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Australian (ASX) Capital Markets Industry Analysis

UpdatedJul 15, 2026
DataAggregated Company Financials
Companies73
  • 7D-0.9%
  • 3M4.0%
  • 1Y-1.6%
  • YTD9.0%

Over the last 7 days, the Capital Markets industry has remained flat, although notably Netwealth Group declined by 5.2%. Furthermore, the industry has been flat for the past year as well. Looking forward, earnings are forecast to grow by 8.3% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 15 Jul 2026AU$167.8bAU$29.8bAU$8.1b20x20.7x5.6x
Fri, 12 Jun 2026AU$155.6bAU$29.8bAU$8.1b18.3x19.2x5.2x
Sun, 10 May 2026AU$160.7bAU$27.9bAU$7.0b20x23x5.8x
Tue, 07 Apr 2026AU$148.4bAU$29.7bAU$7.2b19.6x20.7x5x
Thu, 05 Mar 2026AU$147.2bAU$29.6bAU$7.2b19.6x20.5x5x
Sat, 31 Jan 2026AU$159.1bAU$29.1bAU$7.4b21.1x21.5x5.5x
Mon, 29 Dec 2025AU$156.8bAU$29.2bAU$7.4b20.7x21.1x5.4x
Wed, 26 Nov 2025AU$151.7bAU$29.3bAU$7.5b22.4x20.3x5.2x
Fri, 24 Oct 2025AU$167.2bAU$28.6bAU$7.3b22x22.8x5.8x
Sun, 21 Sep 2025AU$163.2bAU$28.7bAU$7.3b22.7x22.2x5.7x
Tue, 19 Aug 2025AU$165.5bAU$29.1bAU$6.9b17.7x23.9x5.7x
Thu, 17 Jul 2025AU$166.9bAU$30.0bAU$7.2b15.5x23.2x5.6x
Sat, 14 Jun 2025AU$159.3bAU$30.0bAU$7.2b15x22.1x5.3x
Mon, 12 May 2025AU$154.9bAU$30.0bAU$7.2b14.6x21.5x5.2x
Wed, 09 Apr 2025AU$137.4bAU$30.1bAU$7.3b13.6x18.9x4.6x
Fri, 07 Mar 2025AU$162.5bAU$30.0bAU$7.2b16.2x22.5x5.4x
Sun, 02 Feb 2025AU$174.5bAU$30.3bAU$6.6b20.7x26.4x5.8x
Tue, 31 Dec 2024AU$165.2bAU$30.1bAU$6.3b20.6x26x5.5x
Thu, 28 Nov 2024AU$170.3bAU$30.0bAU$6.3b19.9x26.9x5.7x
Sat, 26 Oct 2024AU$168.3bAU$29.7bAU$6.1b19.7x27.4x5.7x
Mon, 23 Sep 2024AU$158.6bAU$29.6bAU$6.1b17.9x26.2x5.4x
Wed, 21 Aug 2024AU$150.7bAU$29.2bAU$6.4b21x23.4x5.2x
Fri, 19 Jul 2024AU$150.9bAU$28.9bAU$6.3b22.5x24x5.2x
Sun, 16 Jun 2024AU$139.7bAU$28.9bAU$6.3b20.5x22.2x4.8x
Tue, 14 May 2024AU$139.2bAU$28.9bAU$6.3b20.8x22.1x4.8x
Thu, 11 Apr 2024AU$140.8bAU$30.4bAU$7.1b21x19.9x4.6x
Sat, 09 Mar 2024AU$143.2bAU$30.4bAU$7.1b20.8x20.3x4.7x
Mon, 05 Feb 2024AU$140.4bAU$30.3bAU$7.0b22.3x20.2x4.6x
Wed, 03 Jan 2024AU$135.4bAU$30.2bAU$6.8b20.6x19.8x4.5x
Fri, 01 Dec 2023AU$124.8bAU$30.1bAU$6.8b19.4x18.3x4.1x
Sun, 29 Oct 2023AU$116.1bAU$30.3bAU$7.4b19.4x15.7x3.8x
Tue, 26 Sep 2023AU$123.4bAU$30.3bAU$7.4b20.1x16.7x4.1x
Thu, 24 Aug 2023AU$123.5bAU$30.0bAU$7.3b20.5x16.8x4.1x
Sat, 22 Jul 2023AU$129.8bAU$29.7bAU$7.5b20.8x17.4x4.4x
Price to Earnings Ratio

