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South African (JSE) Metals and Mining Industry Analysis

UpdatedDec 22, 2025
DataAggregated Company Financials
Companies16
  • 7D2.2%
  • 3M12.3%
  • 1Y142.5%
  • YTD137.0%

Over the last 7 days, the Metals and Mining industry has risen 2.2%, driven by gains from Valterra Platinum of 5.1%. In the last 12 months, the industry was up 143%. As for the next few years, earnings are expected to grow by 34% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 22 Dec 2025R1.9tR665.0bR55.3b21x34.6x2.9x
Wed, 19 Nov 2025R1.6tR668.6bR55.7b19x29.1x2.4x
Fri, 17 Oct 2025R1.9tR669.7bR55.9b21.9x34.6x2.9x
Sun, 14 Sep 2025R1.5tR671.0bR56.5b17.9x26.8x2.3x
Tue, 12 Aug 2025R1.4tR642.2bR25.1b7.4x55.5x2.2x
Thu, 10 Jul 2025R1.2tR656.8bR30.6b7.5x40.1x1.9x
Sat, 07 Jun 2025R1.2tR656.8bR30.6b7.1x38.3x1.8x
Mon, 05 May 2025R1.1tR662.3bR32.0b7.1x32.9x1.6x
Wed, 02 Apr 2025R1.1tR663.2bR33.4b6.9x33.1x1.7x
Fri, 28 Feb 2025R897.1bR658.3bR32.1b8.3x27.9x1.4x
Sun, 26 Jan 2025R909.0bR660.6b-R13,004,485,101.2010x-69.9x1.4x
Tue, 24 Dec 2024R786.8bR661.4b-R12,901,394,805.229.4x-61x1.2x
Thu, 21 Nov 2024R882.5bR658.2b-R13,414,019,853.5110.2x-65.8x1.3x
Sat, 19 Oct 2024R948.0bR655.4b-R13,784,441,745.7211.2x-68.8x1.4x
Mon, 16 Sep 2024R814.7bR656.6b-R14,735,857,430.6711.2x-55.3x1.2x
Wed, 14 Aug 2024R879.5bR672.6bR8.6b6.2x102.4x1.3x
Fri, 12 Jul 2024R886.8bR573.8bR51.4b6.3x17.3x1.5x
Sun, 09 Jun 2024R909.4bR692.3bR14.3b6.6x63.6x1.3x
Tue, 07 May 2024R966.7bR689.6bR14.3b7x67.8x1.4x
Thu, 04 Apr 2024R958.0bR690.6bR14.4b6.3x66.5x1.4x
Sat, 02 Mar 2024R863.8bR717.3bR74.8b6x11.5x1.2x
Mon, 29 Jan 2024R1.0tR731.9bR93.1b7.6x10.8x1.4x
Wed, 27 Dec 2023R1.1tR730.1bR92.9b8x11.6x1.5x
Fri, 24 Nov 2023R949.7bR732.7bR93.7b7.2x10.1x1.3x
Sun, 22 Oct 2023R916.0bR733.7bR93.9b7.1x9.8x1.2x
Tue, 19 Sep 2023R1.0tR820.8bR96.2b6.5x10.9x1.3x
Thu, 17 Aug 2023R1.0tR846.2bR141.1b4.3x7.3x1.2x
Sat, 15 Jul 2023R1.2tR861.9bR166.8b4.4x7.4x1.4x
Mon, 12 Jun 2023R1.3tR876.1bR176.0b4.8x7.7x1.5x
Wed, 10 May 2023R1.4tR886.9bR182.4b5x7.9x1.6x
Fri, 07 Apr 2023R1.3tR863.6bR169.5b4.7x7.6x1.5x
Sun, 05 Mar 2023R1.2tR851.6bR167.9b4.8x7x1.4x
Tue, 31 Jan 2023R1.4tR893.2bR197.7b5.4x7x1.6x
Thu, 29 Dec 2022R1.4tR890.4bR197.0b5.8x7.2x1.6x
Price to Earnings Ratio

7.2x


Total Market Cap: R1.4tTotal Earnings: R197.0bTotal Revenue: R890.4bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Metals and Mining Industry Price to Earnings3Y Average 37.2x202320242025
Current Industry PE
  • Investors are relatively neutral on the South African Metals and Mining industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 37.2x.
  • The 3-year average PS ratio of 1.6x is lower than the industry's current PS ratio of 2.9x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 35% per year over the last three years,
  • Revenues have also declined 9.3% 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 industry?

