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South African (JSE) Materials Sector Analysis

UpdatedFeb 05, 2026
DataAggregated Company Financials
Companies30
  • 7D-11.1%
  • 3M32.2%
  • 1Y108.4%
  • YTD11.9%

Over the last 7 days, the Materials industry has dropped 8.7%, driven by declines in Gold Fields and Valterra Platinum of 8.5% and 15%, respectively. In the past year, the industry has gained 108%. As for the next few years, earnings are expected to grow by 39% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 05 Feb 2026R2.3tR1.1tR62.3b11.8x37.2x2.1x
Sat, 03 Jan 2026R2.1tR1.1tR63.0b12.5x32.9x1.9x
Mon, 01 Dec 2025R1.9tR1.1tR63.2b12.5x30.4x1.7x
Wed, 29 Oct 2025R1.7tR1.1tR67.9b10.9x25.4x1.5x
Fri, 26 Sep 2025R1.8tR1.1tR68.8b10.6x26.5x1.6x
Sun, 24 Aug 2025R1.5tR1.1t-R8,665,699,322.6710x-172.4x1.3x
Tue, 22 Jul 2025R1.4tR1.1t-R12,174,621,927.217.5x-116.1x1.3x
Thu, 19 Jun 2025R1.3tR1.1t-R11,542,109,296.067.7x-113.6x1.2x
Sat, 17 May 2025R1.1tR1.1t-R11,226,641,238.487.2x-99.5x1x
Mon, 14 Apr 2025R1.3tR1.1t-R6,800,080,408.887.6x-186.5x1.1x
Wed, 12 Mar 2025R1.1tR1.1t-R8,367,319,834.838.3x-137.1x1x
Fri, 07 Feb 2025R1.1tR1.1t-R48,647,574,033.258.5x-22.5x1x
Sun, 05 Jan 2025R938.6bR1.1t-R52,066,926,426.399.4x-18x0.8x
Tue, 03 Dec 2024R977.4bR1.1t-R55,801,947,019.4910x-17.5x0.9x
Thu, 31 Oct 2024R1.1tR1.1t-R58,645,760,499.949.7x-19.1x1x
Sat, 28 Sep 2024R1.1tR1.1t-R60,533,748,958.0510.8x-17.4x0.9x
Mon, 26 Aug 2024R1.1tR1.1t-R38,022,608,239.769.1x-27.9x0.9x
Wed, 24 Jul 2024R1.1tR1.2tR15.5b8.9x71.3x0.9x
Fri, 21 Jun 2024R1.0tR1.1tR53.1b9x19x1x
Sun, 19 May 2024R1.2tR1.2tR15.7b8.6x76.6x1x
Tue, 16 Apr 2024R1.2tR1.2tR17.0b8.5x73.3x1x
Thu, 14 Mar 2024R1.1tR1.2tR16.1b8.4x67.7x0.9x
Sat, 10 Feb 2024R1.0tR1.2tR102.7b8.8x10x0.8x
Mon, 08 Jan 2024R1.2tR1.2tR106.2b9.7x11.1x0.9x
Wed, 06 Dec 2023R1.1tR1.2tR108.3b9.3x10.5x0.9x
Fri, 03 Nov 2023R1.1tR1.3tR108.6b8.4x9.9x0.9x
Sun, 01 Oct 2023R1.2tR1.3tR109.9b8.8x11.3x0.9x
Tue, 29 Aug 2023R1.3tR1.4tR142.6b6.8x8.9x0.9x
Thu, 27 Jul 2023R1.4tR1.4tR193.1b5x7.4x1x
Sat, 24 Jun 2023R1.4tR1.4tR217.2b4.7x6.5x1x
Mon, 22 May 2023R1.6tR1.4tR233.4b5.1x6.9x1.1x
Wed, 19 Apr 2023R1.7tR1.4tR221.9b5.6x7.5x1.2x
Fri, 17 Mar 2023R1.4tR1.4tR220.4b5.5x6.2x1x
Sun, 12 Feb 2023R1.6tR1.4tR246.5b6x6.4x1.1x
Price to Earnings Ratio

6.4x


Total Market Cap: R1.6tTotal Earnings: R246.5bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -5.4x202420252026
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 37.2x which is higher than its 3-year average PE of -5.4x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 2.1x.
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 7.7% 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-3.15%
Materials-11.06%
Basic Materials2.41%
Chemicals-1.17%
Packaging-1.67%
Paper and Forestry Products-2.54%
Metals and Mining-11.62%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry, which is trading close to its 3-year average PE ratio of 38.5x.
    • Analysts are expecting annual earnings growth of 38.7%, 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 66% 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 7.6% 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 OreR375.940.9%
+R1.1b		2.5%PE8.2x
AFT AfrimatR44.853.6%
+R235.8m		-28.3%PE41.7x
OMN Omnia HoldingsR86.631.4%
+R190.7m		31.7%PE11.8x
MDI Master Drilling GroupR18.126.0%
+R153.5m		38.2%PE5.3x
PPC PPCR6.171.5%
+R137.9m		46.9%PE18.3x