17.4x


Total Market Cap: AU$129.8bTotal 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 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 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 Market0.05%
Financials1.01%
Capital Markets-0.93%
Financial Exchanges and Data0.69%
Diversified Capital Markets-0.12%
Asset Management-2.26%
Investment Banking and Brokerage-2.98%
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 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
ASX ASXAU$53.860.7%
+AU$71.8m		-24.0%PE20x
RPL Regal PartnersAU$3.123.0%
+AU$33.1m		19.1%PE8.8x
QAL QualitasAU$3.292.8%
+AU$26.6m		-4.1%PE25.7x
SEC Spheria Emerging CompaniesAU$2.5911.6%
+AU$16.2m		3.6%PE8.5x
EQT EQT HoldingsAU$18.212.9%
+AU$13.9m		-44.4%PE11.7x

Latest News

MFG
AU$9.68
Magellan Financial Group
7D
-8.4%
1Y
-1.1%
QAL
AU$3.29
Qualitas
7D
2.8%
1Y
-4.1%
Narrative Update • Jul 10

QAL: Higher Margins And Richer P/E Will Support Future Upside

Analysts have lifted their price target on Qualitas from A$4.70 to A$5.10, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E that change their overall valuation framework. What’s in the News for Qualitas No recent Qualitas specific news has been identified from the provided primary news stories.
ASX
AU$53.86
ASX
7D
0.7%
1Y
-24.0%
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.
GQG
AU$1.40
GQG Partners
7D
-2.8%
1Y
-37.2%
Narrative Update • Jul 03

GQG: Dividend Payout And Softer Margins Will Shape Future P/E

Analysts have trimmed their price target for GQG Partners to A$11.63 from A$13.07, reflecting slightly lower fair value estimates as they factor in softer revenue growth, a marginally reduced profit margin outlook, and a lower future P/E assumption. What’s in the News for GQG Partners GQG Partners declared a first quarter 2026 cash dividend of US$0.0354 per share, which the company notes represents 90.14% of estimated first quarter distributable earnings.
HUB
AU$81.01
HUB24
7D
-3.6%
1Y
-19.4%
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$8.94
Argo Investments
7D
-1.7%
1Y
-2.7%
RPL
AU$3.12
Regal Partners
7D
3.0%
1Y
19.1%
Narrative Update • Jul 01

RPL: Revised Assumptions Will Support Future Share Price Upside

Analysts have adjusted their price outlook on Regal Partners to reflect a revised fair value estimate of A$4.95. They cited slightly updated assumptions for discount rate, revenue growth, profit margin and future P/E multiples.
EQT
AU$18.21
EQT Holdings
7D
2.9%
1Y
-44.4%
PNI
AU$17.05
Pinnacle Investment Management Group
7D
-4.5%
1Y
-21.6%
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.
AFI
AU$6.89
Australian Foundation Investment
7D
-2.3%
1Y
-7.9%
NWL
AU$23.17
Netwealth Group
7D
-5.2%
1Y
-35.3%
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$1.18
L1 Group
7D
-4.9%
1Y
n/a
SEC
AU$2.59
Spheria Emerging Companies
7D
11.6%
1Y
3.6%
PL8
AU$1.41
Plato Income Maximiser
7D
1.1%
1Y
1.4%
PAC
AU$11.95
Pacific Current Group
7D
3.9%
1Y
8.9%
BKI
AU$1.84
BKI Investment
7D
0.8%
1Y
3.4%
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...