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Australian (ASX) Capital Markets Industry Analysis

UpdatedJun 23, 2026
DataAggregated Company Financials
Companies73
  • 7D0.3%
  • 3M15.1%
  • 1Y3.3%
  • YTD6.2%

The Capital Markets industry has gained 2.3% in the last week and ASX up 3.2%. During this same period, the HUB24 underperformed, falling 12%. In the last 12 months, the industry was up 3.2%. Looking forward, earnings are forecast to grow by 8.2% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Jun 2026AU$161.9bAU$29.8bAU$8.1b19x20x5.4x
Thu, 21 May 2026AU$158.5bAU$29.8bAU$8.1b18.5x19.6x5.3x
Sat, 18 Apr 2026AU$166.0bAU$29.6bAU$7.2b21.2x23.2x5.6x
Mon, 16 Mar 2026AU$145.2bAU$29.7bAU$7.2b19.7x20.2x4.9x
Wed, 11 Feb 2026AU$158.3bAU$29.1bAU$7.4b21x21.4x5.4x
Fri, 09 Jan 2026AU$157.8bAU$29.2bAU$7.4b20.9x21.2x5.4x
Sun, 07 Dec 2025AU$153.2bAU$29.2bAU$7.5b21.7x20.5x5.2x
Tue, 04 Nov 2025AU$163.9bAU$28.8bAU$7.4b22.1x22.1x5.7x
Thu, 02 Oct 2025AU$160.9bAU$28.7bAU$7.3b22.6x21.9x5.6x
Sat, 30 Aug 2025AU$167.6bAU$28.8bAU$7.4b22.5x22.8x5.8x
Mon, 28 Jul 2025AU$165.5bAU$30.0bAU$7.2b16x23x5.5x
Wed, 25 Jun 2025AU$159.6bAU$30.0bAU$7.2b15.3x22.1x5.3x
Fri, 23 May 2025AU$155.2bAU$30.0bAU$7.2b14.9x21.5x5.2x
Sun, 20 Apr 2025AU$140.4bAU$30.0bAU$7.2b14.1x19.5x4.7x
Tue, 18 Mar 2025AU$151.9bAU$30.0bAU$7.2b14.3x21x5.1x
Thu, 13 Feb 2025AU$172.9bAU$30.3bAU$6.7b22x25.9x5.7x
Sat, 11 Jan 2025AU$168.6bAU$30.0bAU$6.4b20.5x26.4x5.6x
Mon, 09 Dec 2024AU$170.6bAU$30.1bAU$6.3b20x26.9x5.7x
Wed, 06 Nov 2024AU$162.4bAU$30.1bAU$6.3b19.8x25.7x5.4x
Fri, 04 Oct 2024AU$161.8bAU$29.7bAU$6.1b19.1x26.5x5.4x
Sun, 01 Sep 2024AU$152.4bAU$29.6bAU$6.1b18.2x25.2x5.1x
Tue, 30 Jul 2024AU$150.5bAU$28.9bAU$6.3b21.8x23.9x5.2x
Thu, 27 Jun 2024AU$145.2bAU$28.9bAU$6.3b21.3x23.1x5x
Sat, 25 May 2024AU$140.0bAU$28.9bAU$6.3b23x22.2x4.8x
Mon, 22 Apr 2024AU$135.2bAU$30.5bAU$7.1b20.6x19.1x4.4x
Wed, 20 Mar 2024AU$142.2bAU$30.4bAU$7.1b20.8x20.1x4.7x
Fri, 16 Feb 2024AU$140.2bAU$29.8bAU$6.9b20.9x20.3x4.7x
Sun, 14 Jan 2024AU$136.2bAU$30.2bAU$6.9b21.1x19.9x4.5x
Tue, 12 Dec 2023AU$126.2bAU$30.1bAU$6.8b19.9x18.5x4.2x
Thu, 09 Nov 2023AU$119.8bAU$30.1bAU$6.8b19.4x17.5x4x
Sat, 07 Oct 2023AU$120.7bAU$30.3bAU$7.4b19.4x16.3x4x
Mon, 04 Sep 2023AU$127.1bAU$30.3bAU$7.4b19.9x17.2x4.2x
Wed, 02 Aug 2023AU$128.4bAU$29.7bAU$7.4b21x17.3x4.3x
Fri, 30 Jun 2023AU$126.1bAU$29.8bAU$7.5b20x16.7x4.2x
Price to Earnings Ratio

