Has the Australian Energy Sector valuation changed over the past few years?

Investors are optimistic on the Australian Energy industry, and appear confident in long term growth rates. The industry is trading at a PE ratio of 20.0x which is higher than its 3-year average PE of 16.7x. The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.3x.

Which industries have driven the changes within the Australian Energy sector?

Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 16.6x. Analysts are expecting annual earnings growth of 5.8%, which is higher than its past year's earnings decline of 20.8% per year.

Australian (ASX) Energy Sector Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 12 Sep 2026	AU$146.2b	AU$110.4b	AU$7.3b	17.2x	20x	1.3x
Mon, 10 Aug 2026	AU$135.5b	AU$102.1b	AU$5.5b	15.2x	24.7x	1.3x
Wed, 08 Jul 2026	AU$123.2b	AU$102.9b	AU$5.2b	14x	23.9x	1.2x
Fri, 05 Jun 2026	AU$141.0b	AU$102.1b	AU$5.0b	15.6x	28.2x	1.4x
Sun, 03 May 2026	AU$146.6b	AU$101.9b	AU$4.9b	16.7x	29.8x	1.4x
Tue, 31 Mar 2026	AU$152.3b	AU$103.2b	AU$5.2b	16.2x	29.4x	1.5x
Thu, 26 Feb 2026	AU$128.6b	AU$103.1b	AU$6.0b	20.2x	21.6x	1.2x
Sat, 24 Jan 2026	AU$119.9b	AU$109.1b	AU$6.6b	14x	18.1x	1.1x
Mon, 22 Dec 2025	AU$109.3b	AU$110.2b	AU$6.8b	13.2x	16x	1x
Wed, 19 Nov 2025	AU$116.6b	AU$110.7b	AU$6.9b	13.6x	16.8x	1.1x
Fri, 17 Oct 2025	AU$111.4b	AU$110.7b	AU$6.9b	12.6x	16x	1x
Sun, 14 Sep 2025	AU$114.3b	AU$110.2b	AU$7.1b	12.6x	16.1x	1x
Tue, 12 Aug 2025	AU$121.9b	AU$112.8b	AU$9.0b	13.8x	13.6x	1.1x
Thu, 10 Jul 2025	AU$114.8b	AU$112.5b	AU$9.0b	14.9x	12.8x	1x
Sat, 07 Jun 2025	AU$105.6b	AU$112.6b	AU$9.0b	13.2x	11.7x	0.9x
Mon, 05 May 2025	AU$96.8b	AU$112.7b	AU$9.1b	13.1x	10.6x	0.9x
Wed, 02 Apr 2025	AU$104.8b	AU$113.7b	AU$9.3b	14.7x	11.2x	0.9x
Fri, 28 Feb 2025	AU$110.4b	AU$113.4b	AU$9.4b	10.9x	11.7x	1x
Sun, 26 Jan 2025	AU$117.5b	AU$111.8b	AU$6.4b	12.7x	18.4x	1.1x
Tue, 24 Dec 2024	AU$110.5b	AU$112.1b	AU$6.5b	12.1x	17.1x	1x
Thu, 21 Nov 2024	AU$112.9b	AU$110.9b	AU$6.2b	12.7x	18.1x	1x
Sat, 19 Oct 2024	AU$116.8b	AU$110.0b	AU$6.1b	11.9x	19.2x	1.1x
Mon, 16 Sep 2024	AU$111.7b	AU$110.3b	AU$6.2b	10.9x	18x	1x
Wed, 14 Aug 2024	AU$123.2b	AU$112.9b	AU$7.1b	7.5x	17.3x	1.1x
Fri, 12 Jul 2024	AU$136.1b	AU$112.5b	AU$7.5b	7.9x	18.3x	1.2x
Sun, 09 Jun 2024	AU$131.7b	AU$113.2b	AU$7.6b	9x	17.4x	1.2x
Tue, 07 May 2024	AU$132.2b	AU$113.0b	AU$7.5b	7.2x	17.6x	1.2x
Thu, 04 Apr 2024	AU$139.0b	AU$113.6b	AU$7.6b	7.2x	18.2x	1.2x
Sat, 02 Mar 2024	AU$135.6b	AU$114.0b	AU$8.0b	9.2x	17x	1.2x
Mon, 29 Jan 2024	AU$140.6b	AU$129.2b	AU$19.5b	6.2x	7.2x	1.1x
Wed, 27 Dec 2023	AU$136.0b	AU$127.9b	AU$19.0b	5.8x	7.1x	1.1x
Fri, 24 Nov 2023	AU$132.0b	AU$129.3b	AU$19.5b	5.2x	6.8x	1x
Sun, 22 Oct 2023	AU$145.9b	AU$130.9b	AU$20.0b	6x	7.3x	1.1x
Tue, 19 Sep 2023	AU$147.4b	AU$130.4b	AU$20.0b	4.7x	7.4x	1.1x


