Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

South African (JSE) Metals and Mining Industry Analysis

UpdatedMay 09, 2026
DataAggregated Company Financials
Companies17
  • 7D7.7%
  • 3M-8.8%
  • 1Y79.6%
  • YTD-1.3%

In the last week, the Metals and Mining industry is up 7.7%, with Impala Platinum Holdings leading the way, up 16%. In the last 12 months, the industry was up 80%. As for the next few years, earnings are expected to grow by 18% 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, 09 May 2026R1.9tR736.2bR119.3b11.3x16.1x2.6x
Mon, 06 Apr 2026R1.9tR742.3bR121.6b11.8x16x2.6x
Wed, 04 Mar 2026R2.1tR711.1bR108.4b15x19.5x3x
Fri, 30 Jan 2026R2.5tR657.8bR53.5b28.1x46.2x3.8x
Sun, 28 Dec 2025R2.0tR664.2bR55.1b22x36.9x3.1x
Tue, 25 Nov 2025R1.7tR669.7bR55.9b18.5x29.6x2.5x
Thu, 23 Oct 2025R1.6tR670.4bR56.1b18.2x28.7x2.4x
Sat, 20 Sep 2025R1.6tR670.8bR56.5b19x28.3x2.4x
Mon, 18 Aug 2025R1.4tR638.9bR24.4b11.1x55.6x2.1x
Wed, 16 Jul 2025R1.3tR657.7bR30.7b7.7x41.2x1.9x
Fri, 13 Jun 2025R1.2tR656.6bR30.6b8x39.8x1.9x
Sun, 11 May 2025R1.1tR661.2bR31.8b6.7x33.7x1.6x
Tue, 08 Apr 2025R985.9bR670.3bR34.8b6.3x28.3x1.5x
Thu, 06 Mar 2025R945.4bR657.1bR31.7b8.8x29.9x1.4x
Sat, 01 Feb 2025R959.7bR661.9b-R12,831,992,677.2810.1x-74.8x1.4x
Mon, 30 Dec 2024R787.8bR662.1b-R12,804,682,002.079.4x-61.5x1.2x
Wed, 27 Nov 2024R847.1bR658.7b-R13,349,989,047.5910x-63.5x1.3x
Fri, 25 Oct 2024R994.0bR655.7b-R13,748,525,615.5011.3x-72.3x1.5x
Sun, 22 Sep 2024R849.0bR655.1b-R14,941,592,618.2311.4x-56.8x1.3x
Tue, 20 Aug 2024R927.3bR670.2bR8.3b5.8x112.3x1.4x
Thu, 18 Jul 2024R948.3bR688.5bR13.8b6x68.9x1.4x
Sat, 15 Jun 2024R846.9bR689.7bR13.9b6.3x60.8x1.2x
Mon, 13 May 2024R1.0tR689.2bR14.2b7.2x71.3x1.5x
Wed, 10 Apr 2024R1.0tR689.4bR14.2b6.8x72.3x1.5x
Fri, 08 Mar 2024R916.2bR693.4bR17.0b6.1x53.8x1.3x
Sun, 04 Feb 2024R982.5bR732.5bR93.1b7.4x10.5x1.3x
Tue, 02 Jan 2024R1.1tR729.9bR92.8b8.5x11.6x1.5x
Thu, 30 Nov 2023R996.6bR731.8bR93.6b7.5x10.6x1.4x
Sat, 28 Oct 2023R873.9bR732.8bR93.8b7x9.3x1.2x
Mon, 25 Sep 2023R1.0tR817.3bR95.3b9.1x10.9x1.3x
Wed, 23 Aug 2023R982.0bR841.4bR137.3b4.3x7.2x1.2x
Fri, 21 Jul 2023R1.2tR860.7bR166.7b4.5x7.3x1.4x
Sun, 18 Jun 2023R1.3tR870.7bR175.4b4.8x7.6x1.5x
Tue, 16 May 2023R1.4tR891.4bR182.9b4.9x7.8x1.6x
Price to Earnings Ratio

