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Australian (ASX) Capital Markets Industry Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies78
  • 7D1.8%
  • 3M-4.3%
  • 1Y-6.3%
  • YTD-5.0%

In the last week, the Capital Markets industry is up 1.8%, with Macquarie Group up 2.2%. However, the industry is down 6.3% over the past year. Earnings are forecast to grow by 11% annually.

Industry Valuation and Performance

Has the Australian Capital Markets Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025AU$156.7bAU$29.2bAU$7.5b20.7x21x5.4x
Fri, 21 Nov 2025AU$152.8bAU$29.3bAU$7.5b22.3x20.4x5.2x
Sun, 19 Oct 2025AU$166.7bAU$28.6bAU$7.3b22.6x22.7x5.8x
Tue, 16 Sep 2025AU$163.5bAU$28.7bAU$7.3b22.8x22.3x5.7x
Thu, 14 Aug 2025AU$163.7bAU$30.0bAU$7.2b16x22.8x5.5x
Sat, 12 Jul 2025AU$166.8bAU$30.0bAU$7.2b15.5x23.2x5.6x
Mon, 09 Jun 2025AU$160.8bAU$30.0bAU$7.2b15.1x22.3x5.4x
Wed, 07 May 2025AU$150.3bAU$30.0bAU$7.2b14.5x20.8x5x
Fri, 04 Apr 2025AU$145.5bAU$30.0bAU$7.2b13.9x20.1x4.8x
Sun, 02 Mar 2025AU$167.0bAU$30.0bAU$7.2b16.3x23.1x5.6x
Tue, 28 Jan 2025AU$173.6bAU$29.9bAU$6.4b20.7x27.2x5.8x
Thu, 26 Dec 2024AU$164.7bAU$30.1bAU$6.3b20.6x25.9x5.5x
Sat, 23 Nov 2024AU$169.9bAU$30.0bAU$6.3b20x26.9x5.7x
Mon, 21 Oct 2024AU$168.9bAU$29.7bAU$6.1b19.6x27.6x5.7x
Wed, 18 Sep 2024AU$157.3bAU$29.6bAU$6.1b18.5x26x5.3x
Fri, 16 Aug 2024AU$150.1bAU$28.9bAU$6.3b21.2x23.7x5.2x
Sun, 14 Jul 2024AU$147.7bAU$28.9bAU$6.3b21.9x23.5x5.1x
Tue, 11 Jun 2024AU$143.2bAU$28.9bAU$6.3b21.2x22.7x5x
Thu, 09 May 2024AU$140.1bAU$28.9bAU$6.3b21x22.2x4.8x
Sat, 06 Apr 2024AU$141.2bAU$30.4bAU$7.1b20.8x20x4.6x
Mon, 04 Mar 2024AU$140.8bAU$30.6bAU$7.1b22.9x19.9x4.6x
Wed, 31 Jan 2024AU$138.7bAU$30.3bAU$7.0b21.8x19.9x4.6x
Fri, 29 Dec 2023AU$135.2bAU$30.1bAU$6.8b20.5x19.8x4.5x
Sun, 26 Nov 2023AU$122.7bAU$30.1bAU$6.8b19.4x18x4.1x
Tue, 24 Oct 2023AU$117.4bAU$30.3bAU$7.4b19.4x15.9x3.9x
Thu, 21 Sep 2023AU$125.7bAU$30.3bAU$7.4b20.3x17x4.1x
Sat, 19 Aug 2023AU$123.3bAU$30.0bAU$7.3b20.7x16.8x4.1x
Mon, 17 Jul 2023AU$128.9bAU$29.7bAU$7.5b20.8x17.2x4.3x
Wed, 14 Jun 2023AU$124.5bAU$29.8bAU$7.5b20.1x16.5x4.2x
Fri, 12 May 2023AU$128.5bAU$29.8bAU$7.5b20.6x17.1x4.3x
Sun, 09 Apr 2023AU$126.7bAU$28.9bAU$7.3b20.8x17.3x4.4x
Tue, 07 Mar 2023AU$133.7bAU$28.9bAU$7.5b18.5x17.9x4.6x
Thu, 02 Feb 2023AU$133.4bAU$28.9bAU$7.6b17.6x17.6x4.6x
Sat, 31 Dec 2022AU$122.1bAU$28.9bAU$7.6b16.6x16.1x4.2x
Price to Earnings Ratio

16.1x


Total Market Cap: AU$122.1bTotal Earnings: AU$7.6bTotal Revenue: AU$28.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Capital Markets Industry Price to Earnings3Y Average 20.9x202320242025
Current Industry PE
  • Investors are relatively neutral on the Australian Capital Markets industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 20.9x.
  • The industry is trading close to its 3-year average PS ratio of 4.9x.
Past Earnings Growth
  • Both revenue and earnings for companies in the Capital Markets industry have remained mostly flat over the last three years.
  • This means that sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Industry Trends

Which industries have driven the changes within the Australian Financials industry?

