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South African (JSE) Materials Sector Analysis

UpdatedApr 13, 2026
DataAggregated Company Financials
Companies30
  • 7D1.7%
  • 3M-4.0%
  • 1Y71.4%
  • YTD4.6%

In the last week, the Materials industry is up 1.7%, with Valterra Platinum up 4.8%. In the last 12 months, the industry was up 71%. As for the next few years, earnings are expected to grow by 20% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 13 Apr 2026R2.2tR1.2tR121.6b11.4x17.9x1.8x
Wed, 11 Mar 2026R2.3tR1.2tR118.7b13.1x19.3x2x
Fri, 06 Feb 2026R2.2tR1.1tR60.8b11.8x36.3x2x
Sun, 04 Jan 2026R2.1tR1.1tR63.0b12.5x32.9x1.9x
Tue, 02 Dec 2025R2.0tR1.1tR63.1b12.7x31.2x1.8x
Thu, 30 Oct 2025R1.8tR1.1tR68.0b11.1x26.1x1.6x
Sat, 27 Sep 2025R1.9tR1.1tR68.1b10.6x27.6x1.7x
Mon, 25 Aug 2025R1.5tR1.1t-R8,665,699,322.6710x-172.4x1.3x
Wed, 23 Jul 2025R1.5tR1.1t-R12,240,851,305.127.6x-121.1x1.3x
Fri, 20 Jun 2025R1.3tR1.1t-R11,508,500,358.027.7x-114.6x1.2x
Sun, 18 May 2025R1.1tR1.1t-R11,226,641,238.487.2x-99.5x1x
Tue, 15 Apr 2025R1.3tR1.1t-R8,502,989,173.947.6x-148.4x1.1x
Thu, 13 Mar 2025R1.1tR1.1t-R8,215,533,771.878x-134.6x1x
Sat, 08 Feb 2025R1.1tR1.1t-R49,768,960,619.168.4x-21.8x0.9x
Mon, 06 Jan 2025R938.6bR1.1t-R52,066,926,426.399.4x-18x0.8x
Wed, 04 Dec 2024R984.0bR1.1t-R52,588,673,811.069.8x-18.7x0.9x
Fri, 01 Nov 2024R1.1tR1.1t-R58,657,395,254.269.7x-19.1x1x
Sun, 29 Sep 2024R1.1tR1.1t-R60,533,748,958.0510.8x-17.4x0.9x
Tue, 27 Aug 2024R1.0tR1.1t-R38,019,156,582.878.9x-27.5x0.9x
Thu, 25 Jul 2024R1.1tR1.2tR12.9b8.6x86.7x1x
Sat, 22 Jun 2024R1.1tR1.2tR15.3b9x69.3x0.9x
Mon, 20 May 2024R1.2tR1.2tR15.7b8.6x76.6x1x
Wed, 17 Apr 2024R1.2tR1.2tR17.0b8.2x73.2x1x
Fri, 15 Mar 2024R1.1tR1.2tR16.2b8.3x65.4x0.9x
Sun, 11 Feb 2024R1.0tR1.2tR96.7b9.3x10.6x0.8x
Tue, 09 Jan 2024R1.2tR1.2tR106.1b9.6x10.9x0.9x
Thu, 07 Dec 2023R1.1tR1.2tR108.2b9.4x10.6x0.9x
Sat, 04 Nov 2023R1.1tR1.3tR108.3b8.4x10.2x0.9x
Mon, 02 Oct 2023R1.1tR1.3tR109.1b8.6x10.1x0.9x
Wed, 30 Aug 2023R1.3tR1.4tR142.5b6.8x8.8x0.9x
Fri, 28 Jul 2023R1.4tR1.4tR192.9b5x7.4x1x
Sun, 25 Jun 2023R1.4tR1.4tR215.1b4.7x6.5x1x
Tue, 23 May 2023R1.6tR1.4tR233.0b5x6.9x1.1x
Thu, 20 Apr 2023R1.6tR1.4tR221.8b5.5x7.3x1.1x
Price to Earnings Ratio

