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Australian (ASX) Market Analysis & Valuation

UpdatedAug 05, 2026
DataAggregated Company Financials
Companies1566
  • 7D2.0%
  • 3M3.1%
  • 1Y3.1%
  • YTD2.8%

The market is up 2.0% in the last 7 days, led by the Financials and all sectors gaining ground. As for the past 12 months, the market is up 3.1%. Looking forward, earnings are forecast to grow by 11% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 05 Aug 2026AU$3.1tAU$1.2tAU$114.1b17.7x26.7x2.5x
Fri, 03 Jul 2026AU$2.9tAU$1.2tAU$114.9b17x25.4x2.4x
Sun, 31 May 2026AU$2.9tAU$1.2tAU$113.3b17.3x25.9x2.4x
Tue, 28 Apr 2026AU$2.9tAU$1.2tAU$113.1b17.5x26x2.5x
Thu, 26 Mar 2026AU$2.9tAU$1.2tAU$112.4b17.4x25.5x2.4x
Sat, 21 Feb 2026AU$3.1tAU$1.2tAU$112.1b20.6x27.3x2.5x
Mon, 19 Jan 2026AU$3.0tAU$1.2tAU$109.8b22x27.7x2.5x
Wed, 17 Dec 2025AU$2.9tAU$1.2tAU$109.8b21.2x26.5x2.4x
Fri, 14 Nov 2025AU$3.0tAU$1.2tAU$109.9b21.3x26.9x2.5x
Sun, 12 Oct 2025AU$3.0tAU$1.2tAU$111.1b21.2x27.3x2.5x
Tue, 09 Sep 2025AU$3.0tAU$1.2tAU$111.2b20.6x26.9x2.5x
Thu, 07 Aug 2025AU$3.0tAU$1.2tAU$103.4b18.9x28.8x2.5x
Sat, 05 Jul 2025AU$2.9tAU$1.2tAU$102.3b18.4x28.2x2.4x
Mon, 02 Jun 2025AU$2.8tAU$1.2tAU$102.9b18.1x27.4x2.3x
Wed, 30 Apr 2025AU$2.7tAU$1.2tAU$104.1b17.3x25.8x2.2x
Fri, 28 Mar 2025AU$2.7tAU$1.2tAU$104.7b17.6x25.5x2.2x
Sun, 23 Feb 2025AU$2.8tAU$1.2tAU$99.3b18.9x27.9x2.3x
Tue, 21 Jan 2025AU$2.8tAU$1.2tAU$90.2b19.3x30.6x2.3x
Thu, 19 Dec 2024AU$2.7tAU$1.2tAU$89.5b20.3x30.7x2.3x
Sat, 16 Nov 2024AU$2.7tAU$1.2tAU$88.3b19.5x31x2.3x
Mon, 14 Oct 2024AU$2.7tAU$1.2tAU$87.5b19.5x31.1x2.4x
Wed, 11 Sep 2024AU$2.6tAU$1.2tAU$88.1b19.3x29.9x2.3x
Fri, 09 Aug 2024AU$2.5tAU$1.2tAU$91.9b18.7x27.5x2.2x
Sun, 07 Jul 2024AU$2.6tAU$1.2tAU$91.1b19.1x28.6x2.3x
Tue, 04 Jun 2024AU$2.6tAU$1.2tAU$92.2b19.5x28.1x2.2x
Thu, 02 May 2024AU$2.5tAU$1.2tAU$95.5b19.3x26.5x2.2x
Sat, 30 Mar 2024AU$2.6tAU$1.2tAU$95.4b20.1x27.6x2.2x
Mon, 26 Feb 2024AU$2.6tAU$1.2tAU$104.3b19.4x24.5x2.2x
Wed, 24 Jan 2024AU$2.5tAU$1.2tAU$115.6b18.8x21.8x2.1x
Fri, 22 Dec 2023AU$2.5tAU$1.2tAU$115.0b18.6x21.8x2.2x
Sun, 19 Nov 2023AU$2.4tAU$1.2tAU$116.7b18.1x20.2x2x
Tue, 17 Oct 2023AU$2.4tAU$1.2tAU$120.0b17.8x19.8x2x
Thu, 14 Sep 2023AU$2.4tAU$1.2tAU$120.4b18x20x2x
Sat, 12 Aug 2023AU$2.5tAU$1.2tAU$145.1b16.8x17x2.1x
Price to Earnings Ratio

17x


Total Market Cap: AU$2.5tTotal Earnings: AU$145.1bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 26.4x202420252026
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 26.4x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 7.7% 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 Market2.02%
Tech7.06%
Healthcare4.63%
Consumer Discretionary2.47%
Industrials1.90%
Real Estate1.81%
Financials1.74%
Telecom1.70%
Materials1.59%
Consumer Staples1.51%
Utilities1.49%
Energy0.68%
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 22.5%, 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 23% 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 4.7% 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$62.543.9%
+AU$12.0b		56.7%PE21.8xMaterials
MQG Macquarie GroupAU$267.094.8%
+AU$4.5b		23.5%PE21xFinancials
NAB National Australia BankAU$42.533.2%
+AU$4.1b		9.1%PB2.2xFinancials
GMG Goodman GroupAU$30.775.2%
+AU$3.1b		-13.3%PB2.6xReal Estate
EVN Evolution MiningAU$12.529.7%
+AU$2.3b		67.6%PE19.2xMaterials
See more

