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South African (JSE) Materials Sector Analysis

UpdatedMar 22, 2026
DataAggregated Company Financials
Companies30
  • 7D-9.2%
  • 3M-11.7%
  • 1Y59.5%
  • YTD-8.8%

Over the last 7 days, the Materials industry has dropped 9.2%, driven by Gold Fields declining 15%. On the other hand Sasol is actually up 11%. This takes the industry's 12 month performance to a gain of 59%. 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
Mon, 23 Mar 2026R1.9tR1.2tR122.8b9.4x15.4x1.6x
Wed, 18 Feb 2026R2.2tR1.1tR66.1b12x32.8x2x
Fri, 16 Jan 2026R2.3tR1.1tR62.8b13.5x36.9x2.1x
Sun, 14 Dec 2025R2.0tR1.1tR63.7b12.4x32x1.8x
Tue, 11 Nov 2025R1.8tR1.1tR63.2b11.9x28.8x1.6x
Thu, 09 Oct 2025R2.0tR1.1tR67.9b10.6x28.8x1.7x
Sat, 06 Sep 2025R1.6tR1.1tR69.1b10.8x23.2x1.4x
Mon, 04 Aug 2025R1.4tR1.1t-R16,913,363,920.367.8x-82.9x1.3x
Wed, 02 Jul 2025R1.3tR1.1t-R11,970,080,437.317.7x-108.7x1.2x
Fri, 30 May 2025R1.2tR1.1t-R12,154,269,612.797.5x-102.1x1.1x
Sun, 27 Apr 2025R1.2tR1.1t-R8,750,540,053.187.2x-133.6x1x
Tue, 25 Mar 2025R1.2tR1.1t-R8,340,980,417.388.3x-138.2x1x
Thu, 20 Feb 2025R1.1tR1.1t-R54,360,416,640.018.4x-19.9x0.9x
Sat, 18 Jan 2025R1.0tR1.1t-R52,085,177,159.709.7x-19.6x0.9x
Mon, 16 Dec 2024R963.7bR1.1t-R52,756,772,813.699.7x-18.3x0.8x
Wed, 13 Nov 2024R993.9bR1.1t-R56,180,886,880.509.5x-17.7x0.9x
Fri, 11 Oct 2024R1.0tR1.1t-R59,795,991,644.329.8x-17.2x0.9x
Sun, 08 Sep 2024R926.9bR1.1t-R45,130,541,001.0910.7x-20.5x0.8x
Tue, 06 Aug 2024R1.1tR1.2tR12.7b8.6x84x0.9x
Thu, 04 Jul 2024R1.1tR1.2tR16.8b9.2x65.8x0.9x
Sat, 01 Jun 2024R1.1tR1.2tR15.9b8.7x69.7x0.9x
Mon, 29 Apr 2024R1.1tR1.2tR16.8b8x66.3x0.9x
Wed, 27 Mar 2024R1.1tR1.2tR16.0b8.7x68.4x0.9x
Fri, 23 Feb 2024R1.0tR1.2tR89.2b9.4x11.5x0.8x
Sun, 21 Jan 2024R1.1tR1.2tR106.5b9.5x10.4x0.9x
Tue, 19 Dec 2023R1.2tR1.2tR106.1b10x11.3x1x
Thu, 16 Nov 2023R1.1tR1.2tR107.1b8.4x10.5x0.9x
Sat, 14 Oct 2023R1.2tR1.3tR109.2b8.8x10.8x0.9x
Mon, 11 Sep 2023R1.2tR1.3tR112.0b8.2x10.6x0.9x
Wed, 09 Aug 2023R1.3tR1.4tR186.1b5.2x7.1x1x
Fri, 07 Jul 2023R1.3tR1.4tR216.2b4.4x6.1x0.9x
Sun, 04 Jun 2023R1.6tR1.4tR230.7b5x7x1.1x
Tue, 02 May 2023R1.6tR1.4tR234.3b5.6x6.8x1.1x
Thu, 30 Mar 2023R1.5tR1.4tR221.5b5.6x6.7x1.1x
Price to Earnings Ratio

