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South African (JSE) Materials Sector Analysis

UpdatedJan 07, 2026
DataAggregated Company Financials
Companies29
  • 7D3.9%
  • 3M11.7%
  • 1Y130.5%
  • YTD5.2%

In the last week, the Materials industry is up 3.9%, with Impala Platinum Holdings leading the way, up 8.0%. This means that the industry has gained 130% over the past year. 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
Wed, 07 Jan 2026R2.2tR1.1tR62.8b12.8x34.8x2x
Fri, 05 Dec 2025R1.9tR1.1tR63.4b12.3x29.7x1.7x
Sun, 02 Nov 2025R1.8tR1.1tR68.2b10.9x25.9x1.6x
Tue, 30 Sep 2025R1.9tR1.1tR68.0b10.5x27.9x1.7x
Thu, 28 Aug 2025R1.5tR1.1tR47.9b10.3x31.4x1.3x
Sat, 26 Jul 2025R1.4tR1.1t-R11,968,025,808.057.5x-118.7x1.3x
Mon, 23 Jun 2025R1.3tR1.1t-R11,552,717,344.327.7x-111.6x1.1x
Wed, 21 May 2025R1.2tR1.1t-R11,422,479,306.257.2x-104.5x1.1x
Fri, 18 Apr 2025R1.3tR1.1t-R8,531,340,389.767.6x-151.7x1.1x
Sun, 16 Mar 2025R1.1tR1.1t-R8,438,163,688.178.1x-133.1x1x
Tue, 11 Feb 2025R1.1tR1.1t-R49,734,097,778.578.5x-22.2x1x
Thu, 09 Jan 2025R951.0bR1.1t-R51,963,845,031.409.5x-18.3x0.8x
Sat, 07 Dec 2024R957.2bR1.1t-R52,652,046,502.829.7x-18.2x0.8x
Mon, 04 Nov 2024R1.1tR1.1t-R58,638,025,663.279.6x-18.5x1x
Wed, 02 Oct 2024R1.1tR1.1t-R59,877,239,928.699.9x-17.7x0.9x
Fri, 30 Aug 2024R1.0tR1.1t-R38,191,642,705.4210.5x-26.9x0.9x
Sun, 28 Jul 2024R1.1tR1.2tR12.9b8.9x86x1x
Tue, 25 Jun 2024R1.1tR1.2tR15.5b9x70.2x0.9x
Thu, 23 May 2024R1.2tR1.2tR15.8b8.7x75.6x1x
Sat, 20 Apr 2024R1.2tR1.2tR17.1b8.2x71.2x1x
Mon, 18 Mar 2024R1.0tR1.2tR16.2b8.3x63.9x0.9x
Wed, 14 Feb 2024R1.0tR1.2tR96.7b9.3x10.6x0.8x
Fri, 12 Jan 2024R1.1tR1.2tR106.1b9.6x10.7x0.9x
Sun, 10 Dec 2023R1.1tR1.2tR107.1b9.6x10.7x0.9x
Tue, 07 Nov 2023R1.1tR1.3tR108.4b8.4x10.5x0.9x
Thu, 05 Oct 2023R1.1tR1.3tR109.5b8.5x9.7x0.8x
Sat, 02 Sep 2023R1.2tR1.4tR143.7b7.8x8.5x0.9x
Mon, 31 Jul 2023R1.4tR1.4tR189.7b5.5x7.5x1x
Wed, 28 Jun 2023R1.4tR1.4tR215.2b4.7x6.5x1x
Fri, 26 May 2023R1.6tR1.4tR233.0b5.1x6.7x1.1x
Sun, 23 Apr 2023R1.6tR1.4tR233.9b5.5x6.8x1.1x
Tue, 21 Mar 2023R1.5tR1.4tR220.0b5.6x6.6x1x
Thu, 16 Feb 2023R1.6tR1.4tR246.6b5.8x6.4x1.1x
Sat, 14 Jan 2023R1.8tR1.4tR247.7b6.5x7.1x1.3x
Price to Earnings Ratio

