Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Australian (ASX) Capital Markets Industry Analysis

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies74
  • 7D-3.0%
  • 3M-2.6%
  • 1Y-10.8%
  • YTD-0.7%

Over the last 7 days, the Capital Markets industry has dropped 3.0%, driven by declines in Macquarie Group and HUB24 of 2.1% and 18%, respectively. On the other hand GQG Partners is actually up 8.0%. However, the industry is down 11% over the past year. Looking forward, 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
Sat, 07 Feb 2026AU$154.3bAU$29.2bAU$7.4b20.9x20.8x5.3x
Mon, 05 Jan 2026AU$155.3bAU$29.2bAU$7.5b20.7x20.9x5.3x
Wed, 03 Dec 2025AU$152.6bAU$29.2bAU$7.5b22.1x20.4x5.2x
Fri, 31 Oct 2025AU$165.7bAU$28.6bAU$7.3b21.8x22.6x5.8x
Sun, 28 Sep 2025AU$159.4bAU$28.7bAU$7.3b22.6x21.7x5.5x
Tue, 26 Aug 2025AU$168.4bAU$29.1bAU$7.1b18.7x23.7x5.8x
Thu, 24 Jul 2025AU$170.0bAU$30.0bAU$7.2b15.6x23.6x5.7x
Sat, 21 Jun 2025AU$156.3bAU$30.0bAU$7.2b15.1x21.7x5.2x
Mon, 19 May 2025AU$158.7bAU$30.0bAU$7.2b14.9x22x5.3x
Wed, 16 Apr 2025AU$140.4bAU$30.0bAU$7.2b14.1x19.4x4.7x
Fri, 14 Mar 2025AU$150.0bAU$30.0bAU$7.2b14.6x20.7x5x
Sun, 09 Feb 2025AU$170.7bAU$30.3bAU$6.7b21.4x25.6x5.6x
Tue, 07 Jan 2025AU$166.1bAU$29.9bAU$6.4b20.9x26.1x5.5x
Thu, 05 Dec 2024AU$171.1bAU$30.1bAU$6.3b20x27x5.7x
Sat, 02 Nov 2024AU$164.4bAU$30.2bAU$6.3b19.8x25.9x5.4x
Mon, 30 Sep 2024AU$161.3bAU$29.6bAU$6.0b18.6x26.7x5.5x
Wed, 28 Aug 2024AU$151.1bAU$29.7bAU$6.6b19.5x23x5.1x
Fri, 26 Jul 2024AU$152.5bAU$31.9bAU$6.6b21.3x23x4.8x
Sun, 23 Jun 2024AU$143.4bAU$28.9bAU$6.3b21x22.8x5x
Tue, 21 May 2024AU$140.8bAU$28.9bAU$6.3b21x22.4x4.9x
Thu, 18 Apr 2024AU$136.8bAU$30.5bAU$7.1b20.6x19.3x4.5x
Sat, 16 Mar 2024AU$141.7bAU$30.4bAU$7.1b20.9x20x4.7x
Mon, 12 Feb 2024AU$139.5bAU$29.8bAU$6.9b22.1x20.2x4.7x
Wed, 10 Jan 2024AU$134.2bAU$30.2bAU$6.9b20.6x19.6x4.4x
Fri, 08 Dec 2023AU$125.7bAU$30.1bAU$6.8b19.7x18.4x4.2x
Sun, 05 Nov 2023AU$118.8bAU$29.6bAU$6.5b19.4x18.2x4x
Tue, 03 Oct 2023AU$122.3bAU$30.3bAU$7.4b19.5x16.5x4x
Thu, 31 Aug 2023AU$126.6bAU$30.5bAU$7.3b19.8x17.3x4.2x
Sat, 29 Jul 2023AU$127.8bAU$29.7bAU$7.4b20.9x17.3x4.3x
Mon, 26 Jun 2023AU$123.7bAU$29.8bAU$7.5b19.9x16.4x4.1x
Wed, 24 May 2023AU$128.0bAU$29.8bAU$7.5b19.9x17x4.3x
Fri, 21 Apr 2023AU$129.6bAU$28.9bAU$7.3b20.1x17.7x4.5x
Sun, 19 Mar 2023AU$126.0bAU$28.9bAU$7.3b19.5x17.2x4.4x
Tue, 14 Feb 2023AU$134.1bAU$28.9bAU$7.6b18x17.7x4.6x
Price to Earnings Ratio

