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Australian (ASX) Market Analysis & Valuation

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies1560
  • 7D1.4%
  • 3M6.4%
  • 1Y12.0%
  • YTD4.3%

The market is up 1.4% over the last week, with the Materials sector leading the way, up 8.0%. As for the past 12 months, the market is up 12%. 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
Mon, 02 Mar 2026AU$3.1tAU$1.2tAU$110.5b20.9x27.9x2.6x
Wed, 28 Jan 2026AU$3.1tAU$1.2tAU$108.4b21.7x28.1x2.6x
Fri, 26 Dec 2025AU$3.0tAU$1.2tAU$109.7b21.7x27.2x2.5x
Sun, 23 Nov 2025AU$2.8tAU$1.2tAU$110.2b20.5x25.8x2.4x
Tue, 21 Oct 2025AU$2.9tAU$1.2tAU$103.7b21.5x28.1x2.5x
Thu, 18 Sep 2025AU$3.0tAU$1.2tAU$110.7b20.2x26.9x2.5x
Sat, 16 Aug 2025AU$3.0tAU$1.2tAU$105.6b19x28.6x2.5x
Mon, 14 Jul 2025AU$2.9tAU$1.2tAU$102.1b18.4x28.2x2.4x
Wed, 11 Jun 2025AU$2.9tAU$1.2tAU$102.5b18.1x28x2.4x
Fri, 09 May 2025AU$2.7tAU$1.2tAU$103.8b17.8x26.3x2.3x
Sun, 06 Apr 2025AU$2.5tAU$1.2tAU$106.9b16.8x23.8x2.1x
Tue, 04 Mar 2025AU$2.8tAU$1.2tAU$105.4b17.9x26.1x2.3x
Thu, 30 Jan 2025AU$2.8tAU$1.2tAU$90.0b19.6x31x2.4x
Sat, 28 Dec 2024AU$2.7tAU$1.2tAU$90.1b19.9x30.3x2.3x
Mon, 25 Nov 2024AU$2.8tAU$1.2tAU$88.3b19.4x31.3x2.4x
Wed, 23 Oct 2024AU$2.7tAU$1.2tAU$87.9b19.6x30.8x2.3x
Fri, 20 Sep 2024AU$2.7tAU$1.2tAU$87.1b19.8x31x2.3x
Sun, 18 Aug 2024AU$2.6tAU$1.2tAU$91.4b19.7x28.7x2.3x
Tue, 16 Jul 2024AU$2.7tAU$1.1tAU$90.8b19.3x29.4x2.3x
Thu, 13 Jun 2024AU$2.6tAU$1.2tAU$92.4b19.1x28x2.2x
Sat, 11 May 2024AU$2.6tAU$1.2tAU$93.1b19.8x27.7x2.2x
Mon, 08 Apr 2024AU$2.6tAU$1.2tAU$94.9b20.2x27.4x2.2x
Wed, 06 Mar 2024AU$2.6tAU$1.2tAU$97.1b19.7x26.6x2.2x
Fri, 02 Feb 2024AU$2.5tAU$1.2tAU$116.2b19x21.8x2.2x
Sun, 31 Dec 2023AU$2.6tAU$1.2tAU$114.5b18.8x22.3x2.2x
Tue, 28 Nov 2023AU$2.3tAU$1.2tAU$116.0b18.1x20.2x2x
Thu, 26 Oct 2023AU$2.3tAU$1.2tAU$119.7b17.6x19.3x1.9x
Sat, 23 Sep 2023AU$2.4tAU$1.2tAU$120.0b17.7x19.9x2x
Mon, 21 Aug 2023AU$2.4tAU$1.2tAU$141.5b16.9x17x2x
Wed, 19 Jul 2023AU$2.4tAU$1.2tAU$144.1b16.5x17x2.1x
Fri, 16 Jun 2023AU$2.4tAU$1.2tAU$144.1b16x16.7x2.1x
Sun, 14 May 2023AU$2.4tAU$1.2tAU$145.8b16.3x16.7x2.1x
Tue, 11 Apr 2023AU$2.4tAU$1.2tAU$144.9b15.9x16.7x2.1x
Thu, 09 Mar 2023AU$2.4tAU$1.2tAU$145.1b16.4x16.9x2.1x
Price to Earnings Ratio

16.9x


Total Market Cap: AU$2.4tTotal Earnings: AU$145.1bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 25.1x202420252026
Current Market PE
  • Investors are optimistic on the Australian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 27.9x which is higher than its 3-year average PE of 25.1x.
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 Market1.41%
Materials7.99%
Consumer Staples4.85%
Tech2.42%
Telecom1.61%
Industrials0.81%
Energy-0.094%
Utilities-1.13%
Financials-1.24%
Real Estate-1.39%
Healthcare-1.52%
Consumer Discretionary-3.46%
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 23.6%, 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 169x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 24% 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 5.6% 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
BHP BHP GroupAU$58.419.5%
+AU$25.8b		49.6%PE20.6xMaterials
WOW Woolworths GroupAU$36.0015.3%
+AU$5.9b		20.0%PE73.5xConsumer Staples
FMG FortescueAU$21.145.5%
+AU$3.5b		28.0%PE12.4xMaterials
LYC Lynas Rare EarthsAU$18.9821.0%
+AU$3.3b		179.5%PE232xMaterials
PLS PLS GroupAU$5.1924.2%
+AU$3.3b		173.2%PS17.3xMaterials
See more