ZA Market1.74%
Materials2.07%
Metals and Mining2.16%
Precious Metals and Minerals5.36%
Copper3.39%
Diversified Metals and Mining3.24%
Steel1.54%
Gold-0.83%
Aluminum-9.57%
Industry PE
  • Investors are most optimistic about the Aluminum industry which is trading above its 3-year average PE ratio of 9.8x.
    • 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 13% 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 PlatinumR1.39k5.1%
+R17.7b		140.8%PE275.6x
IMP Impala Platinum HoldingsR244.106.8%
+R13.9b		161.6%PE287.7x
SSW Sibanye StillwaterR59.185.0%
+R8.0b		262.6%PS1.5x
NPH Northam Platinum HoldingsR323.683.8%
+R4.4b		230.3%PE80.6x
KIO Kumba Iron OreR338.291.4%
+R1.5b		5.1%PE7.4x

Latest News

SSW
R59.18
Sibanye Stillwater
7D
5.0%
1Y
262.6%

SSW: Future Returns Will Depend On Chrome Agreement Cash Flows

Analysts have slightly trimmed their price target on Sibanye Stillwater to around $50.07 from approximately $50.16, citing moderate reductions in the assumed discount rate, upgraded forecasts for revenue growth and profit margins, and a somewhat lower future price to earnings multiple. What's in the News Concluded a three year wage agreement at South African gold operations with AMCU, NUM, UASA, and Solidarity.
HLM
R2.08
Hulamin
7D
-9.6%
1Y
-39.4%

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Dec 19
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IMP
R244.10
Impala Platinum Holdings
7D
6.8%
1Y
161.6%

IMP: Higher Margins Are Expected To Drive Strong Share Price Rebound

Analysts have lifted their price target on Impala Platinum Holdings from R200.00 to R310.00, citing expectations for faster revenue growth, stronger profit margins, and a modestly lower future price-to-earnings multiple that together support a higher fair value estimate despite a slightly increased discount rate. What's in the News Reported first quarter 2025 6E group production of 882,000 oz, down from 928,000 oz in the prior year period, highlighting some operational headwinds (company announcement).
HAR
R342.51
Harmony Gold Mining
7D
0.7%
1Y
122.3%

HAR: Higher Multiple And Copper Project Will Eventually Disappoint Expectations

Analysts have raised their price target for Harmony Gold Mining from approximately $220 to about $270 per share. They cite a higher discount rate, lower long term revenue growth and profit margin assumptions, and a rerating to a richer future P/E multiple that together better reflect the company’s risk profile and earnings quality.
VAL
R1,388.59
Valterra Platinum
7D
5.1%
1Y
140.8%
NPH
R323.68
Northam Platinum Holdings
7D
3.8%
1Y
230.3%

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.
GFI
R741.38
Gold Fields
7D
0.2%
1Y
199.3%

GFI: Elevated Capex And Project Execution Will Likely Pressure Future Returns

The analyst fair value estimate for Gold Fields has been raised sharply from about $400 to roughly $630, as analysts factor in higher gold price assumptions, stronger projected revenue growth and margins, and medium term upside from the company's growth projects and capital returns program. Analyst Commentary Recent Street research paints a mixed picture for Gold Fields, with a widening range of price targets and ratings that reflect both optimism on gold prices and emerging concerns around execution and capital allocation.
KIO
R338.29
Kumba Iron Ore
7D
1.4%
1Y
5.1%
ARI
R192.49
African Rainbow Minerals
7D
3.2%
1Y
27.2%

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Dec 02
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