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South African (JSE) Materials Sector Analysis

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies30
  • 7D-10.8%
  • 3M-11.2%
  • 1Y65.9%
  • YTD-8.0%

Over the last 7 days, the Materials industry has dropped 11%, driven by Gold Fields declining 14%. In contrast, Sasol has gained 6.8%. Over the past 12 months, the industry was up 66%. 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
Tue, 24 Mar 2026R1.9tR1.2tR122.0b9.6x15.7x1.6x
Thu, 19 Feb 2026R2.2tR1.1tR66.1b12.2x34x2.1x
Sat, 17 Jan 2026R2.3tR1.1tR62.9b13.5x36.1x2x
Mon, 15 Dec 2025R2.0tR1.1tR63.7b12.4x32x1.8x
Wed, 12 Nov 2025R1.8tR1.1tR63.2b12.3x29x1.6x
Fri, 10 Oct 2025R1.9tR1.1tR68.0b10.6x27.7x1.7x
Sun, 07 Sep 2025R1.6tR1.1tR69.1b10.8x23.2x1.4x
Tue, 05 Aug 2025R1.5tR1.1t-R17,121,846,632.458x-85.3x1.3x
Thu, 03 Jul 2025R1.3tR1.1t-R12,242,404,659.407.7x-110x1.2x
Sat, 31 May 2025R1.2tR1.1t-R11,890,199,385.297.5x-102.7x1.1x
Mon, 28 Apr 2025R1.2tR1.1t-R8,750,540,053.187.2x-133.6x1x
Wed, 26 Mar 2025R1.2tR1.1t-R8,130,076,901.907.7x-142.5x1x
Fri, 21 Feb 2025R1.1tR1.1t-R59,939,446,855.148.8x-18.3x1x
Sun, 19 Jan 2025R1.0tR1.1t-R52,074,367,712.519.7x-19.6x0.9x
Tue, 17 Dec 2024R963.7bR1.1t-R52,758,130,459.919.7x-18.3x0.8x
Thu, 14 Nov 2024R991.5bR1.1t-R56,048,152,856.909.7x-17.7x0.9x
Sat, 12 Oct 2024R1.0tR1.1t-R59,877,304,927.329.8x-17.3x0.9x
Mon, 09 Sep 2024R926.9bR1.1t-R45,126,955,001.0910.7x-20.5x0.8x
Wed, 07 Aug 2024R1.1tR1.2tR12.5b9.4x84.3x0.9x
Fri, 05 Jul 2024R1.1tR1.2tR16.8b9.2x67.2x1x
Sun, 02 Jun 2024R1.1tR1.2tR15.9b8.7x69.7x0.9x
Tue, 30 Apr 2024R1.1tR1.2tR16.7b8.5x68.8x1x
Thu, 28 Mar 2024R1.1tR1.2tR15.9b8.7x67.9x0.9x
Sat, 24 Feb 2024R1.0tR1.2tR90.5b9.4x11.4x0.8x
Mon, 22 Jan 2024R1.1tR1.2tR106.5b9.5x10.4x0.9x
Wed, 20 Dec 2023R1.2tR1.2tR105.8b9.4x11.8x1x
Fri, 17 Nov 2023R1.1tR1.2tR107.1b8.3x10.5x0.9x
Sun, 15 Oct 2023R1.2tR1.3tR109.2b8.8x10.8x0.9x
Tue, 12 Sep 2023R1.2tR1.3tR111.6b8.8x10.7x0.9x
Thu, 10 Aug 2023R1.3tR1.4tR186.1b5.2x7.1x1x
Sat, 08 Jul 2023R1.3tR1.4tR215.8b4.5x6.2x0.9x
Mon, 05 Jun 2023R1.6tR1.4tR225.0b5.2x7.2x1.1x
Wed, 03 May 2023R1.6tR1.4tR234.6b5.5x6.8x1.1x
Fri, 31 Mar 2023R1.5tR1.4tR221.1b5.6x6.8x1.1x
Price to Earnings Ratio

6.8x


Total Market Cap: R1.5tTotal Earnings: R221.1bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -4.6x202420252026
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 15.7x which is higher than its 3-year average PE of -4.6x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.6x.
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 5.5% 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-4.70%
Materials-10.76%
Chemicals5.83%
Basic Materials3.59%
Paper and Forestry Products1.03%
Packaging-1.46%
Metals and Mining-12.26%
Industry PE
  • Investors are most optimistic about the Chemicals industry which is trading above its 3-year average PE ratio of 8.0x.
    • Analysts are expecting annual earnings growth of 52.0%, 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 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 SasolR208.456.8%
+R8.5b		181.6%PE55.8x
PPC PPCR6.105.0%
+R444.3m		49.9%PE18.1x
OMN Omnia HoldingsR90.451.3%
+R179.8m		38.9%PE12.3x
AFE AECIR112.851.5%
+R174.1m		15.6%PE31.6x
ACL ArcelorMittal South AfricaR1.2210.9%
+R171.7m		-6.2%PS0.05x

Latest News

HAR
R238.98
Harmony Gold Mining
7D
-6.5%
1Y
3.5%
GFI
R676.34
Gold Fields
7D
-13.9%
1Y
78.6%

GFI: Mixed Rating Shifts And Dividend Plans Will Shape Execution Risks

Analysts have raised their ZAR price target for Gold Fields by ZAR15, reflecting updated expectations around margins and valuation metrics, while also acknowledging mixed recent research views on the stock. Analyst Commentary Recent research shows a split view on Gold Fields, with some large banks becoming more constructive on the share price while others flag risks around execution and valuation.
KIO
R296.69
Kumba Iron Ore
7D
-7.0%
1Y
-11.1%
NPH
R316.68
Northam Platinum Holdings
7D
-13.4%
1Y
149.1%
SSW
R47.57
Sibanye Stillwater
7D
-15.1%
1Y
143.7%
IMP
R226.00
Impala Platinum Holdings
7D
-12.0%
1Y
85.2%
SOL
R208.45
Sasol
7D
6.8%
1Y
181.6%

SOL: EPS Collapse Guidance Will Undermine Confidence In Future Earnings Sustainability

Analysts have revised their fair value estimate for Sasol from ZAR122.44 to ZAR149.78, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E as the key drivers of the new price target. What's in the News Sasol issued revenue guidance for the six months ended 31 December 2025, including an EPS range of ZAR0.10 to ZAR0.80 per share, compared with prior period EPS of ZAR7.22.
VAL
R1,325.05
Valterra Platinum
7D
-12.8%
1Y
87.0%
ARI
R215.62
African Rainbow Minerals
7D
-3.0%
1Y
49.7%
MDI
R16.90
Master Drilling Group
7D
2.2%
1Y
16.6%
PPC
R6.10
PPC
7D
5.0%
1Y
49.9%

PPC: Stable Assumptions And Regulatory Overhang Will Shape Future Upside Potential

Analysts have lifted their PPC price target by ZAR2, citing updated assumptions around the discount rate, revenue growth, profit margins and future P/E that are broadly consistent with prior estimates. Analyst Commentary Recent price target revisions for PPC reflect updated inputs on discount rates, revenue assumptions, profit margins and the future P/E that still align with earlier broad expectations.
OMN
R90.45
Omnia Holdings
7D
1.3%
1Y
38.9%
AFT
R37.14
Afrimat
7D
1.3%
1Y
-36.8%
ACL
R1.22
ArcelorMittal South Africa
7D
10.9%
1Y
-6.2%
AFE
R112.85
AECI
7D
1.5%
1Y
15.6%
SAP
R17.23
Sappi
7D
1.4%
1Y
-57.8%