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Australian (ASX) Market Analysis & Valuation

UpdatedJun 06, 2026
DataAggregated Company Financials
Companies1570
  • 7D-1.2%
  • 3M-2.8%
  • 1Y0.8%
  • YTD-2.3%

Over the last 7 days, the market has dropped 1.2%, driven by a loss of 3.0% in the Materials sector. In contrast, the Information Technology sector has actually gained 6.3%. Overall the market has been flat 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
Sun, 07 Jun 2026AU$2.9tAU$1.2tAU$113.6b17.1x25.5x2.4x
Tue, 05 May 2026AU$2.9tAU$1.2tAU$113.0b17.2x25.9x2.4x
Thu, 02 Apr 2026AU$2.9tAU$1.2tAU$114.4b17.6x25.4x2.4x
Sat, 28 Feb 2026AU$3.1tAU$1.2tAU$111.0b20.8x27.9x2.6x
Mon, 26 Jan 2026AU$3.0tAU$1.2tAU$108.6b21.7x27.9x2.5x
Wed, 24 Dec 2025AU$3.0tAU$1.2tAU$109.5b21.7x27.3x2.5x
Fri, 21 Nov 2025AU$2.9tAU$1.2tAU$110.1b21x26.2x2.4x
Sun, 19 Oct 2025AU$2.9tAU$1.2tAU$103.7b21.7x28.1x2.5x
Tue, 16 Sep 2025AU$3.0tAU$1.2tAU$110.8b20.3x27x2.5x
Thu, 14 Aug 2025AU$3.0tAU$1.2tAU$104.2b18.7x28.6x2.5x
Sat, 12 Jul 2025AU$2.9tAU$1.2tAU$102.2b18.6x28.2x2.4x
Mon, 09 Jun 2025AU$2.8tAU$1.2tAU$102.6b17.9x27.7x2.4x
Wed, 07 May 2025AU$2.7tAU$1.2tAU$103.6b17.7x26.2x2.2x
Fri, 04 Apr 2025AU$2.6tAU$1.2tAU$104.8b17.3x24.9x2.2x
Sun, 02 Mar 2025AU$2.7tAU$1.2tAU$105.4b17.8x25.9x2.2x
Tue, 28 Jan 2025AU$2.8tAU$1.2tAU$89.7b19.3x31x2.4x
Thu, 26 Dec 2024AU$2.7tAU$1.2tAU$90.0b19.9x30.2x2.3x
Sat, 23 Nov 2024AU$2.8tAU$1.2tAU$88.3b19.4x31.3x2.4x
Mon, 21 Oct 2024AU$2.7tAU$1.2tAU$87.8b19.7x31.2x2.4x
Wed, 18 Sep 2024AU$2.7tAU$1.2tAU$87.6b19.8x30.6x2.3x
Fri, 16 Aug 2024AU$2.6tAU$1.2tAU$91.4b19.4x28.4x2.2x
Sun, 14 Jul 2024AU$2.6tAU$1.1tAU$90.7b19.4x29.2x2.3x
Tue, 11 Jun 2024AU$2.6tAU$1.2tAU$92.5b19.2x28.3x2.3x
Thu, 09 May 2024AU$2.6tAU$1.2tAU$93.1b19.9x28x2.2x
Sat, 06 Apr 2024AU$2.6tAU$1.2tAU$94.9b20.2x27.4x2.2x
Mon, 04 Mar 2024AU$2.6tAU$1.2tAU$96.8b19.8x26.8x2.2x
Wed, 31 Jan 2024AU$2.5tAU$1.2tAU$115.6b19.1x22x2.2x
Fri, 29 Dec 2023AU$2.6tAU$1.2tAU$114.4b18.9x22.4x2.2x
Sun, 26 Nov 2023AU$2.4tAU$1.2tAU$116.1b17.9x20.3x2x
Tue, 24 Oct 2023AU$2.3tAU$1.2tAU$120.0b17.4x19.2x1.9x
Thu, 21 Sep 2023AU$2.4tAU$1.2tAU$119.7b18.1x20.2x2x
Sat, 19 Aug 2023AU$2.4tAU$1.2tAU$142.1b16.8x17x2x
Mon, 17 Jul 2023AU$2.5tAU$1.2tAU$143.9b16.5x17x2.1x
Wed, 14 Jun 2023AU$2.4tAU$1.2tAU$144.4b16x16.5x2.1x
Price to Earnings Ratio

