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Australian (ASX) Market Analysis & Valuation

UpdatedApr 21, 2026
DataAggregated Company Financials
Companies1578
  • 7D0.8%
  • 3M0.2%
  • 1Y14.1%
  • YTD1.4%

Over the last 7 days, the market has remained flat, although notably the Information Technology sector gained 14% in that time. Meanwhile, the market is actually up 14% 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
Tue, 21 Apr 2026AU$3.0tAU$1.2tAU$113.3b17.7x26.5x2.5x
Thu, 19 Mar 2026AU$2.9tAU$1.2tAU$112.0b17.6x25.9x2.4x
Sat, 14 Feb 2026AU$3.0tAU$1.2tAU$106.1b20.7x28.3x2.5x
Mon, 12 Jan 2026AU$3.0tAU$1.2tAU$109.7b21.8x27.1x2.5x
Wed, 10 Dec 2025AU$2.9tAU$1.2tAU$109.7b21.1x26.5x2.4x
Fri, 07 Nov 2025AU$3.0tAU$1.2tAU$110.7b21.1x26.9x2.5x
Sun, 05 Oct 2025AU$3.0tAU$1.2tAU$110.4b21.2x27.5x2.5x
Tue, 02 Sep 2025AU$3.0tAU$1.2tAU$111.4b20.4x27.1x2.5x
Thu, 31 Jul 2025AU$2.9tAU$1.2tAU$102.9b19.2x28.7x2.4x
Sat, 28 Jun 2025AU$2.9tAU$1.2tAU$102.4b18.3x27.8x2.4x
Mon, 26 May 2025AU$2.8tAU$1.2tAU$102.4b18x27.3x2.3x
Wed, 23 Apr 2025AU$2.6tAU$1.2tAU$104.1b16.8x25x2.1x
Fri, 21 Mar 2025AU$2.6tAU$1.2tAU$105.0b17.7x25.1x2.2x
Sun, 16 Feb 2025AU$2.8tAU$1.2tAU$94.6b19.7x29.9x2.4x
Tue, 14 Jan 2025AU$2.7tAU$1.2tAU$90.4b19.1x29.9x2.3x
Thu, 12 Dec 2024AU$2.8tAU$1.2tAU$89.2b20.3x30.9x2.3x
Sat, 09 Nov 2024AU$2.7tAU$1.2tAU$88.6b19.6x30.9x2.4x
Mon, 07 Oct 2024AU$2.7tAU$1.2tAU$87.3b19.5x30.9x2.3x
Wed, 04 Sep 2024AU$2.7tAU$1.2tAU$87.8b19.7x30.4x2.3x
Fri, 02 Aug 2024AU$2.7tAU$1.2tAU$92.3b19.4x29x2.3x
Sun, 30 Jun 2024AU$2.6tAU$1.2tAU$91.8b19.1x28.2x2.2x
Tue, 28 May 2024AU$2.6tAU$1.2tAU$91.8b19.6x28.2x2.2x
Thu, 25 Apr 2024AU$2.6tAU$1.2tAU$95.5b19.8x26.9x2.2x
Sat, 23 Mar 2024AU$2.6tAU$1.2tAU$96.0b19.5x27x2.2x
Mon, 19 Feb 2024AU$2.6tAU$1.2tAU$114.7b19.1x22.3x2.2x
Wed, 17 Jan 2024AU$2.5tAU$1.2tAU$115.4b18.6x21.5x2.1x
Fri, 15 Dec 2023AU$2.4tAU$1.2tAU$115.2b18.2x21x2.1x
Sun, 12 Nov 2023AU$2.3tAU$1.2tAU$118.4b17.6x19.7x2x
Tue, 10 Oct 2023AU$2.4tAU$1.2tAU$119.6b17.7x19.7x2x
Thu, 07 Sep 2023AU$2.4tAU$1.2tAU$120.7b18.2x20.3x2.1x
Sat, 05 Aug 2023AU$2.5tAU$1.2tAU$146.2b16.8x16.8x2.1x
Mon, 03 Jul 2023AU$2.4tAU$1.2tAU$145.4b16.4x16.6x2.1x
Wed, 31 May 2023AU$2.4tAU$1.2tAU$146.6b16.3x16.4x2.1x
Fri, 28 Apr 2023AU$2.4tAU$1.2tAU$144.9b16.4x16.9x2.1x
Price to Earnings Ratio

