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South African (JSE) Materials Sector Analysis

UpdatedMar 07, 2026
DataAggregated Company Financials
Companies29
  • 7D-13.9%
  • 3M13.1%
  • 1Y96.1%
  • YTD6.4%

Over the last 7 days, the Materials industry has dropped 8.2%, driven by a pullback from Gold Fields of 14%. Over the past 12 months, the industry was up 96%. Earnings are forecast to grow by 23% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Mar 2026R2.2tR1.2tR118.0b12.1x18.7x1.9x
Mon, 02 Feb 2026R2.3tR1.1tR62.4b13.6x37.6x2.1x
Wed, 31 Dec 2025R2.1tR1.1tR63.2b12.7x33.3x1.9x
Fri, 28 Nov 2025R1.9tR1.1tR63.3b12.5x29.4x1.7x
Sun, 26 Oct 2025R1.8tR1.1tR68.0b10.9x26.6x1.6x
Tue, 23 Sep 2025R1.8tR1.1tR68.6b10.5x25.9x1.6x
Thu, 21 Aug 2025R1.5tR1.1t-R19,481,029,416.339.7x-74.6x1.3x
Sat, 19 Jul 2025R1.4tR1.1t-R12,045,975,950.077.4x-117.3x1.3x
Mon, 16 Jun 2025R1.3tR1.1t-R11,665,671,568.297.5x-113.8x1.2x
Wed, 14 May 2025R1.1tR1.1t-R10,232,034,485.377.2x-110x1x
Fri, 11 Apr 2025R1.2tR1.1t-R6,232,708,893.807.7x-195.9x1.1x
Sun, 09 Mar 2025R1.1tR1.1t-R7,605,862,223.138.4x-148.3x1x
Tue, 04 Feb 2025R1.1tR1.1t-R52,024,550,260.229.2x-21x1x
Thu, 02 Jan 2025R908.2bR1.1t-R51,988,518,769.579.6x-17.5x0.8x
Sat, 30 Nov 2024R964.9bR1.1t-R55,845,343,068.5210x-17.3x0.8x
Mon, 28 Oct 2024R1.1tR1.1t-R58,620,671,029.729.5x-19.5x1x
Wed, 25 Sep 2024R1.0tR1.1t-R60,339,196,916.1110.8x-17x0.9x
Fri, 23 Aug 2024R1.1tR1.2t-R36,880,632,164.789x-29x0.9x
Sun, 21 Jul 2024R1.1tR1.2tR16.8b8.8x65x0.9x
Tue, 18 Jun 2024R993.0bR1.2tR15.5b8.7x64x0.8x
Thu, 16 May 2024R1.2tR1.2tR15.7b8.6x75.7x1x
Sat, 13 Apr 2024R1.3tR1.2tR16.9b8.6x76.3x1.1x
Mon, 11 Mar 2024R1.1tR1.2tR16.2b8.5x67.1x0.9x
Wed, 07 Feb 2024R1.1tR1.2tR105.6b9.8x10.4x0.9x
Fri, 05 Jan 2024R1.2tR1.2tR106.2b9.6x11.1x0.9x
Sun, 03 Dec 2023R1.2tR1.2tR108.0b9.2x11x1x
Tue, 31 Oct 2023R1.1tR1.3tR109.0b8.3x10x0.9x
Thu, 28 Sep 2023R1.2tR1.3tR111.4b9x11.1x0.9x
Sat, 26 Aug 2023R1.2tR1.4tR152.7b5.9x8.1x0.9x
Mon, 24 Jul 2023R1.4tR1.4tR214.5b5x6.6x1x
Wed, 21 Jun 2023R1.5tR1.4tR223.1b4.9x6.7x1x
Fri, 19 May 2023R1.6tR1.4tR234.0b5x6.8x1.1x
Sun, 16 Apr 2023R1.6tR1.4tR221.7b5.4x7.1x1.1x
Tue, 14 Mar 2023R1.5tR1.4tR220.0b5.5x6.7x1x
Price to Earnings Ratio

