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South African (JSE) Materials Sector Analysis

UpdatedDec 18, 2025
DataAggregated Company Financials
Companies29
  • 7D5.8%
  • 3M22.2%
  • 1Y115.5%
  • YTD115.4%

Over the last 7 days, the Materials industry has risen 4.2%, driven by gains from Valterra Platinum of 11%. This means that the industry has gained 112% over the past year. Earnings are forecast to grow by 32% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 18 Dec 2025R2.0tR1.1tR63.4b12.4x32.1x1.8x
Sat, 15 Nov 2025R1.8tR1.1tR63.2b12.2x28.7x1.6x
Mon, 13 Oct 2025R1.9tR1.1tR68.5b10.7x27.1x1.7x
Wed, 10 Sep 2025R1.6tR1.1tR69.0b11.3x23.7x1.5x
Fri, 08 Aug 2025R1.5tR1.1t-R17,429,269,565.757.8x-87.2x1.4x
Sun, 06 Jul 2025R1.4tR1.1t-R12,205,971,440.847.7x-112.3x1.2x
Tue, 03 Jun 2025R1.3tR1.1t-R12,086,910,522.677.6x-105.5x1.1x
Thu, 01 May 2025R1.2tR1.1t-R8,858,125,456.397.2x-134.6x1.1x
Sat, 29 Mar 2025R1.2tR1.1t-R7,866,771,541.477.8x-153.8x1.1x
Mon, 24 Feb 2025R1.1tR1.1t-R4,017,619,196.838.8x-266x0.9x
Wed, 22 Jan 2025R1.0tR1.1t-R52,262,044,781.209.6x-19.6x0.9x
Fri, 20 Dec 2024R922.0bR1.1t-R52,324,629,913.879.6x-17.6x0.8x
Sun, 17 Nov 2024R977.8bR1.1t-R56,088,377,195.939.5x-17.4x0.9x
Tue, 15 Oct 2024R1.0tR1.1t-R59,877,304,927.329.8x-17.3x0.9x
Thu, 12 Sep 2024R886.1bR1.1t-R45,095,374,374.9810.5x-19.6x0.8x
Sat, 10 Aug 2024R1.0tR1.2tR12.6b9.4x82.9x0.9x
Mon, 08 Jul 2024R1.1tR1.1tR54.5b9.2x19.7x1x
Wed, 05 Jun 2024R1.1tR1.2tR15.8b8.7x66.4x0.9x
Fri, 03 May 2024R1.1tR1.2tR16.6b8.4x65x0.9x
Sun, 31 Mar 2024R1.1tR1.2tR16.9b8.7x65.6x0.9x
Tue, 27 Feb 2024R1.0tR1.2tR85.5b9.3x11.9x0.8x
Thu, 25 Jan 2024R1.2tR1.2tR106.4b9.7x10.9x0.9x
Sat, 23 Dec 2023R1.3tR1.2tR105.9b9.5x11.9x1x
Mon, 20 Nov 2023R1.1tR1.2tR107.3b8.4x10.5x0.9x
Wed, 18 Oct 2023R1.2tR1.3tR108.9b8.9x10.9x0.9x
Fri, 15 Sep 2023R1.2tR1.3tR111.8b9x11.1x0.9x
Sun, 13 Aug 2023R1.3tR1.4tR186.1b5.3x7.2x1x
Tue, 11 Jul 2023R1.3tR1.4tR215.8b4.5x6.1x0.9x
Thu, 08 Jun 2023R1.6tR1.4tR224.3b5.3x7.2x1.1x
Sat, 06 May 2023R1.7tR1.4tR234.5b5.4x7.1x1.2x
Mon, 03 Apr 2023R1.5tR1.4tR221.0b5.6x6.6x1x
Wed, 01 Mar 2023R1.4tR1.4tR222.0b5.4x6.3x1x
Fri, 27 Jan 2023R1.7tR1.4tR248.6b5.7x6.7x1.2x
Sun, 25 Dec 2022R1.6tR1.4tR247.7b6.4x6.6x1.2x
Price to Earnings Ratio

