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South African (JSE) Metals and Mining Industry Analysis

UpdatedApr 26, 2026
DataAggregated Company Financials
Companies17
  • 7D-8.9%
  • 3M-19.0%
  • 1Y77.9%
  • YTD-3.3%

Over the last 7 days, the Metals and Mining industry has dropped 8.9%, driven by a pullback from Gold Fields of 7.6%. Meanwhile, Gemfields Group actually outperformed within the industry, gaining 7.6% in the last week. Over the past 12 months, the industry was up 78%. As for the next few years, earnings are expected to grow by 19% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 26 Apr 2026R1.9tR737.6bR119.8b11.5x15.7x2.6x
Tue, 24 Mar 2026R1.7tR741.9bR119.9b10.1x14.3x2.3x
Thu, 19 Feb 2026R2.1tR624.3bR59.5b20.7x35.4x3.4x
Sat, 17 Jan 2026R2.1tR662.3bR54.6b23.7x39.1x3.2x
Mon, 15 Dec 2025R1.9tR665.8bR55.5b21.4x34.4x2.9x
Wed, 12 Nov 2025R1.7tR668.4bR55.6b20.1x30.5x2.5x
Fri, 10 Oct 2025R1.8tR668.8bR55.8b19.7x31.5x2.6x
Sun, 07 Sep 2025R1.5tR672.8bR57.0b16.4x25.6x2.2x
Tue, 05 Aug 2025R1.3tR643.3bR25.3b7.7x53x2.1x
Thu, 03 Jul 2025R1.2tR655.4bR30.3b7.3x40.4x1.9x
Sat, 31 May 2025R1.1tR658.0bR30.9b7.1x35.6x1.7x
Mon, 28 Apr 2025R1.1tR664.0bR32.3b7x32.8x1.6x
Wed, 26 Mar 2025R1.0tR661.9bR33.1b7.3x31.4x1.6x
Fri, 21 Feb 2025R969.2bR639.4b-R24,204,227,199.1410.3x-40x1.5x
Sun, 19 Jan 2025R878.4bR662.5b-R12,756,213,056.519.7x-68.9x1.3x
Tue, 17 Dec 2024R826.3bR657.6b-R13,410,166,903.919.9x-61.6x1.3x
Thu, 14 Nov 2024R850.9bR659.0b-R13,314,956,100.9010.1x-63.9x1.3x
Sat, 12 Oct 2024R883.2bR654.2b-R15,039,665,671.3211.8x-58.7x1.4x
Mon, 09 Sep 2024R770.9bR662.6bR241.8m10.7x3188.5x1.2x
Wed, 07 Aug 2024R897.7bR675.3bR10.1b6.1x89.1x1.3x
Fri, 05 Jul 2024R951.6bR688.9bR13.8b6.9x68.9x1.4x
Sun, 02 Jun 2024R954.1bR691.9bR14.3b6.9x66.9x1.4x
Tue, 30 Apr 2024R993.0bR690.4bR14.4b6.8x69x1.4x
Thu, 28 Mar 2024R920.9bR691.9bR13.6b6.4x67.7x1.3x
Sat, 24 Feb 2024R865.9bR724.6bR83.3b7.5x10.4x1.2x
Mon, 22 Jan 2024R936.2bR733.2bR93.2b7.5x10x1.3x
Wed, 20 Dec 2023R1.1tR729.4bR92.7b8.1x11.5x1.5x
Fri, 17 Nov 2023R916.2bR729.5bR93.3b7.3x9.8x1.3x
Sun, 15 Oct 2023R947.5bR733.8bR93.9b7.6x10.1x1.3x
Tue, 12 Sep 2023R973.6bR819.3bR96.1b5.4x10.1x1.2x
Thu, 10 Aug 2023R1.1tR845.1bR140.7b4.3x7.8x1.3x
Sat, 08 Jul 2023R1.1tR869.3bR167.6b4.3x6.7x1.3x
Mon, 05 Jun 2023R1.4tR884.0bR177.1b5x7.9x1.6x
Wed, 03 May 2023R1.4tR885.5bR182.2b5x7.6x1.6x
Price to Earnings Ratio

