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South African (JSE) Materials Sector Analysis

UpdatedFeb 11, 2026
DataAggregated Company Financials
Companies29
  • 7D0.1%
  • 3M22.7%
  • 1Y107.6%
  • YTD9.9%

Last week, the Materials industry hasn't moved much but Gold Fields is up 5.7% in that time. As for the the longer term, the industry is up 108% over the past 12 months. As for the next few years, earnings are expected to grow by 33% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 12 Feb 2026R2.3tR1.1tR66.0b11.8x34.5x2.1x
Sat, 10 Jan 2026R2.1tR1.1tR63.0b12.9x33.9x1.9x
Mon, 08 Dec 2025R2.0tR1.1tR63.3b12.5x30.8x1.8x
Wed, 05 Nov 2025R1.7tR1.1tR68.5b10.7x24.4x1.5x
Fri, 03 Oct 2025R1.9tR1.1tR68.2b10.5x27.4x1.7x
Sun, 31 Aug 2025R1.5tR1.1tR73.2b10.4x20.4x1.3x
Tue, 29 Jul 2025R1.4tR1.1t-R11,769,761,316.387.4x-120.7x1.3x
Thu, 26 Jun 2025R1.3tR1.1t-R11,902,645,699.267.7x-107.7x1.1x
Sat, 24 May 2025R1.3tR1.1t-R12,033,775,054.547.2x-106.1x1.1x
Mon, 21 Apr 2025R1.3tR1.1t-R8,498,214,232.337.6x-152.4x1.1x
Wed, 19 Mar 2025R1.2tR1.1t-R8,482,202,046.078.3x-136.6x1x
Fri, 14 Feb 2025R1.1tR1.1t-R49,698,157,715.388.6x-21.9x1x
Sun, 12 Jan 2025R1.0tR1.1t-R51,792,147,145.529.6x-19.5x0.9x
Tue, 10 Dec 2024R989.5bR1.1t-R52,843,718,367.2110.1x-18.7x0.9x
Thu, 07 Nov 2024R1.1tR1.1t-R58,661,490,167.799.5x-17.9x0.9x
Sat, 05 Oct 2024R1.1tR1.1t-R59,822,641,081.599.8x-17.8x0.9x
Mon, 02 Sep 2024R985.1bR1.1t-R43,076,637,763.1610.1x-22.9x0.9x
Wed, 31 Jul 2024R1.1tR1.2tR12.9b8.8x85.2x0.9x
Fri, 28 Jun 2024R1.1tR1.2tR15.6b9x68.5x0.9x
Sun, 26 May 2024R1.2tR1.2tR15.6b8.8x75.1x1x
Tue, 23 Apr 2024R1.2tR1.2tR17.0b8.4x71.2x1x
Thu, 21 Mar 2024R1.1tR1.2tR16.4b8.3x64.1x0.9x
Sat, 17 Feb 2024R1.0tR1.2tR96.5b9x10.9x0.9x
Mon, 15 Jan 2024R1.2tR1.2tR106.1b9.6x11x0.9x
Wed, 13 Dec 2023R1.1tR1.2tR107.2b9.6x10.5x0.9x
Fri, 10 Nov 2023R1.1tR1.3tR108.7b8.3x10.1x0.9x
Sun, 08 Oct 2023R1.0tR1.3tR109.5b8.5x9.5x0.8x
Tue, 05 Sep 2023R1.2tR1.3tR112.0b7.9x10.9x0.9x
Thu, 03 Aug 2023R1.3tR1.4tR191.2b5.4x7x1x
Sat, 01 Jul 2023R1.4tR1.4tR215.8b4.7x6.3x1x
Mon, 29 May 2023R1.6tR1.4tR231.0b4.9x6.7x1.1x
Wed, 26 Apr 2023R1.6tR1.4tR234.4b5.4x6.8x1.1x
Fri, 24 Mar 2023R1.5tR1.4tR219.2b5.6x6.7x1x
Sun, 19 Feb 2023R1.5tR1.4tR246.8b5.8x6.1x1.1x
Price to Earnings Ratio

6.1x


Total Market Cap: R1.5tTotal Earnings: R246.8bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -5.2x202420252026
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 34.5x which is higher than its 3-year average PE of -5.2x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 2.1x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 36% per year over the last three years,
  • Revenues have also declined 8.9% 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-0.10%
Materials0.12%
Chemicals2.58%
Metals and Mining0.056%
Packaging-1.33%
Basic Materials-2.64%
Paper and Forestry Products-2.85%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry, which is trading close to its 3-year average PE ratio of 38.6x.
    • Analysts are expecting annual earnings growth of 32.3%, 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 84% 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 7.7% 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 FieldsR896.325.0%
+R38.3b		154.9%PE26.8x
KIO Kumba Iron OreR388.663.4%
+R4.1b		11.9%PE8.5x
SOL SasolR117.952.8%
+R2.1b		37.7%PE11.2x
AFE AECIR97.651.8%
+R184.7m		17.6%PE25.1x
ACL ArcelorMittal South AfricaR1.367.9%
+R143.1m		47.8%PS0.06x