AU Market	-2.94%
Energy	2.26%
Oil and Gas	2.26%
Energy Services	-12.95%

Company	Last Price	7D	1Y	Valuation
WDS Woodside Energy Group	AU$32.86	3.2% +AU$2.0b	35.7%	PE14.6x
STO Santos	AU$8.59	4.6% +AU$1.2b	13.2%	PE27.2x
VEA Viva Energy Group	AU$3.04	4.8% +AU$229.6m	59.2%	PE22x
NHC New Hope	AU$6.33	3.8% +AU$193.9m	46.5%	PE34.8x
WHC Whitehaven Coal	AU$8.60	2.5% +AU$172.7m	41.0%	PE18.4x

Announcement • Aug 25

Atomic Eagle Limited Provides Update on Madaouela Uranium Project Mineral Resource Estimate

Atomic Eagle Limited provided an update on the Mineral Resource for the Madaouela Uranium Project in Niger following its re-acquisition of the Project. Historical Mineral Resource Estimate for Madaouela confirms a large-scale uranium resource of 116.5Mlbs U3O8 at 1,282ppm as defined by extensive historical drilling and technical studies. Mineral Resource for Madaouela reported as a foreign estimate comprising: Measured & Indicated Resource of 96.9Mlbs U3O8 at 1,275 ppm; and Inferred Resource of 19.6Mlbs U3O8 at 1,330 ppm. The Mineral Resource Estimate at Madaouela is a foreign estimate prepared in accordance with Canadian National Instrument 43-101 and is not reported in accordance with the 2012 Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves. A competent person has not done sufficient work to classify the foreign estimate as a Mineral Resource in accordance with the JORC Code, and it is uncertain that following evaluation and/or further exploration work that the foreign estimate will be able to be reported as a Mineral Resource in accordance with the JORC Code. Foreign Resource Estimate is supported by extensive prior drilling (~600,000m) and feasibility-level technical studies completed. Mineralisation is shallow, laterally extensive and amenable to conventional mining methods, based on historical studies. Newly agreed Mining Convention provides an established framework for financing and development. Atomic Eagle plans to convert Madaouela’s foreign estimate to a JORC 2012 compliant Mineral Resource Estimate in Fourth Quarter, 2026. The Mineral Resource Estimate for the Madaouela Project in Table 1 is reported as a foreign estimate in accordance with ASX Listing Rules and is based on prior work completed by GoviEx Uranium Inc. and independent mining consultant SRK Consulting. It was previously reported by GoviEx in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects on 1 November 2022. Table 1: Madaouela Foreign Mineral Resource Estimate, effective date 1 July 2022: Measured 13.70Mt, Grade 1,000ppm U3O8, Contained U3O8 30.1Mlbs; Indicated 20.78Mt, Grade 1,460ppm U3O8, Contained U3O8 66.8Mlbs; Inferred 6.73Mt, Grade 1,330ppm U3O8, Contained U3O8 19.6Mlbs; Total 41.21Mt, Grade 1,282ppm U3O8, Contained U3O8 116.5Mlbs. The Mineral Resource has an effective date of 1 July 2022. Mineral Resources were classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (29 November 2019). Mineral Resources reported were inclusive of Mineral Reserves and were reported as undiluted, with no mining recovery applied in the estimate. Technical and economic assumptions were agreed between SRK and GoviEx for mining factors (mining recovery and processing costs) and processing factors (metal recovery, processing costs), which were used for optimisation, and which were developed to a feasibility study level of detail and accuracy. At the time, SRK considered there to be reasonable prospects for economic extraction by constraining the resources within an optimised pit shell shape constructed assuming a Uranium price of USD 70/lb U3O8. Mineral Resources are reported within volumes defined