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South African (JSE) Materials Sector Analysis

UpdatedMar 31, 2026
DataAggregated Company Financials
Companies30
  • 7D5.8%
  • 3M-3.9%
  • 1Y67.7%
  • YTD-2.7%

Over the last 7 days, the Materials industry has risen 3.2%, driven by gains from Gold Fields of 9.1%. This means that the industry has gained 61% over the past year. Earnings are forecast to grow by 21% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 31 Mar 2026R2.0tR1.2tR124.2b9.5x16.3x1.7x
Thu, 26 Feb 2026R2.5tR1.1tR86.5b14.7x28.5x2.2x
Sat, 24 Jan 2026R2.5tR1.1tR62.4b13.8x39.4x2.2x
Mon, 22 Dec 2025R2.0tR1.1tR63.5b12.6x32.1x1.8x
Wed, 19 Nov 2025R1.8tR1.1tR63.3b12.2x27.8x1.6x
Fri, 17 Oct 2025R2.1tR1.1tR68.1b10.6x30.2x1.8x
Sun, 14 Sep 2025R1.7tR1.1tR68.6b11.4x24.2x1.5x
Tue, 12 Aug 2025R1.5tR1.1t-R18,858,835,296.398.7x-80x1.4x
Thu, 10 Jul 2025R1.4tR1.1t-R11,935,687,796.237.7x-113.1x1.2x
Sat, 07 Jun 2025R1.3tR1.1t-R12,164,083,987.567.4x-106.7x1.2x
Mon, 05 May 2025R1.2tR1.1t-R9,142,383,699.287.3x-127.3x1x
Wed, 02 Apr 2025R1.2tR1.1t-R7,745,543,429.058x-158.3x1.1x
Fri, 28 Feb 2025R1.0tR1.1t-R9,100,968,821.938.3x-112.4x0.9x
Sun, 26 Jan 2025R1.0tR1.1t-R52,333,559,457.209.7x-19.9x0.9x
Tue, 24 Dec 2024R919.2bR1.1t-R52,225,934,961.229.6x-17.6x0.8x
Thu, 21 Nov 2024R1.0tR1.1t-R56,048,658,409.5110.1x-18.3x0.9x
Sat, 19 Oct 2024R1.1tR1.1t-R58,641,345,001.729.5x-18.8x1x
Mon, 16 Sep 2024R969.8bR1.1t-R60,072,941,886.6710.3x-16.1x0.9x
Wed, 14 Aug 2024R1.0tR1.2tR11.3b9.6x91.7x0.9x
Fri, 12 Jul 2024R1.1tR1.1tR54.4b9x19.4x1x
Sun, 09 Jun 2024R1.1tR1.2tR15.9b8.7x66.5x0.9x
Tue, 07 May 2024R1.1tR1.2tR16.6b8.2x67.7x1x
Thu, 04 Apr 2024R1.1tR1.2tR16.7b8.7x67.2x1x
Sat, 02 Mar 2024R1.0tR1.2tR77.3b8.2x13.3x0.8x
Mon, 29 Jan 2024R1.2tR1.2tR106.3b9.7x11.1x0.9x
Wed, 27 Dec 2023R1.3tR1.2tR106.0b9.5x11.9x1x
Fri, 24 Nov 2023R1.2tR1.2tR108.1b9.6x10.6x0.9x
Sun, 22 Oct 2023R1.1tR1.3tR109.2b8.5x10.4x0.9x
Tue, 19 Sep 2023R1.3tR1.3tR111.8b9x11.3x0.9x
Thu, 17 Aug 2023R1.3tR1.4tR186.5b5.3x6.7x0.9x
Sat, 15 Jul 2023R1.4tR1.4tR214.7b5x6.7x1x
Mon, 12 Jun 2023R1.6tR1.4tR223.6b5.2x7x1.1x
Wed, 10 May 2023R1.7tR1.4tR234.8b5.4x7.1x1.2x
Fri, 07 Apr 2023R1.5tR1.4tR221.7b5.1x6.8x1.1x
Price to Earnings Ratio

