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South African (JSE) Metals and Mining Industry Analysis

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies16
  • 7D-4.7%
  • 3M30.4%
  • 1Y119.5%
  • YTD8.3%

Over the last 7 days, the Metals and Mining industry has dropped 4.7%, driven by a pullback from Impala Platinum Holdings of 13%. Over the past 12 months, the industry was up 120%. As for the next few years, earnings are expected to grow by 35% per annum.

Industry Valuation and Performance

Has the South African Metals and Mining Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Feb 2026R2.1tR624.1bR59.5b20.7x35.4x3.4x
Mon, 05 Jan 2026R1.9tR662.9bR54.8b20.7x35.5x2.9x
Wed, 03 Dec 2025R1.8tR668.4bR55.5b19.7x32.1x2.7x
Fri, 31 Oct 2025R1.6tR669.5bR55.9b18.5x29.5x2.5x
Sun, 28 Sep 2025R1.7tR669.9bR56.1b19.4x31.2x2.6x
Tue, 26 Aug 2025R1.4tR663.5bR35.4b14.7x39.1x2.1x
Thu, 24 Jul 2025R1.4tR655.1bR30.2b7.5x45x2.1x
Sat, 21 Jun 2025R1.2tR658.1bR30.9b7.8x37.5x1.8x
Mon, 19 May 2025R1.0tR660.0bR31.5b7.1x31.9x1.5x
Wed, 16 Apr 2025R1.2tR666.5bR32.8b6.8x35.9x1.8x
Fri, 14 Mar 2025R996.8bR661.7bR33.0b8.7x30.2x1.5x
Sun, 09 Feb 2025R960.9bR658.1b-R14,067,134,573.319.8x-68.3x1.5x
Tue, 07 Jan 2025R800.4bR661.5b-R12,885,563,617.129.5x-62.1x1.2x
Thu, 05 Dec 2024R844.3bR658.8b-R13,244,653,978.539.9x-63.7x1.3x
Sat, 02 Nov 2024R942.2bR655.7b-R13,748,967,207.2711.2x-68.5x1.4x
Mon, 30 Sep 2024R903.0bR652.6b-R15,252,512,902.0511.9x-59.2x1.4x
Wed, 28 Aug 2024R883.6bR667.2bR7.3b5.8x120.9x1.3x
Fri, 26 Jul 2024R927.2bR674.5bR10.0b6.3x93x1.4x
Sun, 23 Jun 2024R901.5bR687.3bR13.6b6.5x66.3x1.3x
Tue, 21 May 2024R1.1tR687.8bR14.0b7.4x75.6x1.5x
Thu, 18 Apr 2024R1.0tR692.6bR14.7b6.7x71.3x1.5x
Sat, 16 Mar 2024R881.3bR691.0bR13.9b6.1x63.3x1.3x
Mon, 12 Feb 2024R862.4bR721.4bR89.4b6x9.6x1.2x
Wed, 10 Jan 2024R967.3bR731.1bR92.9b8x10.4x1.3x
Fri, 08 Dec 2023R967.7bR732.4bR93.7b7.6x10.3x1.3x
Sun, 05 Nov 2023R900.0bR729.6bR93.3b7.1x9.6x1.2x
Tue, 03 Oct 2023R866.5bR734.8bR94.0b7.2x9.2x1.2x
Thu, 31 Aug 2023R1.0tR829.2bR122.5b5.4x8.5x1.3x
Sat, 29 Jul 2023R1.2tR830.2bR142.0b4.7x8.5x1.5x
Mon, 26 Jun 2023R1.2tR868.4bR167.5b4.3x7.2x1.4x
Wed, 24 May 2023R1.4tR892.9bR182.4b4.7x7.5x1.5x
Fri, 21 Apr 2023R1.4tR873.9bR175.2b5.6x8.1x1.6x
Sun, 19 Mar 2023R1.2tR859.5bR168.0b4.7x7.2x1.4x
Tue, 14 Feb 2023R1.3tR895.7bR193.8b5.2x6.9x1.5x
Price to Earnings Ratio

6.9x


Total Market Cap: R1.3tTotal Earnings: R193.8bTotal Revenue: R895.7bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Metals and Mining Industry Price to Earnings3Y Average 38.5x202420252026
Current Industry PE
  • Investors are pessimistic on the South African Metals and Mining 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 35.4x which is lower than its 3-year average PE of 38.5x.
  • The 3-year average PS ratio of 1.6x is lower than the industry's current PS ratio of 3.4x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 33% per year over the last three years,
  • Revenues have also declined 11% 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 industry?

