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Australian (ASX) Market Analysis & Valuation

UpdatedApr 30, 2026
DataAggregated Company Financials
Companies1575
  • 7D-1.7%
  • 3M-3.5%
  • 1Y6.8%
  • YTD-1.4%

Over the last 7 days, the market has dropped 1.7%, driven by a decline of 2.5% in the Materials sector. In contrast, the Energy sector has actually gained 4.8%. As for the longer term, the market has actually risen by 6.8% in the last year. Looking forward, earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 30 Apr 2026AU$2.9tAU$1.2tAU$113.1b17.2x25.8x2.4x
Sat, 28 Mar 2026AU$2.8tAU$1.2tAU$114.7b17.1x24.8x2.4x
Mon, 23 Feb 2026AU$3.1tAU$1.2tAU$111.7b20.3x27.4x2.6x
Wed, 21 Jan 2026AU$3.0tAU$1.2tAU$109.5b21.8x27.5x2.5x
Fri, 19 Dec 2025AU$2.9tAU$1.2tAU$110.0b21.3x26.5x2.4x
Sun, 16 Nov 2025AU$2.9tAU$1.2tAU$110.1b21.1x26.5x2.4x
Tue, 14 Oct 2025AU$3.0tAU$1.2tAU$110.9b21x27.1x2.5x
Thu, 11 Sep 2025AU$3.0tAU$1.2tAU$111.2b20.5x26.8x2.5x
Sat, 09 Aug 2025AU$3.0tAU$1.2tAU$103.6b19.2x28.7x2.5x
Mon, 07 Jul 2025AU$2.9tAU$1.2tAU$102.3b18.4x28.2x2.4x
Wed, 04 Jun 2025AU$2.8tAU$1.2tAU$102.9b18x27.5x2.3x
Fri, 02 May 2025AU$2.7tAU$1.2tAU$100.7b17.6x26.9x2.3x
Sun, 30 Mar 2025AU$2.7tAU$1.2tAU$104.7b17.6x25.4x2.2x
Tue, 25 Feb 2025AU$2.8tAU$1.2tAU$99.1b18.8x27.9x2.3x
Thu, 23 Jan 2025AU$2.8tAU$1.2tAU$89.7b19.3x31x2.4x
Sat, 21 Dec 2024AU$2.7tAU$1.2tAU$89.9b19.8x29.6x2.3x
Mon, 18 Nov 2024AU$2.7tAU$1.2tAU$88.3b19.6x31x2.3x
Wed, 16 Oct 2024AU$2.8tAU$1.2tAU$87.8b19.8x31.4x2.4x
Fri, 13 Sep 2024AU$2.7tAU$1.2tAU$88.1b19.5x30.2x2.3x
Sun, 11 Aug 2024AU$2.6tAU$1.2tAU$92.4b18.9x27.7x2.2x
Tue, 09 Jul 2024AU$2.6tAU$1.2tAU$91.2b19x28.4x2.2x
Thu, 06 Jun 2024AU$2.6tAU$1.2tAU$92.3b19.5x28.1x2.2x
Sat, 04 May 2024AU$2.5tAU$1.2tAU$94.1b19.6x27.1x2.2x
Mon, 01 Apr 2024AU$2.6tAU$1.2tAU$95.3b20.2x27.7x2.2x
Wed, 28 Feb 2024AU$2.6tAU$1.2tAU$95.6b19.5x26.8x2.2x
Fri, 26 Jan 2024AU$2.5tAU$1.2tAU$115.6b18.9x21.9x2.2x
Sun, 24 Dec 2023AU$2.5tAU$1.2tAU$114.6b18.7x22x2.2x
Tue, 21 Nov 2023AU$2.4tAU$1.2tAU$116.4b18.2x20.3x2x
Thu, 19 Oct 2023AU$2.4tAU$1.2tAU$119.4b17.7x20x2x
Sat, 16 Sep 2023AU$2.4tAU$1.2tAU$120.3b18.2x20.1x2x
Mon, 14 Aug 2023AU$2.5tAU$1.2tAU$145.3b16.9x17x2.1x
Wed, 12 Jul 2023AU$2.4tAU$1.2tAU$145.5b16.2x16.4x2.1x
Fri, 09 Jun 2023AU$2.4tAU$1.2tAU$145.3b16.1x16.3x2x
Sun, 07 May 2023AU$2.4tAU$1.2tAU$144.2b16.2x16.8x2.1x
Price to Earnings Ratio

16.8x


Total Market Cap: AU$2.4tTotal Earnings: AU$144.2bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 25.6x202420252026
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 25.6x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 7.8% 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-1.67%
Energy4.78%
Utilities-0.64%
Financials-1.42%
Industrials-1.67%
Consumer Staples-1.68%
Real Estate-1.74%
Healthcare-2.37%
Consumer Discretionary-2.51%
Materials-2.54%
Tech-2.84%
Telecom-2.93%
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 18.4%, 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 22% 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 5.2% 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
WDS Woodside Energy GroupAU$33.555.6%
+AU$3.4b		66.1%PE16.7xEnergy
MQG Macquarie GroupAU$235.081.9%
+AU$1.6b		21.9%PE23.7xFinancials
ANZ ANZ Group HoldingsAU$36.651.4%
+AU$1.5b		23.2%PB1.6xFinancials
PLS PLS GroupAU$6.026.0%
+AU$1.1b		312.3%PS20.1xMaterials
CDA CodanAU$41.6815.8%
+AU$1.0b		160.7%PE58.9xTech
See more