6.7x


Total Market Cap: R1.5tTotal Earnings: R220.0bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -4.8x202420252026
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 18.7x which is higher than its 3-year average PE of -4.8x.
  • The 3-year average PS ratio of 1.1x 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 19% per year over the last three years,
  • Revenues have also declined 5.9% 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-8.99%
Materials-13.94%
Chemicals2.81%
Packaging-1.34%
Paper and Forestry Products-6.74%
Basic Materials-9.57%
Metals and Mining-14.88%
Industry PE
  • Investors are most optimistic about the Chemicals industry which is trading above its 3-year average PE ratio of 7.5x.
    • Analysts are expecting annual earnings growth of 52.6%, 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 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 5.4% 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 SasolR151.033.9%
+R3.7b		93.3%PE40.4x
ACL ArcelorMittal South AfricaR1.182.6%
+R42.9m		3.5%PS0.05x
YRK York Timber HoldingsR2.152.4%
+R23.2m		-2.3%PE3.2x
AFE AECIR109.800.09%
+R10.6m		13.9%PE30.7x
RNG Randgold & ExplorationR1.011.0%
+R715.9k		34.7%PB1.6x

Latest News

SOL
R151.03
Sasol
7D
3.9%
1Y
93.3%
GFI
R798.79
Gold Fields
7D
-14.0%
1Y
117.5%

GFI: Execution And Cost Risks Will Likely Restrain Elevated Expectations

The analyst fair value estimate for Gold Fields has been adjusted from ZAR630.00 to ZAR680.00, with analysts pointing to higher price targets from recent Street research and updated expectations for margins and risk as key drivers of the change. Analyst Commentary Recent Street research around Gold Fields has been mixed, with some higher price targets being balanced by more cautious views on execution and valuation risk.
ACL
R1.18
ArcelorMittal South Africa
7D
2.6%
1Y
3.5%
NPH
R387.82
Northam Platinum Holdings
7D
-10.5%
1Y
209.2%
HAR
R318.11
Harmony Gold Mining
7D
-11.3%
1Y
49.0%

HAR: Higher Margin Outlook And Copper Project Will Shape Balanced Future Returns

Analysts have raised their ZAR fair value estimate for Harmony Gold Mining from about ZAR270 to ZAR330, citing updated assumptions that include higher revenue growth, a wider profit margin, and a lower future P/E multiple applied to the shares. What's in the News Thiess has entered an alliance agreement with Harmony Gold Mining for multiple work packages at the greenfield Eva Copper Mine Project in Cloncurry, North West Queensland, Australia.
ARI
R214.25
African Rainbow Minerals
7D
-14.1%
1Y
41.9%
IMP
R267.00
Impala Platinum Holdings
7D
-24.5%
1Y
127.2%

IMP: Future Returns Will Reflect Upgraded Earnings Outlook And Execution Risks

The analyst price target for Impala Platinum Holdings has increased from ZAR227.02 to ZAR372.02. Analysts cite updated assumptions on revenue growth, profit margins and future P/E, along with recent upgrades from major banks, as the key drivers of this change.
SSW
R57.65
Sibanye Stillwater
7D
-17.6%
1Y
234.6%

SSW: Future Returns Will Depend On Executing Higher Margin And P E Assumptions

Sibanye Stillwater's analyst fair value estimate has been revised from about ZAR50.07 to around ZAR82.53, with analysts pointing to updated assumptions on discount rates, profit margins and future P/E multiples following recent research from major banks. Analyst Commentary Recent Street research has focused on how updated assumptions for Sibanye Stillwater feed into valuation, especially around discount rates, profit margins and future P/E multiples.
VAL
R1,590.00
Valterra Platinum
7D
-14.7%
1Y
130.8%
AFE
R109.80
AECI
7D
0.09%
1Y
13.9%
RNG
R1.01
Randgold & Exploration
7D
1.0%
1Y
34.7%
KIO
R343.75
Kumba Iron Ore
7D
-6.5%
1Y
-3.2%
YRK
R2.15
York Timber Holdings
7D
2.4%
1Y
-2.3%