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South African (JSE) Materials Sector Analysis

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies29
  • 7D10.4%
  • 3M47.0%
  • 1Y152.8%
  • YTD25.8%

The Materials industry is up 10% in the last week, with Gold Fields up 7.1%. During this same period, the Sappi underperformed, falling 13%. This means that the industry has gained 153% over the past year. Looking forward, earnings are forecast to grow by 39% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 30 Jan 2026R2.6tR1.1tR62.0b13.7x42.1x2.4x
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
Sat, 11 Mar 2023R1.4tR1.4tR220.1b5.4x6.4x1x
Mon, 06 Feb 2023R1.7tR1.4tR249.1b6x6.7x1.2x
Price to Earnings Ratio

6.7x


Total Market Cap: R1.7tTotal Earnings: R249.1bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -5.6x202420252026
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 42.1x which is higher than its 3-year average PE of -5.6x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 37% per year over the last three years,
  • Revenues have also declined 7.7% 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 Market3.75%
Materials10.35%
Chemicals12.28%
Metals and Mining10.50%
Basic Materials5.11%
Packaging-0.22%
Paper and Forestry Products-11.94%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry which is trading above its 3-year average PE ratio of 38.2x.
    • Analysts are expecting annual earnings growth of 38.8%, 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 67% 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 8.3% 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 FieldsR936.1012.9%
+R95.7b		192.7%PE28.1x
VAL Valterra PlatinumR1.77k8.1%
+R34.8b		181.3%PE350.6x
IMP Impala Platinum HoldingsR364.389.2%
+R27.6b		273.3%PE429.5x
SSW Sibanye StillwaterR81.7011.6%
+R24.1b		375.0%PS2.1x
HAR Harmony Gold MiningR400.009.8%
+R22.2b		91.9%PE17.3x

Latest News

ARI
R267.92
African Rainbow Minerals
7D
16.3%
1Y
66.4%
SAP
R18.58
Sappi
7D
-18.1%
1Y
-61.4%

Sappi Limited's (JSE:SAP) CEO Might Not Expect Shareholders To Be So Generous This Year

Jan 29
Sappi Limited's (JSE:SAP) CEO Might Not Expect Shareholders To Be So Generous This Year
HAR
R400.00
Harmony Gold Mining
7D
9.8%
1Y
91.9%
NPH
R453.80
Northam Platinum Holdings
7D
13.7%
1Y
276.3%

NPH: Constructive Research Stance Will Support Higher P/E While Risks Remain

Narrative Update The analyst fair value estimate for Northam Platinum Holdings has shifted from R290.06 to R396.94 per share. Analysts attribute this change to updated assumptions around revenue growth, profit margin and future P/E multiples following recent research that has become more constructive on the stock.
VAL
R1,766.63
Valterra Platinum
7D
8.1%
1Y
181.3%

VAL: Higher Output Guidance Will Later Meet Softer Earnings Multiple

Analysts have nudged their price target on Valterra Platinum slightly higher to $689, reflecting tweaked assumptions around a marginally higher discount rate, stronger modeled revenue growth, a modestly softer profit margin, and a slightly lower future P/E multiple. What's in the News Valterra Platinum issued earnings guidance for the twelve months ending December 31, 2025, with basic EPS projected in a range of 5,522 cents to 6,055 cents per share, compared with 2,683 cents per share in the prior period (Corporate guidance).
SOL
R117.47
Sasol
7D
2.6%
1Y
38.5%

There's Been No Shortage Of Growth Recently For Sasol's (JSE:SOL) Returns On Capital

Jan 25
There's Been No Shortage Of Growth Recently For Sasol's (JSE:SOL) Returns On Capital
SSW
R81.70
Sibanye Stillwater
7D
11.6%
1Y
375.0%
GFI
R936.10
Gold Fields
7D
12.9%
1Y
192.7%

GFI: Higher Gold Price Assumptions And Capital Returns Will Drive Re Rating

Analysts have raised their fair value estimate for Gold Fields from $640.00 to $1,100.00, citing recent price target changes that reference the company's Q3 report, updated gold price assumptions, and new five-year guidance featuring higher reinvestment and a competitive capital returns program. Analyst Commentary Bullish analysts are pointing to recent research as a sign that sentiment around Gold Fields is improving, especially after the latest Q3 report and updated guidance.
IMP
R364.38
Impala Platinum Holdings
7D
9.2%
1Y
273.3%
ACL
R1.28
ArcelorMittal South Africa
7D
-9.9%
1Y
0.8%
YRK
R2.21
York Timber Holdings
7D
-3.9%
1Y
-3.5%
HLM
R2.25
Hulamin
7D
-7.0%
1Y
-36.6%
NPK
R529.00
Nampak
7D
-0.6%
1Y
25.2%
GML
R1.29
Gemfields Group
7D
-0.8%
1Y
7.5%

Investors Aren't Entirely Convinced By Gemfields Group Limited's (JSE:GML) Revenues

Dec 13
Investors Aren't Entirely Convinced By Gemfields Group Limited's (JSE:GML) Revenues
AFE
R96.77
AECI
7D
-3.0%
1Y
14.2%
OMN
R85.72
Omnia Holdings
7D
-0.6%
1Y
27.5%