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South African (JSE) Materials Sector Analysis

UpdatedMar 10, 2026
DataAggregated Company Financials
Companies29
  • 7D-11.9%
  • 3M16.8%
  • 1Y98.2%
  • YTD7.4%

In the last week, the Materials industry is down 12% with Impala Platinum Holdings down the most at 23%. On the other hand Sasol is actually up 9.5%. Over the past 12 months, the industry was up 98%. As for the next few years, earnings are expected to grow by 22% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 10 Mar 2026R2.2tR1.2tR119.0b12.9x18.8x1.9x
Thu, 05 Feb 2026R2.3tR1.1tR62.3b11.8x37.2x2.1x
Sat, 03 Jan 2026R2.1tR1.1tR63.0b12.5x32.9x1.9x
Mon, 01 Dec 2025R1.9tR1.1tR63.2b12.5x30.4x1.7x
Wed, 29 Oct 2025R1.7tR1.1tR67.9b10.9x25.4x1.5x
Fri, 26 Sep 2025R1.8tR1.1tR68.8b10.6x26.5x1.6x
Sun, 24 Aug 2025R1.5tR1.1t-R8,665,699,322.6710x-172.4x1.3x
Tue, 22 Jul 2025R1.4tR1.1t-R12,174,621,927.217.5x-116.1x1.3x
Thu, 19 Jun 2025R1.3tR1.1t-R11,542,109,296.067.7x-113.6x1.2x
Sat, 17 May 2025R1.1tR1.1t-R11,226,641,238.487.2x-99.5x1x
Mon, 14 Apr 2025R1.3tR1.1t-R6,800,080,408.887.6x-186.5x1.1x
Wed, 12 Mar 2025R1.1tR1.1t-R8,367,319,834.838.3x-137.1x1x
Fri, 07 Feb 2025R1.1tR1.1t-R48,647,574,033.258.5x-22.5x1x
Sun, 05 Jan 2025R938.6bR1.1t-R52,066,926,426.399.4x-18x0.8x
Tue, 03 Dec 2024R977.4bR1.1t-R55,801,947,019.4910x-17.5x0.9x
Thu, 31 Oct 2024R1.1tR1.1t-R58,645,760,499.949.7x-19.1x1x
Sat, 28 Sep 2024R1.1tR1.1t-R60,533,748,958.0510.8x-17.4x0.9x
Mon, 26 Aug 2024R1.1tR1.1t-R38,022,608,239.769.1x-27.9x0.9x
Wed, 24 Jul 2024R1.1tR1.2tR15.5b8.9x71.3x0.9x
Fri, 21 Jun 2024R1.0tR1.1tR53.1b9x19x1x
Sun, 19 May 2024R1.2tR1.2tR15.7b8.6x76.6x1x
Tue, 16 Apr 2024R1.2tR1.2tR17.0b8.5x73.3x1x
Thu, 14 Mar 2024R1.1tR1.2tR16.1b8.4x67.7x0.9x
Sat, 10 Feb 2024R1.0tR1.2tR102.7b8.8x10x0.8x
Mon, 08 Jan 2024R1.2tR1.2tR106.2b9.7x11.1x0.9x
Wed, 06 Dec 2023R1.1tR1.2tR108.3b9.3x10.5x0.9x
Fri, 03 Nov 2023R1.1tR1.3tR108.6b8.4x9.9x0.9x
Sun, 01 Oct 2023R1.2tR1.3tR109.9b8.8x11.3x0.9x
Tue, 29 Aug 2023R1.3tR1.4tR142.6b6.8x8.9x0.9x
Thu, 27 Jul 2023R1.4tR1.4tR193.1b5x7.4x1x
Sat, 24 Jun 2023R1.4tR1.4tR217.2b4.7x6.5x1x
Mon, 22 May 2023R1.6tR1.4tR233.4b5.1x6.9x1.1x
Wed, 19 Apr 2023R1.7tR1.4tR221.9b5.6x7.5x1.2x
Fri, 17 Mar 2023R1.4tR1.4tR220.4b5.5x6.2x1x
Price to Earnings Ratio

