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South African (JSE) Materials Sector Analysis

UpdatedFeb 18, 2026
DataAggregated Company Financials
Companies29
  • 7D-4.7%
  • 3M18.1%
  • 1Y101.3%
  • YTD4.7%

Over the last 7 days, the Materials industry has dropped 4.7%, driven by a pullback from Gold Fields of 7.1%. Meanwhile, Sasol actually outperformed within the industry, gaining 10.0% in the last week. In the past year, the industry has gained 101%. Looking forward, earnings are forecast to grow by 33% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Sat, 25 Feb 2023R1.4tR1.4tR222.2b5.7x6.4x1x
Price to Earnings Ratio

6.4x


Total Market Cap: R1.4tTotal Earnings: R222.2bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -5.1x202420252026
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 32.8x which is higher than its 3-year average PE of -5.1x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 2.0x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 33% 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-0.88%
Materials-4.71%
Chemicals8.62%
Packaging-0.64%
Basic Materials-3.17%
Metals and Mining-5.32%
Paper and Forestry Products-7.84%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry even though it's trading below its 3-year average PE ratio of 38.8x.
    • Analysts are expecting annual earnings growth of 32.4%, 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 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 7.8% 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 SasolR123.0110.0%
+R7.2b		53.6%PE11.7x
AFE AECIR105.778.6%
+R883.2m		26.9%PE27.2x
OMN Omnia HoldingsR87.701.5%
+R204.8m		34.9%PE12x
GML Gemfields GroupR1.247.8%
+R155.2m		-3.9%PS0.9x
ACL ArcelorMittal South AfricaR1.446.7%
+R128.8m		65.5%PS0.06x

Latest News

SOL
R123.01
Sasol
7D
10.0%
1Y
53.6%
IMP
R268.42
Impala Platinum Holdings
7D
-5.4%
1Y
170.8%

IMP: Broker Upgrades Will Likely Prove Vulnerable To Execution Risks

Analysts have raised their ZAR price target on Impala Platinum Holdings to ZAR246.17, based on research that incorporates slightly firmer revenue growth and profit margin assumptions, a modestly lower future P/E, and a small adjustment to the discount rate. Analyst Commentary Even with a higher ZAR price target, not every analyst is enthusiastic.
ARI
R214.71
African Rainbow Minerals
7D
-5.3%
1Y
29.6%
AFE
R105.77
AECI
7D
8.6%
1Y
26.9%
SSW
R63.76
Sibanye Stillwater
7D
-5.1%
1Y
280.9%

SSW: Recent Bank Upgrades And Keliber Progress Will Support Repricing

Analysts have raised their ZAR price target on Sibanye Stillwater by ZAR4, citing updated assumptions for discount rates, profit margins and future P/E, supported by recent upgrades and more constructive views from several research houses. Analyst Commentary Bullish analysts are leaning into a more constructive view on Sibanye Stillwater, with recent research pointing to updated assumptions for discount rates, profit margins and future P/E as key drivers behind higher valuation ranges.
VAL
R1,419.19
Valterra Platinum
7D
-1.7%
1Y
121.6%

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
R359.81
Northam Platinum Holdings
7D
-2.7%
1Y
229.5%

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.
ACL
R1.44
ArcelorMittal South Africa
7D
6.7%
1Y
65.5%
BCF
R14.25
Bowler Metcalf
7D
5.4%
1Y
17.6%
GFI
R816.45
Gold Fields
7D
-7.1%
1Y
133.2%

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.
HAR
R311.10
Harmony Gold Mining
7D
-8.3%
1Y
47.8%

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.
SEP
R2.15
Sephaku Holdings
7D
7.0%
1Y
34.4%
GML
R1.24
Gemfields Group
7D
7.8%
1Y
-3.9%
KIO
R365.04
Kumba Iron Ore
7D
-3.8%
1Y
-0.6%

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
MRF
R1.18
Merafe Resources
7D
3.5%
1Y
0%
OMN
R87.70
Omnia Holdings
7D
1.5%
1Y
34.9%