Market Insights

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WOW
AU$36.00
Woolworths Group
7D
15.3%
1Y
20.0%
SIG
AU$2.84
Sigma Healthcare
7D
-3.4%
1Y
-3.4%
NAB
AU$49.02
National Australia Bank
7D
1.4%
1Y
38.9%
EVN
AU$16.58
Evolution Mining
7D
10.2%
1Y
172.2%
COL
AU$20.56
Coles Group
7D
-4.5%
1Y
2.9%
LYC
AU$18.98
Lynas Rare Earths
7D
21.0%
1Y
179.5%
MQG
AU$213.48
Macquarie Group
7D
-2.7%
1Y
-5.8%
FMG
AU$21.14
Fortescue
7D
5.5%
1Y
28.0%
GMG
AU$28.94
Goodman Group
7D
-4.6%
1Y
-7.6%

GMG: Lower Multiple And Margin Assumptions Will Support Stronger Future Performance

Analysts have trimmed their price target for Goodman Group to A$36.02 from A$36.64, citing updated assumptions that combine a slightly lower discount rate and P/E multiple with adjusted views on revenue growth and profit margins. Valuation Changes Fair Value: Trimmed slightly from A$36.64 to A$36.02.
ANZ
AU$40.04
ANZ Group Holdings
7D
-1.6%
1Y
34.4%

ANZ: Regulatory Penalties And Earnings Assumptions Will Shape Future Fairness

Narrative Update on ANZ Group Holdings Analysts have lifted their fair value estimate for ANZ Group Holdings to A$37.55 from A$35.92, citing modest adjustments to revenue growth, profit margin assumptions, and a slightly higher forward P/E multiple in their refreshed models. Analyst Commentary Recent research updates on large listed companies point to a mixed backdrop, with some analysts lifting price targets and others trimming them or turning more cautious.
CSL
AU$146.76
CSL
7D
-4.2%
1Y
-43.7%

CSL: Execution On Gene Therapy And Leadership Transition Will Support Share Recovery

Analysts have trimmed their CSL fair value estimate to A$210.90 from A$228.58 as updated assumptions on discount rate, revenue growth, profit margins and future P/E feed through into a lower overall price target. Analyst Commentary Recent research views on CSL have been mixed, with some analysts turning more cautious while others have taken a more constructive stance at different points.
CBA
AU$174.62
Commonwealth Bank of Australia
7D
-2.8%
1Y
11.4%

CBA: Higher P/E Assumptions May Strain Returns If Margins Weaken

Analysts have lifted their fair value estimate for Commonwealth Bank of Australia to A$127.23 from A$120.47, reflecting refreshed assumptions for slightly higher revenue growth, a modestly higher future P/E multiple, and a small adjustment to the discount rate and profit margin. Analyst Commentary Analysts updating their fair value work on Commonwealth Bank of Australia are broadly weighing what they see as supportive revenue trends against more mixed sector signals on pricing, margins, and the sustainability of current conditions.
WES
AU$79.62
Wesfarmers
7D
-5.2%
1Y
7.4%

WES: Capital Discipline And Earnings Quality Will Support Stronger Future Returns

Analysts have trimmed their Wesfarmers price target by A$1, citing slightly higher assumed risk, a modest adjustment to revenue growth expectations, and a small change to forecast profit margins and future P/E assumptions. Analyst Commentary Bullish analysts looking at Wesfarmers are weighing near term valuation tweaks against the longer term earnings profile and capital discipline of the group.
PLS
AU$5.19
PLS Group
7D
24.2%
1Y
173.2%
BHP
AU$58.41
BHP Group
7D
9.5%
1Y
49.6%

BHP: Commodity Cycles And Mega Deals Will Shape Future Returns

Analysts have lifted their BHP Group price target by A$3.54. The change is supported by model updates that incorporate a higher fair value estimate, a small adjustment to the discount rate, a slightly lower revenue growth assumption, a modestly higher profit margin, and a marginally higher future P/E multiple.
NST
AU$30.28
Northern Star Resources
7D
6.9%
1Y
76.5%

NST: Higher Commodity Assumptions Will Likely Sustain Overvaluation Risk For Shares

Narrative update on Northern Star Resources Analysts have lifted their price target on Northern Star Resources to A$35 from A$30, citing updated long term commodity price assumptions for gold and other metals, a slightly higher discount rate, modestly lower revenue growth and margin forecasts, and a lower assumed future P/E multiple that together support a refreshed fair value estimate of about A$18.33. Analyst Commentary The latest target price revision to A$35 follows changes to long term assumptions for several commodities, including gold.