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South African (JSE) Materials Sector Analysis

UpdatedDec 22, 2025
DataAggregated Company Financials
Companies29
  • 7D2.1%
  • 3M11.3%
  • 1Y121.3%
  • YTD115.9%

The Materials industry is up 2.1% in the last week, with Valterra Platinum up 5.1%. This means that the industry has gained 121% over the past year. Earnings are forecast to grow by 34% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Sun, 05 Mar 2023R1.4tR1.4tR220.3b5.5x6.5x1x
Tue, 31 Jan 2023R1.7tR1.4tR248.9b5.8x6.7x1.2x
Thu, 29 Dec 2022R1.7tR1.4tR248.0b6.5x6.7x1.2x
Price to Earnings Ratio

6.7x


Total Market Cap: R1.7tTotal Earnings: R248.0bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -6.6x202320242025
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 32.1x which is higher than its 3-year average PE of -6.6x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.8x.
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 Market1.74%
Materials2.07%
Paper and Forestry Products3.42%
Metals and Mining2.16%
Packaging0.57%
Basic Materials0.47%
Chemicals0.44%
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 34.2%, 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 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 7.8% 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 FieldsR784.626.0%
+R39.9b		216.8%PE22.3x
IMP Impala Platinum HoldingsR265.2516.0%
+R32.9b		184.3%PE312.7x
VAL Valterra PlatinumR1.44k8.8%
+R30.6b		149.3%PE285.3x
SSW Sibanye StillwaterR63.4512.6%
+R20.1b		288.8%PS1.6x
HAR Harmony Gold MiningR361.076.2%
+R13.1b		134.4%PE15.6x

Latest News

SSW
R63.45
Sibanye Stillwater
7D
12.6%
1Y
288.8%

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.
BIK
R0.12
Brikor
7D
-14.3%
1Y
-14.3%

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
SOL
R101.16
Sasol
7D
-1.5%
1Y
21.6%

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

Analysts have raised their price target on Sasol from approximately $70 to $107 per share, citing a higher assumed future earnings multiple that more than offsets adjusted expectations for revenue growth and profit margins. What's in the News Sasol International Chemicals has launched LIVINEX IO 7, a patent-pending bio-circular surfactant derived from insect oils, positioned as a first of its kind in fabric, home care, industrial and institutional cleaning markets (Key Developments).
HLM
R2.17
Hulamin
7D
-5.7%
1Y
-36.7%

Does Hulamin (JSE:HLM) Have A Healthy Balance Sheet?

Dec 19
Does Hulamin (JSE:HLM) Have A Healthy Balance Sheet?
IMP
R265.25
Impala Platinum Holdings
7D
16.0%
1Y
184.3%

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
R361.07
Harmony Gold Mining
7D
6.2%
1Y
134.4%

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
R1,437.69
Valterra Platinum
7D
8.8%
1Y
149.3%
NPH
R343.24
Northam Platinum Holdings
7D
10.0%
1Y
250.2%

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
R784.62
Gold Fields
7D
6.0%
1Y
216.8%

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.
KIO
R344.17
Kumba Iron Ore
7D
3.2%
1Y
6.9%
AFT
R39.38
Afrimat
7D
-1.5%
1Y
-43.6%
ARI
R196.50
African Rainbow Minerals
7D
5.3%
1Y
29.8%

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

Dec 02
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