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South African (JSE) Materials Sector Analysis

UpdatedMar 01, 2026
DataAggregated Company Financials
Companies29
  • 7D12.0%
  • 3M33.6%
  • 1Y159.1%
  • YTD23.6%

The Materials industry is up 12% in the last week, with Valterra Platinum up 22%. Meanwhile, Sappi actually underperformed within the industry, shrinking 5.3% in the last week. This takes the industry's 12 month performance to a gain of 159%. Looking forward, earnings are forecast to grow by 24% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 01 Mar 2026R2.6tR1.1tR108.4b14.6x23.6x2.2x
Tue, 27 Jan 2026R2.6tR1.1tR62.1b13.7x41.6x2.3x
Thu, 25 Dec 2025R2.2tR1.1tR63.3b12.9x34.2x1.9x
Sat, 22 Nov 2025R1.7tR1.1tR63.6b11.9x27.5x1.6x
Mon, 20 Oct 2025R1.9tR1.1tR68.2b10.6x28.1x1.7x
Wed, 17 Sep 2025R1.7tR1.1tR68.6b11.3x24.3x1.5x
Fri, 15 Aug 2025R1.5tR1.1t-R19,570,811,697.509.7x-76x1.4x
Sun, 13 Jul 2025R1.4tR1.1t-R11,714,405,418.437.6x-118.6x1.2x
Tue, 10 Jun 2025R1.3tR1.1t-R12,272,748,180.107.4x-105.7x1.2x
Thu, 08 May 2025R1.2tR1.1t-R9,336,365,702.307.1x-128.1x1.1x
Sat, 05 Apr 2025R1.1tR1.1t-R6,763,380,076.917.6x-155.3x0.9x
Mon, 03 Mar 2025R989.5bR1.1t-R9,008,073,628.568.3x-109.8x0.9x
Wed, 29 Jan 2025R1.0tR1.1t-R52,106,482,736.789.4x-19.4x0.9x
Fri, 27 Dec 2024R931.9bR1.1t-R51,968,814,582.459.6x-17.9x0.8x
Sun, 24 Nov 2024R1.0tR1.1t-R56,038,584,689.3110.3x-18.2x0.9x
Tue, 22 Oct 2024R1.1tR1.1t-R58,640,370,022.319.5x-19.1x1x
Thu, 19 Sep 2024R981.6bR1.1t-R60,195,545,185.1410.1x-16.3x0.9x
Sat, 17 Aug 2024R1.1tR1.2tR11.1b9.2x95.4x0.9x
Mon, 15 Jul 2024R1.1tR1.2tR16.6b8.9x67x0.9x
Wed, 12 Jun 2024R1.0tR1.2tR15.8b8.5x64.7x0.9x
Fri, 10 May 2024R1.1tR1.2tR15.8b8.4x71.3x1x
Sun, 07 Apr 2024R1.1tR1.2tR16.7b8.7x68.6x1x
Tue, 05 Mar 2024R1.0tR1.2tR71.4b8.1x14.4x0.9x
Thu, 01 Feb 2024R1.2tR1.2tR106.2b10.2x10.9x0.9x
Sat, 30 Dec 2023R1.3tR1.2tR105.9b9.7x12x1x
Mon, 27 Nov 2023R1.2tR1.2tR108.1b9.6x10.7x0.9x
Wed, 25 Oct 2023R1.1tR1.3tR109.3b8.4x10.2x0.9x
Fri, 22 Sep 2023R1.3tR1.3tR111.7b9.8x11.3x0.9x
Sun, 20 Aug 2023R1.2tR1.4tR182.8b5.7x6.5x0.9x
Tue, 18 Jul 2023R1.4tR1.4tR214.6b5x6.7x1x
Thu, 15 Jun 2023R1.6tR1.4tR222.9b5.2x7.1x1.1x
Sat, 13 May 2023R1.6tR1.4tR233.9b5.1x7x1.1x
Mon, 10 Apr 2023R1.5tR1.4tR221.7b5.1x6.8x1.1x
Wed, 08 Mar 2023R1.4tR1.4tR221.4b5.3x6.3x1x
Price to Earnings Ratio

6.3x


Total Market Cap: R1.4tTotal Earnings: R221.4bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -4.8x202420252026
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 25.4x which is higher than its 3-year average PE of -4.8x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 23% per year over the last three years,
  • Revenues have also declined 6.8% 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 Market3.99%
Materials11.95%
Metals and Mining12.62%
Chemicals3.55%
Basic Materials2.11%
Packaging0.25%
Paper and Forestry Products-5.39%
Industry PE
  • Investors are most optimistic about the Chemicals industry which is trading above its 3-year average PE ratio of 7.3x.
    • Analysts are expecting annual earnings growth of 46.2%, 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.
  • 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 8.2% 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
VAL Valterra PlatinumR1.86k22.2%
+R88.1b		231.2%PE31.7x
GFI Gold FieldsR928.478.3%
+R63.5b		184.6%PE14.6x
IMP Impala Platinum HoldingsR353.6722.0%
+R57.3b		301.3%PE416.9x
SSW Sibanye StillwaterR70.0011.0%
+R19.6b		397.2%PS1.5x
NPH Northam Platinum HoldingsR433.3512.0%
+R17.5b		347.7%PE17.8x

Latest News

NPH
R433.35
Northam Platinum Holdings
7D
12.0%
1Y
347.7%
ARI
R249.35
African Rainbow Minerals
7D
9.8%
1Y
84.7%

ARI: Stable Fair Value And Earnings Guidance Will Shape A Balanced Outlook

Analysts have left their ZAR fair value estimate for African Rainbow Minerals broadly unchanged at about ZAR233.33 per share, citing only minimal technical adjustments to inputs such as the discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News African Rainbow Minerals issued earnings guidance for the six months ending 31 December 2025, covering its 1H F2026 period.
SOL
R145.31
Sasol
7D
3.1%
1Y
79.4%
VAL
R1,864.39
Valterra Platinum
7D
22.2%
1Y
231.2%
GFI
R928.47
Gold Fields
7D
8.3%
1Y
184.6%
SSW
R70.00
Sibanye Stillwater
7D
11.0%
1Y
397.2%
THA
R28.36
Tharisa
7D
-2.2%
1Y
118.2%
AFT
R37.92
Afrimat
7D
-1.3%
1Y
-36.9%
HAR
R358.83
Harmony Gold Mining
7D
7.8%
1Y
99.1%

HAR: Eva Copper Project And Alliance Agreement Will Support Future Upside

Analysts have kept their Harmony Gold Mining fair value estimate steady at ZAR515.00, with updated assumptions reflecting a slightly lower discount rate, marginally adjusted revenue, a modestly higher profit margin, and a slightly lower future P/E multiple. What's in the News Thiess entered an alliance agreement with Harmony for multiple work packages at the greenfield Eva Copper Mine Project in Cloncurry, North West Queensland, including bulk earthworks, workshop construction and mining services over five years, with the mining scope valued at about A$700m (Key Developments).
IMP
R353.67
Impala Platinum Holdings
7D
22.0%
1Y
301.3%

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.
YRK
R2.10
York Timber Holdings
7D
-6.3%
1Y
-5.0%
SAP
R16.95
Sappi
7D
-5.3%
1Y
-58.5%
ACL
R1.15
ArcelorMittal South Africa
7D
-20.1%
1Y
71.6%
SEP
R2.14
Sephaku Holdings
7D
-2.7%
1Y
47.6%
BIK
R0.11
Brikor
7D
-15.4%
1Y
-21.4%

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
NPK
R494.80
Nampak
7D
-0.7%
1Y
17.1%