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South African (JSE) Materials Sector Analysis

UpdatedJun 06, 2026
DataAggregated Company Financials
Companies30
  • 7D-7.9%
  • 3M-19.3%
  • 1Y37.5%
  • YTD-14.1%

Over the last 7 days, the Materials industry has dropped 7.9%, driven by a pullback from Valterra Platinum of 12%. In contrast, Sasol has gained 13%. Over the past 12 months, the industry was up 38%. Looking forward, earnings are forecast to grow by 20% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 06 Jun 2026R1.8tR1.2tR116.4b9.6x15.4x1.5x
Mon, 04 May 2026R2.0tR1.2tR122.3b10.4x16.3x1.7x
Wed, 01 Apr 2026R2.1tR1.2tR123.3b9.8x16.8x1.7x
Fri, 27 Feb 2026R2.4tR1.1tR101.0b14x24.2x2.1x
Sun, 25 Jan 2026R2.5tR1.1tR62.4b13.8x39.4x2.2x
Tue, 23 Dec 2025R2.1tR1.1tR63.4b12.7x33.8x1.9x
Thu, 20 Nov 2025R1.8tR1.1tR63.4b12.4x29x1.6x
Sat, 18 Oct 2025R1.9tR1.1tR68.2b10.6x28.1x1.7x
Mon, 15 Sep 2025R1.7tR1.1tR68.6b11.4x24.2x1.5x
Wed, 13 Aug 2025R1.5tR1.1t-R19,105,736,569.618.8x-78.8x1.4x
Fri, 11 Jul 2025R1.4tR1.1t-R11,990,902,480.167.6x-113.6x1.2x
Sun, 08 Jun 2025R1.3tR1.1t-R12,164,083,987.567.4x-106.7x1.2x
Tue, 06 May 2025R1.2tR1.1t-R9,351,138,177.917.2x-127.5x1.1x
Thu, 03 Apr 2025R1.2tR1.1t-R7,183,637,920.878x-170.4x1.1x
Sat, 01 Mar 2025R1.0tR1.1t-R8,881,601,451.508.3x-115.2x0.9x
Mon, 27 Jan 2025R1.0tR1.1t-R52,333,559,457.209.7x-19.9x0.9x
Wed, 25 Dec 2024R931.9bR1.1t-R52,185,835,708.009.6x-17.9x0.8x
Fri, 22 Nov 2024R1.0tR1.1t-R56,053,195,428.5410.2x-18x0.9x
Sun, 20 Oct 2024R1.1tR1.1t-R58,641,345,001.729.5x-18.8x1x
Tue, 17 Sep 2024R980.7bR1.1t-R60,154,046,676.4510.4x-16.3x0.9x
Thu, 15 Aug 2024R1.0tR1.2tR11.3b9.1x92.1x0.9x
Sat, 13 Jul 2024R1.1tR1.2tR16.6b8.9x67x0.9x
Mon, 10 Jun 2024R1.1tR1.2tR15.9b8.7x66.5x0.9x
Wed, 08 May 2024R1.1tR1.2tR16.6b8.2x67.5x0.9x
Fri, 05 Apr 2024R1.2tR1.2tR16.8b8.7x69.5x1x
Sun, 03 Mar 2024R1.0tR1.2tR71.6b8x14.3x0.9x
Tue, 30 Jan 2024R1.2tR1.2tR106.3b10.2x10.9x0.9x
Thu, 28 Dec 2023R1.3tR1.2tR105.8b9.7x12.3x1x
Sat, 25 Nov 2023R1.2tR1.2tR108.2b9.6x10.7x0.9x
Mon, 23 Oct 2023R1.1tR1.3tR109.2b8.5x10.4x0.9x
Wed, 20 Sep 2023R1.3tR1.3tR111.7b8.8x11.3x0.9x
Fri, 18 Aug 2023R1.2tR1.4tR186.5b5.3x6.5x0.9x
Sun, 16 Jul 2023R1.4tR1.4tR214.7b5x6.7x1x
Tue, 13 Jun 2023R1.5tR1.4tR223.3b5.1x6.9x1.1x
Price to Earnings Ratio

6.9x


Total Market Cap: R1.5tTotal Earnings: R223.3bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -3.9x202420252026
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 15.4x which is higher than its 3-year average PE of -3.9x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 20% per year over the last three years,
  • Revenues have also declined 5.9% 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-2.66%
Materials-7.86%
Chemicals10.24%
Basic Materials-0.34%
Paper and Forestry Products-0.61%
Packaging-0.97%
Metals and Mining-9.65%
Industry PE
  • Investors are most optimistic about the Chemicals industry which is trading above its 3-year average PE ratio of 10.5x.
    • Analysts are expecting annual earnings growth of 41.1%, 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 119% over the next 5 years.
  • This is better than its past earnings growth rate of 29% per year.
  • In contrast, the Packaging industry is expected to see its earnings grow by 6.2% 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
SOL SasolR228.0513.3%
+R17.2b		175.4%PE61.1x
MRF Merafe ResourcesR1.336.4%
+R199.9m		3.9%PE23.3x
YRK York Timber HoldingsR2.097.7%
+R69.7m		10.0%PE4.1x
ACL ArcelorMittal South AfricaR1.332.3%
+R42.9m		22.0%PS0.06x
BCF Bowler MetcalfR13.512.0%
+R17.8m		3.9%PE7x

