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South African (JSE) Materials Sector Analysis

UpdatedJan 06, 2026
DataAggregated Company Financials
Companies29
  • 7D2.6%
  • 3M13.1%
  • 1Y127.5%
  • YTD2.4%

Over the last 7 days, the Materials industry has risen 2.6%, driven by gains in Valterra Platinum and Impala Platinum Holdings of 3.9% and 6.2%, respectively. In the last 12 months, the industry was up 128%. Looking forward, 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
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
Fri, 13 Jan 2023R1.8tR1.4tR247.6b6.6x7.1x1.3x
Price to Earnings Ratio

7.1x


Total Market Cap: R1.8tTotal Earnings: R247.6bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -6.2x202420252026
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 -6.2x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.9x.
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 7.3% 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 Market0.46%
Materials2.57%
Metals and Mining2.70%
Chemicals1.26%
Basic Materials-0.60%
Paper and Forestry Products-0.69%
Packaging-1.11%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry, which is trading close to its 3-year average PE ratio of 37.6x.
    • 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 89% 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 8.4% 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
VAL Valterra PlatinumR1.46k3.9%
+R14.6b		154.5%PE290.4x
IMP Impala Platinum HoldingsR276.746.2%
+R14.4b		194.5%PE326.2x
SSW Sibanye StillwaterR63.885.8%
+R9.9b		307.4%PS1.6x
NPH Northam Platinum HoldingsR352.466.2%
+R7.8b		256.7%PE87.7x
KIO Kumba Iron OreR364.024.1%
+R4.6b		11.0%PE8x

Latest News

SSW
R63.88
Sibanye Stillwater
7D
5.8%
1Y
307.4%

SSW: Future Wage And Settlement Costs Will Pressure Earnings Outlook

Analysts have raised their fair value estimate for Sibanye Stillwater from $19.50 to $38.00, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple that they consider a closer reflection of the company’s outlook. What's in the News Sibanye Stillwater concluded a three year wage agreement at its South African gold operations with AMCU, NUM, UASA, and Solidarity, covering annual wage and benefit adjustments for employees from 1 July 2025 to 30 June 2028 (Key Developments).
VAL
R1,463.27
Valterra Platinum
7D
3.9%
1Y
154.5%
SOL
R107.10
Sasol
7D
1.3%
1Y
26.9%

Sasol (JSE:SOL) Use Of Debt Could Be Considered Risky

Dec 29
Sasol (JSE:SOL) Use Of Debt Could Be Considered Risky
PPC
R5.32
PPC
7D
-3.8%
1Y
4.3%

PPC: Future Tariff Cuts Will Support Earnings Momentum And Share Upside

Analysts have slightly raised their price target on PPC to reflect a modest uptick in earnings visibility and valuation confidence, nudging the projected fair value toward approximately $6.80 per share. What's in the News President Trump is expected to sign an order reducing tariffs on beef, tomatoes, coffee and bananas.
GFI
R740.00
Gold Fields
7D
-0.04%
1Y
184.7%

Gold Fields Limited's (JSE:GFI) Price In Tune With Earnings

Dec 27
Gold Fields Limited's (JSE:GFI) Price In Tune With Earnings
HLM
R2.40
Hulamin
7D
-2.8%
1Y
-29.4%
THA
R29.00
Tharisa
7D
3.6%
1Y
87.7%
NPK
R531.84
Nampak
7D
-1.8%
1Y
31.6%
IMP
R276.74
Impala Platinum Holdings
7D
6.2%
1Y
194.5%

IMP: Higher Margins Are Expected To Drive Strong Share Price Rebound

Analysts have lifted their price target on Impala Platinum Holdings from R200.00 to R310.00, citing expectations for faster revenue growth, stronger profit margins, and a modestly lower future price-to-earnings multiple that together support a higher fair value estimate despite a slightly increased discount rate. What's in the News Reported first quarter 2025 6E group production of 882,000 oz, down from 928,000 oz in the prior year period, highlighting some operational headwinds (company announcement).
HAR
R338.99
Harmony Gold Mining
7D
-0.05%
1Y
115.0%

HAR: Higher Multiple And Copper Project Will Eventually Disappoint Expectations

Analysts have raised their price target for Harmony Gold Mining from approximately $220 to about $270 per share. They cite a higher discount rate, lower long term revenue growth and profit margin assumptions, and a rerating to a richer future P/E multiple that together better reflect the company’s risk profile and earnings quality.
NPH
R352.46
Northam Platinum Holdings
7D
6.2%
1Y
256.7%

NPH: Higher Required Returns Will Constrain Future Upside Despite Stronger Margins

Analysts have raised their price target for Northam Platinum Holdings by roughly R8 to R283.06, citing slightly stronger expected revenue growth, improved profit margins, and a modestly lower future price earnings multiple, despite a small uptick in the discount rate. Valuation Changes Fair Value: Raised slightly from ZAR 274.94 to ZAR 283.06 per share, reflecting a modest uplift in the intrinsic valuation.
KIO
R364.02
Kumba Iron Ore
7D
4.1%
1Y
11.0%
SAP
R24.26
Sappi
7D
-0.5%
1Y
-50.9%
ARI
R201.38
African Rainbow Minerals
7D
3.0%
1Y
32.6%

Is African Rainbow Minerals (JSE:ARI) A Risky Investment?

Dec 02
Is African Rainbow Minerals (JSE:ARI) A Risky Investment?
BCF
R13.05
Bowler Metcalf
7D
-6.7%
1Y
-4.4%

Bowler Metcalf Limited (JSE:BCF) Not Lagging Market On Growth Or Pricing

Nov 26
Bowler Metcalf Limited (JSE:BCF) Not Lagging Market On Growth Or Pricing
YRK
R2.21
York Timber Holdings
7D
-3.9%
1Y
0.5%