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Australian (ASX) Capital Markets Industry Analysis

UpdatedJul 23, 2026
DataAggregated Company Financials
Companies73
  • 7D-0.9%
  • 3M5.5%
  • 1Y-1.9%
  • YTD9.5%

The Capital Markets is pretty flat in the last 7 days, but HUB24 has stood out, gaining 3.1%. In line with that, the industry has also been flat over the past 12 months. 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
Thu, 23 Jul 2026AU$168.6bAU$29.8bAU$8.1b20.3x20.8x5.7x
Sat, 20 Jun 2026AU$162.3bAU$29.8bAU$8.1b18.9x20.1x5.5x
Mon, 18 May 2026AU$161.8bAU$29.8bAU$8.1b19.2x20x5.4x
Wed, 15 Apr 2026AU$161.2bAU$29.6bAU$7.2b21.5x22.5x5.4x
Fri, 13 Mar 2026AU$146.0bAU$29.6bAU$7.2b19.7x20.4x4.9x
Sun, 08 Feb 2026AU$154.3bAU$29.2bAU$7.4b20.9x20.8x5.3x
Tue, 06 Jan 2026AU$154.5bAU$29.2bAU$7.5b20.7x20.7x5.3x
Thu, 04 Dec 2025AU$153.3bAU$29.2bAU$7.5b22x20.5x5.2x
Sat, 01 Nov 2025AU$164.0bAU$28.6bAU$7.3b21.8x22.3x5.7x
Mon, 29 Sep 2025AU$159.4bAU$28.7bAU$7.3b22.6x21.7x5.5x
Wed, 27 Aug 2025AU$167.1bAU$28.9bAU$6.9b22.3x24.1x5.8x
Fri, 25 Jul 2025AU$165.5bAU$30.0bAU$7.2b15.8x23x5.5x
Sun, 22 Jun 2025AU$156.3bAU$30.0bAU$7.2b15.1x21.7x5.2x
Tue, 20 May 2025AU$155.7bAU$30.0bAU$7.2b14.8x21.6x5.2x
Thu, 17 Apr 2025AU$139.9bAU$30.0bAU$7.2b14.2x19.4x4.7x
Sat, 15 Mar 2025AU$150.9bAU$30.0bAU$7.2b14.3x20.9x5x
Mon, 10 Feb 2025AU$170.7bAU$30.3bAU$6.7b21.4x25.6x5.6x
Wed, 08 Jan 2025AU$168.0bAU$29.9bAU$6.4b20.9x26.4x5.6x
Fri, 06 Dec 2024AU$172.3bAU$30.1bAU$6.3b20x27.2x5.7x
Sun, 03 Nov 2024AU$164.5bAU$30.2bAU$6.3b19.8x25.9x5.4x
Tue, 01 Oct 2024AU$160.9bAU$29.6bAU$6.0b18.2x26.6x5.4x
Thu, 29 Aug 2024AU$151.2bAU$29.9bAU$6.6b19.4x22.9x5.1x
Sat, 27 Jul 2024AU$149.0bAU$28.9bAU$6.3b21.7x23.6x5.2x
Mon, 24 Jun 2024AU$143.4bAU$28.9bAU$6.3b21x22.8x5x
Wed, 22 May 2024AU$140.3bAU$28.9bAU$6.3b21x22.3x4.9x
Fri, 19 Apr 2024AU$137.5bAU$30.5bAU$7.1b20.7x19.4x4.5x
Sun, 17 Mar 2024AU$141.7bAU$30.4bAU$7.1b20.9x20x4.7x
Tue, 13 Feb 2024AU$138.2bAU$29.8bAU$6.9b22.1x20x4.6x
Thu, 11 Jan 2024AU$134.7bAU$30.2bAU$6.9b20.6x19.7x4.5x
Sat, 09 Dec 2023AU$126.2bAU$30.1bAU$6.8b19.7x18.5x4.2x
Mon, 06 Nov 2023AU$118.8bAU$29.6bAU$6.5b19.4x18.2x4x
Wed, 04 Oct 2023AU$122.3bAU$30.3bAU$7.4b19.2x16.5x4x
Fri, 01 Sep 2023AU$127.2bAU$30.6bAU$7.4b19.6x17.2x4.2x
Sun, 30 Jul 2023AU$127.8bAU$29.7bAU$7.4b20.9x17.3x4.3x
Price to Earnings Ratio