Market Insights

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Latest News

WBC
AU$38.53
Westpac Banking
7D
1.6%
1Y
13.6%
QBE
AU$24.61
QBE Insurance Group
7D
-3.8%
1Y
5.6%
CBA
AU$178.23
Commonwealth Bank of Australia
7D
-0.2%
1Y
-0.5%
Narrative Update • Aug 04

CBA: Elevated P/E Will Confront Prolonged RBA Hold And Housing Weakness

Analysts have adjusted their fair value estimate for Commonwealth Bank of Australia to A$145.20 from A$142.26, reflecting updated assumptions around discount rates, medium term revenue growth, and a slightly higher future P/E multiple. Analyst Commentary Recent commentary around Commonwealth Bank of Australia highlights how analysts are thinking about bank valuations and execution quality across global financials.
EVN
AU$12.52
Evolution Mining
7D
9.7%
1Y
67.6%
Narrative Update • Aug 04

EVN: Copper Expansion And Cost Pressures Will Likely Cap Future Upside

Analysts have trimmed their price target for Evolution Mining to A$6.43 from A$7.06, pointing to more conservative assumptions for revenue growth, profit margins and future P/E multiples following recent rating changes to Hold and Neutral. Analyst Commentary Recent research on Evolution Mining highlights a more cautious tone, with valuation assumptions and earnings expectations under closer scrutiny.
BHP
AU$62.54
BHP Group
7D
3.9%
1Y
56.7%
Narrative Update • Aug 03

BHP: Port Hedland Strike Risk Will Shape Future Iron Ore Upside

BHP Group's updated analyst price target has been revised to A$82.27 from A$57.64, reflecting a higher implied P/E multiple, analyst adjustments for lower revenue growth and profit margin expectations, and recent model updates following Jansen project capex and impairment news. Analyst Commentary Recent Street research on BHP Group shows a mix of cautious revisions and more upbeat reassessments, with price targets clustered across both London and Australian listings.
FMG
AU$18.19
Fortescue
7D
-4.7%
1Y
-2.1%
GMG
AU$30.77
Goodman Group
7D
5.2%
1Y
-13.3%
NAB
AU$42.53
National Australia Bank
7D
3.2%
1Y
9.1%
MQG
AU$267.09
Macquarie Group
7D
4.8%
1Y
23.5%
WDS
AU$31.78
Woodside Energy Group
7D
-2.9%
1Y
18.1%
Narrative Update • Jul 29

WDS: LNG Megaproject And Acquisition Uncertainty Will Limit Future Share Price Upside

Analysts have modestly raised their price target for Woodside Energy Group to A$25.39 from A$24.57, reflecting updated assumptions around revenue growth, profit margins and future P/E multiples. What’s in the News for Woodside Energy Group Woodside Energy Group is progressing the Scarborough to Pluto Train 2 development, described as the company’s largest near term capital commitment.
TCL
AU$14.70
Transurban Group
7D
-1.2%
1Y
6.0%
New Narrative • Jul 25

Is TCL Worth the Toll?

At A$14.245 per share, Transurban Group (ASX: TCL) appears reasonably valued based on its current cash flow and distribution guidance. Transurban generated free cash of 34.8 cents per share during the first half of FY26 and maintained full-year distribution guidance of 69 cents per share.
STO
AU$7.59
Santos
7D
-2.3%
1Y
-4.4%
New Narrative • Jul 25

Is Santos Cooking with Gas?

At A$9.427 per share, Santos (ASX: STO) appears reasonably valued when considering its existing operations and the expected contribution from the Barossa and Pikka projects. Santos reported 2025 revenue of US$4.9 billion, underlying profit of US$898 million and free cash flow of US$1.8 billion.
PME
AU$180.14
Pro Medicus
7D
9.9%
1Y
-43.6%
Narrative Update • Jul 24

PME: Long Term US PACS Share Assumptions Will Drive Future Upside

Analysts have trimmed their fair value estimate for Pro Medicus to A$250.00 from A$300.00, citing more cautious assumptions about the company’s long term US PACS market share, even as recent Street research points to a higher near term price target. What's in the News for Pro Medicus Pro Medicus Limited continues to build its position as a healthcare informatics company, supported by rapid organic growth, strong cash conversion and a debt free balance sheet.
LYC
AU$15.59
Lynas Rare Earths
7D
10.6%
1Y
31.0%
TLC
AU$5.40
Lottery
7D
-4.9%
1Y
-0.2%
TLS
AU$5.00
Telstra Group
7D
-1.2%
1Y
0.8%