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South African (JSE) Materials Sector Analysis

UpdatedDec 26, 2025
DataAggregated Company Financials
Companies29
  • 7D6.0%
  • 3M15.2%
  • 1Y132.1%
  • YTD129.1%

In the last week, the Materials industry is up 6.4%, with Valterra Platinum leading the way with a 7.8% gain. In the same time, Brikor was down 14%. In the last 12 months, the industry was up 132%. As for the next few years, earnings are expected to grow by 35% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 26 Dec 2025R2.2tR1.1tR63.3b12.9x34.2x1.9x
Sun, 23 Nov 2025R1.7tR1.1tR63.6b11.9x27.5x1.6x
Tue, 21 Oct 2025R1.9tR1.1tR68.2b10.5x28x1.7x
Thu, 18 Sep 2025R1.7tR1.1tR68.7b11.3x24.3x1.5x
Sat, 16 Aug 2025R1.5tR1.1t-R19,577,452,398.779.7x-75.8x1.3x
Mon, 14 Jul 2025R1.4tR1.1t-R11,714,405,418.437.6x-118.6x1.2x
Wed, 11 Jun 2025R1.3tR1.1t-R11,905,370,545.317.1x-110.7x1.2x
Fri, 09 May 2025R1.2tR1.1t-R9,426,343,508.317.2x-124x1x
Sun, 06 Apr 2025R1.1tR1.1t-R6,763,380,076.917.6x-155.3x0.9x
Tue, 04 Mar 2025R1.0tR1.1t-R9,204,913,896.518.4x-112.9x0.9x
Thu, 30 Jan 2025R1.0tR1.1t-R52,196,326,475.429.3x-19.8x0.9x
Sat, 28 Dec 2024R920.0bR1.1t-R52,147,057,328.439.6x-17.6x0.8x
Mon, 25 Nov 2024R1.0tR1.1t-R56,038,584,689.3110.3x-18.2x0.9x
Wed, 23 Oct 2024R1.1tR1.1t-R58,692,433,922.949.7x-19.1x1x
Fri, 20 Sep 2024R998.7bR1.1t-R60,214,179,396.2210.5x-16.6x0.9x
Sun, 18 Aug 2024R1.1tR1.2tR11.1b9.2x95.4x0.9x
Tue, 16 Jul 2024R1.1tR1.2tR16.7b9x66.3x0.9x
Thu, 13 Jun 2024R1.0tR1.2tR15.7b8.7x65.4x0.9x
Sat, 11 May 2024R1.2tR1.2tR15.8b8.6x74.4x1x
Mon, 08 Apr 2024R1.1tR1.2tR16.7b8.7x68.6x1x
Wed, 06 Mar 2024R1.0tR1.2tR19.8b8.8x52.4x0.9x
Fri, 02 Feb 2024R1.2tR1.2tR106.1b10.2x11x0.9x
Sun, 31 Dec 2023R1.3tR1.2tR105.8b9.7x12x1x
Tue, 28 Nov 2023R1.2tR1.2tR108.0b9.5x10.9x0.9x
Thu, 26 Oct 2023R1.1tR1.3tR109.3b8.4x10x0.9x
Sat, 23 Sep 2023R1.3tR1.3tR111.5b9.8x11.3x0.9x
Mon, 21 Aug 2023R1.2tR1.4tR182.8b5.7x6.5x0.9x
Wed, 19 Jul 2023R1.4tR1.4tR214.3b5x6.7x1x
Fri, 16 Jun 2023R1.6tR1.4tR222.8b5x7x1.1x
Sun, 14 May 2023R1.6tR1.4tR233.9b5.1x7x1.1x
Tue, 11 Apr 2023R1.5tR1.4tR221.9b5.1x6.8x1.1x
Thu, 09 Mar 2023R1.4tR1.4tR221.1b5.5x6.3x1x
Sat, 04 Feb 2023R1.7tR1.4tR249.1b6x6.7x1.2x
Mon, 02 Jan 2023R1.6tR1.4tR247.7b6.3x6.5x1.2x
Price to Earnings Ratio

6.5x


Total Market Cap: R1.6tTotal Earnings: R247.7bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -6.5x20242025
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 34.2x which is higher than its 3-year average PE of -6.5x.
  • 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 7.2% 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 Market2.14%
Materials6.03%
Metals and Mining6.32%
Paper and Forestry Products3.59%
Basic Materials2.87%
Packaging1.68%
Chemicals1.29%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry, which is trading close to its 3-year average PE ratio of 37.2x.
    • Analysts are expecting annual earnings growth of 34.4%, 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 8.2% 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
IMP Impala Platinum HoldingsR273.0012.1%
+R26.4b		193.9%PE321.8x
GFI Gold FieldsR771.884.0%
+R26.4b		203.8%PE22x
VAL Valterra PlatinumR1.49k7.1%
+R25.7b		153.7%PE294.7x
SSW Sibanye StillwaterR64.7010.4%
+R17.3b		295.7%PS1.6x
HAR Harmony Gold MiningR363.006.1%
+R13.0b		131.7%PE15.7x

Latest News

THA
R26.26
Tharisa
7D
14.2%
1Y
60.1%
SSW
R64.70
Sibanye Stillwater
7D
10.4%
1Y
295.7%

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.
NPK
R545.00
Nampak
7D
-0.5%
1Y
31.6%
IMP
R273.00
Impala Platinum Holdings
7D
12.1%
1Y
193.9%

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
R363.00
Harmony Gold Mining
7D
6.1%
1Y
131.7%

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.
VAL
R1,485.00
Valterra Platinum
7D
7.1%
1Y
153.7%
NPH
R346.01
Northam Platinum Holdings
7D
6.8%
1Y
242.8%

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.
GFI
R771.88
Gold Fields
7D
4.0%
1Y
203.8%

GFI: Elevated Capex And Project Execution Will Likely Pressure Future Returns

The analyst fair value estimate for Gold Fields has been raised sharply from about $400 to roughly $630, as analysts factor in higher gold price assumptions, stronger projected revenue growth and margins, and medium term upside from the company's growth projects and capital returns program. Analyst Commentary Recent Street research paints a mixed picture for Gold Fields, with a widening range of price targets and ratings that reflect both optimism on gold prices and emerging concerns around execution and capital allocation.
ARI
R199.80
African Rainbow Minerals
7D
4.1%
1Y
32.1%

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

Dec 02
Is African Rainbow Minerals (JSE:ARI) A Risky Investment?