Latest News

PPC
R6.21
PPC
7D
0.6%
1Y
45.4%

PPC: Tariff Relief And Stable Assumptions Will Shape Balanced Outlook

Analysts have trimmed their price expectations for PPC, reflecting a slightly lower assumed discount rate and a modestly reduced future P/E multiple as they reassess the risk profile around similar fair value assumptions. What's in the News President Donald Trump is expected to sign an order reducing tariffs on beef, tomatoes, coffee and bananas, targeting lower grocery costs for consumers (Bloomberg).
SAP
R17.35
Sappi
7D
-10.6%
1Y
-59.8%
IMP
R293.50
Impala Platinum Holdings
7D
-5.3%
1Y
186.0%
VAL
R1,475.86
Valterra Platinum
7D
-0.6%
1Y
126.5%

VAL: Higher Earnings Guidance Will Support Stronger Future Profitability

Analysts have raised their price target for Valterra Platinum from $1,050 to $2,160, citing updated assumptions regarding fair value, discount rate, revenue growth, profit margin, and future P/E expectations. What's in the News Reported fourth quarter 2025 total mining and concentrating PGM production of 880,200 ounces compared with 875,700 ounces in the prior year quarter, with total refined production of 1,296,700 ounces compared with 1,210,700 ounces (company announcement of operating results).
NPH
R377.50
Northam Platinum Holdings
7D
-3.8%
1Y
215.8%

NPH: Higher Margin Outlook Will Support Repriced Bullish Thesis

Analysts have raised their fair value estimate for Northam Platinum Holdings from R230.00 to R490.00, citing updated assumptions on revenue growth, profit margin, and future P/E following recent bullish research updates. Analyst Commentary Recent bullish research updates have pushed Northam Platinum Holdings further onto the radar of investors who focus on valuation reset stories.
SOL
R117.95
Sasol
7D
2.8%
1Y
37.7%
ACL
R1.36
ArcelorMittal South Africa
7D
7.9%
1Y
47.8%
GFI
R896.32
Gold Fields
7D
5.0%
1Y
154.9%

GFI: Higher Gold Price Framework And Capital Returns Will Support Re Rating

Analysts have nudged their price targets on Gold Fields higher, with recent changes such as Citi moving to $57 from $50 and Scotiabank adding $14. These adjustments reflect updated views on gold price assumptions, reinvestment plans and capital returns.
ARI
R232.48
African Rainbow Minerals
7D
-5.2%
1Y
40.0%

Long Life Ferrous Assets And Copper Expansion Will Reshape This Miner’s Future Profile

Catalysts About African Rainbow Minerals African Rainbow Minerals is a diversified mining group with operations in iron ore, manganese, PGMs, coal and base metals, alongside equity interests in other mining companies. What are the underlying business or industry changes driving this perspective?
HAR
R339.64
Harmony Gold Mining
7D
-2.1%
1Y
55.5%

HAR: Eva Copper Project Approval Will Underpin A More Optimistic Outlook

Analysts have adjusted their fair value estimate for Harmony Gold Mining from $320 to $515, citing updated assumptions for revenue growth, profit margins, and future P/E levels as key drivers of the new price target. What's in the News Harmony Gold Mining approved the high margin, long life Eva Copper Project after completing a three year feasibility study update and FEED phase with Tier 1 contractors.
MDI
R18.68
Master Drilling Group
7D
3.1%
1Y
36.4%

Returns At Master Drilling Group (JSE:MDI) Are On The Way Up

Feb 03
Returns At Master Drilling Group (JSE:MDI) Are On The Way Up
SSW
R68.99
Sibanye Stillwater
7D
-2.6%
1Y
277.4%

SSW: Recent Bank Upgrades And Project Progress Will Support Repricing

Analysts have roughly doubled their price target for Sibanye Stillwater to US$103.00 from US$50.00, citing updated assumptions for faster revenue growth, higher profit margins, and a lower future P/E multiple following recent upgrades from major banks. Analyst Commentary Recent upgrades from major banks have reinforced the view that Sibanye Stillwater could offer investors a more attractive balance between growth potential and valuation than previously assumed.
KIO
R388.66
Kumba Iron Ore
7D
3.4%
1Y
11.9%

Kumba Iron Ore's (JSE:KIO) Returns On Capital Not Reflecting Well On The Business

Jan 22
Kumba Iron Ore's (JSE:KIO) Returns On Capital Not Reflecting Well On The Business
AFT
R41.83
Afrimat
7D
-6.7%
1Y
-32.9%
YRK
R2.38
York Timber Holdings
7D
5.3%
1Y
3.5%
AFE
R97.65
AECI
7D
1.8%
1Y
17.6%