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Australian (ASX) Market Analysis & Valuation

UpdatedMay 20, 2026
DataAggregated Company Financials
Companies1575
  • 7D-0.9%
  • 3M-4.5%
  • 1Y2.7%
  • YTD-2.5%

Over the last 7 days, the market has remained flat, although notably the Energy sector gained 3.8% in that time. In line with that, the market has also been flat over the past year. As for the next few years, earnings are expected to grow by 12% per annum.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Australian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 21 May 2026AU$2.8tAU$1.2tAU$113.5b17x25.1x2.4x
Sat, 18 Apr 2026AU$3.0tAU$1.2tAU$113.2b17.5x26.5x2.5x
Mon, 16 Mar 2026AU$2.9tAU$1.2tAU$111.5b18.7x25.9x2.4x
Wed, 11 Feb 2026AU$3.0tAU$1.2tAU$108.0b21.2x27.8x2.5x
Fri, 09 Jan 2026AU$3.0tAU$1.2tAU$109.7b21.8x27.1x2.5x
Sun, 07 Dec 2025AU$2.9tAU$1.2tAU$109.6b21.7x26.7x2.4x
Tue, 04 Nov 2025AU$3.0tAU$1.2tAU$110.4b21.3x27.3x2.5x
Thu, 02 Oct 2025AU$3.0tAU$1.2tAU$110.1b21x27.1x2.5x
Sat, 30 Aug 2025AU$3.0tAU$1.2tAU$110.6b19.7x27.4x2.5x
Mon, 28 Jul 2025AU$2.9tAU$1.2tAU$102.2b18.7x28.6x2.4x
Wed, 25 Jun 2025AU$2.9tAU$1.2tAU$102.6b18.2x27.9x2.4x
Fri, 23 May 2025AU$2.8tAU$1.2tAU$102.9b17.9x27.1x2.3x
Sun, 20 Apr 2025AU$2.6tAU$1.2tAU$104.3b17.1x25x2.1x
Tue, 18 Mar 2025AU$2.6tAU$1.2tAU$104.8b17.6x25x2.2x
Thu, 13 Feb 2025AU$2.8tAU$1.2tAU$93.2b19.9x30.3x2.4x
Sat, 11 Jan 2025AU$2.7tAU$1.2tAU$90.2b19.7x30.4x2.3x
Mon, 09 Dec 2024AU$2.8tAU$1.2tAU$89.0b20.3x31.3x2.4x
Wed, 06 Nov 2024AU$2.7tAU$1.2tAU$88.6b19.4x30.3x2.3x
Fri, 04 Oct 2024AU$2.7tAU$1.2tAU$87.1b19.6x31.2x2.4x
Sun, 01 Sep 2024AU$2.7tAU$1.2tAU$87.7b19.6x30.4x2.3x
Tue, 30 Jul 2024AU$2.7tAU$1.2tAU$91.8b19.1x28.9x2.3x
Thu, 27 Jun 2024AU$2.6tAU$1.2tAU$91.9b19.1x28.4x2.3x
Sat, 25 May 2024AU$2.6tAU$1.2tAU$92.3b19.3x27.9x2.2x
Mon, 22 Apr 2024AU$2.5tAU$1.2tAU$95.9b19.6x26.3x2.2x
Wed, 20 Mar 2024AU$2.6tAU$1.2tAU$96.0b19.3x26.8x2.2x
Fri, 16 Feb 2024AU$2.5tAU$1.2tAU$114.7b19.1x22.1x2.2x
Sun, 14 Jan 2024AU$2.5tAU$1.2tAU$114.8b18.6x21.9x2.2x
Tue, 12 Dec 2023AU$2.4tAU$1.2tAU$116.4b18x20.7x2.1x
Thu, 09 Nov 2023AU$2.3tAU$1.2tAU$118.0b17.8x19.8x2x
Sat, 07 Oct 2023AU$2.3tAU$1.2tAU$119.7b17.4x19.6x2x
Mon, 04 Sep 2023AU$2.5tAU$1.2tAU$120.1b18.6x20.4x2.1x
Wed, 02 Aug 2023AU$2.5tAU$1.2tAU$145.6b16.9x17.2x2.1x
Fri, 30 Jun 2023AU$2.4tAU$1.2tAU$145.7b16.2x16.5x2.1x
Sun, 28 May 2023AU$2.4tAU$1.2tAU$147.1b16.1x16.3x2x
Price to Earnings Ratio

16.3x


Total Market Cap: AU$2.4tTotal Earnings: AU$147.1bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 25.7x202420252026
Current Market PE
  • Investors are relatively neutral on the Australian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 25.7x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 8.3% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Australian Market?

