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South African (JSE) Materials Sector Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies30
  • 7D-2.1%
  • 3M-10.1%
  • 1Y78.2%
  • YTD3.0%

The Materials is pretty flat in the last 7 days, but Harmony Gold Mining has stood out, gaining 5.5%. As for the the longer term, the industry is up 72% over the past 12 months. As for the next few years, earnings are expected to grow by 21% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026R2.1tR1.2tR122.1b11.3x17.5x1.8x
Fri, 20 Mar 2026R1.9tR1.2tR120.8b9.5x15.9x1.6x
Sun, 15 Feb 2026R2.3tR1.1tR66.0b11.8x34.3x2.1x
Tue, 13 Jan 2026R2.3tR1.1tR62.8b13.3x36x2x
Thu, 11 Dec 2025R1.9tR1.1tR63.9b12.5x30.1x1.7x
Sat, 08 Nov 2025R1.7tR1.1tR68.2b10.8x25.6x1.6x
Mon, 06 Oct 2025R1.9tR1.1tR68.0b10.6x27.8x1.7x
Wed, 03 Sep 2025R1.6tR1.1tR72.2b10.8x21.8x1.4x
Fri, 01 Aug 2025R1.4tR1.1t-R16,967,726,911.427.5x-81.4x1.2x
Sun, 29 Jun 2025R1.3tR1.1t-R11,759,878,319.587.7x-108.9x1.1x
Tue, 27 May 2025R1.3tR1.1t-R11,979,407,654.767.3x-104.4x1.1x
Thu, 24 Apr 2025R1.2tR1.1t-R8,721,591,969.657.2x-137.7x1.1x
Sat, 22 Mar 2025R1.2tR1.1t-R8,358,069,943.408.4x-142.3x1.1x
Mon, 17 Feb 2025R1.1tR1.1t-R49,826,347,205.088.6x-22.1x1x
Wed, 15 Jan 2025R1.0tR1.1t-R51,927,421,894.129.3x-19.3x0.9x
Fri, 13 Dec 2024R985.6bR1.1t-R52,848,574,785.529.8x-18.6x0.9x
Sun, 10 Nov 2024R1.0tR1.1t-R56,575,146,143.699.6x-18.5x0.9x
Tue, 08 Oct 2024R1.0tR1.1t-R59,876,199,950.6510x-17.5x0.9x
Thu, 05 Sep 2024R941.7bR1.1t-R43,050,407,573.7110x-21.9x0.8x
Sat, 03 Aug 2024R1.1tR1.2tR12.5b8.7x86.9x0.9x
Mon, 01 Jul 2024R1.1tR1.2tR16.7b9x63.6x0.9x
Wed, 29 May 2024R1.2tR1.2tR15.5b8.8x74.3x1x
Fri, 26 Apr 2024R1.1tR1.2tR17.0b7.9x64.9x0.9x
Sun, 24 Mar 2024R1.1tR1.2tR16.7b8.2x65.9x0.9x
Tue, 20 Feb 2024R1.0tR1.2tR79.4b9.6x13.2x0.9x
Thu, 18 Jan 2024R1.1tR1.2tR106.5b9.6x10.2x0.9x
Sat, 16 Dec 2023R1.2tR1.2tR106.4b9x11.3x1x
Mon, 13 Nov 2023R1.1tR1.2tR107.7b8.2x9.8x0.8x
Wed, 11 Oct 2023R1.1tR1.3tR109.2b8.7x10.3x0.9x
Fri, 08 Sep 2023R1.2tR1.4tR112.0b8.2x10.6x0.9x
Sun, 06 Aug 2023R1.3tR1.4tR188.1b5.6x7.1x1x
Tue, 04 Jul 2023R1.4tR1.4tR215.7b4.8x6.4x1x
Thu, 01 Jun 2023R1.6tR1.5tR231.2b5x6.8x1.1x
Sat, 29 Apr 2023R1.6tR1.4tR234.3b5.6x6.8x1.1x
Price to Earnings Ratio

6.8x


Total Market Cap: R1.6tTotal Earnings: R234.3bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -4.3x202420252026
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 18.2x which is higher than its 3-year average PE of -4.3x.
  • The 3-year average PS ratio of 1.2x 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 20% per year over the last three years,
  • Revenues have also declined 6.3% 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 Market-0.48%
Materials-2.13%
Packaging0.99%
Paper and Forestry Products-1.25%
Metals and Mining-2.05%
Basic Materials-2.46%
Chemicals-3.26%
Industry PE
  • Investors are most optimistic about the Chemicals industry which is trading above its 3-year average PE ratio of 8.9x.
    • Analysts are expecting annual earnings growth of 47.6%, 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 92% over the next 5 years.
  • This is better than its past earnings growth rate of 29% per year.
  • In contrast, the Basic Materials industry is expected to see its earnings decline by 5.2% 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
HAR Harmony Gold MiningR290.013.1%
+R5.5b		-2.5%PE11.1x
NPH Northam Platinum HoldingsR364.150.5%
+R661.5m		181.1%PE15.6x
AFE AECIR111.611.5%
+R169.9m		14.3%PE31.2x
THA TharisaR26.351.3%
+R103.7m		95.2%PE5.9x
NPK NampakR480.502.2%
+R87.2m		16.2%PE3.7x

