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South African (JSE) Materials Sector Analysis

UpdatedApr 06, 2026
DataAggregated Company Financials
Companies30
  • 7D9.2%
  • 3M0.4%
  • 1Y103.5%
  • YTD2.9%

The Materials industry is up 9.2% in the last week, with Gold Fields up 8.5%. Meanwhile, Sasol actually underperformed within the industry, shrinking 7.4% in the last week. This means that the industry has gained 104% over the past year. Earnings are forecast to grow by 20% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 06 Apr 2026R2.1tR1.2tR123.5b11.2x17.3x1.8x
Wed, 04 Mar 2026R2.3tR1.2tR110.5b12.6x20.5x2x
Fri, 30 Jan 2026R2.6tR1.1tR61.9b13.7x42.2x2.4x
Sun, 28 Dec 2025R2.2tR1.1tR63.3b12.9x34.2x1.9x
Tue, 25 Nov 2025R1.8tR1.1tR63.5b12x28.2x1.6x
Thu, 23 Oct 2025R1.7tR1.1tR68.3b10.7x25.4x1.5x
Sat, 20 Sep 2025R1.7tR1.1tR68.6b11.2x25.3x1.6x
Mon, 18 Aug 2025R1.5tR1.1t-R19,577,452,398.779.7x-75.8x1.3x
Wed, 16 Jul 2025R1.4tR1.1t-R11,748,579,212.577.7x-118.3x1.2x
Fri, 13 Jun 2025R1.3tR1.1t-R11,877,916,248.467.6x-113.3x1.2x
Sun, 11 May 2025R1.2tR1.1t-R10,301,595,243.417.1x-114.3x1x
Tue, 08 Apr 2025R1.1tR1.1t-R6,020,315,483.267.9x-180.9x1x
Thu, 06 Mar 2025R1.1tR1.1t-R9,564,415,380.348.5x-111.6x1x
Sat, 01 Feb 2025R1.1tR1.1t-R52,153,480,333.289.3x-20.9x1x
Mon, 30 Dec 2024R920.0bR1.1t-R52,124,968,458.079.6x-17.6x0.8x
Wed, 27 Nov 2024R986.2bR1.1t-R55,981,756,603.5910.1x-17.6x0.9x
Fri, 25 Oct 2024R1.1tR1.1t-R58,637,635,671.509.4x-19.4x1x
Sun, 22 Sep 2024R1.0tR1.1t-R60,254,046,674.2310.6x-16.6x0.9x
Tue, 20 Aug 2024R1.1tR1.2tR11.0b9.4x99.1x0.9x
Thu, 18 Jul 2024R1.1tR1.2tR16.7b9x66.5x0.9x
Sat, 15 Jun 2024R993.0bR1.2tR15.6b8.7x63.5x0.8x
Mon, 13 May 2024R1.2tR1.2tR15.8b8.6x74.4x1x
Wed, 10 Apr 2024R1.2tR1.2tR16.6b8.7x73.2x1x
Fri, 08 Mar 2024R1.1tR1.2tR19.5b8.5x55.2x0.9x
Sun, 04 Feb 2024R1.2tR1.2tR106.4b10.2x10.8x0.9x
Tue, 02 Jan 2024R1.3tR1.2tR105.9b9.7x12x1x
Thu, 30 Nov 2023R1.2tR1.2tR108.0b9x11.1x1x
Sat, 28 Oct 2023R1.1tR1.3tR109.0b8.5x10x0.9x
Mon, 25 Sep 2023R1.3tR1.3tR110.9b9.8x11.4x0.9x
Wed, 23 Aug 2023R1.2tR1.4tR182.6b5.7x6.5x0.9x
Fri, 21 Jul 2023R1.4tR1.4tR214.5b5x6.7x1x
Sun, 18 Jun 2023R1.6tR1.4tR222.7b5x7x1.1x
Tue, 16 May 2023R1.6tR1.4tR233.4b5.4x7x1.1x
Thu, 13 Apr 2023R1.6tR1.4tR222.3b5.3x7x1.1x
Price to Earnings Ratio