by the optimised pit shell above a eU cut-off of 220 ppm. For the underground resource, SRK considered there to be reasonable prospects for economic extraction by constraining the resources within contiguous volumes where grade diluted to a minimum thickness of 1.8m is above 400ppm assuming a Uranium price of USD 70/lb U3O8. Tonnages are reported in metric units, grades in parts-per-million (ppm), and the contained metal in million pounds (Mlbs). Tonnages, grades, and contained metal totals are rounded appropriately. The Mineral Resource Estimate is not, and does not purport to be, compliant with the JORC Code and are therefore classified as “foreign estimates” under Chapter 19 of the ASX Listing Rules. The Madaouela Uranium Project is located near Arlit, in north central Niger, in one of the most significant areas of producing sandstone-hosted uranium deposits in the world. The Project extends over approximately 122.9km2. The Project is located in the Agadez region (Arlit Department), southeast from the town of Arlit and west of the Aïr Mountain. Arlit is located approximately 800km north-east by air from the capital city, Niamey. Madaoulea consists of sandstone-hosted uranium deposits defined as epigenetic concentrations of uranium minerals occurring as impregnations and replacements primarily in fluvial, lacustrine, and deltaic sandstone formations. They occur in permeable medium to coarse grained sandstone, usually deposited in continental fluvial or marginal marine sedimentary environments. Impermeable shale or mudstone are inter-bedded in the sedimentary sequence and often occur above and below the mineralisation. The reported resources are located over a number of deposits extending over 17km, from the Miriam deposit in the south to the Marilyn and Marianne (M&M) in the north. Additional deposits named Maryvonne (MYVE) and MSNE lie in between. These deposits occur within the Guezouman Formation within the Tim Mersoi basin. The resources are controlled by N70 structures and along the contact with the reduced Talak Formation or along subvertical fractures trending N135 and extending laterally into the sandstone in the case of Miriam. The mineralisation is mostly uraninite and coffinite. Some deposits within the Project area also contain economic concentrations of molybdenum occurring as molybdenite (MoS2), occurring with the uranium mineralisation. The Marilyn and Marianne deposits were originally discovered by the French CEA (Commission Exploration Atomique) between 1960 and 1965. GoviEx acquired the Madaouela Project in 2007. Between 2007 and 2021, it carried out a number of drilling programs following up on those previous discoveries. GoviEx re-opened or twinned historical holes and drilled new holes on a 50x50m grid, gradually reducing to 25x25m grids in some areas. The main drilling method was open hole mud rotary, of which a total of 5,723 holes for 594,023m were drilled over the MAD1 mining licence. The main assay method for the mud rotary holes was the use of calibrated downhole gamma tools. Diamond drilling was carried out to collect geotechnical data, metallurgical samples as well as verification of the gamma data. Exploration works also included remote sensing, spectral and structural interpretation, strip mapping and radon surveys. Mining, metallurgical studies, hydrogeological studies were completed at various times during the life of the Project. An environment and social impact assessment (ESIA) was completed in 2015 and was further updated in 2024.

Australian (ASX) Energy Sector Analysis

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