Latest News

SOL
R228.05
Sasol
7D
13.3%
1Y
175.4%
BCF
R13.51
Bowler Metcalf
7D
2.0%
1Y
3.9%
Analysis Article • Jun 04

Here's Why Bowler Metcalf (JSE:BCF) Has Caught The Eye Of Investors

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
VAL
R1,183.66
Valterra Platinum
7D
-12.3%
1Y
55.9%
Narrative Update • Jun 03

VAL: Trimmed Growth And Margin Assumptions Will Pressure Future Earnings Multiple

Analysts have trimmed their price target on Valterra Platinum from ZAR 8,000 to ZAR 7,890, citing updated assumptions for revenue growth, profit margins, discount rate, and future P/E following recent mixed research commentary. Analyst Commentary Recent research has highlighted a more cautious tone around Valterra Platinum, with the latest price target revisions reflecting updated assumptions on growth, profitability, and valuation multiples.
NPH
R277.91
Northam Platinum Holdings
7D
-11.9%
1Y
64.6%
HAR
R263.00
Harmony Gold Mining
7D
-11.2%
1Y
1.0%
Narrative Update • Jun 03

HAR: Higher Margins And Payouts Will Support A Stronger Medium Term Outlook

Analysts have lifted their Harmony Gold Mining price target slightly from ZAR385 to ZAR390, reflecting updated assumptions for revenue growth, profit margins and a lower future P/E multiple in their models. What's in the News Ninety One SA (Pty) Ltd increased its minority holding in Harmony Gold Mining Company to 5.2017% of total issued shares, following the completion of an additional stake acquisition on April 20, 2026.
KIO
R300.00
Kumba Iron Ore
7D
-7.5%
1Y
3.3%
Narrative Update • Jun 03

KIO: Future Returns Will Rely On Rail Delivery And Stable Payouts

Analysts have raised their price target for Kumba Iron Ore from ZAR306 to about ZAR314, citing updated assumptions that reflect slightly slower expected revenue declines, a modestly higher projected profit margin, and a small adjustment to the forecast future P/E multiple and discount rate. What's in the News Kumba Iron Ore reported first quarter 2026 production of 8.8 Mt, compared with 9.0 Mt in Q1 2025, with lower output at Kolomela partly offset by higher production at Sishen.
IMP
R200.68
Impala Platinum Holdings
7D
-13.4%
1Y
40.5%
Narrative Update • Jun 02

IMP: Strong Production Volumes And Firm Margins Will Support Future Share Price

Analysts have slightly revised their valuation model for Impala Platinum Holdings, trimming the ZAR fair value estimate from about ZAR529.29 to ZAR522.52. Updated assumptions on revenue growth, profit margins, the discount rate and the future P/E have resulted in a lower price target.
GFI
R605.70
Gold Fields
7D
-5.6%
1Y
38.2%
ACL
R1.33
ArcelorMittal South Africa
7D
2.3%
1Y
22.0%
OMN
R101.50
Omnia Holdings
7D
0.08%
1Y
41.7%
SSW
R42.52
Sibanye Stillwater
7D
-12.9%
1Y
42.3%
Narrative Update • May 28

SSW: Future Returns Will Rely On Executing Higher Margin And P E Assumptions

Analysts have reset their ZAR price expectations for Sibanye Stillwater lower, with a new fair value estimate of about ZAR65.41 compared with roughly ZAR82.53 previously, reflecting updated views on revenue growth, profit margins and a reduced future P/E assumption. What's in the News First quarter 2026 update: SA PGM operations 4E production, excluding third party concentrate, was 2% higher year on year, with AISC of ZAR 24,629/4Eoz (US$1,507/4Eoz) in line with the first quarter of 2025.
SEP
R1.88
Sephaku Holdings
7D
3.3%
1Y
17.5%
ARI
R192.95
African Rainbow Minerals
7D
-8.7%
1Y
11.2%
Narrative Update • May 25

ARI: Higher PGM Prices And Asset Gains Will Support Stronger 1H F2026 Earnings

Analysts have nudged their price target for African Rainbow Minerals slightly higher to ZAR267.20 from ZAR265, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margins and a lower expected future P/E multiple. What's in the News Norges Bank completed the acquisition of a 5.02% stake in African Rainbow Minerals on May 13, 2026, taking a sizeable institutional position in the company (Key Developments).
MRF
R1.33
Merafe Resources
7D
6.4%
1Y
3.9%
YRK
R2.09
York Timber Holdings
7D
7.7%
1Y
10.0%
RNG
R1.19
Randgold & Exploration
7D
15.5%
1Y
48.8%