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Australian (ASX) Capital Markets Industry Analysis

UpdatedJul 01, 2026
DataAggregated Company Financials
Companies73
  • 7D1.0%
  • 3M10.2%
  • 1Y-1.7%
  • YTD7.3%

The Capital Markets industry is up 1.0% in the last week, with Australian Foundation Investment up 6.3%. The industry has been flat over the past 12 months despite the gain this week. As for the next few years, earnings are expected to grow by 8.1% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 01 Jul 2026AU$163.5bAU$29.8bAU$8.1b19.4x20.2x5.5x
Fri, 29 May 2026AU$155.5bAU$29.8bAU$8.1b18.6x19.2x5.2x
Sun, 26 Apr 2026AU$160.1bAU$29.6bAU$7.1b19.3x22.5x5.4x
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
Price to Earnings Ratio

16.5x


Total Market Cap: AU$123.6bTotal Earnings: AU$7.5bTotal Revenue: AU$29.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Capital Markets Industry Price to Earnings3Y Average 21.6x202420252026
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 21.6x.
  • 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 2.7% 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 Market0.033%
Financials0.071%
Capital Markets1.04%
Financial Exchanges and Data4.06%
Asset Management1.96%
Diversified Capital Markets0.27%
Investment Banking and Brokerage-0.41%
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 14.9%, which is lower than the prior year's growth of 67.1% per year.
  • Investors are most pessimistic about the Diversified Capital Markets industry, which is trading close to its 3-year average of 19.9x.
Forecasted Growth
  • Analysts are most optimistic on the Asset Management industry, expecting annual earnings growth of 17% 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
NWL Netwealth GroupAU$22.159.2%
+AU$456.4m		-34.5%PE95.8x
ASX ASXAU$53.103.5%
+AU$353.2m		-23.9%PE19.7x
AFI Australian Foundation InvestmentAU$6.983.7%
+AU$310.6m		-4.1%PE31.2x
PPT PerpetualAU$18.1016.3%
+AU$288.0m		-10.1%PS1.5x
MFG Magellan Financial GroupAU$10.8511.7%
+AU$211.8m		17.4%PE14.4x

Latest News

MFG
AU$10.85
Magellan Financial Group
7D
11.7%
1Y
17.4%
MQG
AU$247.18
Macquarie Group
7D
-1.2%
1Y
7.9%
PNI
AU$17.65
Pinnacle Investment Management Group
7D
4.5%
1Y
-12.3%
Narrative Update • Jun 26

PNI: Higher Profitability Assumptions Will Support Stronger Future Earnings Potential

Analysts have trimmed their price target on Pinnacle Investment Management Group from A$29 to A$26. This reflects updated views on fair value, discount rate settings, revenue growth expectations, profit margin assumptions and future P/E multiples.
PPT
AU$18.10
Perpetual
7D
16.3%
1Y
-10.1%
Narrative Update • Jun 25

PPT: Stable Profit Outlook And Higher Multiple Will Support Future Upside

Analysts have kept their A$ fair value estimate for Perpetual steady, with only minor adjustments to the discount rate and to long term assumptions around revenue growth, profit margins, and the future P/E used to support their price targets. What’s in the News for Perpetual No recent Perpetual company announcements or major news items were identified in the provided sources.
NGI
AU$2.47
Navigator Global Investments
7D
-5.0%
1Y
46.2%
Narrative Update • Jun 25

NGI: Equity Raise And Alternatives Focus Will Support Future Earnings Diversification

Analysts have lifted their price target on Navigator Global Investments to A$3.63, reflecting fresh coverage that highlights the company's focus on alternative assets and what they describe as improved earnings quality. What's in the News Navigator Global Investments has filed a follow-on equity offering totaling A$144.98 million in ordinary shares, according to Key Developments data.
AFI
AU$6.98
Australian Foundation Investment
7D
3.7%
1Y
-4.1%
HUB
AU$76.64
HUB24
7D
3.4%
1Y
-14.6%
ASX
AU$53.10
ASX
7D
3.5%
1Y
-23.9%
New Narrative • Jun 25

ASX Limited

Price A$51.28 · Mkt cap A$9.94b · 194.1m shares · as of 25 June 2026 · FY ends 30 June · AUD · prepared through the Franchise Blueprint (v3) Franchise Score 16 / 22 Rating B+ Verdict WATCH Accumulate below A$42 (deep value < A$38). An elite, statutory clearing-and-settlement monopoly whose compounding engine is currently throttled by a multi-year cost/capex step-up — a great franchise at the wrong price, not yet a margin-of-safety entry.
AUI
AU$11.03
Australian United Investment
7D
-0.5%
1Y
0.2%
NWL
AU$22.15
Netwealth Group
7D
9.2%
1Y
-34.5%
Narrative Update • Jun 23

NWL: Rich Dividend And Index Removal Will Still Cap Future Returns

Analysts have nudged their price target on Netwealth Group slightly higher to A$17.86, with updated assumptions pointing to a modestly higher revenue growth outlook, a slightly wider profit margin, a marginally higher discount rate, and a slightly lower future P/E multiple. What's in the News No recent Netwealth Group specific news items, periodical coverage, or key developments were provided in the available sources.
L1G
AU$1.16
L1 Group
7D
-0.9%
1Y
n/a
GQG
AU$1.45
GQG Partners
7D
-3.7%
1Y
-39.8%
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.
MAF
AU$6.02
MA Financial Group
7D
-6.8%
1Y
-21.4%
BFG
AU$1.39
Bell Financial Group
7D
-2.1%
1Y
21.9%
TGF
AU$2.57
Tribeca Global Natural Resources
7D
-2.7%
1Y
82.3%
ARG
AU$9.15
Argo Investments
7D
1.4%
1Y
0.5%
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...