Latest News

SOL
R114.75
Sasol
7D
-1.7%
1Y
31.9%

SOL: Higher Margins And Lower Risk Profile Will Drive Future Upside

Analysts have adjusted their price expectations for Sasol, with the fair value estimate moving from R131.11 to R124.24 as they factor in updated assumptions for revenue growth, profit margins and future P/E multiples. Valuation Changes Fair Value Estimate: reduced slightly from R131.11 to R124.24, reflecting updated assumptions in the model.
HAR
R346.96
Harmony Gold Mining
7D
-15.0%
1Y
54.7%

HAR: Eva Copper Project Approval Will Underpin A More Optimistic Outlook

Analysts have adjusted their fair value estimate for Harmony Gold Mining from $320 to $515, citing updated assumptions for revenue growth, profit margins, and future P/E levels as key drivers of the new price target. What's in the News Harmony Gold Mining approved the high margin, long life Eva Copper Project after completing a three year feasibility study update and FEED phase with Tier 1 contractors.
THA
R30.40
Tharisa
7D
1.0%
1Y
121.3%
VAL
R1,485.00
Valterra Platinum
7D
-14.8%
1Y
116.6%
MDI
R18.12
Master Drilling Group
7D
6.0%
1Y
38.2%

Returns At Master Drilling Group (JSE:MDI) Are On The Way Up

Feb 03
Returns At Master Drilling Group (JSE:MDI) Are On The Way Up
IMP
R309.94
Impala Platinum Holdings
7D
-15.4%
1Y
204.6%

IMP: Upbeat Broker Upgrades Will Likely Leave Shares Exposed To Execution Setbacks

Analysts have raised their price target for Impala Platinum Holdings from R180.00 to approximately R246.17. They cite updated assumptions for revenue growth, higher profit margins, and a lower future P/E ratio, supported by recent upgrades from major research houses.
SSW
R70.85
Sibanye Stillwater
7D
-13.8%
1Y
270.4%

SSW: Recent Bank Upgrades And Project Progress Will Support Repricing

Analysts have roughly doubled their price target for Sibanye Stillwater to US$103.00 from US$50.00, citing updated assumptions for faster revenue growth, higher profit margins, and a lower future P/E multiple following recent upgrades from major banks. Analyst Commentary Recent upgrades from major banks have reinforced the view that Sibanye Stillwater could offer investors a more attractive balance between growth potential and valuation than previously assumed.
ARI
R245.22
African Rainbow Minerals
7D
-6.9%
1Y
53.3%

ARI: Updated Revenue And Margin Assumptions Will Shape A More Balanced Outlook

Analysts have lifted their price target for African Rainbow Minerals from R202.50 to about R224.17, reflecting updated views on revenue growth, profit margins and future P/E assumptions. Valuation Changes The fair value estimate has been adjusted from ZAR202.50 to about ZAR224.17 per share, implying a higher central valuation range.
PPC
R6.17
PPC
7D
1.5%
1Y
46.9%

PPC: Tariff Relief And Higher EPS Guidance Will Support Bullish Case

Analysts have modestly adjusted their price target on PPC, bringing the new figure closer to their fair value view as small refinements in the discount rate and forward P/E assumptions feed through their models. What's in the News President Donald Trump is expected to sign an order reducing tariffs on beef, tomatoes, coffee and bananas in an effort to ease grocery costs, with Pilgrim's Pride listed among the publicly traded companies that could be affected (Bloomberg).
NPH
R392.53
Northam Platinum Holdings
7D
-14.9%
1Y
204.1%

NPH: Constructive Research Stance Will Support Higher P/E While Risks Remain

Narrative Update The analyst fair value estimate for Northam Platinum Holdings has shifted from R290.06 to R396.94 per share. Analysts attribute this change to updated assumptions around revenue growth, profit margin and future P/E multiples following recent research that has become more constructive on the stock.
GFI
R853.58
Gold Fields
7D
-8.5%
1Y
149.8%

GFI: Higher Gold Price Assumptions And Capital Returns Will Drive Re Rating

Analysts have raised their fair value estimate for Gold Fields from $640.00 to $1,100.00, citing recent price target changes that reference the company's Q3 report, updated gold price assumptions, and new five-year guidance featuring higher reinvestment and a competitive capital returns program. Analyst Commentary Bullish analysts are pointing to recent research as a sign that sentiment around Gold Fields is improving, especially after the latest Q3 report and updated guidance.
KIO
R375.94
Kumba Iron Ore
7D
0.9%
1Y
2.5%

Kumba Iron Ore's (JSE:KIO) Returns On Capital Not Reflecting Well On The Business

Jan 22
Kumba Iron Ore's (JSE:KIO) Returns On Capital Not Reflecting Well On The Business
AFT
R44.85
Afrimat
7D
3.6%
1Y
-28.3%
YRK
R2.26
York Timber Holdings
7D
2.3%
1Y
-0.9%
BIK
R0.15
Brikor
7D
25.0%
1Y
7.1%

Brikor Limited's (JSE:BIK) 29% Dip In Price Shows Sentiment Is Matching Revenues

Dec 20
Brikor Limited's (JSE:BIK) 29% Dip In Price Shows Sentiment Is Matching Revenues
OMN
R86.63
Omnia Holdings
7D
1.4%
1Y
31.7%