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Australian (ASX) Capital Markets Industry Analysis

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies76
  • 7D-1.3%
  • 3M-8.7%
  • 1Y-7.6%
  • YTD-7.9%

Over the last 7 days, the Capital Markets industry has dropped 1.3%, driven by a pullback from L1 Group of 9.3%. Overall the industry is down 7.6% in 12 months. Earnings are forecast to grow by 12% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Mar 2026AU$142.8bAU$29.7bAU$7.2b19.4x19.9x4.8x
Thu, 19 Feb 2026AU$159.5bAU$29.0bAU$7.2b21.5x22.2x5.5x
Sat, 17 Jan 2026AU$159.3bAU$29.2bAU$7.5b21.3x21.4x5.5x
Mon, 15 Dec 2025AU$155.5bAU$29.2bAU$7.5b21.4x20.9x5.3x
Wed, 12 Nov 2025AU$159.6bAU$29.2bAU$7.5b22.6x21.4x5.5x
Fri, 10 Oct 2025AU$164.3bAU$28.6bAU$7.3b22.6x22.4x5.8x
Sun, 07 Sep 2025AU$163.9bAU$28.7bAU$7.3b21.9x22.3x5.7x
Tue, 05 Aug 2025AU$165.5bAU$30.0bAU$7.2b15.9x23x5.5x
Thu, 03 Jul 2025AU$167.6bAU$30.0bAU$7.2b15.7x23.3x5.6x
Sat, 31 May 2025AU$159.4bAU$30.0bAU$7.2b15.2x22.1x5.3x
Mon, 28 Apr 2025AU$147.1bAU$30.0bAU$7.2b14.2x20.4x4.9x
Wed, 26 Mar 2025AU$154.5bAU$30.0bAU$7.2b14.4x21.4x5.1x
Fri, 21 Feb 2025AU$176.1bAU$33.4bAU$7.2b20.7x24.6x5.3x
Sun, 19 Jan 2025AU$167.5bAU$30.0bAU$6.4b20.3x26.2x5.6x
Tue, 17 Dec 2024AU$168.7bAU$30.1bAU$6.3b21.1x26.6x5.6x
Thu, 14 Nov 2024AU$167.8bAU$30.1bAU$6.3b20x26.5x5.6x
Sat, 12 Oct 2024AU$166.1bAU$29.7bAU$6.1b19.8x27.1x5.6x
Mon, 09 Sep 2024AU$154.5bAU$29.6bAU$6.1b17.7x25.5x5.2x
Wed, 07 Aug 2024AU$144.4bAU$28.9bAU$6.3b21x22.9x5x
Fri, 05 Jul 2024AU$147.1bAU$28.9bAU$6.3b22.1x23.4x5.1x
Sun, 02 Jun 2024AU$140.1bAU$28.9bAU$6.3b20.8x22.3x4.9x
Tue, 30 Apr 2024AU$138.0bAU$30.4bAU$7.1b20.5x19.5x4.5x
Thu, 28 Mar 2024AU$142.9bAU$30.4bAU$7.1b20.8x20.2x4.7x
Sat, 24 Feb 2024AU$139.8bAU$30.4bAU$7.1b24.8x19.7x4.6x
Mon, 22 Jan 2024AU$136.3bAU$30.2bAU$6.9b21x19.9x4.5x
Wed, 20 Dec 2023AU$133.0bAU$30.1bAU$6.8b20.6x19.5x4.4x
Fri, 17 Nov 2023AU$123.8bAU$30.1bAU$6.8b19.6x18.1x4.1x
Sun, 15 Oct 2023AU$122.6bAU$30.3bAU$7.4b19.4x16.6x4x
Tue, 12 Sep 2023AU$125.3bAU$30.3bAU$7.4b20.2x17x4.1x
Thu, 10 Aug 2023AU$127.1bAU$29.7bAU$7.4b20.6x17.1x4.3x
Sat, 08 Jul 2023AU$123.6bAU$29.7bAU$7.5b21x16.5x4.2x
Mon, 05 Jun 2023AU$123.5bAU$29.8bAU$7.5b19.8x16.4x4.1x
Wed, 03 May 2023AU$130.1bAU$28.9bAU$7.3b20.1x17.7x4.5x
Fri, 31 Mar 2023AU$123.8bAU$28.9bAU$7.3b20.4x16.9x4.3x
Price to Earnings Ratio