AU Market2.54%
Financials2.39%
Capital Markets1.79%
Diversified Capital Markets2.24%
Asset Management1.54%
Investment Banking and Brokerage1.51%
Financial Exchanges and Data0.23%
Industry PE
  • Investors are most optimistic about the Investment Banking and Brokerage industry even though it's trading below its 3-year average PE ratio of 85.1x.
    • Analysts are expecting annual earnings growth of 20.8%, which is lower than the prior year's growth of 57.3% per year.
  • Investors are most pessimistic about the Asset Management industry, which is trading below its 3-year average of 22.3x.
Forecasted Growth
  • Analysts are most optimistic on the Investment Banking and Brokerage industry, expecting annual earnings growth of 21% over the next 5 years.
  • However this is lower than its past earnings growth rate of 57% per year.
  • In contrast, the Financial Exchanges and Data industry is expected to see its earnings grow by 2.6% 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
MQG Macquarie GroupAU$205.032.8%
+AU$2.0b		-8.1%PE20.7x
PNI Pinnacle Investment Management GroupAU$17.455.5%
+AU$197.2m		-23.3%PE28.7x
AFI Australian Foundation InvestmentAU$7.151.9%
+AU$162.9m		-3.1%PE31.5x
HMC HMC CapitalAU$3.968.2%
+AU$123.8m		-61.0%PE11.1x
MFG Magellan Financial GroupAU$10.056.7%
+AU$106.8m		-9.8%PE10.3x

Latest News

MFG
AU$10.05
Magellan Financial Group
7D
6.7%
1Y
-9.8%
NWL
AU$26.89
Netwealth Group
7D
1.5%
1Y
-6.8%
MAF
AU$10.96
MA Financial Group
7D
5.0%
1Y
85.4%

MAF: Future Returns Will Hinge On Hyperdome Fund Execution Amid Balanced Outlook

Analysts have modestly adjusted their price target on MA Financial Group to reflect a fair value of $11.02, citing stable discount rate assumptions, unchanged revenue growth expectations, and a consistent forward P/E multiple as key drivers of their updated outlook. What's in the News MA Financial Group is launching the MA Hyperdome Town Centre Fund to acquire and overhaul the Logan Hyperdome shopping centre and associated properties south of Brisbane for AUD 678 million (Key Developments).
PVL
AU$0.14
Powerhouse Ventures
7D
-6.5%
1Y
59.3%

Powerhouse Ventures Limited's (ASX:PVL) Shares Bounce 26% But Its Business Still Trails The Market

Dec 16
Powerhouse Ventures Limited's (ASX:PVL) Shares Bounce 26% But Its Business Still Trails The Market
HMC
AU$3.96
HMC Capital
7D
8.2%
1Y
-61.0%

HMC: Gradual North American Production Recovery Will Support Improved Profitability

Analysts have modestly trimmed their price target on HMC Capital from A$7.75 to A$7.66, reflecting slightly higher discount rate assumptions and softer projected profit margins, partially offset by stronger expected revenue growth and a marginally higher future P/E multiple. What's in the News Honda plans to gradually resume normal operations at its North American plants following Nexperia chip related disruptions, easing concerns about prolonged production stoppages (Reuters).
IFL
AU$4.54
Insignia Financial
7D
-0.9%
1Y
27.2%

IFL: Slightly Lower Discount Rate Will Support Stable Outlook And Fair Pricing

Analysts have nudged their price target on Insignia Financial slightly higher to reflect marginal improvements in discount rate assumptions and long term valuation multiples, while keeping underlying fair value estimates effectively unchanged at around A$4.79 per share. Valuation Changes Fair Value: Unchanged at approximately A$4.79 per share, indicating no material revision to the core valuation.
HUB
AU$98.28
HUB24
7D
1.3%
1Y
39.3%

HUB: Index Inclusion Will Expose Lofty Expectations And Likely Overvaluation

Analysts have raised their price target for HUB24 by about A$6 to reflect stronger projected revenue growth, slightly higher discount rates, improved long term profit margins, and a modestly lower future P/E multiple in their updated valuation models. What's in the News HUB24 Limited has been added to the FTSE All-World Index, increasing its visibility among global institutional investors (Index Constituent Adds).
MQG
AU$205.03
Macquarie Group
7D
2.8%
1Y
-8.1%

MQG: Earnings Recovery Will Eventually Strengthen Despite Extended Trough Concerns

Analysts have trimmed their price target on Macquarie Group, cutting it by A$16.92 to A$207.58 as they factor in expectations for a broader earnings trough and a slower recovery than the market consensus. Analyst Commentary Street research on Macquarie Group highlights a cautious tone overall, with a focus on how a longer earnings trough and tempered recovery expectations affect valuation and growth assumptions.
RZI
AU$0.74
Raiz Invest
7D
-2.6%
1Y
31.9%

Fewer Investors Than Expected Jumping On Raiz Invest Limited (ASX:RZI)

Dec 10
Fewer Investors Than Expected Jumping On Raiz Invest Limited (ASX:RZI)
AFI
AU$7.15
Australian Foundation Investment
7D
1.9%
1Y
-3.1%
PAC
AU$10.28
Pacific Current Group
7D
-0.6%
1Y
-13.0%
TIP
AU$1.61
Teaminvest Private Group
7D
-3.9%
1Y
-20.7%
PNI
AU$17.45
Pinnacle Investment Management Group
7D
5.5%
1Y
-23.3%
EQT
AU$23.67
EQT Holdings
7D
-4.4%
1Y
-24.7%
PCG
AU$0.67
Pengana Capital Group
7D
-1.5%
1Y
-27.2%
BFG
AU$1.33
Bell Financial Group
7D
-1.1%
1Y
0%