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South African (JSE) Materials Sector Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies30
  • 7D-11.7%
  • 3M-11.2%
  • 1Y66.2%
  • YTD-7.3%

Over the last 7 days, the Materials industry has dropped 11%, driven by a pullback from Gold Fields of 12%. On the other hand Sasol is actually up 5.3%. 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
Wed, 25 Mar 2026R1.9tR1.2tR122.7b9.6x15.7x1.6x
Fri, 20 Feb 2026R2.2tR1.1tR66.4b13.6x33.6x2.1x
Sun, 18 Jan 2026R2.3tR1.1tR62.9b13.5x36.1x2x
Tue, 16 Dec 2025R2.0tR1.1tR63.5b12.3x31.3x1.8x
Thu, 13 Nov 2025R1.9tR1.1tR63.2b12.6x29.4x1.7x
Sat, 11 Oct 2025R1.9tR1.1tR68.5b10.7x27.1x1.7x
Mon, 08 Sep 2025R1.6tR1.1tR69.1b10.8x23.2x1.4x
Wed, 06 Aug 2025R1.5tR1.1t-R17,183,557,161.557.8x-86.6x1.3x
Fri, 04 Jul 2025R1.3tR1.1t-R12,327,415,502.697.7x-107.9x1.2x
Sun, 01 Jun 2025R1.2tR1.1t-R11,890,199,385.297.5x-102.7x1.1x
Tue, 29 Apr 2025R1.2tR1.1t-R8,750,720,615.237.2x-133.6x1x
Thu, 27 Mar 2025R1.2tR1.1t-R8,129,764,558.657.7x-144x1x
Sat, 22 Feb 2025R1.1tR1.1t-R49,456,288,019.598.8x-21.6x0.9x
Mon, 20 Jan 2025R1.0tR1.1t-R52,074,367,712.519.7x-19.6x0.9x
Wed, 18 Dec 2024R936.9bR1.1t-R52,552,959,903.539.6x-17.8x0.8x
Fri, 15 Nov 2024R969.4bR1.1t-R56,015,778,534.729.5x-17.3x0.8x
Sun, 13 Oct 2024R1.0tR1.1t-R59,877,304,927.329.8x-17.3x0.9x
Tue, 10 Sep 2024R914.8bR1.1t-R45,122,583,302.8510.4x-20.3x0.8x
Thu, 08 Aug 2024R1.1tR1.2tR12.5b9.4x85x0.9x
Sat, 06 Jul 2024R1.1tR1.2tR16.7b9.2x67.7x1x
Mon, 03 Jun 2024R1.1tR1.2tR15.9b8.7x69.7x0.9x
Wed, 01 May 2024R1.1tR1.2tR16.8b8.4x65.5x0.9x
Fri, 29 Mar 2024R1.1tR1.2tR15.9b8.7x69.6x0.9x
Sun, 25 Feb 2024R1.0tR1.2tR90.5b9.4x11.4x0.8x
Tue, 23 Jan 2024R1.1tR1.3tR106.7b9.5x10.3x0.9x
Thu, 21 Dec 2023R1.2tR1.2tR105.7b9.5x11.7x1x
Sat, 18 Nov 2023R1.1tR1.2tR107.3b8.4x10.5x0.9x
Mon, 16 Oct 2023R1.2tR1.3tR109.2b8.8x10.8x0.9x
Wed, 13 Sep 2023R1.2tR1.3tR111.7b8.8x10.8x0.9x
Fri, 11 Aug 2023R1.3tR1.4tR185.8b5.3x7.2x1x
Sun, 09 Jul 2023R1.3tR1.4tR215.9b4.5x6.2x0.9x
Tue, 06 Jun 2023R1.6tR1.4tR224.6b5.2x7.1x1.1x
Thu, 04 May 2023R1.6tR1.4tR234.2b5.5x7x1.1x
Sat, 01 Apr 2023R1.5tR1.4tR221.0b5.6x6.6x1x
Price to Earnings Ratio

6.6x


Total Market Cap: R1.5tTotal Earnings: R221.0bTotal 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-5.08%
Materials-11.73%
Chemicals4.73%
Basic Materials1.52%
Packaging-0.50%
Paper and Forestry Products-3.64%
Metals and Mining-13.24%
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 SasolR216.635.3%
+R7.1b		190.3%PE58x
OMN Omnia HoldingsR91.612.0%
+R279.9m		37.5%PE12.5x
AFE AECIR113.501.7%
+R201.5m		15.6%PE31.8x
ACL ArcelorMittal South AfricaR1.2812.3%
+R200.3m		2.4%PS0.05x
PPC PPCR5.801.6%
+R137.9m		41.1%PE17.2x

Latest News

AFE
R113.50
AECI
7D
1.7%
1Y
15.6%
PPC
R5.80
PPC
7D
1.6%
1Y
41.1%
NPH
R319.70
Northam Platinum Holdings
7D
-14.8%
1Y
147.3%

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.
HAR
R237.01
Harmony Gold Mining
7D
-11.9%
1Y
1.0%
GFI
R689.96
Gold Fields
7D
-12.5%
1Y
82.4%

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
R303.96
Kumba Iron Ore
7D
-6.6%
1Y
-9.3%
SSW
R48.00
Sibanye Stillwater
7D
-15.2%
1Y
142.5%
IMP
R221.36
Impala Platinum Holdings
7D
-17.3%
1Y
82.4%
SOL
R216.63
Sasol
7D
5.3%
1Y
190.3%

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
R1,312.84
Valterra Platinum
7D
-14.4%
1Y
82.2%
ARI
R220.33
African Rainbow Minerals
7D
-3.8%
1Y
51.3%
OMN
R91.61
Omnia Holdings
7D
2.0%
1Y
37.5%
AFT
R36.94
Afrimat
7D
0.4%
1Y
-38.0%
ACL
R1.28
ArcelorMittal South Africa
7D
12.3%
1Y
2.4%
SEP
R1.91
Sephaku Holdings
7D
6.1%
1Y
52.8%
BIK
R0.15
Brikor
7D
50.0%
1Y
7.1%

Brikor Limited's (JSE:BIK) 29% Dip In Price Shows Sentiment Is Matching Revenues

Dec 20
Brikor Limited's (JSE:BIK) 29% Dip In Price Shows Sentiment Is Matching Revenues