17.3x


Total Market Cap: AU$127.8bTotal Earnings: AU$7.4bTotal 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 3-year average PS ratio of 5.1x is lower than the industry's current PS ratio of 5.6x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 3.0% 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-0.32%
Financials0.11%
Capital Markets-0.88%
Investment Banking and Brokerage2.37%
Financial Exchanges and Data1.77%
Asset Management-1.20%
Diversified Capital Markets-1.25%
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 88.1x.
    • Analysts are expecting annual earnings growth of 15.5%, 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 20.0x.
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
HUB HUB24AU$85.313.1%
+AU$208.5m		-18.6%PE65.8x
ASX ASXAU$56.251.8%
+AU$190.2m		-21.1%PE20.9x
PPT PerpetualAU$19.543.3%
+AU$71.5m		-5.0%PS1.6x
AUI Australian United InvestmentAU$11.231.1%
+AU$26.2m		-0.4%PE47.5x
HMC HMC CapitalAU$2.911.7%
+AU$20.6m		-21.8%PS5.6x

Latest News

NWL
AU$22.37
Netwealth Group
7D
-3.5%
1Y
-39.1%
PL8
AU$1.43
Plato Income Maximiser
7D
1.4%
1Y
1.8%
RPL
AU$2.79
Regal Partners
7D
-12.3%
1Y
5.7%
L1G
AU$1.10
L1 Group
7D
-2.7%
1Y
n/a
PNI
AU$16.90
Pinnacle Investment Management Group
7D
-3.3%
1Y
-23.7%
MIR
AU$2.65
Mirrabooka Investments
7D
3.5%
1Y
-20.7%
PPT
AU$19.54
Perpetual
7D
3.3%
1Y
-5.0%
GQG
AU$1.34
GQG Partners
7D
-1.5%
1Y
-38.2%
Narrative Update • Jul 17

GQG: Dividend Strength Will Offset Outflows And Support Future Upside

Analysts have cut their GQG Partners price target from A$1.91 to A$1.40, citing continued net outflows of about $15b since July 2025, weak investment performance versus benchmarks, and what they see as increased downside risk to consensus forecasts. What’s in the News for GQG Partners GQG Partners reported substantial net outflows of about US$15b in the first half of the year, mainly from international and emerging markets strategies.
HMC
AU$2.91
HMC Capital
7D
1.7%
1Y
-21.8%
MQG
AU$254.93
Macquarie Group
7D
-1.3%
1Y
13.2%
New Narrative • Jul 12

Macquarie Worth Banking On?

At A$219.394 per share, Macquarie Group (ASX: MQG) appears reasonably valued based on its current operating performance. Macquarie reported FY26 net profit of A$4.85 billion, an increase of 30% from FY25, while net operating income increased by 13% to A$19.48 billion.
ASX
AU$56.25
ASX
7D
1.8%
1Y
-21.1%
Narrative Update • Jul 07

ASX: Penalty And CHESS Reset Will Support Long Term Tech Modernisation

Analysts have reduced their fair value estimate for ASX from A$70.00 to about A$64.73, citing updated expectations for revenue growth, profit margins and future P/E multiples based on recent sector research. What's in the News for ASX The Federal Court orders ASX to pay a penalty of about A$20.5 million to A$23.5 million, plus around A$3 million in ASIC legal costs, after finding its February 2022 disclosure on the CHESS replacement project was misleading, according to ASIC and court statements.
MAF
AU$6.10
MA Financial Group
7D
-4.7%
1Y
-23.4%
Narrative Update • Jul 07

MAF: Future Returns Will Rely On Stable Margins And Premium P/E Multiple

Analysts have trimmed their price target on MA Financial Group to around A$10.04 from about A$11.01, citing updated assumptions that include a slightly higher discount rate, lower projected revenue and profit margin, and a marginally higher future P/E multiple. What’s in the News for MA Financial Group No recent company specific news for MA Financial Group has been provided in the available sources.
HUB
AU$85.31
HUB24
7D
3.1%
1Y
-18.6%
Narrative Update • Jul 02

HUB: Adviser Migration And Platform Scale Will Support Future Return Profile

Analysts have trimmed their HUB24 fair value estimate from A$105.97 to A$99.34, reflecting slightly softer assumptions for revenue growth, profit margins and future P/E multiples in their updated price target work. What’s in the News for HUB24 HUB24 reported H1 FY2026 results with Group Underlying NPAT up 60% and operating revenue up 26%, supported by reported growth in Funds Under Administration to A$151.7b as at 31 March 2026, according to recent coverage.
ARG
AU$8.99
Argo Investments
7D
0.2%
1Y
-2.7%
AFI
AU$6.86
Australian Foundation Investment
7D
-1.0%
1Y
-9.4%
AUI
AU$11.23
Australian United Investment
7D
1.1%
1Y
-0.4%