16.9x


Total Market Cap: AU$2.4tTotal Earnings: AU$144.9bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 25.5x202420252026
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 25.5x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 7.9% 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 Market0.77%
Tech13.59%
Real Estate4.70%
Materials2.89%
Telecom2.46%
Healthcare2.17%
Consumer Discretionary0.99%
Consumer Staples0.53%
Industrials0.52%
Utilities-1.23%
Financials-1.72%
Energy-5.82%
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 20.2%, which is higher than its past year's earnings growth of 14.0% 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 23% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Financials sector is expected to see its earnings grow by 5.1% 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
GMG Goodman GroupAU$30.037.1%
+AU$4.0b		8.5%PB2.6xReal Estate
MQG Macquarie GroupAU$241.274.0%
+AU$3.4b		33.4%PE24.3xFinancials
WTC WiseTech GlobalAU$45.5918.2%
+AU$2.3b		-43.0%PE67xTech
PDI Predictive DiscoveryAU$0.93-2.1%
AU$2.0b		146.7%PB21.1xMaterials
REA REA GroupAU$176.449.3%
+AU$2.0b		-25.7%PE40.5xTelecom
See more

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Latest News

NAB
AU$41.21
National Australia Bank
7D
-7.8%
1Y
21.8%
REA
AU$176.44
REA Group
7D
9.3%
1Y
-25.7%
WDS
AU$31.21
Woodside Energy Group
7D
-8.1%
1Y
58.3%

Woodside Energy Group (WDS): The LNG Vanguard and the Pivot to Trans-Pacific Energy Connectivity

Woodside Energy Group (WDS) , Australia’s premier independent energy pioneer, enters Sunday, April 19, 2026 , in a high-conviction phase of global project execution. Trading at $34.93 AUD after a resilient week on the ASX, the stock is currently consolidating near its 52-week highs as it prepares for its Q1 2026 earnings release on Wednesday, April 29.
XRO
AU$82.98
Xero
7D
13.4%
1Y
-45.8%

XRO: AI Partnership And Upgrade Will Shape Future Earnings And Execution Risk

Analysts have trimmed their Xero price target by about A$1 to around A$83.66, reflecting a slightly higher discount rate, modest adjustments to long term revenue growth and profit margin assumptions, and updated long run P/E expectations following recent research, including an upgrade from RBC Capital. Analyst Commentary Even with the recent upgrade, the latest research around Xero still includes a clear set of caution flags that readers should keep in mind when thinking about risk and return.
BHP
AU$55.51
BHP Group
7D
-1.1%
1Y
52.0%

BHP: Commodity Mix And China Stabilization Will Shape Future Fairly Valued Outlook

The analyst fair value estimate for BHP Group has shifted slightly lower to A$52.50 from A$53.37, as analysts factor in updated assumptions for higher long term revenue growth, a modestly lower profit margin, a slightly higher discount rate, and a higher future P/E multiple following a mix of recent price target increases and trims across the Street. Analyst Commentary Recent research on BHP Group has been mixed, with several bullish analysts lifting price targets while more cautious analysts have trimmed theirs or maintained restrained views.
PDI
AU$0.93
Predictive Discovery
7D
-2.1%
1Y
146.7%
WTC
AU$45.59
WiseTech Global
7D
18.2%
1Y
-43.0%

WTC: Execution And Integration Discipline Will Shape Future Earnings And Dividend Outcomes

Analysts have reduced their WiseTech Global price target to about A$47.52 from roughly A$56.40, reflecting updated views on growth, margins and valuation multiples. Analyst Commentary Recent revisions to WiseTech Global price targets highlight a more cautious tone from some bearish analysts, even as interest in the broader logistics and software space continues.
WBC
AU$40.25
Westpac Banking
7D
-3.0%
1Y
29.1%
STO
AU$7.44
Santos
7D
-6.5%
1Y
32.6%