AU Market-1.73%
Energy3.64%
Financials2.15%
Consumer Staples1.60%
Consumer Discretionary-0.42%
Healthcare-0.66%
Tech-0.68%
Telecom-0.69%
Real Estate-1.84%
Industrials-2.23%
Utilities-2.55%
Materials-8.03%
Sector PE
  • Investors favour the Tech sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 19.1%, which is higher than its past year's earnings growth of 10.8% per year.
  • The Real Estate sector is the least preferred by investors for future growth, which is trading below its 3-year average of 170x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings growth rate of 19% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 5.3% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
CBA Commonwealth Bank of AustraliaAU$162.645.8%
+AU$15.0b		-7.1%PB3.5xFinancials
WDS Woodside Energy GroupAU$32.505.3%
+AU$3.1b		49.4%PE16.2xEnergy
WES WesfarmersAU$73.723.0%
+AU$2.5b		-12.3%PE27.3xConsumer Discretionary
TLS Telstra GroupAU$5.493.6%
+AU$2.1b		17.1%PE27xTelecom
CPU ComputershareAU$33.4912.0%
+AU$2.1b		-17.7%PE23.1xIndustrials
See more

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Latest News

EVN
AU$11.37
Evolution Mining
7D
-15.1%
1Y
31.1%
NXT
AU$14.22
NEXTDC
7D
-3.0%
1Y
6.9%
TUA
AU$2.22
Tuas
7D
-61.5%
1Y
-60.4%
BXB
AU$16.40
Brambles
7D
-24.8%
1Y
-25.2%
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S32
AU$4.04
South32
7D
-10.0%
1Y
31.2%
BHP
AU$57.33
BHP Group
7D
-6.8%
1Y
48.3%
NST
AU$19.35
Northern Star Resources
7D
-10.6%
1Y
0.7%
Narrative Update • May 16

NST: Higher Long Term Gold Pricing Will Support Future Upside

Analysts have lifted Northern Star Resources' price target by A$5 to A$35, citing updated long term commodity price forecasts for gold and other metals that feed into their valuation models. Analyst Commentary Recent research points to updated long term commodity price forecasts feeding directly into Northern Star Resources' valuation, with the price target lifted to A$35 from A$30.
GMG
AU$30.00
Goodman Group
7D
-4.2%
1Y
-6.6%
Narrative Update • May 13

GMG: Data Center Expansion And Asset Sales Will Shape Balanced Future Prospects

Analysts have kept Goodman Group's A$34.46 price target broadly steady, reflecting only small model tweaks to the discount rate and long term P/E assumptions, rather than a change in their overall view of the stock. What's in the News Goodman Group and DataBank formed a joint venture to develop a new 32MW data center facility in Los Angeles, a market described as supply constrained for data center capacity, with phased capacity expected to be available between December 2026 and September 2027 (Key Developments).
FMG
AU$21.62
Fortescue
7D
-4.0%
1Y
34.0%
CBA
AU$162.64
Commonwealth Bank of Australia
7D
5.8%
1Y
-7.1%
Narrative Update • May 12

CBA: Elevated P/E And Thin Margin Cushion May Pressure Future Returns

Analysts have made a small adjustment to the Commonwealth Bank of Australia price target to A$125.95. This reflects slightly higher discount rate assumptions, modestly lower revenue growth expectations, and a marginally stronger projected profit margin and future P/E.
WDS
AU$32.50
Woodside Energy Group
7D
5.3%
1Y
49.4%
Narrative Update • May 12

WDS: Higher Required Returns Will Pressure Margins And Limit Future Upside

Analysts have raised their A$ fair value estimate for Woodside Energy Group from A$21.46 to A$24.37, citing revised assumptions for revenue trends, profit margins and future P/E expectations. Analyst Commentary While the updated A$24.37 fair value estimate reflects revised assumptions for Woodside Energy Group, some market voices remain cautious about how much upside is actually on the table at current levels.
CPU
AU$33.49
Computershare
7D
12.0%
1Y
-17.7%
Narrative Update • May 09

CPU: Tokenized Equity And Higher EPS Guidance Will Support Bullish Setup

Analysts have slightly adjusted their view on Computershare, with the latest A$ fair value estimate changing from about A$34.63 to about A$34.54 as they factor in updated assumptions on the discount rate, revenue growth, profit margin, and future P/E multiples. What's in the News Computershare agreed with Securitize to support U.S. listed clients in issuing equity securities in tokenized form, giving issuers a way to bring shares onchain alongside existing structures such as the Direct Registration System, with Computershare acting as transfer agent for Issuer Sponsored Tokens and related corporate actions (Key Developments).
QBE
AU$23.68
QBE Insurance Group
7D
5.7%
1Y
3.9%
WES
AU$73.72
Wesfarmers
7D
3.0%
1Y
-12.3%
TLS
AU$5.49
Telstra Group
7D
3.6%
1Y
17.1%
Narrative Update • May 05

TLS: Future Returns Will Rely On Buybacks Dividends And Risk Repricing

Analysts have trimmed their Telstra Group price targets, citing slightly higher discount rate assumptions and cautious readthrough from recent software sector weakness. Fair value, long term revenue growth, margin and P/E inputs remain broadly unchanged.
WOW
AU$34.43
Woolworths Group
7D
4.5%
1Y
7.5%
Narrative Update • May 02

WOW: Dividend Clarity And Stable Expectations Will Shape A Measured Outlook

Analysts have trimmed their Woolworths Group price target slightly to A$34.85 from A$35.39, reflecting updated views on discount rates, revenue growth, profit margins, and future P/E assumptions. What's in the News Woolworths Group declared a fully franked interim dividend of A$0.45 per share for the six months ending 4 January 2026, giving investors clarity on near term income expectations (company announcement).