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Australian (ASX) Capital Markets Industry Analysis

UpdatedJul 21, 2026
DataAggregated Company Financials
Companies73
  • 7D0.4%
  • 3M3.0%
  • 1Y-0.6%
  • YTD10.2%

The Capital Markets industry has been flat over the last week, but L1 Group has lost 12%. Furthermore, the industry has been flat for the past year as well. 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, 21 Jul 2026AU$169.6bAU$29.8bAU$8.1b20.2x21x5.7x
Thu, 18 Jun 2026AU$163.7bAU$29.8bAU$8.1b19.1x20.2x5.5x
Sat, 16 May 2026AU$161.8bAU$29.8bAU$8.1b19.3x20x5.4x
Mon, 13 Apr 2026AU$158.9bAU$29.6bAU$7.2b21.5x22.2x5.4x
Wed, 11 Mar 2026AU$149.4bAU$29.6bAU$7.2b20x20.9x5x
Fri, 06 Feb 2026AU$157.7bAU$29.2bAU$7.4b21.3x21.3x5.4x
Sun, 04 Jan 2026AU$155.3bAU$29.2bAU$7.5b20.7x20.9x5.3x
Tue, 02 Dec 2025AU$153.5bAU$29.2bAU$7.5b21.9x20.6x5.3x
Thu, 30 Oct 2025AU$166.4bAU$28.6bAU$7.3b21.9x22.7x5.8x
Sat, 27 Sep 2025AU$159.4bAU$28.7bAU$7.4b22.6x21.7x5.5x
Mon, 25 Aug 2025AU$167.7bAU$29.1bAU$7.1b18.6x23.6x5.8x
Wed, 23 Jul 2025AU$169.4bAU$30.0bAU$7.2b15.5x23.5x5.6x
Fri, 20 Jun 2025AU$157.6bAU$30.0bAU$7.2b15.1x21.8x5.3x
Sun, 18 May 2025AU$158.7bAU$30.0bAU$7.2b14.9x22x5.3x
Tue, 15 Apr 2025AU$140.6bAU$30.0bAU$7.2b14.1x19.4x4.7x
Thu, 13 Mar 2025AU$150.9bAU$30.0bAU$7.2b14.4x20.9x5x
Sat, 08 Feb 2025AU$170.7bAU$30.3bAU$6.7b20.9x25.6x5.6x
Mon, 06 Jan 2025AU$165.0bAU$29.9bAU$6.4b20.6x25.9x5.5x
Wed, 04 Dec 2024AU$171.1bAU$30.0bAU$6.3b20.3x27.1x5.7x
Fri, 01 Nov 2024AU$168.1bAU$29.7bAU$6.1b19.8x27.4x5.7x
Sun, 29 Sep 2024AU$161.3bAU$29.6bAU$6.0b18.6x26.7x5.5x
Tue, 27 Aug 2024AU$152.0bAU$29.3bAU$6.4b20.8x23.7x5.2x
Thu, 25 Jul 2024AU$151.5bAU$28.9bAU$6.3b22.4x24.1x5.2x
Sat, 22 Jun 2024AU$143.4bAU$28.9bAU$6.3b21x22.8x5x
Mon, 20 May 2024AU$139.5bAU$28.9bAU$6.3b21x22.2x4.8x
Wed, 17 Apr 2024AU$138.6bAU$30.5bAU$7.1b20.6x19.6x4.5x
Fri, 15 Mar 2024AU$141.7bAU$30.4bAU$7.1b20.8x20x4.7x
Sun, 11 Feb 2024AU$139.5bAU$29.8bAU$6.9b22.1x20.2x4.7x
Tue, 09 Jan 2024AU$133.3bAU$30.2bAU$6.9b20.6x19.5x4.4x
Thu, 07 Dec 2023AU$126.0bAU$30.1bAU$6.8b19.7x18.4x4.2x
Sat, 04 Nov 2023AU$119.1bAU$29.4bAU$6.5b19.4x18.3x4.1x
Mon, 02 Oct 2023AU$122.6bAU$30.3bAU$7.4b19.5x16.6x4x
Wed, 30 Aug 2023AU$125.1bAU$30.4bAU$7.3b19x17.1x4.1x
Fri, 28 Jul 2023AU$127.5bAU$29.7bAU$7.4b20.9x17.2x4.3x
Price to Earnings Ratio

17.2x


Total Market Cap: AU$127.5bTotal 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 5.7x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 3.1% 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-0.28%
Financials0.21%
Capital Markets0.43%
Financial Exchanges and Data4.71%
Investment Banking and Brokerage3.16%
Diversified Capital Markets0.90%
Asset Management-1.50%
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 15.1%, 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
MQG Macquarie GroupAU$256.300.9%
+AU$844.5m		14.3%PE20.1x
ASX ASXAU$57.144.7%
+AU$498.8m		-19.0%PE21.2x
HUB HUB24AU$84.904.1%
+AU$276.3m		-18.1%PE65.5x
AUI Australian United InvestmentAU$11.131.6%
+AU$39.3m		-1.2%PE47.1x
MIR Mirrabooka InvestmentsAU$2.684.3%
+AU$24.6m		-20.0%PE46.3x

Latest News

PL8
AU$1.41
Plato Income Maximiser
7D
0.7%
1Y
3.3%
MIR
AU$2.68
Mirrabooka Investments
7D
4.3%
1Y
-20.0%
PPT
AU$19.21
Perpetual
7D
0.9%
1Y
-6.1%
GQG
AU$1.38
GQG Partners
7D
-3.8%
1Y
-38.1%
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.
RPL
AU$2.97
Regal Partners
7D
-4.5%
1Y
10.4%
Narrative Update • Jul 16

RPL: Dividend And Buyback Program Will Support Higher Future Earnings Multiple

Analysts have lowered their price target for Regal Partners to A$3.75 from A$4.41, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E multiples. What’s in the News for Regal Partners No recent company specific news on Regal Partners was identified in the provided sources.
MQG
AU$256.30
Macquarie Group
7D
0.9%
1Y
14.3%
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.
MFG
AU$9.66
Magellan Financial Group
7D
-2.8%
1Y
-1.5%
ASX
AU$57.14
ASX
7D
4.7%
1Y
-19.0%
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.
HUB
AU$84.90
HUB24
7D
4.1%
1Y
-18.1%
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$8.97
Argo Investments
7D
-0.3%
1Y
-2.5%
AUI
AU$11.13
Australian United Investment
7D
1.6%
1Y
-1.2%
NWL
AU$22.96
Netwealth Group
7D
-3.0%
1Y
-37.0%
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$1.07
L1 Group
7D
-11.6%
1Y
n/a
HM1
AU$2.92
Hearts and Minds Investments
7D
-3.3%
1Y
-11.0%
CIN
AU$33.99
Carlton Investments
7D
1.0%
1Y
-7.5%
BKI
AU$1.81
BKI Investment
7D
-1.6%
1Y
1.1%
Analysis Article • Jan 31

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

The board of BKI Investment Company Limited ( ASX:BKI ) has announced that it will pay a dividend of A$0.0395 per share...