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Australian (ASX) Capital Markets Industry Analysis

UpdatedAug 20, 2026
DataAggregated Company Financials
Companies73
  • 7D-2.1%
  • 3M5.0%
  • 1Y1.6%
  • YTD10.6%

Over the last 7 days, the Capital Markets industry has dropped 2.1%, driven by a pullback from Macquarie Group of 3.0%. On the other hand L1 Group is actually up 11%. As for the longer term, the industry's performance has been flat for the past year. As for the next few years, earnings are expected to grow by 8.0% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 21 Aug 2026AU$170.6bAU$30.1bAU$8.0b21.3x21.2x5.7x
Sun, 19 Jul 2026AU$170.7bAU$29.8bAU$8.1b20.3x21.1x5.7x
Tue, 16 Jun 2026AU$161.4bAU$29.8bAU$8.1b18.9x20x5.4x
Thu, 14 May 2026AU$159.2bAU$29.7bAU$8.1b19.1x19.7x5.4x
Sat, 11 Apr 2026AU$158.9bAU$29.6bAU$7.2b21.5x22.2x5.4x
Mon, 09 Mar 2026AU$152.0bAU$29.7bAU$7.2b20.2x21.2x5.1x
Wed, 04 Feb 2026AU$160.2bAU$29.1bAU$7.4b21.5x21.6x5.5x
Fri, 02 Jan 2026AU$155.1bAU$29.2bAU$7.5b20.7x20.8x5.3x
Sun, 30 Nov 2025AU$155.5bAU$29.2bAU$7.5b22.4x20.8x5.3x
Tue, 28 Oct 2025AU$166.8bAU$28.6bAU$7.3b22.1x22.7x5.8x
Thu, 25 Sep 2025AU$161.0bAU$28.7bAU$7.3b22.4x21.9x5.6x
Sat, 23 Aug 2025AU$167.7bAU$29.1bAU$7.1b18.5x23.6x5.8x
Mon, 21 Jul 2025AU$171.4bAU$30.0bAU$7.2b15.5x23.8x5.7x
Wed, 18 Jun 2025AU$157.7bAU$30.0bAU$7.2b15.4x21.9x5.3x
Fri, 16 May 2025AU$159.4bAU$30.0bAU$7.2b14.7x22.1x5.3x
Sun, 13 Apr 2025AU$139.8bAU$30.0bAU$7.2b13.9x19.3x4.7x
Tue, 11 Mar 2025AU$157.2bAU$30.0bAU$7.2b15.4x21.7x5.2x
Thu, 06 Feb 2025AU$169.8bAU$30.3bAU$6.7b20.7x25.5x5.6x
Sat, 04 Jan 2025AU$165.0bAU$29.9bAU$6.4b20.6x25.9x5.5x
Mon, 02 Dec 2024AU$170.5bAU$30.0bAU$6.3b19x27x5.7x
Wed, 30 Oct 2024AU$168.4bAU$29.7bAU$6.1b19.7x27.4x5.7x
Fri, 27 Sep 2024AU$160.8bAU$29.6bAU$6.0b18.5x26.6x5.4x
Sun, 25 Aug 2024AU$151.2bAU$29.3bAU$6.4b20.8x23.6x5.2x
Tue, 23 Jul 2024AU$150.1bAU$28.9bAU$6.3b22.5x23.8x5.2x
Thu, 20 Jun 2024AU$142.7bAU$28.9bAU$6.3b21x22.7x4.9x
Sat, 18 May 2024AU$139.5bAU$28.9bAU$6.3b21x22.1x4.8x
Mon, 15 Apr 2024AU$139.8bAU$30.5bAU$7.1b20.8x19.8x4.6x
Wed, 13 Mar 2024AU$141.9bAU$30.4bAU$7.1b20.7x20.1x4.7x
Fri, 09 Feb 2024AU$139.1bAU$29.8bAU$6.9b22x20.1x4.7x
Sun, 07 Jan 2024AU$134.3bAU$30.2bAU$6.9b20.6x19.6x4.5x
Tue, 05 Dec 2023AU$124.9bAU$30.1bAU$6.8b19.4x18.3x4.2x
Thu, 02 Nov 2023AU$116.3bAU$30.3bAU$7.4b19.4x15.7x3.8x
Sat, 30 Sep 2023AU$122.6bAU$30.3bAU$7.4b19.5x16.6x4x
Mon, 28 Aug 2023AU$124.0bAU$30.4bAU$7.3b19.6x17x4.1x
Price to Earnings Ratio

