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South African (JSE) Materials Sector Analysis

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies29
  • 7D3.0%
  • 3M15.3%
  • 1Y111.4%
  • YTD3.0%

The Materials is pretty flat in the last 7 days, but Gold Fields has stood out, gaining 4.1%. The past year has been better, since the industry has gained 110% in that time. As for the next few years, earnings are expected to grow by 35% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 10 Jan 2026R2.1tR1.1tR63.0b12.9x33.9x1.9x
Mon, 08 Dec 2025R2.0tR1.1tR63.3b12.5x30.8x1.8x
Wed, 05 Nov 2025R1.7tR1.1tR68.5b10.7x24.4x1.5x
Fri, 03 Oct 2025R1.9tR1.1tR68.2b10.5x27.4x1.7x
Sun, 31 Aug 2025R1.5tR1.1tR73.2b10.4x20.4x1.3x
Tue, 29 Jul 2025R1.4tR1.1t-R11,769,761,316.387.4x-120.7x1.3x
Thu, 26 Jun 2025R1.3tR1.1t-R11,902,645,699.267.7x-107.7x1.1x
Sat, 24 May 2025R1.3tR1.1t-R12,033,775,054.547.2x-106.1x1.1x
Mon, 21 Apr 2025R1.3tR1.1t-R8,498,214,232.337.6x-152.4x1.1x
Wed, 19 Mar 2025R1.2tR1.1t-R8,482,202,046.078.3x-136.6x1x
Fri, 14 Feb 2025R1.1tR1.1t-R49,698,157,715.388.6x-21.9x1x
Sun, 12 Jan 2025R1.0tR1.1t-R51,792,147,145.529.6x-19.5x0.9x
Tue, 10 Dec 2024R989.5bR1.1t-R52,843,718,367.2110.1x-18.7x0.9x
Thu, 07 Nov 2024R1.1tR1.1t-R58,661,490,167.799.5x-17.9x0.9x
Sat, 05 Oct 2024R1.1tR1.1t-R59,822,641,081.599.8x-17.8x0.9x
Mon, 02 Sep 2024R985.1bR1.1t-R43,076,637,763.1610.1x-22.9x0.9x
Wed, 31 Jul 2024R1.1tR1.2tR12.9b8.8x85.2x0.9x
Fri, 28 Jun 2024R1.1tR1.2tR15.6b9x68.5x0.9x
Sun, 26 May 2024R1.2tR1.2tR15.6b8.8x75.1x1x
Tue, 23 Apr 2024R1.2tR1.2tR17.0b8.4x71.2x1x
Thu, 21 Mar 2024R1.1tR1.2tR16.4b8.3x64.1x0.9x
Sat, 17 Feb 2024R1.0tR1.2tR96.5b9x10.9x0.9x
Mon, 15 Jan 2024R1.2tR1.2tR106.1b9.6x11x0.9x
Wed, 13 Dec 2023R1.1tR1.2tR107.2b9.6x10.5x0.9x
Fri, 10 Nov 2023R1.1tR1.3tR108.7b8.3x10.1x0.9x
Sun, 08 Oct 2023R1.0tR1.3tR109.5b8.5x9.5x0.8x
Tue, 05 Sep 2023R1.2tR1.3tR112.0b7.9x10.9x0.9x
Thu, 03 Aug 2023R1.3tR1.4tR191.2b5.4x7x1x
Sat, 01 Jul 2023R1.4tR1.4tR215.8b4.7x6.3x1x
Mon, 29 May 2023R1.6tR1.4tR231.0b4.9x6.7x1.1x
Wed, 26 Apr 2023R1.6tR1.4tR234.4b5.4x6.8x1.1x
Fri, 24 Mar 2023R1.5tR1.4tR219.2b5.6x6.7x1x
Sun, 19 Feb 2023R1.5tR1.4tR246.8b5.8x6.1x1.1x
Tue, 17 Jan 2023R1.7tR1.4tR248.1b6.5x7x1.2x
Price to Earnings Ratio

7x


Total Market Cap: R1.7tTotal Earnings: R248.1bTotal Revenue: R1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
South African Materials Sector Price to Earnings3Y Average -6.1x202420252026
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 32.8x which is higher than its 3-year average PE of -6.1x.
  • 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 37% per year over the last three years,
  • Revenues have also declined 7.3% 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 Market1.61%
Materials3.05%
Paper and Forestry Products5.41%
Chemicals5.19%
Metals and Mining2.96%
Basic Materials2.02%
Packaging-2.07%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry, which is trading close to its 3-year average PE ratio of 37.7x.
    • Analysts are expecting annual earnings growth of 34.7%, 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 85% 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 FieldsR748.534.1%
+R26.3b		159.9%PE21.6x
SSW Sibanye StillwaterR65.357.4%
+R12.8b		280.6%PS1.7x
HAR Harmony Gold MiningR339.884.6%
+R9.2b		92.6%PE14.7x
IMP Impala Platinum HoldingsR276.562.6%
+R6.2b		164.8%PE326x
SOL SasolR111.186.1%
+R4.1b		16.8%PE10.6x

