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South African (JSE) Metals and Mining Industry Analysis

UpdatedMay 13, 2026
DataAggregated Company Financials
Companies17
  • 7D-2.5%
  • 3M-12.4%
  • 1Y91.1%
  • YTD-1.7%

Over the last 7 days, the Metals and Mining industry has risen 8.0%, driven by gains from Harmony Gold Mining of 1.0%. This takes the industry's 12 month performance to a gain of 93%. Looking forward, earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 13 May 2026R1.9tR737.5bR119.8b11.2x16x2.6x
Fri, 10 Apr 2026R2.0tR736.2bR119.3b12.3x16.6x2.7x
Sun, 08 Mar 2026R2.1tR732.0bR117.5b14.9x17.5x2.8x
Tue, 03 Feb 2026R2.1tR659.7bR54.0b23.6x38.1x3.1x
Thu, 01 Jan 2026R1.9tR663.3bR54.9b20.8x35.2x2.9x
Sat, 29 Nov 2025R1.8tR668.2bR55.6b20x32.2x2.7x
Mon, 27 Oct 2025R1.7tR669.1bR55.8b19.5x30x2.5x
Wed, 24 Sep 2025R1.7tR670.1bR56.3b20x30.4x2.6x
Fri, 22 Aug 2025R1.4tR639.7bR24.5b10.8x55.8x2.1x
Sun, 20 Jul 2025R1.3tR656.3bR30.5b7.5x42.3x2x
Tue, 17 Jun 2025R1.2tR657.6bR30.8b7.7x38.9x1.8x
Thu, 15 May 2025R1.0tR661.4bR31.8b7.1x31.5x1.5x
Sat, 12 Apr 2025R1.2tR667.1bR34.2b6.5x34x1.7x
Mon, 10 Mar 2025R1.0tR662.1bR33.6b8.9x29.8x1.5x
Wed, 05 Feb 2025R961.0bR662.1b-R12,810,084,113.659.9x-75x1.5x
Fri, 03 Jan 2025R807.5bR662.3b-R12,785,324,435.589.6x-63.2x1.2x
Sun, 01 Dec 2024R829.3bR658.5b-R13,288,784,457.299.9x-62.4x1.3x
Tue, 29 Oct 2024R1.0tR655.9b-R13,718,055,783.7211.7x-73.3x1.5x
Thu, 26 Sep 2024R885.7bR654.1b-R15,070,090,274.0811.7x-58.8x1.4x
Sat, 24 Aug 2024R889.3bR669.8bR8.2b5.7x108x1.3x
Mon, 22 Jul 2024R925.7bR689.0bR13.8b5.8x67x1.3x
Wed, 19 Jun 2024R868.8bR687.7bR13.7b6.5x63.6x1.3x
Fri, 17 May 2024R1.0tR687.9bR14.0b7.5x73.1x1.5x
Sun, 14 Apr 2024R1.1tR691.9bR14.6b6.9x75.7x1.6x
Tue, 12 Mar 2024R920.6bR690.5bR13.8b7.2x66.5x1.3x
Thu, 08 Feb 2024R918.3bR718.5bR92.4b6.7x9.9x1.3x
Sat, 06 Jan 2024R991.4bR731.2bR93.0b7.9x10.7x1.4x
Mon, 04 Dec 2023R992.8bR731.7bR93.6b7.4x10.6x1.4x
Wed, 01 Nov 2023R866.1bR731.7bR93.6b7x9.3x1.2x
Fri, 29 Sep 2023R1.0tR819.9bR95.5b8.6x10.6x1.2x
Sun, 27 Aug 2023R1.0tR839.0bR127.1b4.8x8x1.2x
Tue, 25 Jul 2023R1.2tR837.5bR147.5b4.5x8.1x1.4x
Thu, 22 Jun 2023R1.2tR865.0bR169.1b4.5x7.2x1.4x
Sat, 20 May 2023R1.4tR895.1bR183.4b4.8x7.6x1.6x
Price to Earnings Ratio

7.6x


Total Market Cap: R1.4tTotal Earnings: R183.4bTotal Revenue: R895.1bTotal 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 16.4x 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 2.7x.
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 6.3% 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 Market-2.73%
Materials-2.32%
Metals and Mining-2.51%
Steel-0.84%
Precious Metals and Minerals-1.77%
Diversified Metals and Mining-2.17%
Aluminum-2.63%
Gold-3.53%
Copper-8.33%
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
HAR Harmony Gold MiningR291.591.0%
+R1.8b		13.9%PE11.2x
MRF Merafe ResourcesR1.226.1%
+R174.9m		7.0%PE21.4x
THA TharisaR27.301.0%
+R83.0m		90.9%PE6.2x
MDI Master Drilling GroupR17.352.1%
+R52.7m		22.1%PE5.2x
MTU MantenguR0.388.6%
+R8.6m		-35.6%PE0.5x

Latest News

ARI
R229.19
African Rainbow Minerals
7D
-2.4%
1Y
50.2%
NPH
R346.92
Northam Platinum Holdings
7D
-2.6%
1Y
164.3%
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
R1,459.84
Valterra Platinum
7D
-1.8%
1Y
137.0%
IMP
R265.33
Impala Platinum Holdings
7D
-1.6%
1Y
144.1%
GFI
R731.98
Gold Fields
7D
-4.7%
1Y
101.9%
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.
GML
R0.80
Gemfields Group
7D
-11.1%
1Y
-27.3%
MDI
R17.35
Master Drilling Group
7D
2.1%
1Y
22.1%
HAR
R291.59
Harmony Gold Mining
7D
1.0%
1Y
13.9%
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
R54.82
Sibanye Stillwater
7D
-1.4%
1Y
160.3%
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
R326.52
Kumba Iron Ore
7D
-1.0%
1Y
0.8%
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.
THA
R27.30
Tharisa
7D
1.0%
1Y
90.9%
MRF
R1.22
Merafe Resources
7D
6.1%
1Y
7.0%
MTU
R0.38
Mantengu
7D
8.6%
1Y
-35.6%