17.7x


Total Market Cap: AU$134.1bTotal Earnings: AU$7.6bTotal Revenue: AU$28.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Capital Markets Industry Price to Earnings3Y Average 21.1x202420252026
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 21.1x.
  • 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 Market-2.49%
Financials1.25%
Capital Markets-3.01%
Financial Exchanges and Data-1.73%
Diversified Capital Markets-2.05%
Asset Management-2.48%
Investment Banking and Brokerage-16.08%
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 86.8x.
    • Analysts are expecting annual earnings growth of 21.1%, 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 2.4% 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
GQG GQG PartnersAU$1.708.0%
+AU$369.8m		-25.0%PE7.7x
PNI Pinnacle Investment Management GroupAU$17.493.0%
+AU$132.3m		-31.9%PE30.9x
CVC CVCAU$2.204.8%
+AU$11.7m		4.8%PE477.2x
CIN Carlton InvestmentsAU$35.001.2%
+AU$10.6m		14.0%PE23.8x
BKI BKI InvestmentAU$1.750.6%
+AU$8.1m		0%PE21.7x

Latest News

MQG
AU$207.83
Macquarie Group
7D
-2.1%
1Y
-9.6%
HUB
AU$83.29
HUB24
7D
-17.9%
1Y
2.0%

HUB: Index Inclusion And Stable Outlook Will Support Future Upside Potential

Analysts have made a small upward adjustment to HUB24's fair value estimate to A$107.59, reflecting slightly higher assumptions for revenue growth, profit margins, a marginally lower discount rate, and a modestly reduced future P/E multiple. Valuation Changes Fair Value Estimate: Adjusted slightly from A$107.35 to A$107.59.
HMC
AU$3.92
HMC Capital
7D
-6.7%
1Y
-58.2%

HMC: Auto Sector Weakness And Index Removal Will Pressure Returns

Analysts have modestly adjusted their price target for HMC Capital, citing small changes to the discount rate, revenue growth outlook, profit margin assumptions, and future P/E multiples. Together, these factors refine but do not materially shift their valuation view.
NWL
AU$23.18
Netwealth Group
7D
-5.3%
1Y
-26.5%

NWL: Lower Future P/E Multiple Will Limit Long Term Upside Potential

Analysts have trimmed their fair value estimate for Netwealth Group from A$18.70 to A$17.51, with updated assumptions reflecting a slightly lower discount rate, modestly higher revenue growth and profit margin expectations, and a reduced future P/E multiple. Valuation Changes Fair Value: Trimmed from A$18.70 to A$17.51, a small reduction in the assessed long term value per share.
PL8
AU$1.44
Plato Income Maximiser
7D
0.7%
1Y
12.9%
PNI
AU$17.49
Pinnacle Investment Management Group
7D
3.0%
1Y
-31.9%
CVC
AU$2.20
CVC
7D
4.8%
1Y
4.8%
BKI
AU$1.75
BKI Investment
7D
0.6%
1Y
0%

BKI Investment (ASX:BKI) Has Announced A Dividend Of A$0.0395

Jan 31
BKI Investment (ASX:BKI) Has Announced A Dividend Of A$0.0395
ASX
AU$56.29
ASX
7D
-1.7%
1Y
-9.9%
L1G
AU$1.13
L1 Group
7D
-8.5%
1Y
n/a
GQG
AU$1.70
GQG Partners
7D
8.0%
1Y
-25.0%

GQG: New CFO Appointment Will Shape Margins And Future Earnings Multiple

Analysts have trimmed their price target on GQG Partners, citing a lower fair value estimate, a slightly higher discount rate, softer revenue growth assumptions and a reduced profit margin outlook, which is partly offset by a higher assumed future P/E multiple. What's in the News GQG Partners confirmed that Charles Falck has taken over as Chief Financial Officer, effective January 1, 2026, following the retirement of former CFO Melodie Zakaluk (Key Developments).
AFI
AU$6.81
Australian Foundation Investment
7D
-4.5%
1Y
-8.2%
CIN
AU$35.00
Carlton Investments
7D
1.2%
1Y
14.0%
CAF
AU$0.40
Centrepoint Alliance
7D
2.6%
1Y
26.4%

Centrepoint Alliance Limited's (ASX:CAF) Business And Shares Still Trailing The Market

Dec 17
Centrepoint Alliance Limited's (ASX:CAF) Business And Shares Still Trailing The Market
PPT
AU$16.97
Perpetual
7D
-6.3%
1Y
-23.1%

There's No Escaping Perpetual Limited's (ASX:PPT) Muted Revenues

Nov 28
There's No Escaping Perpetual Limited's (ASX:PPT) Muted Revenues
APL
AU$0.24
Associate Global Partners
7D
20.0%
1Y
71.4%