7.1x


Total Market Cap: R1.8tTotal Earnings: R247.7bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -6.2x202420252026
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 34.8x which is higher than its 3-year average PE of -6.2x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 2.0x.
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 Market2.09%
Materials3.90%
Metals and Mining4.04%
Chemicals2.71%
Basic Materials0.58%
Packaging-0.62%
Paper and Forestry Products-0.64%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry, which is trading close to its 3-year average PE ratio of 37.6x.
    • Analysts are expecting annual earnings growth of 35.2%, 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 85% 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 8.3% 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
VAL Valterra PlatinumR1.50k6.5%
+R24.0b		153.3%PE297.9x
IMP Impala Platinum HoldingsR287.729.8%
+R23.1b		188.0%PE339.1x
NPH Northam Platinum HoldingsR367.679.1%
+R11.5b		253.8%PE91.5x
SSW Sibanye StillwaterR64.116.0%
+R10.2b		293.3%PS1.6x
KIO Kumba Iron OreR370.445.5%
+R6.2b		15.6%PE8.1x

Latest News

SOL
R104.14
Sasol
7D
-1.9%
1Y
29.5%

SOL: Bio-Circular Surfactants Will Support A Steady And Balanced Long-Term Outlook

Analysts kept their fair value estimate for Sasol steady at R107, with small tweaks to discount rate, revenue growth and profit margin assumptions supporting the unchanged price target. Valuation Changes Fair Value: Kept unchanged at R107.00 per share, reflecting the updated set of assumptions.
HAR
R336.78
Harmony Gold Mining
7D
-0.09%
1Y
105.0%

HAR: Copper Expansion And Payout Policy Will Support Balanced Medium Term Outlook

Analysts have nudged their price target for Harmony Gold Mining up slightly, with fair value moving from $365.00 to $370.00 as they factor in updated assumptions around the discount rate, long term revenue growth, profit margins, and a future P/E of 12.46x. What's in the News Approved high margin, long life EVA COPPER PRO project after a three year feasibility study and FEED phase using Tier 1 contractors.
IMP
R287.72
Impala Platinum Holdings
7D
9.8%
1Y
188.0%

IMP: Higher Margins And Solid 6E Sales Will Support Share Price Rebound

Analysts kept their price target for Impala Platinum Holdings steady at R310.00, citing small adjustments to the discount rate, expected revenue growth, profit margin assumptions, and a slightly lower future P/E as the reasons for maintaining their view. What's in the News Impala Platinum Holdings reported 6E Group production of 882,000 oz for the first quarter ended 30 September 2025, compared with 928,000 oz in the same quarter a year earlier (company announcement).
SSW
R64.11
Sibanye Stillwater
7D
6.0%
1Y
293.3%

SSW: Future Wage And Settlement Costs Will Pressure Earnings Outlook

Analysts have raised their fair value estimate for Sibanye Stillwater from $19.50 to $38.00, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple that they consider a closer reflection of the company’s outlook. What's in the News Sibanye Stillwater concluded a three year wage agreement at its South African gold operations with AMCU, NUM, UASA, and Solidarity, covering annual wage and benefit adjustments for employees from 1 July 2025 to 30 June 2028 (Key Developments).
VAL
R1,500.82
Valterra Platinum
7D
6.5%
1Y
153.3%
PPC
R5.52
PPC
7D
-1.3%
1Y
13.8%

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
R730.31
Gold Fields
7D
0.6%
1Y
171.1%

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

Dec 27
Gold Fields Limited's (JSE:GFI) Price In Tune With Earnings
NPH
R367.67
Northam Platinum Holdings
7D
9.1%
1Y
253.8%

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.
ACL
R1.20
ArcelorMittal South Africa
7D
-5.5%
1Y
-7.0%
KIO
R370.44
Kumba Iron Ore
7D
5.5%
1Y
15.6%
GML
R1.30
Gemfields Group
7D
-1.5%
1Y
-19.8%

Investors Aren't Entirely Convinced By Gemfields Group Limited's (JSE:GML) Revenues

Dec 13
Investors Aren't Entirely Convinced By Gemfields Group Limited's (JSE:GML) Revenues
MDI
R15.51
Master Drilling Group
7D
-3.1%
1Y
14.9%
ARI
R204.62
African Rainbow Minerals
7D
2.9%
1Y
36.4%

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

Dec 02
Is African Rainbow Minerals (JSE:ARI) A Risky Investment?
AFE
R92.62
AECI
7D
3.7%
1Y
9.0%
MRF
R1.06
Merafe Resources
7D
-2.8%
1Y
-26.4%
MPT
R21.76
Mpact
7D
-3.3%
1Y
-26.4%