Latest News

AFT
R34.21
Afrimat
7D
-6.8%
1Y
-34.4%
HAR
R290.01
Harmony Gold Mining
7D
3.1%
1Y
-2.5%
NPH
R364.15
Northam Platinum Holdings
7D
0.5%
1Y
181.1%

NPH: Higher Required Returns Will Pressure Optimistic Margin And P/E Assumptions

Analysts have raised their price target on Northam Platinum Holdings from ZAR131.11 to ZAR270.00, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples, along with a more positive stance in recent Street research. Analyst Commentary Even with a higher price target framework on Northam Platinum Holdings, not all research has been uniformly positive.
GFI
R764.11
Gold Fields
7D
-3.5%
1Y
85.2%

GFI: Rich Payouts And Higher Costs Will Pressure Future Returns

Analysts have lifted the fair value estimate for Gold Fields to ZAR700 from ZAR680, reflecting updated views on revenue growth, profit margins and an adjusted future P/E multiple, informed by recent changes to Street price targets and ratings. Analyst Commentary Recent Street commentary on Gold Fields has been mixed, with several research houses updating price targets and ratings in quick succession.
VAL
R1,497.91
Valterra Platinum
7D
-3.9%
1Y
135.9%
SOL
R205.94
Sasol
7D
-4.0%
1Y
210.6%

SOL: Higher Margins And Weaker Near Term EPS Will Shape Future Rerating

Analysts have lifted their price target on Sasol from ZAR175.84 to ZAR222.00, citing updated assumptions that include a lower discount rate, a changed revenue growth outlook, higher expected profit margins and a revised future P/E multiple. What's in the News Sasol issued revenue guidance for the six months ended 31 December 2025, focusing on expected earnings per share for the period.
IMP
R254.62
Impala Platinum Holdings
7D
-0.5%
1Y
111.7%

IMP: Future Returns Will Reflect Stronger Earnings Guidance And Recent Broker Upgrades

Analysts have trimmed their 12 month price target for Impala Platinum Holdings to about ZAR355 from roughly ZAR372, as higher discount rate assumptions offset slightly stronger views on revenue growth, profit margins and the future P/E multiple, with recent research upgrades cited as support for the updated outlook. Analyst Commentary Recent research has shifted more positively, with price target revisions and upgrades reflecting a mix of confidence in the business and caution around execution risks.
SSW
R53.60
Sibanye Stillwater
7D
-2.4%
1Y
138.2%

SSW: Recent Bank Upgrades And Margin Delivery May Support Repricing

Analysts have reduced their ZAR fair value estimate for Sibanye Stillwater from ZAR103.00 to ZAR100.00, citing slightly higher discount rate assumptions, a modestly lower revenue growth outlook, and a lower future P/E multiple, partly offset by a small improvement in projected profit margins. Analyst Commentary Recent research updates on Sibanye Stillwater point to a more constructive tone from several bullish analysts, with a focus on valuation support and execution on key priorities.
ARI
R233.00
African Rainbow Minerals
7D
-2.2%
1Y
45.5%

ARI: Earnings Guidance And PGM Pricing Will Shape A Balanced Outlook

Analysts have lifted their fair value estimate for African Rainbow Minerals from ZAR252 to ZAR263, citing updated assumptions for discount rates, profit margins, and a slightly higher future P/E multiple. What's in the News African Rainbow Minerals issued earnings guidance for the six months ending 31 December 2025, covering 1H F2026 (Key Developments).
KIO
R322.41
Kumba Iron Ore
7D
-0.8%
1Y
0.2%

KIO: Future Returns Will Rely On Dividends And Rail Capacity Delivery

Analysts have trimmed their price target for Kumba Iron Ore slightly, with fair value moving from about ZAR313.14 to around ZAR310.29 as they factor in updated assumptions for the discount rate, revenue growth, profit margin and future P/E. What's in the News Kumba Iron Ore approved a gross final cash dividend of ZAR15.43 per share for the year ended 31 December 2025, with a net dividend of ZAR12.34 per share after 20% withholding tax for non exempt shareholders, payable on 16 March 2026 (Key Developments).
MRF
R1.17
Merafe Resources
7D
2.6%
1Y
1.7%
YRK
R1.90
York Timber Holdings
7D
2.7%
1Y
-9.5%
AFE
R111.61
AECI
7D
1.5%
1Y
14.3%
THA
R26.35
Tharisa
7D
1.3%
1Y
95.2%
BCF
R13.90
Bowler Metcalf
7D
3.7%
1Y
11.0%
NPK
R480.50
Nampak
7D
2.2%
1Y
16.2%