6.8x


Total Market Cap: R1.5tTotal Earnings: R221.7bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -4.5x202420252026
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 15.8x which is higher than its 3-year average PE of -4.5x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 18% per year over the last three years,
  • Revenues have also declined 5.5% 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 Market1.03%
Materials5.81%
Chemicals7.01%
Metals and Mining5.86%
Packaging0.65%
Paper and Forestry Products-2.76%
Basic Materials-3.46%
Industry PE
  • Investors are most optimistic about the Chemicals industry which is trading above its 3-year average PE ratio of 8.2x.
    • Analysts are expecting annual earnings growth of 50.3%, 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.
  • This is better than its past earnings growth rate of 29% per year.
  • In contrast, the Basic Materials industry is expected to see its earnings decline by 4.9% 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 FieldsR737.789.1%
+R55.0b		82.0%PE10.8x
VAL Valterra PlatinumR1.37k3.4%
+R11.7b		86.5%PE23.3x
SOL SasolR224.737.8%
+R10.5b		193.8%PE60.2x
IMP Impala Platinum HoldingsR235.104.0%
+R8.2b		86.7%PE25.7x
NPH Northam Platinum HoldingsR336.376.2%
+R7.8b		156.9%PE14.4x

Latest News

GFI
R737.78
Gold Fields
7D
9.1%
1Y
82.0%
SSW
R48.79
Sibanye Stillwater
7D
2.6%
1Y
134.2%
VAL
R1,369.53
Valterra Platinum
7D
3.4%
1Y
86.5%
HAR
R247.61
Harmony Gold Mining
7D
3.6%
1Y
-7.1%
GML
R1.07
Gemfields Group
7D
-7.8%
1Y
-23.6%
KIO
R316.99
Kumba Iron Ore
7D
6.8%
1Y
1.6%

KIO: Fair Value Will Depend On Dividends And Rail Logistics Delivery

Analysts have reduced their price target for Kumba Iron Ore from ZAR320.70 to ZAR313.14, citing revised assumptions that include flatter revenue growth, a higher profit margin, and a slightly lower future P/E multiple. What's in the News Kumba Iron Ore approved a gross final cash dividend of 1,543 cents per share for the year ended 31 December 2025, with a 20% dividend withholding tax for non exempt shareholders, resulting in a net dividend of 1,234.40 cents per share (company announcement).
PPC
R5.85
PPC
7D
-4.1%
1Y
27.2%

PPC: Higher Future P/E And Regulatory Shakeup Will Drive Upside Potential

Analysts have adjusted their ZAR price targets on PPC, with the latest move reflecting new views on slower revenue and margin assumptions, alongside a much higher future P/E multiple. Analyst Commentary Recent Street research on comparable building materials and industrial names highlights how quickly price targets can move when assumptions on pricing, revenue growth and P/E multiples are revisited.
NPH
R336.37
Northam Platinum Holdings
7D
6.2%
1Y
156.9%

NPH: Upgraded View Will Rely On Higher Margins And Production Delivery

Analysts have revised their price target on Northam Platinum Holdings from ZAR 434.94 to ZAR 400.94. This reflects updated views on revenue growth, margins and future P/E multiples following recent research that has become more positive on the shares overall.
IMP
R235.10
Impala Platinum Holdings
7D
4.0%
1Y
86.7%
SOL
R224.73
Sasol
7D
7.8%
1Y
193.8%

SOL: EPS Collapse Guidance Will Undermine Confidence In Future Earnings Sustainability

Analysts have revised their fair value estimate for Sasol from ZAR122.44 to ZAR149.78, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E as the key drivers of the new price target. What's in the News Sasol issued revenue guidance for the six months ended 31 December 2025, including an EPS range of ZAR0.10 to ZAR0.80 per share, compared with prior period EPS of ZAR7.22.
MDI
R16.21
Master Drilling Group
7D
-4.1%
1Y
10.3%
YRK
R1.81
York Timber Holdings
7D
-7.2%
1Y
-14.6%
AFT
R35.73
Afrimat
7D
-3.8%
1Y
-38.5%
CPR
R0.62
Copper 360
7D
-10.1%
1Y
-67.4%
SAP
R16.82
Sappi
7D
-2.4%
1Y
-53.5%
BCF
R13.31
Bowler Metcalf
7D
-6.6%
1Y
-4.2%