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South African (JSE) Metals and Mining Industry Analysis

UpdatedApr 13, 2026
DataAggregated Company Financials
Companies17
  • 7D1.9%
  • 3M-7.0%
  • 1Y70.4%
  • YTD1.6%

The Metals and Mining industry is up 1.9% in the last week, with Valterra Platinum up 4.8%. This takes the industry's 12 month performance to a gain of 70%. 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
Mon, 13 Apr 2026R2.0tR736.8bR119.6b12.3x16.6x2.7x
Wed, 11 Mar 2026R2.1tR729.0bR116.6b15.4x18.3x2.9x
Fri, 06 Feb 2026R2.1tR660.6bR54.2b19.9x38.3x3.1x
Sun, 04 Jan 2026R1.9tR662.9bR54.8b20.7x35.5x2.9x
Tue, 02 Dec 2025R1.8tR667.9bR55.4b20.5x33.1x2.7x
Thu, 30 Oct 2025R1.6tR668.8bR55.7b18.5x29.5x2.5x
Sat, 27 Sep 2025R1.7tR669.9bR56.1b19.4x31.2x2.6x
Mon, 25 Aug 2025R1.4tR661.5bR35.3b10.8x38.5x2.1x
Wed, 23 Jul 2025R1.4tR655.5bR30.3b7.9x44.9x2.1x
Fri, 20 Jun 2025R1.2tR658.3bR30.9b7.8x38.3x1.8x
Sun, 18 May 2025R1.0tR660.0bR31.5b7.1x31.9x1.5x
Tue, 15 Apr 2025R1.2tR665.1bR32.5b6.7x35.4x1.7x
Thu, 13 Mar 2025R982.2bR661.8bR33.0b8.6x29.8x1.5x
Sat, 08 Feb 2025R960.9bR658.2b-R14,060,456,963.169.8x-68.3x1.5x
Mon, 06 Jan 2025R803.8bR662.5b-R12,749,085,270.399.4x-63x1.2x
Wed, 04 Dec 2024R847.2bR658.8b-R13,248,868,855.0610x-63.9x1.3x
Fri, 01 Nov 2024R980.8bR655.5b-R13,770,899,598.2611.4x-71.2x1.5x
Sun, 29 Sep 2024R903.0bR652.6b-R15,252,512,902.0511.9x-59.2x1.4x
Tue, 27 Aug 2024R876.5bR667.3bR7.3b5.8x119.7x1.3x
Thu, 25 Jul 2024R949.9bR674.6bR10.0b6.4x95.2x1.4x
Sat, 22 Jun 2024R901.5bR687.3bR13.6b6.5x66.3x1.3x
Mon, 20 May 2024R1.0tR687.7bR14.0b7.5x74.5x1.5x
Wed, 17 Apr 2024R1.1tR692.7bR14.7b6.5x72.4x1.5x
Fri, 15 Mar 2024R903.5bR690.8bR13.9b6.8x65x1.3x
Sun, 11 Feb 2024R862.4bR721.4bR89.4b6x9.6x1.2x
Tue, 09 Jan 2024R969.9bR730.7bR92.9b7.8x10.4x1.3x
Thu, 07 Dec 2023R961.9bR733.1bR93.8b7.8x10.3x1.3x
Sat, 04 Nov 2023R900.0bR729.5bR93.3b7.1x9.7x1.2x
Mon, 02 Oct 2023R866.5bR733.3bR93.8b7.4x9.2x1.2x
Wed, 30 Aug 2023R1.0tR837.5bR127.0b4.8x8.1x1.2x
Fri, 28 Jul 2023R1.2tR830.4bR145.3b4.5x8.3x1.5x
Sun, 25 Jun 2023R1.2tR868.4bR167.5b4.3x7.2x1.4x
Tue, 23 May 2023R1.4tR893.4bR182.5b4.8x7.6x1.6x
Thu, 20 Apr 2023R1.4tR862.8bR169.6b5.4x8.3x1.6x
Price to Earnings Ratio

8.3x


Total Market Cap: R1.4tTotal Earnings: R169.6bTotal Revenue: R862.8bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Metals and Mining Industry Price to Earnings3Y Average 39.4x202420252026
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 16.6x which is lower than its 3-year average PE of 39.4x.
  • 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 11% per year over the last three years,
  • Revenues have also declined 5.1% 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 Market2.44%
Materials1.66%
Metals and Mining1.88%
Precious Metals and Minerals3.51%
Diversified Metals and Mining0.99%
Gold0.61%
Copper0%0
Aluminum-0.53%
Steel-0.80%
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 28.3%, 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
VAL Valterra PlatinumR1.53k4.8%
+R18.5b		115.2%PE26x
IMP Impala Platinum HoldingsR252.552.9%
+R6.5b		112.0%PE27.6x
GFI Gold FieldsR806.800.8%
+R5.6b		80.1%PE12.3x
NPH Northam Platinum HoldingsR357.982.8%
+R3.9b		165.0%PE15.4x
SSW Sibanye StillwaterR53.171.8%
+R2.7b		157.6%PS1.2x