17x


Total Market Cap: AU$124.0bTotal Earnings: AU$7.3bTotal Revenue: AU$30.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Capital Markets Industry Price to Earnings3Y Average 21.8x202420252026
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 21.8x.
  • 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 3.2% 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-1.54%
Financials-3.34%
Capital Markets-2.09%
Financial Exchanges and Data3.19%
Asset Management-0.84%
Diversified Capital Markets-2.85%
Investment Banking and Brokerage-9.11%
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 88.2x.
    • Analysts are expecting annual earnings growth of 13.6%, 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 20.2x.
Forecasted Growth
  • Analysts are most optimistic on the Asset Management industry, expecting annual earnings growth of 16% over the next 5 years.
  • This is better than its past earnings growth rate of 4.6% per year.
  • In contrast, the Financial Exchanges and Data industry is expected to see its earnings grow by 2.9% 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
L1G L1 GroupAU$1.2811.3%
+AU$328.5m		n/aPE22.1x
GQG GQG PartnersAU$1.494.2%
+AU$177.5m		-18.6%PE6.9x
MAF MA Financial GroupAU$7.1014.9%
+AU$163.6m		-24.6%PE121.5x
EQT EQT HoldingsAU$20.2215.7%
+AU$73.7m		-36.4%PE13x
PPT PerpetualAU$19.702.9%
+AU$62.4m		-9.1%PS1.6x

Latest News

AUI
AU$11.97
Australian United Investment
7D
1.5%
1Y
2.9%
MAF
AU$7.10
MA Financial Group
7D
14.9%
1Y
-24.6%
EQT
AU$20.22
EQT Holdings
7D
15.7%
1Y
-36.4%
HUB
AU$76.48
HUB24
7D
-12.6%
1Y
-28.8%
Narrative Update • Aug 19

HUB: Higher Margin Outlook Will Support Stronger Future Shareholder Returns

Analysts have reduced their HUB24 price target from A$132.10 to A$126.00, citing updated assumptions for revenue growth, profit margins and future P/E, which slightly alter the balance between growth expectations and required returns. What's in the News for HUB24 No recent HUB24 specific news updates were identified from the listed primary sources as of 19 Aug 2026.
GQG
AU$1.49
GQG Partners
7D
4.2%
1Y
-18.6%
Narrative Update • Aug 19

GQG: Dividend Strength Will Support Earnings Despite Fund Outflows Concerns

Analysts have lowered their price target on GQG Partners to A$1.40 from A$1.91, citing weaker recent fund flows and concern that softer investment performance and outflows of about A$15 billion over the first half could affect future earnings expectations. What’s in the News for GQG Partners GQG Partners reported investor outflows of about US$6.4 billion in the most recent month, according to recent news reports.
FID
AU$9.86
Fiducian Group
7D
16.1%
1Y
-22.1%
MQG
AU$252.30
Macquarie Group
7D
-3.0%
1Y
12.9%
PNI
AU$18.13
Pinnacle Investment Management Group
7D
-1.8%
1Y
-14.2%
NWL
AU$22.11
Netwealth Group
7D
-8.2%
1Y
-38.2%
Narrative Update • Aug 17

NWL: Expanded Wealth Partnership Will Still Cap Returns At Elevated P/E

Analysts have lifted their price target for Netwealth Group by roughly A$0.86 per share. This reflects updated assumptions for higher revenue growth and a higher future P/E multiple, partly offset by lower modelled profit margins and a slightly higher discount rate.
L1G
AU$1.28
L1 Group
7D
11.3%
1Y
n/a
New Narrative • Aug 16

International Expansion And Cost Synergies Will Reshape This Asset Manager’s Earnings Profile

Catalysts About L1 Group L1 Group is a funds management business that runs Long Short, affiliates and Platinum branded investment strategies across multiple client segments. What are the underlying business or industry changes driving this perspective?
ASX
AU$57.46
ASX
7D
-5.1%
1Y
-11.5%
Narrative Update • Aug 14

ASX: CHESS Reset And AI Infrastructure Demand Will Support Future Upside

Analysts have lifted the ASX fair value estimate to A$67.00, reflecting updated assumptions for revenue growth, profit margin and P/E, in line with recent Street research that highlights the company’s potential to benefit from expanding AI infrastructure demand across key compute categories. What’s in the News for ASX ASX Limited agreed to settle civil proceedings brought by ASIC relating to 2022 statements on the previous CHESS replacement project, with ASX admitting that its “progressing well” representation contravened sections 12DA and 12DB of the ASIC Act.
PPT
AU$19.70
Perpetual
7D
2.9%
1Y
-9.1%
Narrative Update • Aug 12

PPT: Takeover Interest And Stable Fundamentals Will Support Balanced Future Upside

Analysts have lifted their price target for Perpetual to A$20.98 from A$19.51, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E that collectively support a modestly higher valuation. What’s in the News for Perpetual Perpetual is progressing an EQT takeover bid, which reflects ongoing adjustments in how the company is positioned within the Australian investment management and trustee services market.
ARG
AU$9.22
Argo Investments
7D
-2.2%
1Y
-2.2%
MFG
AU$10.39
Magellan Financial Group
7D
-3.3%
1Y
-2.5%
BKI
AU$1.87
BKI Investment
7D
-5.3%
1Y
2.8%
RPL
AU$2.95
Regal Partners
7D
3.1%
1Y
-5.4%