16.5x


Total Market Cap: AU$2.4tTotal Earnings: AU$144.4bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 25.9x202420252026
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 25.9x.
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 Market-1.23%
Tech6.28%
Healthcare2.04%
Consumer Staples1.73%
Energy1.42%
Utilities1.29%
Industrials0.75%
Telecom-0.98%
Consumer Discretionary-1.31%
Financials-2.03%
Real Estate-2.44%
Materials-3.02%
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 19.6%, 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 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 5.1% 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
PME Pro MedicusAU$165.6425.2%
+AU$3.5b		-40.0%PE73.7xHealthcare
NST Northern Star ResourcesAU$19.885.7%
+AU$1.5b		-5.2%PE18.4xMaterials
REA REA GroupAU$158.816.6%
+AU$1.3b		-31.7%PE36.4xTelecom
WTC WiseTech GlobalAU$39.8110.6%
+AU$1.3b		-62.3%PE57.6xTech
TNE Technology OneAU$32.338.3%
+AU$812.8m		-23.9%PE74.6xTech
See more

Market Insights

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Latest News

ANZ
AU$34.12
ANZ Group Holdings
7D
-3.1%
1Y
15.7%
REA
AU$158.81
REA Group
7D
6.6%
1Y
-31.7%
COL
AU$22.21
Coles Group
7D
2.3%
1Y
2.3%
BHP
AU$61.24
BHP Group
7D
-1.7%
1Y
60.2%
Narrative Update • Jun 05

BHP: Copper Reliance And China Slowdown Will Drive Future Downside Risk

BHP Group's refreshed fair value estimate has moved from A$53.40 to A$55.62 as analysts factor in updated price targets, modestly higher projected revenue growth, slightly firmer profit margins, and a revised future P/E assumption alongside a small uptick in the discount rate. Analyst Commentary Recent research on BHP Group points to a mixed but generally balanced stance, with several firms adjusting price targets and ratings as they reassess valuation and macro risks.
WTC
AU$39.81
WiseTech Global
7D
10.6%
1Y
-62.3%
Narrative Update • Jun 05

WTC: AI Restructuring And Reaffirmed 2026 Guidance Will Support Share Recovery

Analysts have reduced their WiseTech Global price target to about A$74.50 from roughly A$91.60, citing slightly softer revenue growth assumptions, a marginally higher discount rate, tighter profit margin expectations and a lower future P/E multiple in their valuation work. Analyst Commentary Recent research on WiseTech Global highlights a mix of optimism about the company’s long term growth potential and caution around valuation and execution risk, which helps frame the reduced A$74.50 price target.
FMG
AU$20.53
Fortescue
7D
-8.0%
1Y
31.2%
Narrative Update • Jun 04

FMG: Renewable Push And Legal Compensation Will Pressure Future Returns

Analysts have trimmed their price target for Fortescue from about A$19.56 to around A$18.91, reflecting slightly higher assumed discount rates and modestly softer long term profit margins and P/E expectations in their models. What's in the News Fortescue has started building the 690MW Turner River solar farm in Western Australia's Pilbara region as part of its Pilbara Green Grid renewable energy initiative, source: recent company news.
NST
AU$19.88
Northern Star Resources
7D
5.7%
1Y
-5.2%
XRO
AU$79.27
Xero
7D
5.5%
1Y
-58.0%
Narrative Update • Jun 03

XRO: AI And Melio Integration Will Support Stronger Future Returns

Analysts have trimmed their Xero price target from A$230.38 to A$203.09 as they factor in adjusted assumptions around discount rates, revenue growth, profit margins, and future P/E expectations. What's in the News Xero reported FY26 operating revenue of about $2.75b to $2.8b, with US performance supported by the Melio acquisition and contributing to a very large uplift in US revenue and more than 110,000 new US customers.
PLS
AU$5.91
PLS Group
7D
-8.5%
1Y
361.7%
Narrative Update • Jun 02

PLS: Record High Share Price Will Face Future P/E Headwinds

Analysts have nudged their fair value estimate for PLS Group from A$4.78 to A$5.55, reflecting updated assumptions around discount rates, long term revenue growth, profit margins and a higher future P/E multiple. What's in the News PLS Group shares reached an all time high after a 12 month rally, supported by strong lithium market conditions and higher production capacity.
PME
AU$165.64
Pro Medicus
7D
25.2%
1Y
-40.0%
CBA
AU$160.90
Commonwealth Bank of Australia
7D
-2.5%
1Y
-10.6%
WBC
AU$34.81
Westpac Banking
7D
-3.3%
1Y
4.9%
TNE
AU$32.33
Technology One
7D
8.3%
1Y
-23.9%
NAB
AU$36.59
National Australia Bank
7D
-2.0%
1Y
-5.2%
ALL
AU$51.31
Aristocrat Leisure
7D
2.4%
1Y
-17.7%
Narrative Update • May 15

ALL: Lower P E Framework And Dividend Payout Will Support Future Returns

Analysts have adjusted their price target on Aristocrat Leisure to A$63.04 from A$63.97, reflecting updated assumptions around slightly higher revenue, improved profit margins and a lower future P/E multiple. Analyst Commentary Recent research on Aristocrat Leisure points to a generally constructive tone, with price targets and assumptions being refined rather than overhauled.
TLS
AU$4.97
Telstra Group
7D
-4.6%
1Y
2.1%
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.