6.2x


Total Market Cap: R1.4tTotal Earnings: R220.4bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -4.7x202420252026
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 18.8x which is higher than its 3-year average PE of -4.7x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.9x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 19% per year over the last three years,
  • Revenues have also declined 6.0% 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-7.75%
Materials-11.95%
Chemicals6.68%
Packaging-1.84%
Paper and Forestry Products-4.41%
Basic Materials-8.42%
Metals and Mining-12.98%
Industry PE
  • Investors are most optimistic about the Chemicals industry which is trading above its 3-year average PE ratio of 7.6x.
    • Analysts are expecting annual earnings growth of 59.0%, 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 decline by 2.7% 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 FieldsR850.322.4%
+R18.2b		128.8%PE13.1x
VAL Valterra PlatinumR1.65k3.2%
+R13.4b		130.9%PE28x
NPH Northam Platinum HoldingsR400.357.2%
+R10.6b		210.6%PE17.2x
SOL SasolR155.266.3%
+R6.0b		93.2%PE41.6x
SSW Sibanye StillwaterR59.300.8%
+R1.3b		228.2%PS1.3x

Latest News

VAL
R1,646.15
Valterra Platinum
7D
3.2%
1Y
130.9%
HAR
R312.60
Harmony Gold Mining
7D
-6.2%
1Y
44.5%
SSW
R59.30
Sibanye Stillwater
7D
0.8%
1Y
228.2%
OMN
R88.21
Omnia Holdings
7D
1.6%
1Y
33.6%
ARI
R221.47
African Rainbow Minerals
7D
-1.4%
1Y
45.8%
AFT
R37.10
Afrimat
7D
11.4%
1Y
-37.8%
NPH
R400.35
Northam Platinum Holdings
7D
7.2%
1Y
210.6%

NPH: Constructive HSBC Upgrade Will Support Higher Margins And Earnings Quality

Narrative Update Analysts have lifted their price target for Northam Platinum Holdings from ZAR396.94 to ZAR434.94, citing updated assumptions around discount rates, revenue growth, profit margins and a revised future P/E, along with a more constructive stance in recent research such as the HSBC upgrade. Analyst Commentary Recent research has focused on how revised assumptions around discount rates, revenue growth, profit margins and future P/E feed into the updated valuation for Northam Platinum Holdings.
IMP
R277.81
Impala Platinum Holdings
7D
-2.9%
1Y
129.7%
THA
R25.11
Tharisa
7D
-10.6%
1Y
76.8%
SOL
R155.26
Sasol
7D
6.3%
1Y
93.2%
KIO
R340.00
Kumba Iron Ore
7D
-3.0%
1Y
-4.7%
GFI
R850.32
Gold Fields
7D
2.4%
1Y
128.8%

GFI: Execution And Cost Risks Will Likely Restrain Elevated Expectations

The analyst fair value estimate for Gold Fields has been adjusted from ZAR630.00 to ZAR680.00, with analysts pointing to higher price targets from recent Street research and updated expectations for margins and risk as key drivers of the change. Analyst Commentary Recent Street research around Gold Fields has been mixed, with some higher price targets being balanced by more cautious views on execution and valuation risk.
PPC
R5.95
PPC
7D
-6.2%
1Y
44.8%

PPC: Stable Assumptions And Modest Model Tweaks Will Guide Balanced Outlook

Analysts increased their price target on PPC by ZAR2, reflecting updated views on the stock's valuation after revisiting assumptions such as discount rate, revenue growth, profit margin and future P/E. Analyst Commentary Bullish Takeaways Bullish analysts see the ZAR2 price target uplift as consistent with refreshed assumptions around discount rate and future P/E, which they view as better aligned with PPC's risk profile and potential earnings power.
SAP
R17.27
Sappi
7D
8.9%
1Y
-58.5%
GML
R1.09
Gemfields Group
7D
-3.5%
1Y
-25.3%
NPK
R469.01
Nampak
7D
-2.7%
1Y
10.2%