16.7x


Total Market Cap: AU$126.1bTotal Earnings: AU$7.5bTotal Revenue: AU$29.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Capital Markets Industry Price to Earnings3Y Average 21.5x202420252026
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 21.5x.
  • The industry is trading close to its 3-year average PS ratio of 5.1x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 2.4% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

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

AU Market-0.91%
Financials1.08%
Capital Markets0.28%
Financial Exchanges and Data3.15%
Asset Management1.33%
Diversified Capital Markets0.27%
Investment Banking and Brokerage-10.33%
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 88.0x.
    • Analysts are expecting annual earnings growth of 15.6%, which is lower than the prior year's growth of 67.1% per year.
  • Investors are most pessimistic about the Financial Exchanges and Data industry, which is trading below its 3-year average of 27.7x.
Forecasted Growth
  • Analysts are most optimistic on the Asset Management industry, expecting annual earnings growth of 18% over the next 5 years.
  • This is better than its past earnings growth rate of 7.9% per year.
  • In contrast, the Financial Exchanges and Data industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
AFI Australian Foundation InvestmentAU$6.633.6%
+AU$285.8m		-10.2%PE29.7x
MQG Macquarie GroupAU$249.610.2%
+AU$201.5m		16.4%PE19.5x
ARG Argo InvestmentsAU$8.922.3%
+AU$151.0m		-0.9%PE25x
L1G L1 GroupAU$1.155.5%
+AU$150.6m		n/aPE24.8x
GQG GQG PartnersAU$1.482.4%
+AU$103.5m		-28.8%PE6.7x

Latest News

AFI
AU$6.63
Australian Foundation Investment
7D
3.6%
1Y
-10.2%
ASX
AU$51.24
ASX
7D
0.5%
1Y
-25.9%
Analysis Article • Jun 21

ASX (ASX:ASX) Shares Could Be 6% Undervalued After ASIC Settlement

ASX (ASX:ASX) is back in focus after reaching a settlement with ASIC over misleading statements about its CHESS replacement project, alongside fresh proposals to tighten share issuance rules in takeover and merger deals. See our latest analysis for ASX. ASX shares have been volatile, with a 5.7% 7 day share price return and a 5.9% 90 day share price return. However, the 1 year total shareholder return has declined 22%, highlighting how the latest legal settlement and governance proposals sit...
MFF
AU$4.93
MFF Capital Investments
7D
-2.0%
1Y
13.6%
Analysis Article • Jun 21

MFF Capital Investments (ASX:MFF) Shares Could Be 66.9% Undervalued After Its Planned 23% FY26 Dividend Lift

MFF Capital Investments (ASX:MFF) is back in focus after flagging a planned 23% lift in its FY26 dividend. This continues a pattern of annual dividend increases since 2018 that keeps income-focused investors watching closely. See our latest analysis for MFF Capital Investments. MFF Capital Investments’ recent dividend update comes after a period of strong price momentum, with a 90 day share price return of 15.91% and a 1 year total shareholder return of 23.99% supporting a much stronger 3...
HUB
AU$72.98
HUB24
7D
-10.8%
1Y
-14.7%
Narrative Update • Jun 18

HUB: Refined Long Term Assumptions Will Support Stronger Future Shareholder Returns

Analysts have kept their A$132.10 price target for HUB24 unchanged, with small adjustments to long term assumptions on the discount rate, revenue growth, profit margin and future P/E informing the latest valuation view. What’s in the News for HUB24 No recent HUB24 specific news items were identified in the provided sources, so the current valuation view is based on updated long term model assumptions rather than new company announcements.
MQG
AU$249.61
Macquarie Group
7D
0.2%
1Y
16.4%
Narrative Update • Jun 18

