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Australian (ASX) Market Analysis & Valuation

UpdatedMay 13, 2026
DataAggregated Company Financials
Companies1575
  • 7D-0.1%
  • 3M-4.1%
  • 1Y4.4%
  • YTD-1.7%

Over the last 7 days, the market has remained flat, although notably the Materials sector gained 7.8% in that time. Meanwhile, the market is actually up 4.4% 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
Wed, 13 May 2026AU$2.9tAU$1.2tAU$113.3b17.1x25.7x2.4x
Fri, 10 Apr 2026AU$3.0tAU$1.2tAU$113.9b17.3x26.3x2.5x
Sun, 08 Mar 2026AU$3.0tAU$1.2tAU$111.3b19.3x26.7x2.5x
Tue, 03 Feb 2026AU$3.0tAU$1.2tAU$108.4b21.5x27.5x2.5x
Thu, 01 Jan 2026AU$3.0tAU$1.2tAU$109.8b21.7x27x2.5x
Sat, 29 Nov 2025AU$2.9tAU$1.2tAU$110.4b22x26.5x2.4x
Mon, 27 Oct 2025AU$2.9tAU$1.2tAU$103.6b21.8x28.2x2.5x
Wed, 24 Sep 2025AU$3.0tAU$1.2tAU$110.8b20.5x27.1x2.5x
Fri, 22 Aug 2025AU$3.0tAU$1.2tAU$104.2b18.9x29.1x2.5x
Sun, 20 Jul 2025AU$2.9tAU$1.2tAU$102.6b18.4x28.7x2.4x
Tue, 17 Jun 2025AU$2.9tAU$1.2tAU$102.5b17.9x27.9x2.4x
Thu, 15 May 2025AU$2.8tAU$1.2tAU$103.1b18x26.8x2.3x
Sat, 12 Apr 2025AU$2.5tAU$1.2tAU$105.5b16.9x24.1x2.1x
Mon, 10 Mar 2025AU$2.7tAU$1.2tAU$104.7b17.9x25.3x2.2x
Wed, 05 Feb 2025AU$2.8tAU$1.2tAU$90.8b19.1x30.5x2.4x
Fri, 03 Jan 2025AU$2.7tAU$1.2tAU$90.1b20x30x2.3x
Sun, 01 Dec 2024AU$2.8tAU$1.2tAU$88.2b19.6x31.6x2.4x
Tue, 29 Oct 2024AU$2.7tAU$1.2tAU$88.3b19.8x30.7x2.3x
Thu, 26 Sep 2024AU$2.7tAU$1.2tAU$87.5b19.5x30.7x2.3x
Sat, 24 Aug 2024AU$2.6tAU$1.2tAU$88.1b19.4x30x2.3x
Mon, 22 Jul 2024AU$2.6tAU$1.2tAU$91.2b19.2x29x2.3x
Wed, 19 Jun 2024AU$2.6tAU$1.2tAU$92.3b18.6x28x2.2x
Fri, 17 May 2024AU$2.6tAU$1.2tAU$92.4b19.6x28.4x2.3x
Sun, 14 Apr 2024AU$2.6tAU$1.2tAU$95.3b20.3x27.2x2.2x
Tue, 12 Mar 2024AU$2.6tAU$1.2tAU$96.6b19.6x26.7x2.2x
Thu, 08 Feb 2024AU$2.5tAU$1.2tAU$118.1b19x21.5x2.2x
Sat, 06 Jan 2024AU$2.5tAU$1.2tAU$115.5b18.7x21.8x2.1x
Mon, 04 Dec 2023AU$2.4tAU$1.2tAU$115.5b18x20.5x2x
Wed, 01 Nov 2023AU$2.3tAU$1.2tAU$119.6b17.3x19.1x1.9x
Fri, 29 Sep 2023AU$2.4tAU$1.2tAU$119.6b17.8x19.8x2x
Sun, 27 Aug 2023AU$2.4tAU$1.2tAU$125.3b17.2x19.2x2x
Tue, 25 Jul 2023AU$2.5tAU$1.2tAU$144.7b16.6x17x2.1x
Thu, 22 Jun 2023AU$2.4tAU$1.2tAU$144.6b16.1x16.9x2.1x
Sat, 20 May 2023AU$2.4tAU$1.2tAU$145.5b16.2x16.7x2.1x
Price to Earnings Ratio