7.6x


Total Market Cap: R1.4tTotal Earnings: R182.2bTotal Revenue: R885.5bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Metals and Mining Industry Price to Earnings3Y Average 39.5x202420252026
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 15.7x which is lower than its 3-year average PE of 39.5x.
  • 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 5.9% 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-3.76%
Materials-7.63%
Metals and Mining-8.87%
Aluminum0.53%
Steel-4.00%
Diversified Metals and Mining-4.52%
Gold-8.48%
Copper-8.57%
Precious Metals and Minerals-9.99%
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 27.4%, 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
GML Gemfields GroupR0.997.6%
+R120.7m		-10.0%PS0.8x
MRF Merafe ResourcesR1.130.9%
+R25.0m		0.9%PE19.8x
EUZ Europa MetalsR0.2519.0%
+R4.1m		-19.4%PS148.2x
HLM HulaminR1.910.5%
+R3.1m		-9.5%PS0.05x

Latest News

SSW
R53.17
Sibanye Stillwater
7D
-7.2%
1Y
152.7%
VAL
R1,413.69
Valterra Platinum
7D
-10.4%
1Y
124.3%
HLM
R1.91
Hulamin
7D
0.5%
1Y
-9.5%

HLM: Earnings Guidance And Marginally Improved Margins Will Support Future Upside

Analysts have kept their ZAR price target for Hulamin effectively unchanged, citing steady fair value assumptions, an unchanged 26.05% discount rate, very large modelled revenue growth, and a marginally improved profit margin and future P/E input. What's in the News Hulamin issued earnings guidance for the year ending 31 December 2025, giving investors an early view of expected financial results.
KIO
R310.71
Kumba Iron Ore
7D
-4.1%
1Y
-2.6%

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.
HAR
R276.05
Harmony Gold Mining
7D
-11.7%
1Y
-3.6%
NPH
R342.39
Northam Platinum Holdings
7D
-9.9%
1Y
186.7%

NPH: Higher Required Returns Will Pressure Optimistic Margin And P/E Assumptions

Analysts have raised their price target on Northam Platinum Holdings from ZAR131.11 to ZAR270.00, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples, along with a more positive stance in recent Street research. Analyst Commentary Even with a higher price target framework on Northam Platinum Holdings, not all research has been uniformly positive.
GFI
R757.00
Gold Fields
7D
-7.6%
1Y
86.1%

GFI: Rich Payouts And Higher Costs Will Pressure Future Returns

Analysts have lifted the fair value estimate for Gold Fields to ZAR700 from ZAR680, reflecting updated views on revenue growth, profit margins and an adjusted future P/E multiple, informed by recent changes to Street price targets and ratings. Analyst Commentary Recent Street commentary on Gold Fields has been mixed, with several research houses updating price targets and ratings in quick succession.
GML
R0.99
Gemfields Group
7D
7.6%
1Y
-10.0%
IMP
R242.06
Impala Platinum Holdings
7D
-11.4%
1Y
119.8%

IMP: Future Returns Will Reflect Stronger Earnings Guidance And Recent Broker Upgrades

Analysts have trimmed their 12 month price target for Impala Platinum Holdings to about ZAR355 from roughly ZAR372, as higher discount rate assumptions offset slightly stronger views on revenue growth, profit margins and the future P/E multiple, with recent research upgrades cited as support for the updated outlook. Analyst Commentary Recent research has shifted more positively, with price target revisions and upgrades reflecting a mix of confidence in the business and caution around execution risks.
ARI
R231.00
African Rainbow Minerals
7D
-4.6%
1Y
49.2%

ARI: Earnings Guidance And PGM Pricing Will Shape A Balanced Outlook

Analysts have lifted their fair value estimate for African Rainbow Minerals from ZAR252 to ZAR263, citing updated assumptions for discount rates, profit margins, and a slightly higher future P/E multiple. What's in the News African Rainbow Minerals issued earnings guidance for the six months ending 31 December 2025, covering 1H F2026 (Key Developments).
MRF
R1.13
Merafe Resources
7D
0.9%
1Y
0.9%
EUZ
R0.25
Europa Metals
7D
19.0%
1Y
-19.4%