7.3x


Total Market Cap: R1.6tTotal Earnings: R221.8bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -4.4x202420252026
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 17.9x which is higher than its 3-year average PE of -4.4x.
  • 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 18% per year over the last three years,
  • Revenues have also declined 5.8% 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 Market2.44%
Materials1.66%
Basic Materials2.07%
Metals and Mining1.88%
Chemicals-0.71%
Packaging-0.80%
Paper and Forestry Products-1.15%
Industry PE
  • Investors are most optimistic about the Chemicals industry which is trading above its 3-year average PE ratio of 8.6x.
    • 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 93% 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 5.4% 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
VAL Valterra PlatinumR1.52k4.0%
+R15.3b		113.5%PE25.8x
IMP Impala Platinum HoldingsR251.212.4%
+R5.3b		110.8%PE27.5x
SOL SasolR214.633.1%
+R4.2b		224.2%PE57.5x
GFI Gold FieldsR804.800.5%
+R3.8b		79.6%PE12.2x
SSW Sibanye StillwaterR53.492.5%
+R3.6b		159.2%PS1.2x

Latest News

ARI
R242.02
African Rainbow Minerals
7D
-0.5%
1Y
46.3%

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).
GML
R0.96
Gemfields Group
7D
-12.7%
1Y
-12.7%
IMP
R251.21
Impala Platinum Holdings
7D
2.4%
1Y
110.8%
KIO
R318.00
Kumba Iron Ore
7D
-2.4%
1Y
3.2%

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).
SSW
R53.49
Sibanye Stillwater
7D
2.5%
1Y
159.2%
SOL
R214.63
Sasol
7D
3.1%
1Y
224.2%
VAL
R1,518.20
Valterra Platinum
7D
4.0%
1Y
113.5%

VAL: Dividend Windfall And Higher EPS Will Support Future Returns

Analysts have revised their ZAR price target on Valterra Platinum to ZAR2,160, reflecting updated views on revenue growth, profit margins and the appropriate P/E multiple following recent Street research. Analyst Commentary Bullish analysts point to the revised ZAR2,160 price target as a key marker of confidence in Valterra Platinum's ability to align revenue trends, profit margins and its P/E multiple with updated Street expectations.
GFI
R804.80
Gold Fields
7D
0.5%
1Y
79.6%

Additional Considerations Required While Assessing Gold Fields' (JSE:GFI) Strong Earnings

Apr 07
Additional Considerations Required While Assessing Gold Fields' (JSE:GFI) Strong Earnings
NPH
R353.76
Northam Platinum Holdings
7D
1.6%
1Y
161.9%

NPH: Higher Discount Rate And Strong Output Will Support Bullish Repricing

Analysts have kept their ZAR 490.00 price target for Northam Platinum Holdings unchanged, while adjusting key inputs such as a higher discount rate, lower revenue growth and profit margin assumptions, and a higher future P/E. These changes reflect updated research that incorporates a more constructive stance from recent Street commentary.
MDI
R16.11
Master Drilling Group
7D
-9.0%
1Y
22.4%

Is Now The Time To Put Master Drilling Group (JSE:MDI) On Your Watchlist?

Apr 03
Is Now The Time To Put Master Drilling Group (JSE:MDI) On Your Watchlist?
MPT
R21.38
Mpact
7D
-3.0%
1Y
-20.1%
HAR
R270.91
Harmony Gold Mining
7D
-0.8%
1Y
-16.4%

HAR: Earnings Guidance And Dividend Payout Will Support Future Upside

Analysts have raised their ZAR price target for Harmony Gold Mining to ZAR500, citing slightly firmer long term revenue growth, profit margins, and a lower projected future P/E multiple that together support maintaining this fair value level. 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, with a 9% decline linked to temporary challenges in the second quarter of fiscal 2026 (Key Developments).
YRK
R1.81
York Timber Holdings
7D
-6.7%
1Y
-15.0%
AFE
R109.07
AECI
7D
-3.5%
1Y
13.4%
SAP
R17.50
Sappi
7D
2.7%
1Y
-50.5%
NPK
R489.98
Nampak
7D
5.4%
1Y
25.0%