MQG: Mixed Broker Views And Capital Moves Will Shape Future Repricing

Analysts have trimmed their Macquarie Group price target to A$250.14. This reflects slightly lower assumed discount rates and a marginally reduced future P/E multiple in updated models.
RPL
AU$2.90
Regal Partners
7D
5.1%
1Y
42.9%
Narrative Update • Jun 17

RPL: Steady Assumptions Will Support Future Share Price Upside

Analysts have kept their A$ fair value estimate for Regal Partners steady at A$5.43, with only minor tweaks to discount rate, revenue growth, profit margin and future P/E assumptions. This reflects updated modelling rather than a change in overall outlook.
L1G
AU$1.15
L1 Group
7D
5.5%
1Y
n/a
GQG
AU$1.48
GQG Partners
7D
2.4%
1Y
-28.8%
Narrative Update • Jun 15

GQG: Dividend Strength Will Offset Ongoing Outflows And Support Future Re Rating

Analysts have adjusted their price target on GQG Partners to A$2.55 from A$2.50, reflecting updated views on fair value, discount rate assumptions, revenue growth, profit margins and future P/E expectations. What's in the News GQG Partners reported its sixth consecutive month of net outflows in May 2026, with funds under management at US$163.3b compared with US$166.9b in April, as institutional clients continued to reassess active equity allocations.
NGI
AU$2.57
Navigator Global Investments
7D
6.6%
1Y
57.2%
Narrative Update • Jun 11

NGI: Rights Offering And Margin Strength Will Support Future Upside

Analysts have trimmed their fair value estimate for Navigator Global Investments from A$3.42 to A$2.97, citing updated assumptions for revenue growth, profit margins and future P/E multiples that feed into a slightly lower discount rate. What's in the News Navigator Global Investments has filed a follow on equity offering totaling A$144.98 million in ordinary shares.
EQT
AU$15.85
EQT Holdings
7D
-12.2%
1Y
-51.6%
New Narrative • Jun 10

Regulatory And Litigation Pressures Will Shape Superannuation Trustee Margins Over The Long Term

Catalysts About EQT Holdings EQT Holdings provides specialist independent trustee, fiduciary and related wealth services across Trustee Wealth Services, Corporate Trustee Services and Superannuation Trustee Services. What are the underlying business or industry changes driving this perspective?
NWL
AU$20.31
Netwealth Group
7D
-7.8%
1Y
-36.4%
Narrative Update • Jun 08

NWL: Index Inclusion Will Support Future Earnings Multiple Expansion Despite Slight Fair Value Trim

Analysts have reduced their price target for Netwealth Group from A$30.98 to A$27.12, reflecting updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E expectations. What's in the News No recent news items, periodical coverage or key developments were identified for Netwealth Group based on the available sources.
PPT
AU$15.71
Perpetual
7D
-2.2%
1Y
-9.8%
Narrative Update • Jun 06

PPT: Digital Loan Expansion And Debt Reduction Will Support Future Upside

Analysts have kept Perpetual's A$19.51 price target unchanged. This view is supported by a slightly lower discount rate, a softer revenue outlook, a reduced profit margin assumption and a higher future P/E multiple.
AEF
AU$4.08
Australian Ethical Investment
7D
-6.8%
1Y
-32.1%
Narrative Update • Jun 05

AEF: Higher Fully Franked Interim Dividend Will Support A More Attractive Outlook

Analysts have kept their A$6.70 price target on Australian Ethical Investment broadly unchanged, citing only very small tweaks to discount rate, revenue growth, profit margin and future P/E assumptions that fine tune rather than shift their overall view. What's in the News No recent primary news stories have been provided for Australian Ethical Investment.
PNI
AU$16.94
Pinnacle Investment Management Group
7D
-1.2%
1Y
-16.2%
CVC
AU$1.46
CVC
7D
-16.6%
1Y
-28.4%
ARG
AU$8.92
Argo Investments
7D
2.3%
1Y
-0.9%
Analysis Article • Feb 11

Argo Investments (ASX:ARG) Is Due To Pay A Dividend Of A$0.185

Argo Investments Limited ( ASX:ARG ) will pay a dividend of A$0.185 on the 20th of March. Based on this payment, the...