Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

South African (JSE) Materials Sector Analysis

UpdatedJan 01, 2026
DataAggregated Company Financials
Companies29
  • 7D-4.6%
  • 3M10.4%
  • 1Y127.1%
  • YTD118.4%

Over the last 7 days, the Materials industry has dropped 4.6%, driven by Gold Fields declining 6.0%. This takes the industry's 12 month performance to a gain of 127%. 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
Thu, 01 Jan 2026R2.1tR1.1tR63.1b12.7x32.7x1.9x
Sat, 29 Nov 2025R1.9tR1.1tR63.2b12.5x30.4x1.7x
Mon, 27 Oct 2025R1.8tR1.1tR68.0b10.9x26.6x1.6x
Wed, 24 Sep 2025R1.8tR1.1tR68.4b10.6x26.9x1.6x
Fri, 22 Aug 2025R1.5tR1.1t-R19,397,356,580.3310x-77.5x1.4x
Sun, 20 Jul 2025R1.4tR1.1t-R12,045,975,950.077.4x-117.3x1.3x
Tue, 17 Jun 2025R1.3tR1.1t-R11,663,225,869.427.5x-113.8x1.2x
Thu, 15 May 2025R1.1tR1.1t-R10,262,485,356.637.2x-108.6x1x
Sat, 12 Apr 2025R1.3tR1.1t-R6,800,080,408.887.6x-186.5x1.1x
Mon, 10 Mar 2025R1.1tR1.1t-R7,605,862,223.138.4x-148.3x1x
Wed, 05 Feb 2025R1.1tR1.1t-R52,130,608,169.659.4x-20.9x1x
Fri, 03 Jan 2025R944.2bR1.1t-R52,104,759,491.589.7x-18.1x0.8x
Sun, 01 Dec 2024R964.9bR1.1t-R55,938,945,013.299.9x-17.2x0.8x
Tue, 29 Oct 2024R1.1tR1.1t-R58,610,726,239.729.7x-19.6x1x
Thu, 26 Sep 2024R1.0tR1.1t-R60,367,580,330.0810.6x-17.3x0.9x
Sat, 24 Aug 2024R1.1tR1.2t-R37,110,594,739.769.1x-28.6x0.9x
Mon, 22 Jul 2024R1.1tR1.2tR16.8b8.8x65x0.9x
Wed, 19 Jun 2024R1.0tR1.2tR15.4b8.7x66.5x0.9x
Fri, 17 May 2024R1.2tR1.2tR15.6b8.7x75.7x1x
Sun, 14 Apr 2024R1.3tR1.2tR16.9b8.6x76.3x1.1x
Tue, 12 Mar 2024R1.1tR1.2tR16.2b8.3x66.6x0.9x
Thu, 08 Feb 2024R1.1tR1.2tR105.6b8.8x10.3x0.9x
Sat, 06 Jan 2024R1.2tR1.2tR106.2b9.7x11.1x0.9x
Mon, 04 Dec 2023R1.2tR1.2tR108.0b9.2x11x1x
Wed, 01 Nov 2023R1.1tR1.3tR108.8b8.6x9.9x0.9x
Fri, 29 Sep 2023R1.2tR1.3tR111.1b9x11.2x0.9x
Sun, 27 Aug 2023R1.2tR1.4tR142.6b6.8x8.7x0.9x
Tue, 25 Jul 2023R1.4tR1.4tR195.2b5x7.2x1x
Thu, 22 Jun 2023R1.4tR1.4tR216.6b5x6.7x1x
Sat, 20 May 2023R1.6tR1.4tR234.0b5.1x6.9x1.1x
Mon, 17 Apr 2023R1.6tR1.4tR221.7b5.4x7.1x1.1x
Wed, 15 Mar 2023R1.4tR1.4tR219.8b5.4x6.5x1x
Fri, 10 Feb 2023R1.6tR1.4tR251.0b6.3x6.4x1.1x
Sun, 08 Jan 2023R1.7tR1.4tR248.3b6.8x7x1.2x
Price to Earnings Ratio

7x


Total Market Cap: R1.7tTotal Earnings: R248.3bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -6.3x202420252026
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 32.7x which is higher than its 3-year average PE of -6.3x.
  • 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 Market-0.88%
Materials-4.64%
Basic Materials1.63%
Chemicals0.68%
Packaging0.38%
Paper and Forestry Products-0.76%
Metals and Mining-4.98%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry, which is trading close to its 3-year average PE ratio of 37.4x.
    • Analysts are expecting annual earnings growth of 34.8%, 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 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
KIO Kumba Iron OreR351.060.9%
+R1.0b		5.7%PE7.7x
SOL SasolR106.200.9%
+R632.0m		20.2%PE10.1x
PPC PPCR5.592.9%
+R245.2m		8.5%PE16.6x
THA TharisaR26.802.1%
+R158.3m		70.2%PE6x
ACL ArcelorMittal South AfricaR1.279.5%
+R157.4m		-5.2%PS0.05x

Latest News

VAL
R1,409.56
Valterra Platinum
7D
-5.1%
1Y
143.0%
SOL
R106.20
Sasol
7D
0.9%
1Y
20.2%

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

Dec 29
Sasol (JSE:SOL) Use Of Debt Could Be Considered Risky
PPC
R5.59
PPC
7D
2.9%
1Y
8.5%

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
R725.71
Gold Fields
7D
-6.0%
1Y
177.0%

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

Dec 27
Gold Fields Limited's (JSE:GFI) Price In Tune With Earnings
THA
R26.80
Tharisa
7D
2.1%
1Y
70.2%
SSW
R60.50
Sibanye Stillwater
7D
-6.5%
1Y
279.5%

SSW: Future Returns Will Depend On Chrome Agreement Cash Flows

Analysts have slightly trimmed their price target on Sibanye Stillwater to around $50.07 from approximately $50.16, citing moderate reductions in the assumed discount rate, upgraded forecasts for revenue growth and profit margins, and a somewhat lower future price to earnings multiple. What's in the News Concluded a three year wage agreement at South African gold operations with AMCU, NUM, UASA, and Solidarity.
IMP
R262.00
Impala Platinum Holdings
7D
-4.0%
1Y
180.6%

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
R337.08
Harmony Gold Mining
7D
-7.1%
1Y
110.2%

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
R337.11
Northam Platinum Holdings
7D
-2.6%
1Y
238.2%

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.
CPR
R0.70
Copper 360
7D
11.1%
1Y
-68.9%
ACL
R1.27
ArcelorMittal South Africa
7D
9.5%
1Y
-5.2%
KIO
R351.06
Kumba Iron Ore
7D
0.9%
1Y
5.7%
SAP
R24.55
Sappi
7D
-0.8%
1Y
-50.2%
ARI
R198.90
African Rainbow Minerals
7D
-0.5%
1Y
29.2%

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

Dec 02
Is African Rainbow Minerals (JSE:ARI) A Risky Investment?
BCF
R13.99
Bowler Metcalf
7D
2.0%
1Y
2.7%

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
MPT
R22.50
Mpact
7D
2.3%
1Y
-23.9%