Latest News

SOL
R111.18
Sasol
7D
6.1%
1Y
16.8%
GFI
R748.53
Gold Fields
7D
4.1%
1Y
159.9%

GFI: Higher Gold Price Assumptions And Projects Are Expected To Drive Upside

The analyst price target for Gold Fields has shifted modestly higher to about $831.30 from $815.61, as analysts factor in updated fair value, adjusted discount rates, stronger revenue growth and profit margin assumptions, and a slightly lower future P/E, informed by recent research that reflects reactions to Q3 results, evolving gold price views, and the company’s latest capital plans. Analyst Commentary Recent Street research on Gold Fields shows a mix of optimism and caution, with several firms revisiting their targets and ratings after the latest Q3 update, revised gold price assumptions, and the company’s refreshed capital plans and guidance.
HAR
R339.88
Harmony Gold Mining
7D
4.6%
1Y
92.6%

HAR: Copper Expansion And Payout Policy Will Support Balanced Medium Term Outlook

Analysts have nudged their price target for Harmony Gold Mining up slightly, with fair value moving from $365.00 to $370.00 as they factor in updated assumptions around the discount rate, long term revenue growth, profit margins, and a future P/E of 12.46x. What's in the News Approved high margin, long life EVA COPPER PRO project after a three year feasibility study and FEED phase using Tier 1 contractors.
IMP
R276.56
Impala Platinum Holdings
7D
2.6%
1Y
164.8%

IMP: Higher Margins And Solid 6E Sales Will Support Share Price Rebound

Analysts kept their price target for Impala Platinum Holdings steady at R310.00, citing small adjustments to the discount rate, expected revenue growth, profit margin assumptions, and a slightly lower future P/E as the reasons for maintaining their view. What's in the News Impala Platinum Holdings reported 6E Group production of 882,000 oz for the first quarter ended 30 September 2025, compared with 928,000 oz in the same quarter a year earlier (company announcement).
SSW
R65.35
Sibanye Stillwater
7D
7.4%
1Y
280.6%

SSW: Future Wage And Settlement Costs Will Pressure Earnings Outlook

Analysts have raised their fair value estimate for Sibanye Stillwater from $19.50 to $38.00, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple that they consider a closer reflection of the company’s outlook. What's in the News Sibanye Stillwater concluded a three year wage agreement at its South African gold operations with AMCU, NUM, UASA, and Solidarity, covering annual wage and benefit adjustments for employees from 1 July 2025 to 30 June 2028 (Key Developments).
VAL
R1,446.43
Valterra Platinum
7D
-0.2%
1Y
129.6%
BIK
R0.12
Brikor
7D
-14.3%
1Y
-14.3%

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
R531.23
Nampak
7D
-1.6%
1Y
37.6%
NPH
R350.58
Northam Platinum Holdings
7D
1.1%
1Y
213.1%

NPH: Higher Required Returns Will Constrain Future Upside Despite Stronger Margins

Analysts have raised their price target for Northam Platinum Holdings by roughly R8 to R283.06, citing slightly stronger expected revenue growth, improved profit margins, and a modestly lower future price earnings multiple, despite a small uptick in the discount rate. Valuation Changes Fair Value: Raised slightly from ZAR 274.94 to ZAR 283.06 per share, reflecting a modest uplift in the intrinsic valuation.
CPR
R0.69
Copper 360
7D
-1.4%
1Y
-68.2%
KIO
R365.83
Kumba Iron Ore
7D
1.8%
1Y
9.2%
SAP
R26.24
Sappi
7D
5.8%
1Y
-46.5%
MDI
R15.55
Master Drilling Group
7D
-6.9%
1Y
15.2%
BCF
R13.69
Bowler Metcalf
7D
-2.1%
1Y
0.5%

Bowler Metcalf Limited (JSE:BCF) Not Lagging Market On Growth Or Pricing

Nov 26
Bowler Metcalf Limited (JSE:BCF) Not Lagging Market On Growth Or Pricing
YRK
R2.20
York Timber Holdings
7D
-0.5%
1Y
-4.3%
MPT
R21.75
Mpact
7D
-3.3%
1Y
-26.4%