STO: Future Upside Will Rely On Low Costs And Papua LNG Progress

Analysts have nudged their price targets for Santos higher, with fair value moving from A$8.49 to A$8.56. This reflects updated assumptions around revenue growth, margins and production outlook tied to recent research that highlights Santos' low cost model and planned production expansion supported by progress at Papua LNG.
LYC
AU$19.97
Lynas Rare Earths
7D
-9.5%
1Y
124.9%

LYC: Long Dated NdPr Floor Pricing Will Restrain Rare Earth Upside

Analysts have lifted their price target for Lynas Rare Earths to A$24, highlighting the revised Lynas JARE deal that locks in 5,000tpa NdPr to 2038 at a US$110/kg floor and allows for additional production to be sold into potentially higher return Western contracts. Analyst Commentary The revised Lynas JARE agreement, with 5,000tpa of NdPr contracted to 2038 at a US$110/kg floor, sits at the center of current analyst discussions.
PLS
AU$5.89
PLS Group
7D
9.1%
1Y
320.7%

PLS: Index Additions Will Not Prevent Future P/E Constraining Upside

Analysts have revised their price target on PLS Group to A$4.78 from A$4.57, reflecting updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News PLS Group Limited (ASX:PLS) has been added to the S&P/ASX 50 Index, putting the company alongside some of the larger and more traded names on the Australian market (Key Developments).
GMG
AU$30.03
Goodman Group
7D
7.1%
1Y
8.5%

GMG: Data Center Expansion And Asset Sale Will Support Stronger Future Returns

Analysts have trimmed their fair value estimate for Goodman Group slightly from A$34.96 to A$34.79, reflecting minor tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Goodman Group and DataBank formed a joint venture to launch a new 32MW data center facility in Vernon, Los Angeles, targeting demand from cloud, AI, and enterprise customers in a supply constrained U.S. data center market (Key Developments).
ANZ
AU$37.28
ANZ Group Holdings
7D
-3.1%
1Y
33.8%

ANZ: Mixed Broker Views And Payments JV Review Will Shape Forward Balance

Narrative Update on ANZ Group Holdings The analyst price target for ANZ Group Holdings has been adjusted marginally to A$37.07 from A$37.07 as analysts factor in slightly lower revenue growth and profit margin assumptions, along with a modestly reduced discount rate and a small uptick in future P/E, following mixed recent research views including a Neutral stance with an A$38.14 target. Analyst Commentary Recent research on ANZ Group Holdings shows a mix of optimism and caution, with some analysts adjusting ratings and targets as they reassess the balance between growth prospects, revenue headwinds and current valuation.
MQG
AU$241.27
Macquarie Group
7D
4.0%
1Y
33.4%

MQG: Neutral Upgrade And Deal Pipeline Will Support Future Repricing Potential

Narrative Update on Macquarie Group Analysts have lifted Macquarie Group's price target to A$280.73, with the change linked to valuation support and what they describe as an improving outlook for the bank. Analyst Commentary Recent research updates on Macquarie Group highlight a shift in tone, with at least one major firm upgrading the stock and setting a price target of A$280.73.
FMG
AU$21.18
Fortescue
7D
2.8%
1Y
41.7%

FMG: Reset Commodity Deck And Record Shipments Will Steady Fair Value

Narrative Update The analyst price target for Fortescue has been trimmed by A$1.20 to A$17.20, with analysts pointing to updated long term commodity price assumptions across copper, aluminum, coal and gold as the key driver of the reset. Analyst Commentary Recent research highlights a more cautious stance on Fortescue, with price targets reset and ratings moved lower as analysts refresh longer term commodity assumptions.
CBA
AU$179.58
Commonwealth Bank of Australia
7D
-2.1%
1Y
6.9%

CBA: Elevated P/E And Margin Risks May Restrain Fully Franked Dividend Appeal

Analysts have trimmed their fair value estimate for Commonwealth Bank of Australia by A$1.27 to A$126.17, reflecting slightly lower assumed future P/E multiples, as well as marginally higher revenue growth and profit margin forecasts under a modestly reduced discount rate. Analyst Commentary Recent valuation work on Commonwealth Bank of Australia sits against a backdrop of broadly constructive research across other financials, where several global insurers have seen higher price targets and, in some cases, rating upgrades.