for Impala Platinum Holdings has increased from ZAR227.02 to ZAR372.02. Analysts cite updated assumptions on revenue growth, profit margins and future P/E, along with recent upgrades from major banks, as the key drivers of this change.
SSW
R59.53
Sibanye Stillwater
7D
-8.9%
1Y
252.2%

SSW: Future Returns Will Depend On Executing Higher Margin And P E Assumptions

Sibanye Stillwater's analyst fair value estimate has been revised from about ZAR50.07 to around ZAR82.53, with analysts pointing to updated assumptions on discount rates, profit margins and future P/E multiples following recent research from major banks. Analyst Commentary Recent Street research has focused on how updated assumptions for Sibanye Stillwater feed into valuation, especially around discount rates, profit margins and future P/E multiples.
VAL
R1,594.79
Valterra Platinum
7D
-10.7%
1Y
139.5%
AFE
R112.65
AECI
7D
5.2%
1Y
18.2%
RNG
R1.01
Randgold & Exploration
7D
31.2%
1Y
32.9%
KIO
R352.08
Kumba Iron Ore
7D
-2.1%
1Y
-1.2%
YRK
R2.15
York Timber Holdings
7D
7.5%
1Y
-2.3%
GML
R1.13
Gemfields Group
7D
2.7%
1Y
-24.7%