6.6x


Total Market Cap: R1.6tTotal Earnings: R247.7bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -6.7x202320242025
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 31.3x which is higher than its 3-year average PE of -6.7x.
  • 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 36% per year over the last three years,
  • Revenues have also declined 7.2% 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 Market3.17%
Materials5.78%
Metals and Mining6.17%
Packaging4.00%
Paper and Forestry Products3.14%
Basic Materials2.18%
Chemicals-0.80%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry, which is trading close to its 3-year average PE ratio of 37.1x.
    • Analysts are expecting annual earnings growth of 31.4%, 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 80% 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 7.9% 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 PlatinumR1.38k11.0%
+R36.0b		131.0%PE273.3x
IMP Impala Platinum HoldingsR244.1513.3%
+R25.6b		153.4%PE287.8x
GFI Gold FieldsR742.003.0%
+R19.3b		190.0%PE21.1x
SSW Sibanye StillwaterR57.868.4%
+R12.7b		239.8%PS1.5x
NPH Northam Platinum HoldingsR323.878.7%
+R9.7b		220.7%PE80.6x

Latest News

VAL
R1,376.98
Valterra Platinum
7D
11.0%
1Y
131.0%
NPH
R323.87
Northam Platinum Holdings
7D
8.7%
1Y
220.7%

NPH: Higher Required Returns Will Constrain Future Upside Despite Stronger Margins

Analysts have raised their price target for Northam Platinum Holdings by roughly R8 to R283.06, citing slightly stronger expected revenue growth, improved profit margins, and a modestly lower future price earnings multiple, despite a small uptick in the discount rate. Valuation Changes Fair Value: Raised slightly from ZAR 274.94 to ZAR 283.06 per share, reflecting a modest uplift in the intrinsic valuation.
GFI
R742.00
Gold Fields
7D
3.0%
1Y
190.0%

GFI: Elevated Capex And Project Execution Will Likely Pressure Future Returns

The analyst fair value estimate for Gold Fields has been raised sharply from about $400 to roughly $630, as analysts factor in higher gold price assumptions, stronger projected revenue growth and margins, and medium term upside from the company's growth projects and capital returns program. Analyst Commentary Recent Street research paints a mixed picture for Gold Fields, with a widening range of price targets and ratings that reflect both optimism on gold prices and emerging concerns around execution and capital allocation.
CPR
R0.58
Copper 360
7D
-4.9%
1Y
-73.6%
ACL
R1.16
ArcelorMittal South Africa
7D
-7.2%
1Y
-12.1%
KIO
R340.90
Kumba Iron Ore
7D
1.3%
1Y
4.7%
HAR
R343.56
Harmony Gold Mining
7D
2.3%
1Y
118.4%
SOL
R103.62
Sasol
7D
-1.3%
1Y
19.1%
HLM
R2.25
Hulamin
7D
-2.2%
1Y
-35.7%
SSW
R57.86
Sibanye Stillwater
7D
8.4%
1Y
239.8%

SSW: Future Returns Will Depend On Chrome Deals And Leadership Transition

Analysts have nudged their price target on Sibanye Stillwater higher to approximately $50 from about $47, citing slightly stronger expectations for revenue growth and profit margins, despite a modest uptick in the assumed discount rate and a largely unchanged future earnings multiple. What's in the News Sibanye Stillwater agreed to a USD 215 million commercial settlement with Appian Capital Advisory over the terminated Atlantic Nickel and Mineração Vale Verde acquisition, resolving the dispute ahead of a quantum trial that had been set for November 2025 (Key Developments).
IMP
R244.15
Impala Platinum Holdings
7D
13.3%
1Y
153.4%

IMP: Future Returns Will Reflect Mixed Production Trends And Improving Margins

Analysts have slightly lowered their price target for Impala Platinum Holdings to R227.02 from R227.65, citing a marginally higher discount rate and slightly softer revenue growth expectations, partly offset by an improved profit margin outlook and a near unchanged future P/E assumption. What's in the News Reported first quarter 2025 6E group production of 882,000 oz, down from 928,000 oz in the prior year period, highlighting modest operational pressure (company announcement).
ARI
R190.29
African Rainbow Minerals
7D
2.4%
1Y
24.4%

Is African Rainbow Minerals (JSE:ARI) A Risky Investment?

Dec 02
Is African Rainbow Minerals (JSE:ARI) A Risky Investment?
AFE
R86.95
AECI
7D
-0.2%
1Y
-3.4%
BCF
R13.10
Bowler Metcalf
7D
-6.4%
1Y
-1.1%

Bowler Metcalf Limited (JSE:BCF) Not Lagging Market On Growth Or Pricing

Nov 26
Bowler Metcalf Limited (JSE:BCF) Not Lagging Market On Growth Or Pricing
MRF
R1.02
Merafe Resources
7D
-2.9%
1Y
-26.1%