Latest News

ARI
R246.62
African Rainbow Minerals
7D
1.4%
1Y
49.0%

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).
HLM
R1.89
Hulamin
7D
-0.5%
1Y
-14.1%

HLM: Earnings Guidance And Margin Assumptions Will Drive Future Upside Potential

Analysts have adjusted their price target on Hulamin to reflect updated fair value assumptions. The move is framed by changes in discount rates, revenue growth expectations, profit margin forecasts, and future P/E inputs in their models.
GML
R1.05
Gemfields Group
7D
-4.5%
1Y
-9.5%
IMP
R252.55
Impala Platinum Holdings
7D
2.9%
1Y
112.0%
KIO
R323.04
Kumba Iron Ore
7D
-0.8%
1Y
4.9%

KIO: Future Returns Will Rely On Dividends And Rail Capacity Delivery

Analysts have trimmed their price target for Kumba Iron Ore slightly, with fair value moving from about ZAR313.14 to around ZAR310.29 as they factor in updated assumptions for the discount rate, revenue growth, profit margin and future P/E. What's in the News Kumba Iron Ore approved a gross final cash dividend of ZAR15.43 per share for the year ended 31 December 2025, with a net dividend of ZAR12.34 per share after 20% withholding tax for non exempt shareholders, payable on 16 March 2026 (Key Developments).
SSW
R53.17
Sibanye Stillwater
7D
1.8%
1Y
157.6%
MRF
R1.11
Merafe Resources
7D
0.9%
1Y
-1.8%
VAL
R1,530.13
Valterra Platinum
7D
4.8%
1Y
115.2%

VAL: Dividend Windfall And Higher EPS Will Support Future Returns

Analysts have revised their ZAR price target on Valterra Platinum to ZAR2,160, reflecting updated views on revenue growth, profit margins and the appropriate P/E multiple following recent Street research. Analyst Commentary Bullish analysts point to the revised ZAR2,160 price target as a key marker of confidence in Valterra Platinum's ability to align revenue trends, profit margins and its P/E multiple with updated Street expectations.
GFI
R806.80
Gold Fields
7D
0.8%
1Y
80.1%

Additional Considerations Required While Assessing Gold Fields' (JSE:GFI) Strong Earnings

Apr 07
Additional Considerations Required While Assessing Gold Fields' (JSE:GFI) Strong Earnings
NPH
R357.98
Northam Platinum Holdings
7D
2.8%
1Y
165.0%

NPH: Higher Discount Rate And Strong Output Will Support Bullish Repricing

Analysts have kept their ZAR 490.00 price target for Northam Platinum Holdings unchanged, while adjusting key inputs such as a higher discount rate, lower revenue growth and profit margin assumptions, and a higher future P/E. These changes reflect updated research that incorporates a more constructive stance from recent Street commentary.
MDI
R16.50
Master Drilling Group
7D
-6.8%
1Y
25.4%

Is Now The Time To Put Master Drilling Group (JSE:MDI) On Your Watchlist?

Apr 03
Is Now The Time To Put Master Drilling Group (JSE:MDI) On Your Watchlist?
HAR
R272.88
Harmony Gold Mining
7D
-0.07%
1Y
-15.8%

HAR: Earnings Guidance And Dividend Payout Will Support Future Upside

Analysts have raised their ZAR price target for Harmony Gold Mining to ZAR500, citing slightly firmer long term revenue growth, profit margins, and a lower projected future P/E multiple that together support maintaining this fair value level. What's in the News Reported gold production of 724,099 oz (22,522 kg) for the six months ended 31 December 2025, compared with 797,854 oz (24,816 kg) a year earlier, with a 9% decline linked to temporary challenges in the second quarter of fiscal 2026 (Key Developments).
RNG
R0.91
Randgold & Exploration
7D
-10.8%
1Y
21.3%
THA
R26.00
Tharisa
7D
0.8%
1Y
98.5%
ACL
R1.35
ArcelorMittal South Africa
7D
-4.3%
1Y
8.9%
EUZ
R0.21
Europa Metals
7D
-12.5%
1Y
-32.3%