7x


Total Market Cap: R1.6tTotal Earnings: R222.3bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -4.5x202420252026
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 17.3x which is higher than its 3-year average PE of -4.5x.
  • 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 5.7% 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 Market2.87%
Materials9.25%
Metals and Mining10.66%
Packaging2.31%
Paper and Forestry Products1.48%
Basic Materials0.28%
Chemicals-3.86%
Industry PE
  • Investors are most optimistic about the Chemicals industry which is trading above its 3-year average PE ratio of 8.4x.
    • Analysts are expecting annual earnings growth of 50.2%, 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 4.9% 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
GFI Gold FieldsR800.588.5%
+R56.2b		101.9%PE11.8x
VAL Valterra PlatinumR1.46k6.6%
+R23.6b		140.3%PE24.8x
HAR Harmony Gold MiningR273.0710.3%
+R15.9b		5.6%PE10.5x
SSW Sibanye StillwaterR52.217.0%
+R9.7b		200.9%PS1.1x
IMP Impala Platinum HoldingsR245.324.3%
+R9.2b		152.7%PE26.8x

Latest News

GFI
R800.58
Gold Fields
7D
8.5%
1Y
101.9%

GFI: Elevated Dividend Commitments Will Heighten Execution And Cost Risks

Analysts have lifted the price target for Gold Fields to ZAR 680, supported by updated views on the company’s risk profile, revenue outlook, margins and forward P/E assumptions, even as recent research includes both upward target revisions and a downgrade. Analyst Commentary Recent research on Gold Fields includes a higher price target of $80 from JPMorgan, alongside other updated targets and a downgrade from another major firm.
SOL
R208.08
Sasol
7D
-7.4%
1Y
241.1%

SOL: Severe EPS Collapse Will Weigh On Long-Term Bio-Circular Surfactant Story

Analysts have lifted their fair value estimate for Sasol from ZAR82 to ZAR117, citing updated assumptions for discount rates, revenue growth, profit margins, and future P/E levels. What's in the News Sasol issued earnings guidance for the six months ending 31 December 2025, focusing on expected earnings per share rather than providing a revenue range.
HAR
R273.07
Harmony Gold Mining
7D
10.3%
1Y
5.6%

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).
ARI
R243.14
African Rainbow Minerals
7D
6.6%
1Y
82.1%
IMP
R245.32
Impala Platinum Holdings
7D
4.3%
1Y
152.7%

IMP: Recent Upgrades Will Test Execution And Profitability Assumptions Going Forward

Analysts have trimmed their ZAR fair value estimate for Impala Platinum Holdings from ZAR246.17 to ZAR225.00, reflecting updated assumptions on revenue growth, profitability and future P/E following recent upgrades from major firms that have reassessed the stock's long term risk and return profile. Analyst Commentary The recent fair value trim to ZAR225.00 comes as several major houses revisit their assumptions on revenue, margins and the sustainability of current P/E levels for Impala Platinum Holdings.
SSW
R52.21
Sibanye Stillwater
7D
7.0%
1Y
200.9%

SSW: Higher Earnings Outlook And Execution Risks Will Shape Future Returns

The analyst price target for Sibanye Stillwater has been raised from ZAR38.00 to about ZAR49.92, with analysts citing updated assumptions on fair value, discount rate, revenue growth, profit margins, and a higher future P/E multiple as the main drivers of this change. Analyst Commentary Recent research updates highlight a mix of optimism and caution around Sibanye Stillwater, with the raised ZAR49.92 price target sitting alongside more guarded views on the company’s ability to deliver on those assumptions.
VAL
R1,459.72
Valterra Platinum
7D
6.6%
1Y
140.3%
SEP
R2.14
Sephaku Holdings
7D
-2.3%
1Y
103.8%
MRF
R1.10
Merafe Resources
7D
-5.2%
1Y
0%
KIO
R325.78
Kumba Iron Ore
7D
2.8%
1Y
13.2%

KIO: Fair Value Will Depend On Dividends And Rail Logistics Delivery

Analysts have reduced their price target for Kumba Iron Ore from ZAR320.70 to ZAR313.14, citing revised assumptions that include flatter revenue growth, a higher profit margin, and a slightly lower future P/E multiple. What's in the News Kumba Iron Ore approved a gross final cash dividend of 1,543 cents per share for the year ended 31 December 2025, with a 20% dividend withholding tax for non exempt shareholders, resulting in a net dividend of 1,234.40 cents per share (company announcement).
AFE
R113.05
AECI
7D
-2.7%
1Y
24.7%
NPH
R348.08
Northam Platinum Holdings
7D
3.5%
1Y
219.6%

NPH: Upgraded View Will Rely On Higher Margins And Production Delivery

Analysts have revised their price target on Northam Platinum Holdings from ZAR 434.94 to ZAR 400.94. This reflects updated views on revenue growth, margins and future P/E multiples following recent research that has become more positive on the shares overall.
ACL
R1.41
ArcelorMittal South Africa
7D
-0.7%
1Y
18.5%
EUZ
R0.24
Europa Metals
7D
-14.3%
1Y
-22.6%