7.8x


Total Market Cap: R1.4tTotal Earnings: R182.9bTotal Revenue: R891.4bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Metals and Mining Industry Price to Earnings3Y Average 39.6x202420252026
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 16.1x which is lower than its 3-year average PE of 39.6x.
  • The 3-year average PS ratio of 1.7x is lower than the industry's current PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 13% per year over the last three years,
  • Revenues have also declined 6.2% 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 Market1.58%
Materials6.39%
Metals and Mining7.72%
Precious Metals and Minerals11.31%
Gold4.81%
Steel3.51%
Diversified Metals and Mining3.09%
Aluminum0%0
Copper-4.76%
Industry PE
  • Investors are most optimistic about the Precious Metals and Minerals industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 27.7%, which is lower than the prior year's growth of 118.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Aluminum industry, expecting annual earnings growth of 62% over the next 5 years.
  • 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
IMP Impala Platinum HoldingsR268.4715.6%
+R32.5b		135.1%PE29.4x
VAL Valterra PlatinumR1.46k9.2%
+R32.3b		127.0%PE24.8x
GFI Gold FieldsR734.913.2%
+R20.5b		80.6%PE11.2x
HAR Harmony Gold MiningR292.2711.0%
+R18.0b		2.9%PE11.2x
NPH Northam Platinum HoldingsR356.9311.5%
+R14.5b		173.3%PE15.3x

Latest News

NPH
R356.93
Northam Platinum Holdings
7D
11.5%
1Y
173.3%
Narrative Update • May 08

NPH: Maintained Fair Value And Adjusted Assumptions Will Support Bullish Repricing

Analysts have kept the ZAR 490.00 price target unchanged for Northam Platinum Holdings, citing slightly adjusted assumptions around discount rates, revenue growth, profit margins and future P/E as the main factors supporting their maintained view. Valuation Changes Fair Value: ZAR 490.00 remains unchanged, indicating no shift in the central valuation anchor used.
VAL
R1,458.25
Valterra Platinum
7D
9.2%
1Y
127.0%
IMP
R268.47
Impala Platinum Holdings
7D
15.6%
1Y
135.1%
GFI
R734.91
Gold Fields
7D
3.2%
1Y
80.6%
Narrative Update • May 03

GFI: Higher Gold Price Assumptions And Dividend Payouts Will Support Re Rating

Gold Fields' analyst fair value estimate has shifted from ZAR1,100.00 to ZAR1,263.00 as analysts factor in updated gold price assumptions, changes in long term growth and profitability forecasts, and refreshed P/E expectations reflected in recent research updates. Analyst Commentary Recent research points to a constructive tone around Gold Fields, with several bullish analysts revisiting their assumptions on gold prices, long term profitability, and valuation multiples.
ACL
R1.27
ArcelorMittal South Africa
7D
-3.8%
1Y
16.5%
ARI
R230.10
African Rainbow Minerals
7D
3.2%
1Y
43.2%
Narrative Update • Apr 30

ARI: Higher PGM Basket Prices Will Support Stronger 1H F2026 Earnings

Analysts have slightly increased their price target on African Rainbow Minerals to ZAR265 from ZAR263, reflecting updated assumptions regarding revenue growth, profit margins and future P/E expectations. What's in the News African Rainbow Minerals issued earnings guidance for the six months ending 31 December 2025, covering 1H F2026 basic earnings and earnings per share (Key Developments).
HAR
R292.27
Harmony Gold Mining
7D
11.0%
1Y
2.9%
Narrative Update • Apr 29

HAR: Dividend Strength And Steady Guidance Will Support Further Share Upside

Analysts have reiterated their ZAR fair value estimate for Harmony Gold Mining while fine tuning their inputs, including a slightly higher discount rate, modestly stronger revenue growth and profit margin assumptions, and a marginally lower future P/E. Together, these adjustments leave the overall price target in ZAR terms unchanged.
SSW
R54.80
Sibanye Stillwater
7D
10.3%
1Y
139.8%
Narrative Update • Apr 28

SSW: Higher Discount Rates And Margin Assumptions Will Shape Future Returns

Analysts have trimmed their Sibanye Stillwater price target by ZAR2, reflecting slightly higher discount rate assumptions and more cautious revenue growth expectations. This is partly offset by a modestly stronger profit margin outlook and a marginally lower future P/E multiple.
KIO
R323.60
Kumba Iron Ore
7D
3.6%
1Y
5.8%
Narrative Update • Apr 25

KIO: Future Returns Will Depend On Dividends And Rail Logistics Delivery

Analysts have set their Kumba Iron Ore price target at ZAR306, down slightly from ZAR310.29. This reflects small updates to discount rate assumptions, softer revenue growth expectations, and a modestly higher profit margin outlook and future P/E estimate.
CPR
R0.60
Copper 360
7D
-4.8%
1Y
-67.4%