6.7x


Total Market Cap: R1.5tTotal Earnings: R221.5bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -4.6x202420252026
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 -4.6x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 18% per year over the last three years,
  • Revenues have also declined 5.5% 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-2.96%
Materials-9.17%
Chemicals9.32%
Basic Materials5.14%
Paper and Forestry Products2.47%
Packaging-1.47%
Metals and Mining-10.83%
Industry PE
  • Investors are most optimistic about the Chemicals industry which is trading above its 3-year average PE ratio of 7.9x.
    • Analysts are expecting annual earnings growth of 52.1%, 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 93% 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
SOL SasolR212.5010.7%
+R13.2b		179.1%PE56.9x
PPC PPCR6.097.4%
+R643.5m		46.7%PE18.1x
AFE AECIR112.524.2%
+R481.2m		12.7%PE31.5x
SAP SappiR17.623.3%
+R338.6m		-57.7%PS0.1x
OMN Omnia HoldingsR90.120.9%
+R128.2m		38.4%PE12.3x

Latest News

GFI
R666.32
Gold Fields
7D
-14.6%
1Y
66.7%

GFI: Mixed Rating Shifts And Dividend Plans Will Shape Execution Risks

Analysts have raised their ZAR price target for Gold Fields by ZAR15, reflecting updated expectations around margins and valuation metrics, while also acknowledging mixed recent research views on the stock. Analyst Commentary Recent research shows a split view on Gold Fields, with some large banks becoming more constructive on the share price while others flag risks around execution and valuation.
KIO
R302.66
Kumba Iron Ore
7D
-4.3%
1Y
-11.7%
NPH
R314.90
Northam Platinum Holdings
7D
-8.9%
1Y
138.6%
SSW
R47.29
Sibanye Stillwater
7D
-11.8%
1Y
145.0%
IMP
R219.83
Impala Platinum Holdings
7D
-8.5%
1Y
76.0%
SOL
R212.50
Sasol
7D
10.7%
1Y
179.1%

SOL: EPS Collapse Guidance Will Undermine Confidence In Future Earnings Sustainability

Analysts have revised their fair value estimate for Sasol from ZAR122.44 to ZAR149.78, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E as the key drivers of the new price target. What's in the News Sasol issued revenue guidance for the six months ended 31 December 2025, including an EPS range of ZAR0.10 to ZAR0.80 per share, compared with prior period EPS of ZAR7.22.
HAR
R233.55
Harmony Gold Mining
7D
-9.1%
1Y
-1.6%

HAR: Higher Earnings Guidance And Dividend Payout Will Support Future Upside

Analysts have trimmed their price target on Harmony Gold Mining from ZAR515 to ZAR500 as they factor in updated assumptions for revenue growth, profit margins, the discount rate, and the expected future P/E multiple. What's in the News Reported gold production of 724,099 oz (22,522 kg) for the six months ended 31 December 2025, compared with 797,854 oz (24,816 kg) a year earlier, reflecting a 9% decline linked to temporary challenges in the second quarter of fiscal 2026 (company announcement of operating results).
VAL
R1,320.00
Valterra Platinum
7D
-9.6%
1Y
82.1%
PPC
R6.09
PPC
7D
7.4%
1Y
46.7%

PPC: Stable Assumptions And Regulatory Overhang Will Shape Future Upside Potential

Analysts have lifted their PPC price target by ZAR2, citing updated assumptions around the discount rate, revenue growth, profit margins and future P/E that are broadly consistent with prior estimates. Analyst Commentary Recent price target revisions for PPC reflect updated inputs on discount rates, revenue assumptions, profit margins and the future P/E that still align with earlier broad expectations.
OMN
R90.12
Omnia Holdings
7D
0.9%
1Y
38.4%
AFT
R36.16
Afrimat
7D
1.3%
1Y
-40.1%
THA
R22.90
Tharisa
7D
-10.4%
1Y
50.7%
ACL
R1.15
ArcelorMittal South Africa
7D
1.8%
1Y
-13.5%
AFE
R112.52
AECI
7D
4.2%
1Y
12.7%
SAP
R17.62
Sappi
7D
3.3%
1Y
-57.7%
BIK
R0.15
Brikor
7D
50.0%
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