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Australian (ASX) Market Analysis & Valuation

UpdatedJul 21, 2026
DataAggregated Company Financials
Companies1567
  • 7D-0.3%
  • 3M-2.0%
  • 1Y0.5%
  • YTD-0.7%

Over the last 7 days, the market has remained flat, although notably the Energy sector gained 3.1% in that time. In line with that, the market has also been flat over the past year. 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, 22 Jul 2026AU$2.9tAU$1.2tAU$114.2b16.7x25.8x2.4x
Fri, 19 Jun 2026AU$3.0tAU$1.2tAU$114.3b17.4x26.1x2.5x
Sun, 17 May 2026AU$2.9tAU$1.2tAU$113.6b17.2x25.5x2.4x
Tue, 14 Apr 2026AU$3.0tAU$1.2tAU$113.8b17.4x26.2x2.5x
Thu, 12 Mar 2026AU$2.9tAU$1.2tAU$110.5b19.4x26.6x2.5x
Sat, 07 Feb 2026AU$2.9tAU$1.2tAU$108.3b20.6x27.2x2.5x
Mon, 05 Jan 2026AU$3.0tAU$1.2tAU$109.7b21.7x27.1x2.5x
Wed, 03 Dec 2025AU$2.9tAU$1.2tAU$110.2b21.3x26.4x2.4x
Fri, 31 Oct 2025AU$3.0tAU$1.2tAU$110.4b21.2x27.2x2.5x
Sun, 28 Sep 2025AU$3.0tAU$1.2tAU$111.0b20.9x26.8x2.5x
Tue, 26 Aug 2025AU$3.0tAU$1.2tAU$107.1b19.4x28.2x2.5x
Thu, 24 Jul 2025AU$2.9tAU$1.2tAU$102.0b19.1x28.8x2.4x
Sat, 21 Jun 2025AU$2.8tAU$1.2tAU$102.7b17.9x27.7x2.3x
Mon, 19 May 2025AU$2.8tAU$1.2tAU$103.0b17.9x27.1x2.3x
Wed, 16 Apr 2025AU$2.6tAU$1.2tAU$104.7b17.2x24.7x2.1x
Fri, 14 Mar 2025AU$2.6tAU$1.2tAU$104.9b17.5x24.6x2.1x
Sun, 09 Feb 2025AU$2.8tAU$1.2tAU$91.5b19.8x30.8x2.4x
Tue, 07 Jan 2025AU$2.7tAU$1.2tAU$89.7b19.8x30.5x2.3x
Thu, 05 Dec 2024AU$2.8tAU$1.2tAU$88.8b20.3x31.5x2.4x
Sat, 02 Nov 2024AU$2.7tAU$1.2tAU$88.7b19.5x30.3x2.3x
Mon, 30 Sep 2024AU$2.7tAU$1.2tAU$86.9b19.7x31.2x2.4x
Wed, 28 Aug 2024AU$2.7tAU$1.2tAU$88.3b19.1x30.1x2.3x
Fri, 26 Jul 2024AU$2.6tAU$1.2tAU$92.1b19.2x28.3x2.3x
Sun, 23 Jun 2024AU$2.6tAU$1.2tAU$92.1b18.8x28.2x2.2x
Tue, 21 May 2024AU$2.6tAU$1.2tAU$92.3b19.6x28.4x2.3x
Thu, 18 Apr 2024AU$2.5tAU$1.2tAU$95.9b19.9x26.5x2.2x
Sat, 16 Mar 2024AU$2.6tAU$1.2tAU$96.5b19.5x26.6x2.2x
Mon, 12 Feb 2024AU$2.5tAU$1.2tAU$119.1b19.1x21.4x2.2x
Wed, 10 Jan 2024AU$2.5tAU$1.2tAU$114.7b18.7x21.9x2.2x
Fri, 08 Dec 2023AU$2.4tAU$1.2tAU$116.3b17.9x20.6x2x
Sun, 05 Nov 2023AU$2.4tAU$1.2tAU$117.5b17.8x20x2x
Tue, 03 Oct 2023AU$2.4tAU$1.2tAU$119.5b18x19.9x2x
Thu, 31 Aug 2023AU$2.5tAU$1.2tAU$120.8b18.3x20.4x2.1x
Sat, 29 Jul 2023AU$2.5tAU$1.2tAU$145.4b16.9x17.1x2.1x
Price to Earnings Ratio

17.1x


Total Market Cap: AU$2.5tTotal Earnings: AU$145.4bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 26.3x202420252026
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 26.2x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 7.5% 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-0.20%
Energy1.76%
Real Estate1.68%
Telecom1.64%
Utilities1.26%
Consumer Discretionary0.61%
Industrials0.56%
Consumer Staples0.52%
Financials0.052%
Tech-0.72%
Materials-1.87%
Healthcare-1.92%
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 Tech sector, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings growth rate of 11% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 4.6% 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
WDS Woodside Energy GroupAU$31.253.5%
+AU$2.0b		25.8%PE15.3xEnergy
CBA Commonwealth Bank of AustraliaAU$170.490.7%
+AU$2.0b		-1.1%PB3.7xFinancials
REA REA GroupAU$164.079.7%
+AU$1.9b		-31.1%PE37.6xTelecom
S32 South32AU$4.357.4%
+AU$1.3b		42.6%PE34.7xMaterials
AMP AMPAU$2.1124.5%
+AU$1.0b		25.2%PE39.3xFinancials
See more

Market Insights

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A strong brand today doesn't guarantee a strong brand forever. Even the most established names can see their pricing power fade over time. In an industry landscape being reshaped by new entrants, shifting tastes and disruptive technology, it's worth understanding how to tell a temporary dip from a permanent decline.
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Latest News