16.7x


Total Market Cap: AU$2.4tTotal Earnings: AU$145.5bTotal 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 8.0% 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-0.098%
Materials7.85%
Industrials-0.62%
Real Estate-1.22%
Utilities-1.67%
Financials-1.76%
Telecom-2.13%
Consumer Staples-2.95%
Consumer Discretionary-3.03%
Tech-4.42%
Energy-5.77%
Healthcare-9.22%
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 18.2%, which is higher than its past year's earnings growth of 14.5% 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 5.1% 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
BHP BHP GroupAU$59.789.2%
+AU$25.7b		52.5%PE21.4xMaterials
FMG FortescueAU$21.919.4%
+AU$5.8b		32.0%PE13.1xMaterials
EVN Evolution MiningAU$13.3210.4%
+AU$2.6b		69.3%PE20.4xMaterials
GMG Goodman GroupAU$30.873.7%
+AU$2.2b		-1.2%PB2.7xReal Estate
PLS PLS GroupAU$6.507.6%
+AU$1.5b		310.1%PS21.6xMaterials
See more

Market Insights

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Latest News

CSL
AU$98.55
CSL
7D
-20.8%
1Y
-59.1%
WDS
AU$30.74
Woodside Energy Group
7D
-6.0%
1Y
42.5%
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.
GGP
AU$15.04
Greatland Resources
7D
10.8%
1Y
n/a
GMG
AU$30.87
Goodman Group
7D
3.7%
1Y
-1.2%
SFR
AU$19.10
Sandfire Resources
7D
15.1%
1Y
76.7%
Narrative Update • May 10

SFR: Free Cash Flow Strength And Commodity Decks Will Shape Fair Outlook

Analysts have made a small upward revision to Sandfire Resources' price target, reflecting updated cash flow expectations and refreshed commodity price assumptions. Recent Street research includes moves from A$17.50 to A$18 and from A$19.50 to A$21.
FMG
AU$21.91
Fortescue
7D
9.4%
1Y
32.0%
S32
AU$4.35
South32
7D
7.1%
1Y
43.6%
Narrative Update • May 09

S32: Citi Upgrade And Hermosa Progress Will Support Future Upside

Analysts now see South32's fair value at about A$4.63 per share, down from roughly A$4.91. This reflects updated assumptions for revenue growth, profit margins and a higher future P/E, despite recent Street research that has included an upgrade and a higher price target from Citi.
EVN
AU$13.32
Evolution Mining
7D
10.4%
1Y
69.3%
Narrative Update • May 09

EVN: Optimistic Commodity Assumptions Will Likely Restrain Future Share Returns

Narrative Update Analysts have lifted their price targets on Evolution Mining into a higher A$11.50 to A$14.50 range, citing refreshed commodity price forecasts, higher assumed profit margins and a P/E closer to 12x that feed through to a higher fair value estimate. Analyst Commentary Recent research on Evolution Mining highlights a split view.
BHP
AU$59.78
BHP Group
7D
9.2%
1Y
52.5%
WBC
AU$36.61
Westpac Banking
7D
-2.7%
1Y
15.7%
NAB
AU$37.42
National Australia Bank
7D
-3.9%
1Y
5.1%
ANZ
AU$35.14
ANZ Group Holdings
7D
-2.3%
1Y
23.3%
TLS
AU$5.26
Telstra Group
7D
-3.0%
1Y
17.7%
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.
WTC
AU$39.80
WiseTech Global
7D
-13.0%
1Y
-61.2%
Narrative Update • May 03

WTC: Higher Margin Outlook And Cash Generation Will Support Future Confidence

Analysts have trimmed the WiseTech Global price target by about A$10.60 to reflect updated assumptions around revenue growth, profit margins, and a higher future P/E multiple. Analyst Commentary Recent Street research on WiseTech Global points to a cluster of bullish views, with several firms reassessing valuation frameworks and risk rewards at current levels.
PLS
AU$6.50
PLS Group
7D
7.6%
1Y
310.1%
Narrative Update • Apr 30

PLS: Index Inclusions And Steady Output Will Support Stronger Share Pricing

Analysts have raised their price target for PLS Group from A$5.80 to A$6.70, citing updated assumptions around revenue growth, profit margins and a higher future P/E multiple. What's in the News PLS Group Limited (ASX:PLS) has been added to the S&P/ASX 50 Index, bringing it into a wider group of large Australian listed companies that index funds and benchmarked investors track (Key Developments).
CBA
AU$171.57
Commonwealth Bank of Australia
7D
-0.7%
1Y
3.3%
Narrative Update • Apr 21

CBA: Premium P/E Will Be Capped By Margin And Pricing Risks

Analysts have trimmed the Commonwealth Bank of Australia fair value estimate by A$1.07 to A$142.00, reflecting refreshed assumptions around revenue growth, margins, and a slightly lower future P/E multiple. Analyst Commentary Recent research on Commonwealth Bank of Australia has centered on how updated assumptions for revenue growth, margins, and valuation multiples feed into fair value.