Market Insights

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Latest News

WOW
AU$34.39
Woolworths Group
7D
-9.2%
1Y
7.7%
CDA
AU$41.68
Codan
7D
15.8%
1Y
160.7%
WDS
AU$33.55
Woodside Energy Group
7D
5.6%
1Y
66.1%
ALX
AU$4.80
Atlas Arteria
7D
12.1%
1Y
-8.2%
PLS
AU$6.02
PLS Group
7D
6.0%
1Y
312.3%
WBC
AU$38.50
Westpac Banking
7D
-1.6%
1Y
17.3%

WBC: Higher Risk Assumptions Will Constrain Upside From Current Levels

Analysts have trimmed their Westpac Banking price target by A$0.35 to A$34.87, citing slightly revised assumptions for discount rate, revenue growth, profit margin and future P/E. These factors collectively point to a modest recalibration of fair value rather than a major shift in the investment case.
MQG
AU$235.08
Macquarie Group
7D
1.9%
1Y
21.9%

MQG: Mixed Broker Views And Deal Pipeline Will Shape Future Repricing Potential

Analysts have raised their price target on Macquarie Group to about A$239 from A$234, citing updated assumptions for slightly firmer revenue growth, profit margins and future P/E multiples, despite mixed recent rating changes from major brokers. Analyst Commentary Recent research on Macquarie Group reflects a mix of optimism and caution, with bullish analysts highlighting upside to earnings assumptions and valuation, while Goldman Sachs has taken a more restrained stance with a downgrade.
ANZ
AU$36.65
ANZ Group Holdings
7D
1.4%
1Y
23.2%

ANZ: Mixed Broker Views And Merchant Venture Outcome Will Guide Future Balance

ANZ Group Holdings' analyst fair value estimate has shifted slightly lower to A$36.66 from A$37.07, as analysts factor in updated assumptions for discount rates, revenue growth, profit margins, and a marginally lower future P/E multiple, following mixed recent broker views including a downgrade to Neutral with an A$38.14 price target. Analyst Commentary Recent research shows a mix of optimism and caution around ANZ Group Holdings, which is feeding directly into updated fair value work and price targets.
S32
AU$4.03
South32
7D
-8.0%
1Y
47.1%

S32: Citi Upgrade And West Musgrave Option Will Drive Future Upside

Analysts have lifted their A$ price target for South32 slightly, reflecting updated assumptions for fair value, revenue growth, discount rate and future P/E after recent supportive research. Analyst Commentary Recent research has focused on how revised assumptions for fair value, revenue trajectories, discount rate and future P/E feed into South32's updated price targets.
FMG
AU$19.65
Fortescue
7D
-6.3%
1Y
21.4%

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

Analysts have reduced their Fortescue price target by A$1.20 to A$17.20, citing updated longer term commodity price forecasts across key metals and mining benchmarks. Analyst Commentary Bullish Takeaways Bullish analysts may view the A$17.20 target as still reflecting confidence that Fortescue can execute within the updated commodity price deck, even with more conservative long term assumptions for key metals.
CSL
AU$124.37
CSL
7D
-3.6%
1Y
-50.5%

CSL: Manufacturing Expansion And CEO Transition Will Support Long Term Share Rebound

The CSL analyst price target has been trimmed by about A$9, as analysts now factor in slightly lower revenue growth, a modestly softer profit margin outlook, a marginally higher discount rate and a small reset in assumed future P/E multiples. Analyst Commentary Recent Street research on CSL and peers points to a mixed but useful read on how analysts are thinking about valuation, execution risk and growth expectations.
EVN
AU$11.90
Evolution Mining
7D
-8.7%
1Y
53.9%

EVN: Higher Metal Price Assumptions Will Support Dividend Strength Under Rising Geopolitical Risk

Analysts have lifted their fair value estimate for Evolution Mining from A$18.25 to A$18.70, reflecting updated commodity price decks and price target increases across recent research that reassess the stock under tighter commodity balances and higher geopolitical risk. Analyst Commentary Recent research on Evolution Mining has become more constructive, with several bullish analysts revisiting their assumptions on commodity prices and risk.
BHP
AU$53.72
BHP Group
7D
-4.1%
1Y
42.0%

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.
STO
AU$8.00
Santos
7D
3.8%
1Y
35.1%

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.
NST
AU$21.00
Northern Star Resources
7D
-7.3%
1Y
10.3%

NST: Higher Commodity Price Deck Is Expected To Support Future Upside

Northern Star Resources' analyst price target has shifted from A$24.70 to A$35.00, with analysts linking the change to updated long term commodity price forecasts that have fed through to refreshed targets across Australian metals and mining names. Analyst Commentary Recent research shows bullish analysts lifting their price target on Northern Star Resources to A$35.00, with the change linked to updated long term commodity price assumptions across copper, aluminum, PLV met coal, Newcastle thermal coal and gold.
SUN
AU$17.11
Suncorp Group
7D
4.8%
1Y
-15.2%

SUN: Future Returns Will Rely On Earnings Delivery And Dividend Stability

Analysts have nudged their price target for Suncorp Group slightly higher from about A$18.18 to around A$18.29, citing updated assumptions on revenue, profit margins and future P/E as the key drivers of this small adjustment. What's in the News CEO Steve Johnston is taking a short period of temporary leave to recuperate from a medical procedure, with current CFO Jeremy Robson stepping in as Acting CEO during this time (Key Developments).