BHP
AU$58.29
BHP Group
7D
-0.7%
1Y
40.4%
Narrative Update • Jul 20

BHP: Potash Overruns And Impairment Will Restrain Future Project Returns

The analyst fair value estimate for BHP Group has been raised from A$40.94 to A$43.59 as analysts recalibrate their models following a series of mixed price target revisions that reflect updated views on project capex, impairment charges, and sector risk. Analyst Commentary Recent research on BHP Group shows a mix of cautious and supportive views, with several firms adjusting price targets and ratings as new information on project spending, impairments, and macro risks has emerged.
SOL
AU$46.20
WHSP Holdings
7D
5.6%
1Y
13.6%
Analysis Article • Jul 20

Is Now The Time To Put WHSP Holdings (ASX:SOL) On Your Watchlist?

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
REA
AU$164.07
REA Group
7D
9.7%
1Y
-31.1%
AMP
AU$2.11
AMP
7D
24.5%
1Y
25.2%
Narrative Update • Jul 17

AMP: Future Returns Will Turn On China Pensions Buybacks And Margin Execution

Analysts have lifted their fair value estimate for Ameriprise to A$1.97 from A$1.76, reflecting updated views on AMP's earnings mix and valuation, as recent price target increases cite firm fundamentals, profit margin expectations and sector wide reassessments. Analyst Commentary Recent research on Ameriprise highlights a split view, with several bullish analysts lifting price targets while more cautious voices focus on sector specific headwinds and stock specific valuation risks.
S32
AU$4.35
South32
7D
7.4%
1Y
42.6%
Narrative Update • Jul 17

S32: Aluminium Exit To Alcoa Will Fund Future Electrification Metals Pivot

Analysts have modestly adjusted their fair value estimate for South32 to A$5.96 per share, down from A$6.10, reflecting updated assumptions on discount rates, profitability and future P/E, alongside recent price target increases cited in Street research. Analyst Commentary Recent Street research on South32 points to a constructive tone, with bullish analysts refining their views and, in some cases, lifting formal price targets.
CBA
AU$170.49
Commonwealth Bank of Australia
7D
0.7%
1Y
-1.1%
PME
AU$180.04
Pro Medicus
7D
-7.6%
1Y
-45.2%
PLS
AU$4.12
PLS Group
7D
-9.1%
1Y
119.7%
Narrative Update • Jul 15

PLS: Lithium Rebound And Expansion Costs Will Test Elevated Future P/E

Analysts have trimmed their price target for PLS Group to A$5.51 from A$5.70, as they factor in a slightly higher discount rate, a modest adjustment to profit margin expectations, and a higher assumed future P/E multiple in their valuation work. What’s in the News for PLS Group PLS Group is a key participant in a lithium stock rebound in 2026, with its Pilgangoora project in Western Australia contributing to a 47% revenue increase and a return to profitability in the first half of 2026, according to recent news reports.
NXT
AU$14.06
NEXTDC
7D
7.6%
1Y
-1.1%
WDS
AU$31.25
Woodside Energy Group
7D
3.5%
1Y
25.8%
Narrative Update • Jul 13

WDS: Future Cash Flows Will Rely On Executing Major LNG Projects

Analysts have lifted their price target for Woodside Energy Group to A$33.10 from A$31.69, citing updated assumptions for revenue growth, profit margins, a slightly higher discount rate, and a lower future P/E multiple. Analyst Commentary Recent research on Woodside Energy Group highlights both opportunities and risks that help explain the updated A$33.10 price target.
ANZ
AU$35.70
ANZ Group Holdings
7D
-1.1%
1Y
19.7%
New Narrative • Jul 11

Is ANZ Holding Your Interest?

At A$32.162 per share, ANZ (ASX: ANZ) appears reasonably valued based on its current operating performance. Cash earnings per share were 126.1 cents for the six months to 31 March 2026; annualising this figure implies approximately 252 cents per share and a price-to-earnings multiple of around 12.8 times.
FMG
AU$18.52
Fortescue
7D
-2.6%
1Y
4.0%
Narrative Update • Jul 08

FMG: Rising Decarbonisation Capex Will Pressure Future Cash Flows And Returns

Analysts have modestly lifted their fair value estimate for Fortescue to about A$15.33 from A$14.84, while noting that higher mine replacement and decarbonization spending could weigh on future cash flows and support a lower forward P/E assumption. What's in the News for Fortescue Chinese authorities, through China Mineral Resources Group, have extended restrictions on Fortescue’s lower grade iron ore shipments, limiting access for some steel mills from 15 July and raising commercial and geopolitical risks for one of Fortescue’s key export markets.
EVN
AU$10.89
Evolution Mining
7D
-7.6%
1Y
41.8%
Narrative Update • Jul 07

EVN: Copper Exposure Will Support Margin Resilience Through Gold Price Volatility

Analysts have raised the fair value estimate for Evolution Mining from A$18.70 to A$19.45, reflecting recent upgrades that highlight support for margins from the stock’s exposure to elevated copper pricing alongside gold price volatility. Analyst Commentary Recent research updates suggest a more balanced stance on Evolution Mining, with some bullish analysts pointing to the stock’s copper exposure and margin profile as key supports during periods of gold price volatility.
GMG
AU$29.55
Goodman Group
7D
1.5%
1Y
-15.8%
WBC
AU$36.22
Westpac Banking
7D
-1.1%
1Y
10.9%
NAB
AU$39.30
National Australia Bank
7D
-1.0%
1Y
5.6%