16.9x


Total Market Cap: AU$123.8bTotal Earnings: AU$7.3bTotal Revenue: AU$28.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Capital Markets Industry Price to Earnings3Y Average 21.2x202420252026
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 21.2x.
  • The industry is trading close to its 3-year average PS ratio of 5.0x.
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-2.75%
Financials-1.58%
Capital Markets-1.26%
Diversified Capital Markets0.25%
Investment Banking and Brokerage-2.27%
Financial Exchanges and Data-2.41%
Asset Management-2.82%
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 87.5x.
    • Analysts are expecting annual earnings growth of 16.7%, 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 29.3x.
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 7.5% per year.
  • In contrast, the Financial Exchanges and Data industry is expected to see its earnings grow by 2.5% 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$1.681.8%
+AU$88.7m		-22.8%PE7.6x
IFL Insignia FinancialAU$4.751.7%
+AU$53.3m		7.5%PE28.3x
MFF MFF Capital InvestmentsAU$4.622.0%
+AU$53.0m		6.0%PE10.5x
EQT EQT HoldingsAU$20.375.2%
+AU$27.1m		-38.1%PE13.1x
MIR Mirrabooka InvestmentsAU$2.621.2%
+AU$6.7m		-21.3%PE48x

Latest News

IFL
AU$4.75
Insignia Financial
7D
1.7%
1Y
7.5%

IFL: Steady Outlook And 2026 Meeting Plans Will Support Fair Value

Analysts have kept their A$4.78 price target for Insignia Financial unchanged, citing relatively steady assumptions for the discount rate, revenue trajectory, profit margin and future P/E as the main reasons for maintaining their view. What's in the News Insignia Financial has scheduled a Special and Extraordinary Shareholders Meeting for April 13, 2026.
GQG
AU$1.68
GQG Partners
7D
1.8%
1Y
-22.8%

GQG: Dividend Strength And Execution Improvements Will Offset Fund Flow Headwinds

Analysts have trimmed their price target on GQG Partners to A$1.85, reflecting concerns about accelerating fund outflows and recent fund performance. Analyst Commentary Recent research has turned more cautious on GQG Partners, with the price target set at A$1.85 and the rating moved to Neutral.
EQT
AU$20.37
EQT Holdings
7D
5.2%
1Y
-38.1%

EQT: Upcoming Fully Franked Dividend Will Support Future Upside Potential

Analysts have kept their A$34.58 price target for EQT Holdings steady, with only minor tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions. This highlights a largely unchanged outlook for the stock's valuation inputs.
HUB
AU$80.35
HUB24
7D
-2.3%
1Y
11.1%

HUB: Higher Fully Franked Dividend Outlook Will Support Stronger Future Upside

Analysts have raised their HUB24 price target slightly to A$108.90 from A$108.30, reflecting updated views on discount rates, revenue growth, profit margins and future P/E assumptions. What's in the News Directors have determined a fully franked interim dividend of A$0.36 per share for the year ended 31 December 2025, compared with a fully franked A$0.24 per share interim dividend paid following the half year ended 31 December 2024 (Key Developments).
MFG
AU$9.91
Magellan Financial Group
7D
-3.7%
1Y
25.1%
NWL
AU$21.24
Netwealth Group
7D
0.09%
1Y
-22.7%

NWL: Rich Interim Dividend Will Still Restrict Long Term Share Upside

Analysts have trimmed their price target for Netwealth Group slightly, to A$18.20 from about A$18.30, reflecting updated assumptions on revenue growth, profit margins and a modestly lower future P/E multiple. What's in the News The board declared a fully franked interim dividend of A$0.21 per share for the first half ended 31 December 2025, compared with a prior level that was A$0.035 lower per share, described as 20% higher than the prior corresponding period (Key Developments).
HMC
AU$2.20
HMC Capital
7D
-6.0%
1Y
-68.4%

HMC: Higher Discount Rate May Set Up Rebound From Auto Sector Headwinds

Analysts have trimmed their price target on HMC Capital from A$5.06 to A$3.94, reflecting a higher discount rate and slightly lower margin assumptions, even as revenue growth expectations and the future P/E multiple inputs have been adjusted, in part due to broader auto sector headwinds highlighted in recent research. Analyst Commentary Bullish Takeaways Bullish analysts see the trimmed A$3.94 target as still supported by existing revenue expectations and the applied P/E multiple, suggesting scope for upside if execution in core auto activities and adjacent businesses meets internal plans.
MQG
AU$195.05
Macquarie Group
7D
-0.3%
1Y
-4.7%
PNI
AU$13.35
Pinnacle Investment Management Group
7D
0%
1Y
-28.0%
MAF
AU$7.00
MA Financial Group
7D
-7.2%
1Y
-5.1%
L1G
AU$1.07
L1 Group
7D
-9.3%
1Y
n/a
MFF
AU$4.62
MFF Capital Investments
7D
2.0%
1Y
6.0%
PCG
AU$0.70
Pengana Capital Group
7D
4.5%
1Y
-20.9%
ARG
AU$8.64
Argo Investments
7D
-3.0%
1Y
-1.1%

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

Feb 11
Argo Investments (ASX:ARG) Is Due To Pay A Dividend Of A$0.185
AFI
AU$6.59
Australian Foundation Investment
7D
-1.6%
1Y
-9.7%
MIR
AU$2.62
Mirrabooka Investments
7D
1.2%
1Y
-21.3%