ZA Market-0.47%
Materials-4.43%
Metals and Mining-4.71%
Steel3.68%
Gold-0.65%
Diversified Metals and Mining-4.67%
Aluminum-5.98%
Copper-6.67%
Precious Metals and Minerals-9.46%
Industry PE
  • Investors are most optimistic about the Aluminum industry which is trading above its 3-year average PE ratio of 12.4x.
    • Analysts are expecting annual earnings growth of 69.5%, which is higher than its past year's earnings decline of 95.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Aluminum industry, expecting annual earnings growth of 69% over the next 5 years.
  • This is better than its past earnings decline of 95% per year.
  • In contrast, the Steel industry is expected to see its earnings decline by 12% 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 FieldsR865.601.9%
+R14.2b		147.9%PE25.7x
KIO Kumba Iron OreR373.593.8%
+R4.4b		7.7%PE8.2x
THA TharisaR29.750.2%
+R14.7m		116.5%PE6.9x
RNG Randgold & ExplorationR0.781.3%
+R715.9k		2.6%PB1.2x

Latest News

THA
R29.75
Tharisa
7D
0.2%
1Y
116.5%
IMP
R275.25
Impala Platinum Holdings
7D
-12.9%
1Y
183.2%
GFI
R865.60
Gold Fields
7D
1.9%
1Y
147.9%

GFI: Higher Gold Price Framework And Capital Returns Will Support Re Rating

Analysts have nudged their price targets on Gold Fields higher, with recent changes such as Citi moving to $57 from $50 and Scotiabank adding $14. These adjustments reflect updated views on gold price assumptions, reinvestment plans and capital returns.
ARI
R228.16
African Rainbow Minerals
7D
-4.9%
1Y
44.8%

Long Life Ferrous Assets And Copper Expansion Will Reshape This Miner’s Future Profile

Catalysts About African Rainbow Minerals African Rainbow Minerals is a diversified mining group with operations in iron ore, manganese, PGMs, coal and base metals, alongside equity interests in other mining companies. What are the underlying business or industry changes driving this perspective?
HAR
R330.60
Harmony Gold Mining
7D
-9.1%
1Y
48.1%

HAR: Eva Copper Project Approval Will Underpin A More Optimistic Outlook

Analysts have adjusted their fair value estimate for Harmony Gold Mining from $320 to $515, citing updated assumptions for revenue growth, profit margins, and future P/E levels as key drivers of the new price target. What's in the News Harmony Gold Mining approved the high margin, long life Eva Copper Project after completing a three year feasibility study update and FEED phase with Tier 1 contractors.
VAL
R1,423.39
Valterra Platinum
7D
-6.4%
1Y
124.4%
SSW
R65.74
Sibanye Stillwater
7D
-10.9%
1Y
259.2%

SSW: Recent Bank Upgrades And Project Progress Will Support Repricing

Analysts have roughly doubled their price target for Sibanye Stillwater to US$103.00 from US$50.00, citing updated assumptions for faster revenue growth, higher profit margins, and a lower future P/E multiple following recent upgrades from major banks. Analyst Commentary Recent upgrades from major banks have reinforced the view that Sibanye Stillwater could offer investors a more attractive balance between growth potential and valuation than previously assumed.
GML
R1.13
Gemfields Group
7D
-7.4%
1Y
-15.0%
NPH
R357.74
Northam Platinum Holdings
7D
-9.8%
1Y
197.1%

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.
KIO
R373.59
Kumba Iron Ore
7D
3.8%
1Y
7.7%

Kumba Iron Ore's (JSE:KIO) Returns On Capital Not Reflecting Well On The Business

Jan 22
Kumba Iron Ore's (JSE:KIO) Returns On Capital Not Reflecting Well On The Business
HLM
R2.20
Hulamin
7D
-6.0%
1Y
-32.9%
RNG
R0.78
Randgold & Exploration
7D
1.3%
1Y
2.6%